MOORE, OKLA. — The Boulder Group has arranged the $3.48 million sale of a 15,120-square-foot Walgreens, located at 1229 N. Eastern Ave. in Moore. Randy Blankstein and Jimmy Goodman of The Boulder Group's Northbrook, Ill., headquarters represented the seller, an Oklahoma-based developer, in the transaction. The buyer was a Midwest-based investor. Walgreens has 10 years left on the 20-year lease term.
SPRING — Marcus & Millichap has brokered the sale of the 26,876-square-foot Cypresswood Shopping Center, located at 17500 Kuykendahl Rd. in Spring, for $1.85 million. James Bell of Marcus & Millichap's Houston office represented the seller, a private investor, in the transaction. Justin Miller of Marcus & Millichap's Houston office represented the buyer, a Houston-based investment group.
MORGANTON, N.C. — Mount Pleasant, S.C.-based WRS has broken ground on a 450,000-square-foot power center, located on the former site of the Henredon manufacturing facility at 400 Henredon Dr. in Morganton. A 177,000-square-foot Walmart, T.J. Maxx, Ross Dress For Less and PetSmart will anchor the center, which is 75 percent pre-leased. Phase I is slated for completion in the summer of 2013. WRS will manage development and leasing/sale activities on behalf of the owner, Morganton Retail Investment.
GLENDALE HEIGHTS, ILL. —Benjamin Kadish of Maverick Commerical Mortgage Inc. has secured a $5.8 million construction and mini-per loan for Kelly Moon Properties LLC. The loan will finance a new, 40,000-square-foot Dodge Chrysler Jeep dealership to be built in Glendale Heights. Maverick secured the 21-year loan from an East Coast lending institution. The construction loan converts to a mini-perm loan after construction is completed. Charles River Development is building the dealership and the property is being designed by Northbrook, Ill.-based Interwork Architects. The building is slated for completion in mid-2012.
NAPERVILLE, ILL. — Procter & Gamble's Tide Dry Cleaners will open a new drive-thru facility in the Chicagoland area. Tide will occupy a newly built 3,000-square-foot building in Naperville Commons at 95th and 59th St. in Napperville. Tide plans to open this summer. Jaime Platt of Mid-America represented the landlord in the transaction. Allen Joffe of Baum Realty represented the tenant.
LAKE GROVE, N.Y. — Shopping center developer Regency Centers has closed on its $72.5 million purchase of the 141,382-square-foot Lake Grove Commons in Lake Grove, with its co-investment partner First Washington Realty Inc. Lake Grove, a Class A property, is anchored by Whole Foods. Jeffrey Dunne and David Gavin of CBRE represented the seller, Lake Grove Enterprises LLC in the transaction.
THE WOODLANDS — Michel Kors will open a 2,659-square-foot store at Market Street — The Woodlands, an approximately 500,000-square-foot open air shopping and entertainment center that features merchants Tiffany & Co., Brooks Brothers, Allen Edmonds, Ann Taylor and L'Occitane, as well as the 70-room AVIA hotel and 17 restaurants. Market Street is located at 9595 Six Pines Dr. in The Woodlands and is owned by a joint venture between Trademark Property Co. and Institutional Mall Investors.
DALLAS AND FORT WORTH — Rick's Cabaret International through RCI Holdings, its subsidiary, has purchased two tracts of land currently housing adult nightclubs, located at 12325 Calloway Cemetery Rd. in Fort Worth and 2151 Manana Dr. in Dallas, for $5.5 million. Rick's Cabaret paid $2 million in cash and the other $3.5 million is being financed by the seller.
SAN ANTONIO — Austin-based Linsalata Realty Services has brokered the sale of a 6,427-square-foot shopping center, located at 6620 FM 78 in San Antonio. The property is fully leased to three tenants. Joe Linsalata of Linsalata Realty Services represented the buyer, Kim and Peter Tran, in the transaction. Dick McCaleb of San Antonio-based RFM Commercial represented the seller. Bruce Graham of Chase Bank of Austin was the loan officer for the acquisition financing.
ORANGE CITY, FLA. — A 20,000-square-foot Office Depot, located on Saxon Boulevard in Orange City, has been sold for $3.15 million. Daryl Carter of Orlando, Fla.-based Maury L. Carter & Associates, along with William Snow, II, of SRS Real Estate Parters' Orlando office, represented Saxon/Broward Ltd., the seller, in the transaction. Mark Thiel of Marcus & Millichap's San Diego office represented the buyer.