DALLAS AND FORT WORTH — 7-Eleven, Inc. has signed an agreement to acquire ExxonMobil’s retail interests in 51 locations, all of which are in the Dallas/Fort Worth area. The 51 sites include two vacant parcels of land. Most locations will keep the Exxon gasoline brand but be rebranded as 7-Eleven. The stores will be available for franchising and will carry signature 7-Eleven items. 7-Eleven will also extend job offers to the Exxon employees affected by the acquisition.
MISSION VIEJO, CALIF. — Watt Commercial Properties has completed a $6-million renovation of Alicia Towne Plaza in Mission Viejo. The 19-month redevelopment provided an update to the 150,000-square-foot property’s façade, replaced signage along Alicia Parkway, updated the landscaping and converted a former 84,000-square-foot Mervyn’s building into a 62,000-square-foot L.A. Fitness. S.D. Deacon acted as the general contractor for the Alicia Towne Plaza redevelopment.
CLEVELAND — OrangeOnions.com has acquired a 110,000-square-foot building, located at 21930 Miles Rd. in Cleveland. The property is a former retail store that will be converted into a distribution and fulfillment center for the company. Eliot Kijewski of CRESCO Real Estate represented the buyer and Isaac Chara of Crown Acquisitions represented the seller in the transaction.
NEW YORK CITY — Marx Realty & Improvement Co., Inc. is set to break ground on the M&B (Manufacturers and Builders) Building on the corner of 57th Street and Third Avenue in midtown Manhattan in New York City. Joseph E. Marx Co., Inc. owns the property and plans to construct a 30,814-square-foot, four-story building of all glass showrooms and a fully rentable basement. CB Richard Ellis’ Sloane Rhulen, Susan Kurland and Gregory Tannor will market the building, which is scheduled for completion by late 2011 or early 2012.
CORONA, CALIF. — Cassidy Turley BRE Commercial has arranged a $17.1-million loan for Eagle Glen Plaza in Corona. Located at the northwest corner of Interstate 15 and Eagle Glen Parkway, the 95,777-square-foot shopping center is anchored by Stater Bros. and is currently fully occupied. Goldman Sachs Commercial Mortgage Capital provided the borrower with a five-year, fixed rate, non-recourse loan that featured a 4.8 percent interest rate. Financing was arranged by Gary Goss of Cassidy’s Capital Markets Group. Thursday’s WREB e-newsletter incorrectly stated that Cassidy Turley BRE had sold Eagle Glen Plaza. We regret the error.
DUNWOODY, GA. — Coro Realty Advisors has refinanced the 132,681-square-foot Georgetown Shopping Center, located at 4478 Chamblee Dunwoody Rd. in Dunwoody. The $11 million loan will be used to refinance the existing indebtedness on the property and to fund various physical improvements, which will consist of expanding the center to 144,360 square feet, relocating several tenants and improving the parking lot aesthetics. Tenants of the shopping center include Kroger, Tuesday Morning and Workout Anytime.
WALNUT CREEK, CALIF. — Marcus & Millichap Real Estate Investment Services has sold 2150 North Broadway, a 27,796-square-foot big box fitness facility located in Walnut Creek, for $3 million. Kevin Turner and Michael Cisternino of M&M’s Oakland, Calif., office worked with Brandon Geraldo of the firm’s San Francisco office to market the property exclusively on behalf of the seller, a partnership.
CRANSTON, R.I. — Marcus & Millichap Real Estate Investment Services has brokered the sale of a Stop & Shop in Cranston for $13.52 million. The 50,000-square-foot retail space is currently finishing construction and is slated to be open for business in the third quarter of this year. Marcus & Millichap’s Robert Horvath and Todd Tremblay represented the seller, Churchill & Banks, and the buyer, Cole Capital.
CONNECTICUT and NEW JERSEY — Centro Properties Group US has announced the following store openings: Smoothie King has opened a 1,750-square-foot location at the Shoppes at Cinnaminson at the intersection of Route 130 and Church Road in Cinnaminson, N.J. Centro Properties owns the Shoppes at Cinnaminson and was represented in house by Jason Fox. China May has opened a 1,760-square-foot restaurant location in the Ocean Heights Shopping Center near the intersection of Route 9 and Ocean Heights Avenue on Bethel Road in Somers Point, N.J. Centro Properties owns Ocean Heights Shopping Center and was represented in house by Dina Berlin. T-Mobile has opened a 1,600-square-foot retail location in Stratford Square at the intersection of Route 1 and Longbrook Avenue in Stratford, Conn. Centro Properties owns Stratford Square and was represented in house by Nick Andreadis
VICTORVILLE, CALIF. – A 12,900-square-foot, single-tenant building in Victorville that is occupied by CVS Pharmacy has sold to 14426 Palmdale Rd. LLC for $7.95 million. This was a record-setting $616 per square foot, representing the highest price paid for a single-tenant drugstore building within the Inland Empire since 2007. CVS maintains a long-term, absolute NNN 25-year lease at the property, which was sold at a 6.5 percent cap rate. Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company represented the buyer. Nick Coo and Dennis Vaccaro of Faris Lee Investments represented the seller, NMC El Evado LLC.
