FORT WORTH — Westover Village, a 114,000-square-foot shopping center located at the southeast corner of SH 183 and Green Oaks Road in Fort Worth, has been sold to ArrowRock Westover Village LP, an investment fund owned and managed by St. Louis-based Summit Realty Ventures, for an undisclosed amount. Amegy Bank of Texas sold the property, which includes national tenants such as Petco, Party City, Half Price Books, JPMorgan Chase, Arby's and McDonald's, in an all-cash transaction. Read King represented the buyer and Holliday Fenoglio Fowler represented the seller. UCR ChainLinks Retail Advisors will market and lease the property for the new owner.
Retail
OKLAHOMA CITY, OKLA. — CBL & Associates Properties has formed a joint venture with Horizon Group Properties to develop The Outlet Shoppes at Oklahoma City, located on 65 acres at the intersection of Interstate 40 and Council Road in Oklahoma City. The 350,000-square-foot retail project is currently under construction and is expected to be completed in late summer 2011. Horizon is responsible for the leasing and management of the property, which is already 80 percent leased with tenants such as Saks Fifth Avenue Off 5th, Nike, Tommy Hilfiger, Banana Republic, J. Crew, Brooks Brothers, Coach and Guess. U.S. Bank committed a $48.9 million construction loan to the project with an initial term of 3 years with two 1-year extension options.
TALLAHASSEE, FLA. — A Texas-based limited liability company has acquired Tallahassee Self Storage, a 93,135-square-foot self-storage facility in Tallahassee. Located at 5086 Tennessee Capital Blvd., the property was built in 1988 and renovated in 2006. A Florida-based owner/developer sold the property for $4.2 million. Michael Mele of Marcus & Millichap brokered the transaction.
OCALA, FLA. — Farmington Hills, Mich.-based Agree Realty Corp. has completed the disposition of a retail property in Ocala. Occupied by Walgreens, the 14,820-square-foot property sold for $4.12 million. The buyer was not disclosed.
ST. LOUIS — Urban Development Fund, an affiliate of Aries Capital, has provided $17.5 million in financing to fund the redevelopment of St. Louis Centre in St. Louis. Located at 515 N. Sixth St., the 540,000-square-foot shopping center is scheduled to undergo a $35 million renovation this year. The redevelopment project will include 60,000 square feet of first-floor retail space, a movie theater and banquet hall on the second floor and a 750-vehicle parking garage on the remaining two floors. The redevelopment project is intended to serve as a catalyst for the redevelopment of St. Louis' Mercantile Exchange District, which will feature the renovation of One City Centre, St. Louis Centre and the Dillard/Laurel building.
TURLOCK, CALIF. — NorthMarq Capital has arranged the sale of an approximately $44 million note on the 298,971-square-foot Monte Vista Crossings, a retail center located at the intersection of Highway 99 and W. Monte Vista Ave. in Turlock. Major tenants at the property are Ross, BevMo, T.J. Maxx, Office Max, Pier 1 Imports, and Bed Bath and Beyond. NorthMarq’s Dennis Williams arranged the note sale on behalf of its correspondent lender, TIAA-CREF.
ORANGE PARK, FLA. — Flagship Investment Group has purchased Coast Self Storage, a self-storage facility, which is located at 2000 Wells Road in Orange Park. Built in 1987, the property consists of 62,596 net rentable square feet with 433 storage units, six office spaces and 44 parking spaces. The buyer plans to rebrand the property as a Stor•Kwik Self Storage, which is the buyer's self-storage brand. Steve Hryszko and Bruce Jackson of CB Richard Ellis represented the seller, Urban Investments, in the transaction. The sales price was not disclosed.
RALEIGH, N.C. — Charlotte, N.C.-based Ferncroft Capital has partnered with Alliance Commercial Investments of Greensboro, N.C., to acquire Wake Forest Crossing in Raleigh. Anchored by Lowes Food, the 90,000-square-foot retail center is located along Capital Boulevard. The property was 100 percent occupied at the time of closing. Hunter and Associates represented the undisclosed seller in the transaction. The acquisition price was not released.
BROWNSBURG, IND. — NorthMarq Capital has arranged $3 million in financing for Brownsburg Square Shopping Center in Brownsburg. Anchored by Kmart, the 113,000-square-foot retail center is located at 905 N. Green St. Financing was based on a 5-year term and a 25-year amortization schedule. StanCorp Mortgage Investors provided the loan for the undisclosed borrower. Charles Cotsalas of NorthMarq's Long Island, N.Y., office brokered the transaction.
HOUSTON — A Jaguar/Land Rover automobile dealership has sold for $11 million in Houston. Located at 18205 Interstate 45 North, the 37,646-square-foot dealership sits on 7.5 acres and is a single-tenant retail property. It is currently leased on a 12-year, triple-net basis guaranteed by Sonic Automotive, the third largest automotive group in the U.S. Christopher Maling and David Maling of Marcus & Millichap's Los Angeles office represented the seller, a Texas-based developer; while James Mitchell of Marcus & Millichap's Washington, D.C. office represented the buyer, a publicly traded corporation based in Charlotte, N.C. Brent Smith of Marcus & Millichap's Houston office also provided representation in the transaction.