LAKE ELSINORE, CALIF. — Faris Lee Investments has completed the more than $8.8 million sale of a 45,560-square-foot retail building located at 18550 Dexter Ave. in Lake Elsinore. Built in 2007 and fully occupied by L.A. Fitness, the property includes an indoor swimming pool and 228 parking spaces. Faris Lee’s Richard Walter and Chris Tramontano represented the seller/developer, Aliso Viejo, Calif.-based California Grand Investments LLC, in partnership with Lake Fitness LLC. The private-trust buyer from Villa Park, Calif., was participating in a 1031 exchange.
Retail
SCHAUMBURG, ILL. — AJK LLC has purchased a retail property at 680 Mall Drive in Schaumburg for $1.15 million. The buyer plans to open a to-be-named American cuisine restaurant at the 7,200-square-foot property. Dan Steinberg of Titan Commercial represented the buyer; Cushman & Wakefield represented the seller, Darden Restaurants, in the transaction. The property was previously a Smokey Bones Bar and Fire Grill location.
CHESTERFIELD COUNTY, VA. — CVS/pharmacy has acquired two land parcels at 5401 Omo Road and 6320 and 6400 Iron Bridge Road in Chesterfield County. Bessie J. Lynch sold approximately 2.01 acres to the company for $400,000 and J&B Realty LLC sold approximately 2.25 acres to CVS for $375,000. The Rebkee Company is developing a CVS/pharmacy at the site. Lindsey Floyd of Thalhimer, a member of Cushman & Wakefield Alliance, negotiated the transactions.
HARRODSBURG, KY. — North Carolina-based Chen Development LLC has purchased a 60,048-square-foot grocery-anchored shopping center in Harrodsburg. Located at 844 S. College St., the property is occupied by Kroger, Cato, Arby’s and Cellular One. Centro Properties sold the retail center for an undisclosed price. Rebecca Wells and Robert Taylor of Cassidy Turley represented the seller in the transaction.
NEW ORLEANS — A California-based REIT has acquired Sure Save USA Self-Storage, an 117,155-square-foot self-storage facility in New Orleans. The property sold for $3.4 million. Completed in 2006, the 736-unit facility offers 640 climate-controlled units. Property amenities include elevators, digital surveillance cameras, roll-up doors, RV parking and a manager’s office. Michael Mele of Marcus & Millichap represented the seller, an Ohio-based financial institution. Additional terms of the lease were not released.
CEDAR HILL AND ALLEN — Kirkland's, a national home décor and furnishings retailer, will open a 9,748-square-foot store at Uptown Village at Cedar Hill this November as well as a 7,118-square-foot store at The Village at Allen next April. Uptown Village at Cedar Hill is a 615,000-square-foot regional lifestyle center anchored by Dillard's, Barnes & Noble and Dick's Sporting Goods located in the Dallas suburb of Cedar Hill. Meanwhile, The Village at Allen is one component of a joint, 3 million-square-foot regional, mixed-use development in the suburbs of Allen and Fairview at the intersection of U.S. Hwy. 75 and Stacy Road. The MGHerring Group signed Kirkland's to both retail locations.
CEDAR PARK — Big Lots has leased 33,742 square feet of retail space at 850 N. Bell Blvd. in the Cedar Park Plaza shopping center in Cedar Park. The closeout retailer is set to open in the former Albertson's space in November. Terri Twomey of The Weitzman Group represented Big Lots, while Weitzman's Lance Morris and Parker Estes represented the landlord.
GAINESVILLE, GA.; DECATUR AND MONTGOMERY, ALA.; AND GREENSBORO, N.C. — Coyote Management LP and Garrison Investment Group, through their affiliates, have acquired six retail centers in the Southeast. Totaling 1.6 million square feet the assets include the 517,153-square-foot Lakeshore Mall in Gainesville; the 576,000-square-foot Decatur Mall in Decatur; Promenade Montgomery Shopping Center, Promenade Montgomery North Shopping Center, and Bellwood Center in Montgomery; and Quaker Village in Greensboro. Addison, Texas-based Coyote Management now owns and manages a portfolio of 5.8 million square feet.
TALLAHASSEE, FLA. — Magnolia Park LLC has completed the disposition of a freestanding retail property, which is located at the corner of Park Avenue and Magnolia Drive in Tallahassee. The NN-leased AT&T store sold to an undisclosed buyer for $2.16 million. Francis Rentz of Sperry Van Ness (SVN) represented the seller; Jason Long of Shane Investments represented the buyer in the transaction.
CHICAGO RIDGE, ILL. — Westfield Group has selected ALDI to join its tenant roster at Westfield Chicago Ridge, an 800,000-square-foot regional shopping center in Chicago Ridge. The 20,000-square-foot grocery store will be the first ALDI to be located in a regional mall in the United States. The store is slated to open in May 2011 and will occupy the space formerly tenanted by Steve & Barry’s. Terms of the transaction were not released.