DAYTONA BEACH, FLA. — Cole Real Estate Investments has purchased a portion of Volusia Square, a 349,544-square-foot retail community center in Daytona Beach. Atlanta-based Retail Planning Corp. sold the space for $31 million. The acquired portion totals 22.4 acres and is located at 2455 W. International Speedway Blvd. The property, which was renovated in 2010, was 97.6 percent occupied at the time of closing. Brad Peterson of Holliday Fenoglio Fowler represented the seller in the transaction.
INDEPENDENCE, MO. — DCL Realty Trust has completed the disposition of 46,350 square feet of retail space in Independence. BBT Investors purchased the property, which is located at 3810 Crackerneck, for an undisclosed price. Drew Quinn of Colliers International represented the seller; Scott Taubin of R.H. Johnson Co. represented the buyer in the transaction.
COLTON, CALIF. — Commonwealth Sevenlen LLC has acquired a 26,455-square-foot retail building, located at 151 E. Valley Blvd. in Colton, for $1.99 million. The free-standing, single-tenant investment property is occupied by Stater Bros. through an absolute NNN lease. Colliers International’s Jereme Snyder and Bob Hoyt represented the seller, Vornado Realty Trust, in the transaction, and Hai Luong of Tendwell Realty represented the buyer.
SANTA ANA, CALIF. — Coreland Cos. has negotiated the $5.75 million sale of a vacant auto dealership located at 1455 Auto Mall Drive in the Santa Ana Auto Mall. Built in 1998, the more than 35,000-square-foot square-foot property was previously the long-time home of Bauer Jaguar. Coreland’s Bryan Bauer represented the Costa Mesa, Calif.-based seller, Jeffrey and Bryan LLC, in the transaction; the buyer, Santa Ana Properties II, represented itself.
TUCSON, ARIZ. — CB Richard Ellis (CBRE) has negotiated the $2.76 million sale of Century Theaters’ Century Park 16, a 74,000-square-foot movie theater located at 1055 W. Grant Road in Tucson. With more than 800 feet of Interstate 10 freeway frontage and expandable to 140,000 square feet, the property is set up for infill redevelopment after the theater closes operations on January 8, 2011. CBRE’s Robert DeLaney and Tim Healy represented the Plano, Texas-based seller, Century Theaters, in the off-market transaction, and the brokerage firm’s Buzz Isaacson and Ike Isaacson represented the local buyer, Michael R. Wattis Inc.
ORLANDO, FLA. — Dallas-based 7-Eleven has signed an agreement to acquire ExxonMobil's retail interests in 183 Florida locations. The transaction is expected to close in early 2011, subject to standard closing conditions and regulatory approvals. Terms of the deal were not released. The acquisition includes a combination of company- and dealer-owned sites located in Orlando, Southwest Florida, Palm Beach and Broward County, Fla. The 183 sites include five unused parcels of land. Additionally, the majority of the locations will be rebranded as 7-Eleven operations, and all will retain the Mobil gasoline brand. Currently, 7-Eleven operates and franchises 610 stores in Florida.
VICTORIA — Lack Properties and Lack's Stores, Inc., an independently owned retail home furnishings chain operating as Lack's and Lack's Home Furnishings, has hired DJM Realty to manage the disposition of all leased and owned retail and warehouse facilities located throughout Texas. DJM Realty will market 35 Texas retail locations that range in size from 16,000 to 70,000 square feet. In addition, four warehouse facilities will be marketed including a 380,000-square-foot distribution center in Schertz. Lack's Inc. recently filed for Chapter 11 and the retention of DJM is subject to the approval of the U.S. Bankruptcy Court overseeing Lack's Chapter 11 proceedings in Victoria.
LAS VEGAS — CB Richard Ellis’ Bob Miller represented JMF Properties LLC in its $2 million sale of an approximately 2,375-square-foot restaurant building, located at 2512 E. Sunset Road in Las Vegas. Genevieve Las Vegas Properties LLC purchased the former Taco Bell location.
FT. LAUDERDALE, FLA. — Kalik LLC, a Buenos Aires, Argentina-based restaurant operator, has acquired a 12,700-square-foot property located at 3300 E. Commercial Blvd. in Ft. Lauderdale. Built in 1970, the vacant, waterfront property sold for $5.5 million. Peter Filomena of Reichel Realty & Investments represented the seller, Stan's on the Water Inc., representatives of the Gus Boulis estate, in the transaction.
DALLAS — The Terrapark Group, based in Toronto, Canada, has purchased the Northern Trust Bank building in downtown Dallas from Crow/Williams L.P. to complete the entire acquisition of the 2.6-acre 2000 block of Ross Avenue bounded by Ross Avenue to the north, San Jacinto Street to the south, Olive Street to the east and North Harwood Street to the west. Terrapark's near-term plans are to improve the parking lot operations on the block to service parking shortages of neighboring office buildings, Trammell Crow Center and 2100 Ross. Long-term plans, however, include positioning the property for incremental stage development, including a hotel component. John Bradley and Jerry Bradley of Bradley & Bradley REALTORS represented Terrapark. Terrapark initially purchased the city block sans the Northern Trust Bank building in a transaction announced on RE Business Online on November 30, 2010.
