MILFORD, CONN. — P.C. Richard & Son has acquired a 35,000-square-foot retail building located at 1575 Boston Post Road in Milford for $5.5 million. The electronics retailer has been occupying the building since May under a lease-to-purchase contract agreement. Steven Spector of Interstate Realty Advisors and Bruce Wettenstein of Vidal/Wettenstein arranged the deal. The brokers also helped arranged P.C. Richard's recent purchase of a Danbury, Conn., retail center.
LAKE WORTH — Star Village Commons, a 40,549-square-foot retail property located at 3980 Boat Club Rd. in Lake Worth, has sold. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, Doug Archer, in his capacity as a receiver with POB Montgomery & Co. The property is 54 percent occupied with tenants such as Whataburger, State Farm Insurance, Sesame Grill and Great Clips.
MESQUITE — A former Hollywood Video store, located at 1600 Beltline Rd. in Mesquite, has sold to Springfield, Mo.-based O'Reilly Automotive, which is expanding by 150 stores nationwide this year. The 7,280-square-foot retail property sits on the corner of Beltline and Cartwright roads on a 49,702 square foot parcel of land. Jeff Brand of Brand Capital Partners represented the property's seller, Barton Investments, in the transaction. Hollywood Video's parent company, Movie Gallery, filed for Chapter 11 bankruptcy protection in February.
SANTA CLARITA, CALIF. — Colliers International has directed the sale of an 8,189-square-foot retail building, located at 23360 Cinema Dr. in the Valencia area of Santa Clarita, to Performance Cyclery for an undisclosed amount. The private bicycle retailer plans to open by December 1 in the property previously occupied by Trader Joe’s approximately 2 years ago. Colliers International’s Zeke Patterson and John Erickson represented the buyer in the transaction, and the brokerage firm’s Kevin Fenenbock, along with NAI Capital’s John Cserkuti and Bert Abel, represented the seller, MDI Cinema Drive LLC.
CHILLICOTHE, OHIO — An Ohio-based investor has purchased Tumbleweed Southwest Grill, which is located at 1150 N. Bridge St. in Chillicothe. Built in 2002, the property sold for $1.2 million. The property is absolute triple net leased to the restaurant with approximately 9 years remaining in the lease. Dan Cooper of The Cooper Commercial Investment Group represented the buyer and the sellers, a Minnesota-based net lease property fund, in the transaction.
MT. PROSPECT, ILL. — Graycor Construction has partnered with Casto for the construction of AMC Randhurst 12 at Randhurst Village in Mt. Prospect. The theater, which is seeking LEED certification, will feature locally sourced materials and efficient mechanical systems. The theater will also feature an IMAX auditorium with the latest in digital and sound technology, an updated concessions area and a cafe. AMC Randhurst 12 is scheduled to open in spring 2011 as part of the redevelopment of Randhurst Mall in Randhurst Village, an open-air, mixed-use center featuring more than 1 million square feet of retail and office space.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a 1,916-square-foot retail building located at 1714 86th St. in Brooklyn, New York City. The property traded for $700,000, or $365 per square foot. Jeb Hollingsworth and Matthew Fotis of Marcus & Millichap's Brooklyn office represented the seller and the buyer, both private investors.
PHOENIX — Whitestone REIT has purchased the 111,227-square-foot Sunnyslope Village, located in central Phoenix, for $6.4 million. The Class B community retail center is the second acquisition the Houston-based company has made using the proceeds of its August IPO.
PALM BEACH GARDENS, FLA. — Deerfield Beach, Fla.-based SIKON Construction has completed the construction of a $7.5 million Publix at Frenchman's Crossing shopping center in Palm Beach Gardens. The 10-acre, 62,631-square-foot center is located at the northwest corner of Hood Road and Alternate A1A. The center includes the new 46,031-square-foot Publix and 16,600 square feet of additional retail space. Architect Marc Winter of Boca Raton, Fla., designed the property.
CHICAGO — Strategic Storage Trust Inc. has acquired three self-storage facilities totaling 281,000 rentable square feet with approximately 2,030 units. The assets include 1000 E. 95th Street in Chicago, which offers 690 units with 72,000 rentable square feet; 2244 S. Western Ave. in Chicago, which features 590 units with 59,000 rentable square feet; and 5701 W. Ogden Ave. in Cicero, Ill., which offers 750 units with 65,000 rentable square feet. The facilities will be rebranded under the SmartStop SM Self Storage trade name. Terms of the transaction were not released.
