TUCSON, ARIZ. — CB Richard Ellis (CBRE) has negotiated the $2.76 million sale of Century Theaters’ Century Park 16, a 74,000-square-foot movie theater located at 1055 W. Grant Road in Tucson. With more than 800 feet of Interstate 10 freeway frontage and expandable to 140,000 square feet, the property is set up for infill redevelopment after the theater closes operations on January 8, 2011. CBRE’s Robert DeLaney and Tim Healy represented the Plano, Texas-based seller, Century Theaters, in the off-market transaction, and the brokerage firm’s Buzz Isaacson and Ike Isaacson represented the local buyer, Michael R. Wattis Inc.
ORLANDO, FLA. — Dallas-based 7-Eleven has signed an agreement to acquire ExxonMobil's retail interests in 183 Florida locations. The transaction is expected to close in early 2011, subject to standard closing conditions and regulatory approvals. Terms of the deal were not released. The acquisition includes a combination of company- and dealer-owned sites located in Orlando, Southwest Florida, Palm Beach and Broward County, Fla. The 183 sites include five unused parcels of land. Additionally, the majority of the locations will be rebranded as 7-Eleven operations, and all will retain the Mobil gasoline brand. Currently, 7-Eleven operates and franchises 610 stores in Florida.
VICTORIA — Lack Properties and Lack's Stores, Inc., an independently owned retail home furnishings chain operating as Lack's and Lack's Home Furnishings, has hired DJM Realty to manage the disposition of all leased and owned retail and warehouse facilities located throughout Texas. DJM Realty will market 35 Texas retail locations that range in size from 16,000 to 70,000 square feet. In addition, four warehouse facilities will be marketed including a 380,000-square-foot distribution center in Schertz. Lack's Inc. recently filed for Chapter 11 and the retention of DJM is subject to the approval of the U.S. Bankruptcy Court overseeing Lack's Chapter 11 proceedings in Victoria.
LAS VEGAS — CB Richard Ellis’ Bob Miller represented JMF Properties LLC in its $2 million sale of an approximately 2,375-square-foot restaurant building, located at 2512 E. Sunset Road in Las Vegas. Genevieve Las Vegas Properties LLC purchased the former Taco Bell location.
FT. LAUDERDALE, FLA. — Kalik LLC, a Buenos Aires, Argentina-based restaurant operator, has acquired a 12,700-square-foot property located at 3300 E. Commercial Blvd. in Ft. Lauderdale. Built in 1970, the vacant, waterfront property sold for $5.5 million. Peter Filomena of Reichel Realty & Investments represented the seller, Stan's on the Water Inc., representatives of the Gus Boulis estate, in the transaction.
DALLAS — The Terrapark Group, based in Toronto, Canada, has purchased the Northern Trust Bank building in downtown Dallas from Crow/Williams L.P. to complete the entire acquisition of the 2.6-acre 2000 block of Ross Avenue bounded by Ross Avenue to the north, San Jacinto Street to the south, Olive Street to the east and North Harwood Street to the west. Terrapark's near-term plans are to improve the parking lot operations on the block to service parking shortages of neighboring office buildings, Trammell Crow Center and 2100 Ross. Long-term plans, however, include positioning the property for incremental stage development, including a hotel component. John Bradley and Jerry Bradley of Bradley & Bradley REALTORS represented Terrapark. Terrapark initially purchased the city block sans the Northern Trust Bank building in a transaction announced on RE Business Online on November 30, 2010.
LOS ANGELES — Watt Commercial Properties has completed a $14 million redevelopment of Palo Woods Shopping Center, encompassing the entire nine-acre property in the Harbor City area of Los Angeles. Watt converted the existing 77,000-square-foot Kmart building into two separate retail spaces, which will be occupied Ross Dress for Less and LA Fitness. Wilson Commercial Real Estate represented the developer in the respective 29,105-square-foot and 44,000-square-foot lease deals. Watt is also developing two new retail pads to front Sepulveda Boulevard.
ALEXANDRIA, VA. — PACE-Beacon Hill has acquired a Walgreens store, which is located at 6717 Richmond Highway in Alexandria. The 14,469-square-foot drugstore sold for $10.57 million or $731 per square foot. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller; Phil Sambazis of Marcus & Millichap's San Diego office represented the undisclosed New York-based buyer in the transaction. David Feldman of Marcus & Millichap's Washington, D.C., office also provided representation.
SMYRNA, GA. — Westchester, Ill.-based Tri-Land Properties has received zoning and financing approval for the redevelopment of The Crossings at Four Corners in Smyrna. The project includes the renovation of 60,000 square feet of retail space and the development of eight outparcels and a 25,000-square-foot pad. Tri-Land has sold 8 acres to Cincinnati-based Kroger Co., which is developing a 96,000-square-foot supermarket at the site. Once completed in mid-November 2011, the center will offer 230,000 square feet of retail space. Construction is slated to begin in January. Chicago-based Cole Taylor is providing construction financing for the project.
PENSACOLA, FLA. — Leon Brockmeier and Matt Reichenthal of Marcus & Millichap's Tampa, Fla., office have brokered the sale of the ground lease of The Shops at Perdido Key, a shopping center in Pensacola. Located at 13390 Perdido Key Dr., the 53,003-square-foot retail center is anchored by a Publix. The asset sold for $7.95 million. Leon Brockmeier and Matt Reichenthal of Marcus & Millichap's Tampa, Fla., represented the seller, a Florida-based limited liability company. The buyer was not disclosed.