MINNETONKA, MINN. — Construction has begun on a 32,000-square-foot standalone Whole Foods, located at 1001 Plymouth Rd. in Minnetonka. A joint venture between St. Paul, Minn.-based Paster Enterprises and Shiner Capital Partners is building the project. General contractor Novak Construction will oversee the exterior minor modifications and a complete interior overhaul on the former Circuit City building. The location is slated for a fall opening.
NARRAGANSETT, R.I. — Marcus & Millichap has completed the sale of a 10,822-square-foot, freestanding Rite Aid in Narragansett for $2.44 million. The property was constructed in 1998 and is located at 1192 Boston Neck Road. Rite Aid is in year three of a 20-year, triple-net lease. Margaret Huelskamp and Brad Nathanson of Marcus & Millichap represented the seller, a New York-based limited liability company. Nathanson also represented the buyer, a New Jersey limited liability company.
OKLAHOMA CITY, OKLA. — Inland Diversified Real Estate Trust has purchased the 135,028-square-foot Silver Springs Pointe, located in Oklahoma City, Okla., for $16 million. The Kohl's-anchored center includes tenants Office Depot, GameStop and Verizon Wireless. Lou Quilci of Oak Brook, Ill.-based Inland Real Estate Acquisitions represented the buyer.
AUSTIN AND FORT WORTH — Irvine, Calif.-based Passco Cos. has purchased four CVS/pharmacy stores in sale-leaseback deals. All four stores are newly constructed and recently opened by CVS/pharmacy featuring drive-thru pharmacies. Two of the stores are located near Austin and one near Fort Worth. The fourth store is located in Bakersfield, Calif. Passco Cos. specializes in the acquisition and management of both commercial and residential properties in targeted markets across the U.S.
CHICAGO — Construction has begun on a 151,000-square-foot Super Wal-Mart, to be built in the 400,000-square-foot Chatham Market, located at the intersection of 83rd St. and South Holland Rd. in Chicago. The store is expected to open in late 2011. Other tenants of the property include Lowe's, Potbelly Sandwich Works, Aldi and a Wal-Mart express, which will open July 1. The developer of the property is an affiliate of Monroe Investment Partners and Tartan Realty Group is the leasing agent.
PLEASANT PRARIE, WIS. — The 32,000-square-foot, three building Prairie Ridge Market Place, located in Pleasant Prairie, has been purchased for Berwick Properties for an undisclosed price. The center, anchored by Cardinal Stritch University, is currently 40 percent occupied. Other tenants include Target, JCPenney and Dick's Sporting Goods. Kenosha, Wis.-based Bear Commercial represented the seller in the transaction.
FORT WORTH — A Starbucks- and Chick-fil-A-anchored retail center located at 3250 Hulen St. in Fort Worth has sold for $3.6 million. The Mansour Group of Marcus & Millichap facilitated the sale, representing the seller, a private developer. A locally based private investor purchased the property.
STEPHENVILLE — Big Lots has leased 25,020 square feet of space at University Plaza, located at 2029-2133 W. Washington St. in Stephenville. Karen Mitchell of The Woodmont Company represented Big Lots. The Woodmont Company also represented the landlord in the transaction. Current tenants at University Plaza include Sherwin Williams, Quizno's, Merle Norman, Sprint and Burke's Outlet.
FRISCO, CO. — A 2,661-square-foot building, located at 865 North Summit Blvd. in Frisco, has sold for $2.43 million. The building is leased to a local Taco Bell franchisee, who signed a 20-year, triple-net lease in 2004. Drew Isaac of Marcus & Millichap's Denver office represented the seller, the original developer of the property.
NEW YORK CITY — A joint venture between SL Green Realty Corp. and Jeff Sutton has acquired a commercial property located at 1552 Broadway in Times Square. TGI Friday's currently leases the property through the summer of 2012. The seller was The Riese Organization. The deal will close in the third quarter.