ALTAMONTE SPRINGS, FLA. — Marcus & Millichap has brokered the sale of Assured Self Storage, which is located at 510 Douglas Ave. in Altamonte Springs. Built in 1998, the 84,471-square-foot facility sold for $5.38 million. Michael Mele of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
Retail
CEDAR HILL AND AUSTIN — Toys R Us leased 34,521 square feet of retail space at 1382 S FM 362 in Cedar Hill from KRG Cedar Hill Plaza LP. David Copeland and Jeff Kittleson of CB Richard Ellis (CBRE) represented the landlord in the transaction. In addition, World Wide Technology has renewed its 68,040-square-foot industrial lease at 4616 W. Howard Ln. in Austin from NorthTech 5 & 6, Ltd. Ryan Keiser of CBRE represented the tenant in the transaction.
CHANDLER, ARIZ. —Charles Dunn Co. has closed OSSA TRUST’s $3.1 million purchase of a 10,000-square-foot retail building, located at 3100 Gilbert Road in Chandler, from Glenwood Development. The property is 100 percent occupied by La Petite Academy on a long-term lease. Charles Dunn’s Paul Kenworthy represented the buyer of the NNN-leased investment property.
DOTHAN, ALA. — Montgomery, Ala.-based Aronov Realty Management has opened two shopping centers in Dothan. The company simultaneously opened the 76,740-square-foot Westway Shopping Center and the 63,800-square-foot Cottonwood Corners Shopping Center. Both centers are anchored by Publix and are fully leased with all stores opening in the next 30 to 90 days. Aronov currently owns more than 150 properties in the Southeast.
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.
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.