VICTORIA, TEXAS — Moody Rambin Interests has brokered the sale of a 27,665-square-foot NNN Incredible Pizza, located at 3706 Navarro St. in Victoria. Chris Dray and Derek Hargrove of Moody Rambin Investment Services represented the seller, Victoria Incredible Pizza Group. The buyer was Fuldner Enterprises.
ATLANTA — A joint venture between Alex. Brown Realty and affiliates of Healey Weatherholz Properties has purchased the 126,000-square-foot Shops Around Lenox retail center from an undisclosed seller. The single-story property, which was built in 1979, is located on Around Lenox Road in Atlanta. State Farm Life Insurance Co. provided debt financing for the acquisition; HW Lenox, an affiliate of Healey Weatherholz, provided $4.2 million, and ABR Chesapeake Fund III contributed $6.3 million. The buyers are planning a renovation starting this winter, which will be complete by next spring. Upgrades include new exterior finishes, adding public art and bringing in new retailers. Current tenants will remain open during construction.
CHAMPAIGN, ILL. — Marcus & Millichap has brokered the sale of a 128,852-square-foot retail property, located at 913 W. Marketview Dr. in Champaign. The big box property was originally built as a Wal-Mart and later converted into a Steve & Barry’s. The buyer is an owner/user that plans to use the location for a farm and home merchandising concept. Mark Hellwig and Drew McElligott represented the seller, a national REIT. The acquisition price was not disclosed.
PLYMOUTH, MINN. — NorthMarq Capital has arranged $3.8 million in first-mortgage financing for Plymouth Town Center, a 26,330-square-foot retail center located in Plymouth. The property was approximately 95 percent occupied at the time of closing and is shadow-anchored by a Cub Foods grocery store. Brian Hennen of NorthMarq’s Minneapolis office secured the loan, which carries a 10-year term and a 25-year amortization schedule. The borrower was a tenant-in-common structured ownership group and the lender was Thrivent Financial for Lutherans.
HOUSTON — Randy Williams has sold the former Tuscany at Garden Oaks, a 33,250-square-foot retail building located at 835 W. 34th St. in Houston to an undisclosed buyer. Bill Burge and Mark Lehman of Grubb & Ellis represented the seller in the transaction.Additionally, 7321 Harrisburg LLC has purchased a 24,251-square-foot Family Dollar building located at 7321 Harrisburg in Houston from 73rd Street @ Harrisburg LP. Gus Lagos of Grubb & Ellis represented the buyer in the transaction.
CARSON, CALIF. — Brentwood, Calif.-based Vintage Real Estate LLC, a wholly owned division of Vintage Capital Group, has purchased SouthBay Pavilion, a 1.1 million-square-foot retail center located on Avalon Boulevard in Carson. HREG sold the property for $50 million. The property is anchored by Ikea, Target, Sears and JC Penney. Additional stores and restaurants include Old Navy, The Children’s Place, Foot Action, Panera Bread, Panda Express, Sansai Grill, Five Guys, Wingstop and Jamba Juice.
HOUSTON — Houston-based Transwestern has brokered the sale of Steeplechase Shopping Center, a 194,000-square-foot community retail center located in Houston. Situated at the intersection of Jones Road and FM 1960 West in the city’s Northwest submarket, the shopping center is occupied by a tenant roster that includes Palais Royal, 99¢ Only, Anna’s Linens and Capital One Bank. The buyer, Schreer Partnership Interests, plans to redevelop the property and add several national tenants. Rudy Hubbard and Leah Gallagher of Transwestern represented the seller, Weingarten Realty Investors. Leasing of the center will be handled by WPW Management.
RIVERSIDE, CALIF. — Los Angeles-based Sunnycreek LLC has acquired Copper Lantern Center, a 34,644-square-foot retail strip center located at 8151-8201 Arlington Ave. in Riverside. Orange, Calif.-based Copper Lantern Holdings sold the multi-tenant property for $3.8 million. The 19-tenant property is anchored by 7-Eleven. Jeremy McChesney of Hanley Investment Group represented both parties in the transaction.
BOCA RATON, FLA. — TIAA-CREF has purchased a 1.9-acre former King’s Gourmet Market property from Military Properties for an undisclosed amount. The site is located at 1900 N. Military Trail in Boca Raton. Starting later this month, the buyer will demolish the existing property and redevelop the site. Keith O’Donnell of Coral Gables, Fla.-based Flagler Real Estate Services represented the buyer, and Boca Raton-based Sussman Realty’s Jeff Sussman represented the seller.
HOLLYWOOD, FLA. — Bank Atlantic has signed a lease with Hart Centers VII for a 40,720-square-foot outparcel in the 138,056-square-foot Hollywood Festival Center for $1.35 million. The property is located at 6601-6775 W. Taft St. in Hollywood. The tenant will build a 2,500-square-foot bank branch, set to deliver during the fourth quarter, on the property. Tim Neal of Neal Realty & Investments represented the landlord in the 20-year ground lease. The Shopping Center Group’s Brian Fetherston represented Bank Atlantic.