DALLAS — JLCC Investors LLC, an investment entity formed by Jose and Cristina Cuevas, purchased a 15,040-square-foot retail/industrial building in Farmers Branch, Texas, from M&M Investors. 1800flowers/Dallas, a floral business with Jose Cuevas as its franchisee, will lease the facility, which sits at 3380 Belt Line Road. Jean Russo of Cushman & Wakefield of Texas, Inc. represented JLCC Investors in the deal, and Chad Albert of NAI Robert Lynn Company represented M&M. “The highly visible corner lot on Belt Line, along with the planned improvements, is a perfect fit for 1800flowers/Dallas’ expanding business needs,” said Russo. Renovations to the facility are expected by August and 1800flowers/Dallas is expected to move in by September.
LONE TREE, COLO. – Westwood Financial Corp. has sold the 34,749-square-foot Heritage Hills Shopping Center in Lone Tree to Carlisle Properties for $11.4 million. Westwood had owned the property for 11 years before selling it to focus on investment opportunities in the Southeast. The 18-unit retail center is 96 percent leased. Cushman & Wakefield’s Patrick Devereaux and Gene Pride represented Westwood in the transaction.
NORFOLK, VA. — PF Norfolk d/b/a/ Planet Fitness has signed a 10-year, 16,900-square-foot lease at East Beach Marketplace, located at 4245 E. Little Creek Rd. in Norfolk. George Fox and Denbeigh Marchant of Virginia Beach, Va.-based Wheeler Real Estate Co. represented Little Creek Investment Corp., the landlord, in the transaction.
PAINESVILLE, OHIO — Cleveland-based Goodman Real Estate Services Group has brokered the sale of Painesville Commons Shopping Center, a 141,900-square-foot retail center located in Painesville. Tenants at the property include Cinema 20, Save-A-Lot, AutoZone and Sherwin-Williams Paints. Goodman's Kyle Hartung and Rob Yaskanich represented the undisclosed buyer, which purchased the center at auction.
HOUSTON — Sawyer Heights Village, a 107,626-square-foot retail power center located near Houston’s central business district at the intersection of Interstate 10 and Taylor Street, has been purchased for approximately $35 million by a joint venture between Inland Western Retail Real Estate Trust, Inc. and RioCan Real Estate Investment Trust. Staples and PetSmart anchor the Houston retail property and it is shadow-anchored by Target. Houston-based Property Commerce developed the property in 2004. This expands Oak Brook, Ill.-based Inland Western’s presence in the Houston market to more than 1.5 million square feet under management.
LEWISVILLE — Bright Realty is planning to break ground on Phase III of Castle Hills Village Shops and Plaza, located at 2560 King Arthur Blvd. in Lewisville, in the coming year. Currently in its pre-leasing phase, Phase III will include approximately 20,000 square feet for retail and dining, including an expanded outdoor dining and entertainment area. Second floor office space will feature approximately 25,000 square feet and is successfully pre-leased. Phases I and II of Castle Hills Village Shops and Plaza are 90 percent leased and include more than 82,861 square feet of retail and office space. With the addition of Phase III, Castle Hills Village Shops and Plaza will total 128,000 square feet of office and retail space.
HOT SPRINGS, ARK. — Oak Brook, Ill.-based Inland Real Estate Acquisitions has purchased the 155,206-square-foot Fairgrounds Crossing in Hot Springs for $24.5 million. The center is anchored by Best Buy, Dick’s Sporting Goods and Bed Bath & Beyond. The buyer was self-represented by Lou Quilici.
MACON, GA. & BREWTON, ALA. — Atlanta-based Blue Ridge Capital has acquired two retail properties for a total of $1.4 million. Steve Massell of Massell Commercial Real Estate represented Blue Ridge in the purchase of the 20,900-square-foot The Shoppes of Ansley Village, located in Macon. The seller, LMIW I, was represented by Sembler. Blue Ridge’s acquisition of the 114,891-square-foot Douglas Square in Brewton, John Vallas of Vallas Realty represented Regions Bank, the seller. The center includes a former Wal-Mart box of 73,338 square feet and a 16,849-square-foot Goody’s.
MINNEAPOLIS — Regency Centers has purchased Calhoun Commons, a 66,150-square-foot neighborhood retail center located in Minneapolis, for $21 million. The property was acquired in an off-market deal from Doran Companies, the center's original developer. Constructed in 1999, the fully leased center is anchored by Whole Foods Market. Additional tenants include Chipotle Mexican Grill, Caribou Coffee, Ben & Jerry's, and Noodles & Company. More than 94 percent of the gross leasable area is is occupied by first-generation tenants. Regency currently owns four retail centers in the Minneapolis market totaling more than 550,000 square feet and has a fifth center under contract.
NORMAL, ILL. — Thompson National Properties has acquired the debt secured by Constitution Trail Centre, a retail center located in Normal. Constructed in 2007, the property consists of 197,739 square feet as well as 28.74 acres of land available for future expansion. Occupancy was 65 percent at the time of closing. The center's anchors include Schnucks Market and Starplex Cinemas. Other tenants include Dollar Tree, Subway, H&R Block, Great Clips and Wendy's. The tenant leases have staggered expirations between 2012 and 2029. Thompson purchased the debt on behalf of TNP Strategic Retail Trust, the company's non-traded REIT that invests in grocery- and pharmacy-anchored necessity retail properties.