TAMPA, FLA. — Marcus & Millichap has arranged the $2.07 million sale of a 16,500-square-foot, Family Dollar-anchored strip center, located at 1727 E. Busch Blvd. in Tampa. The property is fully leased to Family Dollar, Aaron's and Amscot Financial. Leon Brockmeier and Michael Jaworski of Marcus & Millichap's Tampa office represented the seller, a Tampa-based developer, in the transaction and procured the buyer, a Tampa-based private investor.
OAK BROOK, ILL. — Orlando-based Cuhaci & Peterson Architects has completed the design work to build a new Season 52 restaurant in Oak Brook. The 10,000-square-foot restaurant is now under construction and slated for completion this spring.
DOWNEY, CALIF. – A Walgreens property that is located at 8030 Imperial Highway in Downey has sold to Downey Property Investments, LLC for $8.1 million. The property had previously housed a vacant industrial park and a free-standing outparcel before it was acquired and redeveloped by Heslin Becker Properties. The firm still maintains possession of the outparcel building, which it plans to re-tenant. The acquisition was led by Casey McKeon of Heslin Becker.
PANORAMA CITY, CALIF. — An 11,481-square-foot retail building located at 14600 Roscoe Blvd. in Panorama City has sold to Pluto Holdings, LLC, an affiliate of Kidney Center, for $2,575,000. Pluto was represented by Christopher E. Maling, David Maling and Phyllis Palin out of Colliers’ Downtown Los Angeles office, and Shawn Salimian out of the firm’s Encino, Calif., office. The seller, Roscoe Blvd Panorama City, LLC, was represented by Bryan Norcott of Studley Retail.
WALKER, ILL. — The Boulder Group has completed the sale of a single-tenant Advance Auto Parts property, located at 4250 Lake Michigan Dr. in Walker, for $1.3 million. Advance Auto Parts has a 15-year lease term at the 7,920-square-foot retail building. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest institutional investor. They also represented the seller, a private Ohio-based company.
NEW YORK CITY — Brookfield Office Properties broke ground Feb. 13 on the second phase of its $250 million upgrade of the Winter Garden, the retail complex at the 8 million-square-foot World Financial Center across from the Ground Zero site in lower Manhattan. Phase II includes the construction of a glass pavilion on West Street, which will link the center to new transit hubs and serve as the main entranceway to the complex. The third phase of the project will begin later this year, and the renovation is slated for completion in 2013.
MOBILE, ALA. — Mobile-based White-Spunner & Associates (WSA) has been selected by Publix to build the 74,450-square-foot Hillwood Plaza Shopping Center, located at 2370 Hillcrest Rd. in Mobile. A 45,600-square-foot Publix will anchor the center, which will include an additional 28,850 square feet of retail space. Zito and Russell Architects and Rester & Coleman Engineers have also been selected to work on the project. Ground breaking is slated for late summer 2012, with completion scheduled for summer 2013.
BELLAIRE — Northbrook, Ill.-based The Boulder Group has brokered the $3.6 million sale of a 10,908-square-foot freestanding retail property leased to CVS/pharmacy, located at 5422 Bellaire Blvd. in Bellaire. CVS/pharmacy has a 7-year triple-net lease at the property. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net worth individual from the Midwest, in the transaction. The buyer was a Texas-based 1031 exchange investor.
SPRING — NorthMarq Capital has secured the assumption of first mortgage debt for the 12,600-square-foot Meadow Edge Shopping Center, located at 20141 Interstate 45 in Spring. The retail center is leased to Mattress Giant, Sprint and Warehouse Pools. Warren Hitchcock of NorthMarq's Houston office arranged the 10-year loan with 5 years remaining on the original term and a 30-year amortization schedule through JPMorgan – CMBS. CIII Asset Management served as special servicer of the original loan, which was also arranged by NorthMarq.
ARLINGTON — Irvine, Calif.-based TNP Strategic Retail Trust has acquired the 176,414-square-foot Woodland West Marketplace, a grocery-anchored retail center located in Arlington. Tom Thumb Food & Pharmacy anchors the property, which is 87 leased to tenants including Tuesday Morning, Bank of America, Goodyear, the U.S. Post Office and Hallmark.
