GREENVILLE, S.C. AND JENSEN BEACH, FLA. — Palm Beach Gardens, Fla.-based Reichel Realty & Investments has completed two retail transactions totaling more than $2.5 million. The firm represented the seller, Southport Mortgage, in the sale of Howell Ridge Shopping Center in Greenville for $2 million. The 20,000-square-foot retail center includes four outparcels and tenants including McDonald’s. Reichel Realty & Investments also closed on the sale of a freestanding former Wendy’s restaurant location in Jensen Beach, with the firm representing the seller, Square Treasure Foods Inc. Located on US Highway 1, the property sold for $545,000.
Retail
PLANT CITY, FLA. — Ovation Properites has purchased City Crossings, an approximately 18,849-square-foot specialty shopping center in Plant City, from Buckley Properties for $4.85 million. Located on James L. Redman Parkway, the property is anchored by Panera Bread and houses other tenants such as Mattress Giant and Verizon Wireless. The transaction was brokered by Mike Milano and Cynthia Shelton, both of Colliers Arnold.
MEMPHIS, TENN. — PetSmart Inc. has signed an 18,325-square-foot lease with Weingarten Realty to co-anchor Ridgeway Trace Shopping Center on the southeast corner of Poplar Avenue and Interstate 240 in Memphis. When completed, Ridgeway Trace will encompass 300,000 square feet with anchors Target, Sports Authority and Best Buy. Brooke J. Harvey of Weingarten Realty handled the lease negotiations on behalf of the landlord. Danny Buring of the Shopping Center Group represented the tenant.
WATERFORD, MICH. — Ann Arbor, Mich.-based McKinley has been appointed receiver of Waterford Town Square, an 83,000-square-foot shopping center located in Waterford. Situated adjacent to Summit Place Mall, the property has a tenant roster that includes Applebee’s Neighborhood Grill & Bar, ABC Warehouse and Powerhouse Gym. The appointment was made by the Oakland County Circuit Court. Waterford Town Square is McKinley’s fourth commercial workout property in the Detroit metro area. The other three are Lincoln Park Shopping Center, Justin’s Music and 17625 Warren Avenue.
CORPUS CHRISTI, TEXAS — Corpus Christi-based Susser Holdings Corp. has reached an agreement to purchase a portfolio of 25 convenience stores. The purchase includes leaseholds for 24 of the stores and the real estate underlying the final property. Twenty-three of the stores are located throughout Texas and the other two are located in Louisiana. All of the locations have been constructed in the past 7 years, and Susser currently supplies fuel to 11 of the stores through its wholesale fuel business. The company plans to sublet a majority of the locations to independent operators. The all-cash transaction is expected to close at the end of August. Susser Holdings currently operates more than 515 convenience stores in Texas, Oklahoma and New Mexico under the Stripes and Town & Country brands. Its wholesale fuel division supplies branded fuel to approximately 370 independent dealers.
LAKE ELSINORE, CALIF. — A 44,000-square-foot Stater Bros. Market has opened at Canyon Hills Marketplace in Lake Elsinore. The energy-friendly store features energy-efficient skylights and refrigeration systems. The store also features full-service meat, seafood, bakery, floral, produce, pharmacy and delicatessen departments. San Diego-based Sudberry Properties owns the shopping center. Current tenants at the center include CVS/pharmacy, Starbucks Coffee, Bank of America, Jack in the Box, Carl’s Jr., Family Tires, Papa John’s Pizza, Subway, Fantastic Sam’s and Verizon.
MIAMI — Orlando, Fla.-based Cuhaci & Peterson Architects has begun preliminary design work on a 62,000-square-foot Winn-Dixie store in Miami. The property is located on the corner of NW 7th Avenue and 11th Street. Groundbreaking will occur early next year.
DENTON, TEXAS — Stan Johnson Co. has completed the sale of a freestanding Walgreens store located on a 1.73-acre lot in Denton. The 14,820-square-foot building is 100 percent leased to Walgreens Co. Gill Warner, Rod Pickney and Chad Byerly of Team Warner of Stan Johnson Co. represented the seller, a retail developer. The team also represented the buyer, an institutional investor, in the $4.45 million transaction.
HOUSTON — CB Richard Ellis (CBRE) has brokered the sale of approximately 1.15 acres of land on Yorktown Crossing Parkway in Northwest Houston. CS Copperfield Ventures, LTD, a Buffalo Wild Wings franchise group, purchased the land from Satya, Inc. Matt Keener, Russell Janicek and Mark Raines of CBRE represented the buyer. Josh Jacobs and Chris Pitts of Page Partners represented the seller.
SANTA ANA, CALIF. — Kevin Boeve of Marcus & Millichap represented the undisclosed California-based seller in the $1.65 million disposition of a 1,800-square-foot single-tenant property, which is located in Santa Ana. The property is currently under an 18.5-year triple-net ground lease to Mangen Group, which operates the property as a Burger King. Richard Longobardo and Charles Shillington of Marcus & Millichap represented the undisclosed buyer in the transaction.