GARDEN GROVE, CALIF. — Marcus & Millichap has announced the $1.25 million sale of the 7,718-square foot G.I. Plaza, a 13 percent-vacant shopping strip located at 11512 Magnolia Street in Garden Grove. Marcus & Millichap’s Michael Woolbright represented the Los Angeles-based private-investor seller in the transaction, and the brokerage firm’s Ron Duong represented both the seller and the buyer, an Orange County-based investor.
Retail
SAN ANTONIO — Rare Hospitality International has purchased 1.71 acres of land from CR1604 Retail, LTD for a Longhorn Steakhouse restaurant at 5706 W. Loop 1604 North in San Antonio. Longhorn will be located in the Shoppes at Culebra shopping center. Hugh Ruggles of Texas/Southwest Group represented the buyer, while P.J. Pfieffer of Birnbaum Property Co. represented the seller.
BRANDON, FLA. — The Asbury Group has purchased the former Brandon Buick Dealership, which is located at 9205 E. Adamo Dr. in Brandon, for $2.8 million. Situated on 4.34 acres, the property consists of a 27,647-square-foot grouping of buildings. Anthony Mazzucca of Sperry Van Ness-Blackpoint Realty brokered the transaction. The seller was not disclosed.
MIAMI — Stiles is developing Publix at 18Biscayne, a Publix-anchored retail shopping center in downtown Miami. Situated on Biscayne Boulevard, the three-story 57,200-square-foot project will include a 49,200-square-foot Publix and 8,000 square feet of retail space. Stiles is providing architectural services for the project through its Architectural Group. Additionally, Stiles Development is overseeing the project, which is being constructed by Stiles Construction. Completion is scheduled for 2012.
MEQUON, WIS. — Ogden & Company Inc. has negotiated the acquisition of Park Plaza Shopping Center, which is located at 10000 N. Port Washington Rd. in Mequon. The 8,000-square-foot property was 100-percent occupied at the time of closing. Park Plaza of Mequon LLC acquired the property from Park Avenue Park LLC for $650,000. Marvin Hansen of Ogden & Co. represented the seller in the transaction.
WARWICK, R.I. — Eastern Mountain Sports is relocating its Cranston, R.I., location to Warwick. The outdoor sports retailer has signed a lease for 14,526 square feet at 1000 Bald Hill Road, a 73,023-square-foot strip center. The new location will open next spring. Linear Retail Properties is the property's owner.
DALLAS – Maple Crossing shopping center, 12,722-square-foot retail property anchored by Family Dollar and Smile Builders Dental Center, has been sold. Located at 4807 Maple Ave. in Dallas, the property was purchased by a partnership managed by Dallas-based Merritt Capital Partners, LTD from LNR Partners for an undisclosed amount. Brad Cruickshank of The Woodmont Company represented LNR Partners in the transaction.
WASHINGTON, D.C. — Foxhall Partners, in partnership with an affiliate of Wexford Capital, recently purchased two retail properties in Washington, D.C. Located at 3241 and 3245 M Street, the properties are occupied by two restaurants, Hook and Tackle Box. Foxhall Partners successfully negotiated new leases with the tenants prior to closing. Additionally, Foxhall will provide property management services for the properties. Terms of the all-cash transaction were not disclosed.
FORT LAUDERDALE, FLA. — Rawworld Enterprises has acquired a 5,580-square-foot retail building, which is located at 2495 E. Commercial Blvd. in Fort Lauderdale. Locally based Metro LLC sold the property for $1.34 million or $229 per square foot. The buyer plans to occupy 2,750 square feet of the building for an organic food and health-related emporium. The remainder of the space is occupied by an architectural firm. The transaction included a 10,000-square-foot parcel zoned RM-25, which is currently utilized as a paved parking lot. Thom Fox of Panton & Co. Realty represented the buyer; Luna Nichols of NAI Rauch Weaver Norfleet Kurtz & Co. represented the seller in the transaction.
DAYTONA BEACH, FLA. — Leon Brockmeier and Patrick O'Halloran of Marcus & Millichap brokered the disposition of a Walgreens location in Daytona Beach. Located at 2620 S. Nova Road, the 13,841-square-foot retail property sold for $2.39 million. The buyer and seller were not disclosed.