PEARLAND, LEAGUE CITY AND HOUSTON, TEXAS — The San Francisco office of NAI BT Commercial has completed the sales of three ground leases in the Houston metropolitan area. In the first transaction, a private investor purchased a 2.15-acre ground lease located at 11019 Shadow Creek Pkwy. in Pearland and a 1.84-acre ground lease located at 3140 Gulf Freeway South in League City. The former site contains a Cracker Barrell restaurant and the latter site contains a McDonald’s. The properties traded for a total of approximately $5.94 million. NAI’s Bob Sanner and Rick Sanner represented the same buyer in both transactions, as well as the seller in the first deal. Additionally, NAI’s Andy Bogardus and Chris Sheldon represented both parties in the sale of a 1.5-acre ground lease located in Houston. The property, which traded for $3.5 million, is currently leased to Wachovia. The parties in both transactions were undisclosed.
VIRGINIA — Orlando, Fla.-based Cuhaci & Peterson Architects has been selected to remodel four Food Lion grocery stores in Ettrick and Richmond, Va. The stores span an average of 30,000 square feet. The work will include expanding some of Food Lion’s departments and emphasizing its “Take a Fresh Look” campaign.
INDEPENDENCE, MO. — Hobby Lobby and Christian bookstore Mardel have joined the tenant roster at The Falls, a destination retail center located at the interchange of Interstate 70 and Highway 291 in Independence. Hobby Lobby will occupy a 55,000-square-foot store and Mandel will occupy 25,000 square feet. Both stores are currently under construction, with completion expected by the end of the year. The Falls is a 200-acre development anchored by a 160,000-square-foot Bass Pro Shops Outdoor World with an adjoining 200-room hotel and conference center. The project also contains an 80-acre city park with an 18-acre stocked lake, a 70-foot waterfall and a 2-mile walking trail. Kessinger/Hunter & Co. is overseeing marketing efforts for the project.
NEW YORK CITY — The Brooklyn Navy Yard Development Corp. is seeking proposals to develop a 6-acre site, known as Admiral’s Row, on the western edge of the Brooklyn Navy Yard in Brooklyn, New York City. The request for proposals (RFP) seeks developers interested in building a retail center that will include a large-format supermarket of no less than 40,000 square feet, as well as 20,000 square feet of retail space. According to the RFP, optimal development of the site will also include a minimum of 40,000 square feet of an upper floor to accommodate light industrial uses and could include upper-floor commercial uses.
WESTFIELD, N.Y. — Cedar Shopping Centers has disposed of a 10,125-square-foot CVS/pharmacy, located in Westfield, for approximately $1.6 million. The property was acquired by the company in 2005 from Glitz & Associates as part of a 25-property portfolio. The buyer in this transaction was not disclosed.
ALBUQUERQUE, N.M. — Ed Graf and Ted Sannella of Houlihan-Parnes Realtors has brokered the acquisition of The Ladera Shopping Center in Albuquerque. Located at 3301 Coors Blvd. N.W., the property offers 128,712 square feet of retail space. Built in 1986, the center is currently 95 percent occupied by 23 national, regional and local tenants, including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H&R Block and T-Mobile. The undisclosed buyer assumed the existing financing of $8.96 million at 5.25 percent interest only through the maturity of the loan. Additional details regarding the transaction were not disclosed.
IRVINE, CALIF. — Passionate Pet has signed a 10-year lease for a 23,598-square-foot flex space, which is located at 18871 Teller Ave. in Irvine. The lease is valued at $3.4 million. The tenant will offer a complete selection of pet-related products and pet services, including grooming, dog training, veterinary care, photography, a day camp and a boarding facility. Brian Garbutt of Lee & Associates-Irvine represented the landlord, Greenlaw Partners.
MANASSAS, VA. — A joint venture among Potomac Capital Advisors, Baltimore-based Alex. Brown Realty and Bethesda, Md.-based Spectrum Partners has acquired the 176,000-square-foot Westgate Plaza Shopping Center from Principal Real Estate Investors for $25 million. The property, which is anchored by Giant Foods and Barnes & Noble Booksellers, is located at 8139 Sudley Rd. in Manassas. Additional tenants include Panera Bread, Pier 1 Imports, Ruby Tuesdays and Total Wine & More. Spectrum represented itself in the transaction.
MIAMI — Fort Lauderdale, Fla.-based Moss & Associates has completed construction of two Publix stores in Miami. A 31,000-square-foot store in Mary Brickell Village, located on South Miami Avenue, has been built in an existing parking structure. Moss & Associates has also finished a 39,000-square-foot prototype building in the Coral Way section of Miami. This project necessitated new site drainage, lighting and asphalt pavement.
LOCKPORT, ILL. — Stan Johnson Co. has brokered the sale of an 8,064-square-foot retail store to an individual investor for $2.55 million. Located on 1.86 acres in Lockport, the freestanding store is occupied by National Tire & Battery. Gill Warner, Rod Pickney and Chad Byerly of Team Warner of Stan Johnson Co. represented the seller, a retail developer. Town & Country GMAC Real Estate represented the buyer in the transaction.