CHATTANOOGA, TENN. — The 52,625-square-foot shopping center Shoppes at StoneBrook in Chattanooga has sold for $6.77 million. The center is anchored by a BI-LO. Dail Londaker of Columbia, S.C.-based NAI Avant represented the seller, Shoppes at StoneBrook, LLC.
Retail
TOMBALL – Houston-based Baker Katz, a full-service commercial real estate brokerage firm, has acquired the Four Corners Shopping Center in Tomball. Located at FM 2920 and State Highway 249, the 120,000-square-foot retail center contains a 45,000-square-foot big box vacancy, a former Kroger. Baker Katz plans a major renovation on the center later this year and will seek to re-lease the space. The center is currently 35 percent occupied by tenants Tuesday Morning, Rent-A-Center, Firestone and Domino’s Pizza. James Namken of The Weitzman Group, Inc. represented the seller, LNR Property LLC, which obtained the property in foreclosure in 2010.
MOUNTAIN VIEW, CALIF. — Nine Plus Mt. View LLC has purchased 2415 Charleston Rd. in Mountain View for $6,915,000. The 21,579-square-foot, single-tenant retail building was purchased from Business Ventures, LLC. It was constructed in 1968, but underwent a major renovation in 2007 to accommodate a Michaels crafts store. Brennan Carpenter of Colliers International's Oakland, CA, office represented Nine Plus. Vincent Schwab of Marcus & Millichap's San Francisco office represented Business Ventures.
ST. AUGUSTINE, FLA., AND CHARLOTTE, N.C. — Terry Marks of National New Lease Realty's New Hope, Penn., office has brokered the sale of three absolute net-leased CVS/pharmacy properties totaling 38,000 square feet for $12.1 million. Two of the stores are located in St. Augustine and one is in Charlotte. The stores are leased to CVS/pharmacy through 2034. Marks represented the seller, a Southern California LLC, and procured the buyer, Cole Real Estate Investments.
INDIANAPOLIS — Midland Atlantic has completed the sale of Arlington Square, a 56,000-square-foot neighborhood retail center located in the Indianapolis area. Midland's Tracey Holtzman represented the buyer, ARL SC LLC, as well as the seller, The State Bank & Trust. Concurrent with the sale, Holtzman represented the new owner in the lease of 3,933 square feet to Vocational School of the Arts.
HARTFORD AND SUSSEX, WIS. — Milwaukee-based Commercial Property Associates has represented Auto Zone in the purchase of two Wisconsin land parcels. Mark Wussow and Jon Thoresen assisted the auto parts retailer in acquiring 1.06 acres at 128 E. Sumner St. and 1268 Sumner St. in Hartford as well as 0.79 acres at N64 W24901 Silver Spring Drive in Sussex. The sellers in both deals were not released.
STREAMWOOD, ILL. — Chicago-based Millennium Properties brokered the sale of a land site located at 103 Sutton Road in Streamwood. The buyer, Hemant Modi, plans to develop a bank branch building on the site. Millennium marketed the property on behalf of the undisclosed seller. The purchase price was not released.
SAYREVILLE, N.J. — Bass Pro Shops has signed a letter of intent for a 200,000-square-foot store at The Point, a $2 billion, 3 million-square-foot mixed-use property under development in Sayreville. The first phase is the 620,000-square-foot retail center The Landing at The Point, where O'Neill Properties Group, the developer for the project, is expecting the first retail tenants to open in 2013.
TEMPLE – RioCan REIT, Canada’s largest real estate investment trust, has purchased a 125,000-square-foot shopping center in Temple for approximately $21.2 million. Bird Creek Crossing is anchored by Target and The Home Depot and includes tenants Best Buy, Michael’s, PetSmart and OfficeMax. The property is owned on an 80/20 basis with Inland Western Retail REIT. Inland Western will manage the property on behalf of the co-ownership.
RIVERSIDE, CALIF. — Three new tenants are set to open their doors this summer at the University Village Shopping Center in Riverside. Yoshinoya has obtained 1,662 square feet; Sushi Ya will take up about 3,608 square feet; and Lollicup will occupy 1,543 square feet. All three tenants signed five-year leases at the 178,020-square-foot outdoor community center. NewMark Merrill's Mark Gallucci represented University Village in these transactions. University Village is one of more than 60 shopping centers included in a portfolio that is owned and managed by NewMark Merrill.