CHINO HILLS, CALIF. — The Shoppes at Chino Hills, a 380,000-square-foot, open-air lifestyle center located on 25 acres at Grand Avenue and Peyton Drive in the western Inland Empire city, has been acquired by Chino Hills Mall LLC. Designed by retail architectural firm Altoon + Porter, the center was completed in May 2008 at a cost of more than $130 million. Managed by PM Realty Group and marketed by CB Richard Ellis, The Shoppes at Chino Hills features more than 60 tenants, including the first H&M in San Bernardino County, Banana Republic, Victoria’s Secret, Trader Joe’s, P.F. Chang’s China Bistro, Chipotle Mexican Grill, California Pizza Kitchen, Barnes & Noble and Bath & Body Works.
DURHAM, N.C. — An affiliate of Northwood Investors LLC has acquired Research Tri-Center, an industrial park located in Durham. The 130-acre master-planned park is comprised of 10 buildings totaling approximately 1.5 million square feet of industrial space. The park is 88 percent leased to 26 tenants, including GlaxoSmithKline, UPS, FedEx Ground, Verizon and Parata Systems. Rob Cochran, David Finger, Tom Powers, Chris Norvell and Jim Allaire of Cassidy Turley's Capital Markets team represented the seller, an institutional fund managed by Grosvenor Investment Management, in the transaction. The acquisition price was not released.
FRIENDSWOOD, TEXAS — CHASE Bank has broken ground in Friendswood on a new location, its third branch in the city. Located at 255 W. Parkwood Ave., the new store will span 4,200 square feet and will house nine workers. Delivery is slated for this fall. Armed with a $15,000 economic incentive grant, HomeTown Bank is developing a 7,864-square-foot branch in the Friendswood Village Shopping Center. The $1.6 million property, located at 600 S. Friendswood Drive in Friendswood, will be built on 0.96 acres of land. When complete, the bank will occupy 4,779 square feet and lease the remainder of the building to another party.
NEWARK, N.J. — The Hampshire Companies has disposed of a 6,705-square-foot retail building in Newark that is leased to AutoZone. The building is located at 300-344 Broad St., within close proximity to the Garden State Parkway and interstates 78 and 280. The buyer was Meadowlands Restaurant Inc.
ISLAND OF OAHU, HAWAII — As previously covered by RE Business Online, TNP Strategic Retail Trust Inc. has purchased the 170,275-square-foot Waianae Mall, a multi-tenant retail center located 32 miles northwest of Honolulu, for approximately $25.7 million. Ninety-two percent occupied at the time of sale, the 11-building mall property is anchored by a Longs Drugs store and features national retailers such as Starbucks Coffee, Pizza Hut, Subway, RadioShack, Payless ShoeSource, Jamba Juice, Goodyear and Fantastic Sams.
PALMDALE, CALIF. — Marcus & Millichap has brokered the more than $5.5 million sale of a 13,650-square-foot Walgreens located at 5001 West Ave. N in Palmdale. Constructed in 2009, the single-tenant, net-leased property is situated near Trail Crossings Shopping Center. Marcus & Millichap’s Mark Thiel represented both the seller, a developer, and the buyer, a fund manager, in the transaction.
OXFORD, MICH. — TMJ Realty Management has purchased 3,408 square feet of retail/office space at 5 N. Washington in Oxford. The buyer plans to use the space for its business, Funky Monkey Toys, which will open in August. Paul Feldman and Larry Schultz of Friedman Real Estate Group represented the seller, PNC Bank, in the transaction. Terms of the transaction were not released.
EAST PROVIDENCE, R.I. — A joint venture led by USAA Real Estate Co. has acquired Wampanoag Plaza, a 225,610-square-foot shopping center in East Providence. Situated at the intersection of routes 44 and 1A, the property was built in 1970 and renovated last year. Its anchors include a 65,000-square-foot Stop & Shop, a 37,000-square-foot Savers and a 30,000-square-foot Marshalls. Additional tenants include Payhalf, Dollar Tree, NAPA Auto Parts and Payless Shoesource. Occupancy was 97 percent at the time of closing. The seller was New York-based Emmes Asset Management Co. Keypoint Partners will assume property management responsibilities.
CORPUS CHRISTI, TEXAS — A&W has purchased the former Wilcox Furniture store from the Wilcox family for an undisclosed price. Located at 5933 S. Padre Island Drive in Corpus Christi, the property includes a 30,000-square-foot retail building and a 14,000-square-foot warehouse. Wilcox Furniture relocated from the site in 2007. Transwestern represented the buyer, and NAI Cravey's Lynann Pinkham represented the seller.
FORT MYERS, FLA. — Tom Strauss and Matt Yaniglos of LandQuest Commercial have represented Regions Bank in its sale of the Arborgate Shopping Center to Goodwill Industries of Southwest Florida. The property, which at full build-out will span more than 60,000 square feet, is located at 10676 Colonial Blvd. in Fort Myers.