SUGAR LAND — Rubicon Realty has sold 15.3 acres to San Antonio-based grocery chain H-E-B to be developed within Rubicon's The Crossing at Telfair, a mixed-use property located at the corner of Highways 6 and 90 in Sugar Land that will feature 125,000 to 150,000 square feet of retail space. A 104,000-square-foot H-E-B will open in August to anchor the retail portion. Rubicon originally purchased 112 acres of land from Newland Communities in 2006, and plans to develop the remaining land to include a hotel, a performing arts center and a family entertainment center with construction set to begin in June and commence in 2012.
WEST PALM BEACH, FLA. — BlackRock has acquired Village Commons, a shopping center located at the intersection of Village Boulevard and Brandywine Road in West Palm Beach. A venture between Regency Centers, First Washington Realty and the California Public Employees' Retirement System sold the property for $25.7 million or $152.02 per square foot. The 169,053-square-foot center is currently 73.2 percent leased to tenants, including Publix, CVS/pharmacy, Panera Bread and Starbucks Coffee. CB Richard Ellis' National Retail Investment Group Florida Team represented the seller in the transaction.
ONALASKA, WIS., ORLAND PARK, ILL., AND INDIANAPOLIS — Mid-America Real Estate Corp. has completed three sales in Wisconsin, Illinois and Indianapolis totaling $13.99 million. In the first transaction, Mid-America's Mark Goldberg and Tom Fritz represented a Wisconsin-based developer in the sale of an 86,432-square-foot, Kohl's building in Onalaska. An out-of-state investment fund acquired the property for $7.25 million. In the second transaction, Goldberg and Fritz represented a Chicago-based seller in the disposition of a Fifth Third Bank ground lease in Orland Park. Fifth Third Bank acquired the 58,806-square-foot bank pad for $3.46 million. In the final transaction, Mid-America brokered the sale of a Social Security office building in Indianapolis to a Chicago-based investment fund for $3.28 million. Goldberg and Fritz represented the seller, a Davenport, Iowa-based developer, in the transaction.
AUSTIN — Four Corners Shopping Center, a 31,556-square-foot retail property located at 111 W. William Cannon Dr. in Austin, has sold. James Bell of Marcus & Millichap's Houston office represented both the buyer and seller, both undisclosed partnerships, in the transaction. Four Corners Shopping Center is 100 percent occupied.
MISSION VIEJO, CALIF. — Watt Commercial Properties has committed more than $6 million for a complete renovation of the 150,000-square-foot Alicia Towne Plaza located at 24391-24491 Alicia Parkway in Mission Viejo. The phased redevelopment will include converting an existing Mervyns building into a smaller anchor space for L.A. Fitness and updating the façade treatment for the remainder of the south Orange County neighborhood center. Pursuant to the 15-year lease agreement with the privately owned health club chain facilitated by Wilson Commercial Real Estate, Watt Commercial will update the two-level, 83,857-square-foot former department store. L.A. Fitness will primarily occupy the lower floor when it opens in May. Architects Orange is bringing new life to Alicia Towne Plaza’s façade structure, and S.D. Deacon is serving as general contractor for the redevelopment project. All 22 retailers, including Dollar Tree, Subway and Wells Fargo, will remain open during construction.
GLENDALE, ARIZ. — Omni American LLC has brokered the $1.8 million acquisition of a 14,800-square-foot retail building, located at 8160 W. Union Hills in Glendale. Omni’s Matt Schrauth represented the buyer, PV Union Hills LLC, in the transaction, and Dan Schaefer and Eric Schaefer of Schaefer + Associates LLC represented the seller, East West Bank.
MEMPHIS, TENN. — Arrow Operating Acquisitions has acquired Eastgate Shopping Center, a 445,907-square-foot regional community center located on Park Avenue in Memphis. Union Realty Co. GP and Belz Investco GP sold the property for $31.5 million or $71 per square foot. The center is occupied by Fresh Market, Michaels, TJ Maxx, Stein Market, Burlington Coat Factory and Walgreens. Brad Nathanson, Paul Kerber and Anne Williams of Marcus & Millichap brokered the transaction.
OLATHE, KAN. — Steve Ruff of Q10 | Daisley Ruff Financial has arranged a $1.57 million loan for an undisclosed borrower for the acquisition of a retail center in Olathe. The center offers 31,140 square feet of retail space. The non-recourse 10-year loan features a fixed rate.
SPRING GROVE, ILL. — Agree Realty Corp. has acquired a retail property, which is ground leased on a long-term basis to JPMorgan Chase Bank. The property is located on Route 12 near Spring Grove Road in Spring Grove. Agree purchased the building for $2.9 million from an undisclosed seller. Chase Bank has approximately 27 years remaining on the base term of the lease.
SALEM, OHIO — The Luttner Retail Group has brokered the sale of a freestanding Advance Auto Parts store in Salem. An undisclosed West Coast investment group acquired the property for $1.27 million, which represents an 8.25 percent capitalization rate. The property, which was built in 2008, is leased to Advance Auto Parts for an initial 15-year term. Matt Luttner of The Luttner Retail Group brokered the transaction. The seller was a private developer.