PHOENIX – The 28,900-square-foot Central & Thomas Shopping Center in Phoenix has sold to GM Central LLC, an affiliate of Lawrence & Geyser Development, for $1.4 million. Lawrence & Geyser plan to remodel the neighborhood shopping center, which was 29 percent occupied at the time of sale. Cam Stanton, Glenn Smigiel and Bob Young of CBRE’s Phoenix office represented the seller, Gregg Williams of Trident Pacific Real Estate, the asset’s court-appointed receiver.
KANSAS, OKLA. — American Realty Capital Daily Net Asset Value Trust has acquired a 8,320-square-foot retail center fully leased to a wholly-owned subsidiary of Family Dollar Stores. The lease is on a 10-year term and expires in June 2021. The acquisition, and American Realty's purchase of a Family Dollar store in Gloster, Miss., total to $1.7 million.
HANFORD, CALIF. – The 483,214-square-foot Hanford Mall has received a $25.5-million refinancing. The regional mall was built in 1993 and expanded in 1999. The loan was negotiated by Passco Companies LLC on behalf of the property’s select Tenant-in-Common owners. The fixed-rate loan carries a 10-year term. It was supplied by Cantor Commercial Real Estate.
IRVINE, CALIF. – Japanese retailer Daiso has opened its first Orange County location at Heritage Plaza in Irvine. Daiso, which sells home goods, beauty products, food and more, has leased 11,448 square feet at the plaza. It is expected to open in April 2012. Daiso was represented by Ken Shishido at Wilson Commercial Real Estate. Regency Center was represented in-house.
CELEBRATION, FLA. — The 120,000-square-foot Water Tower Shoppes, located at 6070 W. Irlo Bronson Memorial Hwy. in Celebration, has been sold for $18.3 million. Clarion Partners purchased the center, which currently includes SunTrust, Exxon and Chick-fil-A. Clarion, along with Crossman & Co., the development manager and leasing agent for the property, plans to redevelop the center, beginning with the addition of Publix as an anchor tenant.
RICHMOND, VA, — Morgan Property Group (MPG) has acquired two tracts of land totaling 1.6 acres, located at the intersection of Broad Street and Pouncey Tract Road in Richmond, for $4 million to build a 12,144-square-foot Walgreens. The sellers were Breez-In Associates and John J. and Ima M. Liesfeld Family LLC. Phillips-Hall represented John J. and Ima M. Liesfeld Family LLC, in the transaction. The buyer was represented by Mid-Atlantic Real Estate Partners, along with Jones Realty and Construction. Demolition of the current structures on the sites are scheduled to begin this month.
DECATUR, GA. — A 10,125-square-foot CVS/pharmacy, located at 4037 Glenwood Dr. in Decatur, has sold for $2.84 million. CVS/pharmacy recently extended its lease on the property for 25 years. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the seller, a Texas-based investment firm, in the transaction and procured the buyer, an East Coast-based investor.
MUNCIE, IND. — Viking Partners, a private equity firm, has acquired a non-performing note secured by McGalliard Mall Shops in Muncie. Tenants at the 54,090-square-foot shopping center include Panera Bread, Buffalo Wild Wings and Rent-A-Center. McGalliard is situated on an outparcel to Muncie Mall, which is owned by Simon Properties. Viking plans to increase property occupancy, extend short-term tenant leases and reduce overall operating expenses.
SAN ANTONIO — PCCP has closed a $22.55 million senior loan to refinance a 230,000-square-foot portion of Westover Marketplace, a retail center located at 8203 State Hwy. 151 in San Antonio. The refinanced portion of the center is 71 percent leased to tenants including Ross Dress for Less, PetSmart and Office Depot. The majority of the vacancy is a result from a 48,000-square-foot retail property that once was leased by Sportsman's Warehouse. PCCP provided the loan on behalf of the owner, Coventry Real Estate Advisors.
PASADENA — Houston-based Net Realty Advisors has brokered the sale of the 13,200-square-foot Dollar General, located at 6422 Spencer Hwy. in Pasadena. Gavin Kam and Brad Kam of Net Realty represented the undisclosed seller in the transaction. Jon Rue of Sperry Van Ness' Houston office represented the buyer, a Houston-based investor.