STARKE, FLA. — A 1031 exchange investor based in Illinois has purchased a 3,737-square-foot Arby’s location from Wendy’s/Arby’s Group for $1.44 million. The property, located on U.S. Highway 301 in Starke, is NNN leased to Arby’s for 20 years. The property is a former Burger King that was converted in September 2008.
HOUSTON — Three new restaurants have joined the lineup at CITYCENTRE, Midway Companies' $500 million, 1.8 million-square-foot mixed-use development located in downtown Houston. Austin-based Eddie V's Prime Seafood is entering the Houston market with a 10,500-square-foot location. Also entering the Houston market is Yard House, an upscale-casual American restaurant that opened an 8,532-square-foot location. Finally, San Francisco-based Straits Restaurant has opened a 6,000-square-foot location on the ground floor of Hotel Sorella. It is the Singaporean restaurant's first location in Texas.
TENNESSEE AND KENTUCKY — Simon Property Group has sold two shopping centers in Tennessee and Kentucky to New York City-based Nassimi Realty for an undisclosed amount. The sale includes the 180,501-square-foot Knoxville Commons in Knoxville, Tenn., and the 119,154-square-foot Park Plaza Shopping Center in Hopkinsville, Ky. Mid-America Real Estate Corp. represented Simon in the transaction. Winbrook Management represented the buyer.
VIRGINIA BEACH, VA. — DBAPPLEF has sold a 5,183-square-foot Applebee’s in Virginia Beach to Good Steward Properties-Kempsville for $1.95 million. The property, which is under a long-term lease to the casual dining chain, is located on Kempsville Road. Alexander Divaris and Jason Oliver of Virginia Beach-based Divaris Real Estate represented the buyer.
LAWRENCE, KAN. — Pride Oil has completed the disposition of 2,970 square feet of retail space, located at 2447 W. Sixth St. in Lawrence. KDL Inc. acquired the property for an undisclosed price. Kelvin Heck of Grubb & Ellis|The Winbury Group represented the seller in the transaction.
METHUEN, MASS. — Lincoln, Mass.-based TRB & Associates has brokered the sale of Ranger Plaza in Methuen for $2.97 million. The center consists of four freestanding retail buildings and is 100 percent occupied by McDonald's, TD Bank, Outback Steakhouse and Dunkin' Donuts. Thomas Blakely of TRB & Associates represented the seller and procured the buyer in the transaction.
WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has opened a 52,600-square-foot Harris Teeter store at the 86,000-square-foot Quarterpath Crossing Shopping Center in Williamsburg. The property is located near the main entrance to the Kingsmill on the James gated community on Route 199. Quarterpath also houses Wachovia Bank and Towne Bank. Subway, No. 1 Chinese Restaurant, Lee Nails, Swan Cleaners and Kyrie Designs are slated to move into the center in the future.
CHICAGO — Chicago-based Fitness Formula Clubs (FFC) has leased the former Crunch Gym, an approximately 54,000-square-foot space at the 939 North Avenue Collection in Chicago’s Lincoln Park neighborhood. The tenant plans to upgrade the existing fitness facility to reflect the FFC brand. Geoffrey Euston and Brian Lafer of U.S. Equities Realty represented the tenant in the transaction. Additional terms of the lease transaction were not released.
PLYMOUTH MEETING, PA. — Construction is complete for the expansion of Plymouth Meeting Mall, which is located at 500 W. Germantown Pike in Plymouth Meeting. The 100,000-square-foot, open-air addition brings the mall's total size to 914,000 square feet. New tenants at the expanded space include Whole Foods Market, Coldwater Creek, Loft, Olly, Jos A. Bank and Chico's. The addition was built atop a 350-space parking garage. Three restaurant pavilions plaza are still under construction and will be occupied by PF Chang's China Bistro, Redstone Grill, Bertucci's, California Pizza Kitchen and Benihana. The general contractor for the project was Malvern, Pa.-based IMC Construction, and the project architect was New York City-based CREATE Architecture Planning & Design. The owner of Plymouth Meeting Mall is Pennsylvania Real Estate Investment Trust.
LANCASTER, PA. — Stan Johnson Co. (SJC) has brokered the sale of a fee-simple ground lease in Lancaster for $10.2 million. The 17-acre property, which is located at 1801 Hempstead Road, is occupied by a 117,000-square-foot Lowe's Home Improvement Warehouse. SJC's Brad Pepin and Joey Odom represented the seller, an institutional client based in the Northeast. Bill Comp of Wilson-Comp Associates represented the buyer, a private investor.