WAUKESHA AND MIDDLETON, WIS. — Net Lease Retail Investors, a joint venture between Dallas-based Rainier Capital and Southlake, Texas-based N3 Real Estate, is developing two new locations for Tires Plus Total Car Care in Wisconsin. The two stores will be located in Waukesha and Middleton. Completion is slated for this fall. The projects come on the heels of a Bridgestone Firestone Complete Auto Care Center that was developed by the joint venture in Milwaukee and sold in May. Rainier is currently raising $50 million in equity to provide national retailers fast track expansion opportunities. N3 has the capacity to develop and acquire approximately $400 million in retail real estate over the next two years.
SPRING HILL, VERO BEACH & ST. AUGUSTINE, FLA. — Phoenix-based Cole Real Estate Investments has acquired three retail properties in Florida in separate transactions totaling $48.5 million. The properties include: the 226,000-square-foot Nature Coast Commons in Spring Hill for $29 million; the 107,000-square-foot Century Town Center in Vero Beach for $14.8 million; and a 57,000-square-foot Hobby Lobby and a 5,000-square-foot Color Wheel in Riverside Center in St. Augustine for $4.7 million.
AUGUSTA, GA. — Dallas-based The MGHerring Group has broken ground on a new 142,000-square-foot Costco at the Village at Riverwatch, a shopping center under development at the intersection of Interstate 20 and River Watch Parkway in Augusta. The store will anchor the first phase of the center and is set to open in late 2011.
ELY, MINN. — The Boulder Group has brokered the sale of a 32,100-square-foot retail property located at 1500 E. Sheridan St. in Ely for $2.65 million. Constructed in 2008, the building is leased to grocer Pamida on a triple-net basis for the next 17 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Minneapolis-based partnership, as well as the buyer, a 1031 exchange investor.
NEW YORK CITY — RKF Investment Sales & Advisory Services has brokered the $11.05 million sale of a 2,928-square-foot retail condominium, located at 123 Third Ave. in New York City. The property is fully leased to Capital One Bank. Jeff Fishman, Ariel Schuster, Brian Segall and Jonathan Butwin of the firm's New York City office represented the seller, 123 Third Ave. Partners, and procured the buyer, a private investment group.
MANSFIELD, MASS. — Marcus & Millichap has negotiated the $10.37 million sale of the 23,840-square-foot Mansfield Marketplace, located at 295 School St. in Mansfield. The property consists of eight tenants in two buildings. Robert Horvath and Todd Tremblay of the firm's Waltham, Mass., office represented the seller, Hecht Development, and procured the buyer, the Davos Family Trust.
DENTON — J&J Discount Outlets, d/b/a $1 Discount World, has recently signed a lease for its first North Texas location in Denton Center, a retail property located at the northwest corner of University Drive and North Carroll Boulevard in Denton. $1 Discount World plans to lease another five locations in the North Texas area through 2013. The discount store requires approximately 5,000 to 7,000 square feet of space for each location. Henry S. Miller Brokerage’s Daniel Harris is representing $1 Discount World in its expansion efforts.
IRVINE, CALIF. – Mitsuwa Marketplace, the nation’s largest Japanese supermarket, has leased 13,853 square feet at Heritage Plaza in Irvine. The supermarket's addition to the plaza is part of a $10-million renovation underway at the 233,000-square-foot neighborhood center. The renovation is scheduled for completion in November. Mitsuwa Marketplace is a California-based retailer that also has six other locations throughout the state. The Irvine outpost is set to open in the fourth quarter of 2011. The retailer was represented by Carl Swanberg of Highland Partners. Heritage Plaza is owned and operated by Regency Partners.
BONITA SPRINGS, FLA. — A 7,518-square-foot freestanding former Blockbuster, located at 26811 S. Tamiami Trail in Bonita Springs, has sold for $1.06 million. Karen Johnson-Crowther of Colliers International's Fort Myers, Fla., office represented the seller, Savannah Land Corp. RLR Investments for Royal Shell Properties, the buyer, was self-represented. The buyer plans to use the building as a residential real estate office.
PLEASANT PRAIRIE, WIS. — Oak Brook, Ill.-based Inland Real Estate has acquired the Shoppes at Prairie Ridge, a 232,815-square-foot retail center located at 9777 76th St. in Pleasant Prairie. Anchors at the property include JC Penney, Dick's Sporting Goods, PetSmart and Ulta. The seller was Indianapolis-based Gershman Brown Crowley, the property's original developer.