SOUTHLAKE, TEXAS — Timarron Venture of Dallas has acquired the 36,284-square-foot Village at Timarron shopping center from a private party for an undisclosed price. The property is located at the intersection of Southlake Boulevard and Byron Nelson Parkway in Southlake. Tenants at the center include Frost Bank, Spa D'Aroma, Studio A, Hexter Fair Title Co. and Duncan Cleaners. JC Burciaga of The Weitzman Group brokered the sale.
Retail
CENTENNIAL, COLO. — IKEA has broken ground for its 38th store in the United States, a 415,000-square-foot location situated north of the Park Meadows area in Centennial. The Swedish home-furnishings retailer’s Denver-area store is scheduled to open in fall 2011. To be built on 13.5 acres along the western side of Interstate 25 with approximately 1,500 parking spaces, IKEA Centennial will be the first company store in the country to incorporate a geothermal component as part of its heating/cooling system.
TEMECULA, CALIF. — Faris Lee Investments has completed the $4.8 million sale of a two-tenant, 10,000-square-foot retail property located adjacent to the Temecula Promenade Mall at 40758 Winchester Road in Temecula. Built in 2000, the property is fully occupied by Verizon Wireless and The Vitamin Shoppe. Faris Lee’s Jeff Conover and Richard Walter represented Beverly Hills, Calif.-based Plaza Temecula LLC in its all-cash disposition to 1031-exchange buyer, R&R Real Properties of Los Angeles.
MIDDLEBURG HEIGHTS, OHIO — Design Studio, an embroidery, silkscreen and promotional company, has signed a 5-year lease for a facility in Middleburg Heights. Located at 6909 Engle Road, Suites 5, 6 and 7, the property offers 8,300 square feet of space. Pamela Bertovich of CRESCO Real Estate represented the undisclosed landlord in the transaction. Additional information about the transaction was not disclosed.
HARLINGEN, TEXAS — Bass Pro Shops is planning to open a new store, which will span between 130,000 and 150,000 square feet, in Harlingen during the second or third quarter of 2011. The property will serve as an anchor for the Cameron Crossing shopping center, which will be located at the intersection of U.S. Expressways 83 and 77. The Harlingen City Commission, the Harlingen Economic Development Corp. and Cameron Crossing's developers worked for more than 2 years to bring Bass Pro Shops to the project.
CHESTERTOWN AND CALIFORNIA, MD. — Marcus & Millichap has brokered two retail sales in Maryland. MWASH LLC has sold a Walgreens to an undisclosed party for $7.07 million. The property is located at the intersection of Washington Avenue and Morgenec Road in Chestertown. The firm's Dean Zang and Mark Taylor represented the seller. Zang and Taylor also represented Park Place Cal in its sale of an Olive Garden to an undisclosed party for $1.77 million. The newly constructed restaurant is located in the Park Place development at 45265 Abdell House Lane in California.
BESSEMER, ALA. — Colonial Property Services has sold a 2.02-acre property groundleased by Logan's Roadhouse to a Chicago-based investor for $1.3 million. The building is located at 5000 Band Blvd. in Bessemer. The Boulder Group's Randy Blankstein represented the buyer. Wes Cline of Coldwell Banker Commercial Eyster Properties represented the seller.
EL PASO, TEXAS — Brian Parmacek, Stephen Rachman, Scott Niedergang and Tim Speck of Marcus & Millichap have brokered the sale of two Big 8 Food Store properties in El Paso for a combined $7.6 million. Both stores were traded between undisclosed parties. The first store, which is located at 9480 Viscount Blvd., sold for $4.6 million. The tenant has nearly 10 years left on its lease. The second store, which is located at 3518 Montana Ave., sold for $3 million.
IRVING, TEXAS — Hercules Tire has leased 60,099 square feet of industrial space from ProLogis in Irving. The property is located at 9500 N. Royal Lane. Mitch Pruitt represented ProLogis internally. Trey Fricke and Reid Bassinger of Lee & Associates represented Hercules Tire.
WOODLAND PARK, COLO. — Marcus & Millichap has announced the $1.825 million sale of Woodland Park Plaza, a 23,872-square-foot retail property located at 1063-1099 and 1103-1131 East Highway 24 in Woodland Park. The property is anchored by Safeway, which was not included in the deal. Marcus & Millichap’s Jon Hendrickson and Garrette Matlock represented the seller in the short-sale transaction, and the brokerage firm’s Barry Higgins represented the buyer.