SAN ANTONIO — San Antonio-based USAA Real Estate Co. has acquired an 80 percent interest in the Regency Retail Portfolio, which consists of eight grocery-anchored retail centers totaling 813,193 square feet. The properties are located in major markets across the country, including Los Angeles, San Francisco, Houston, Dallas/Fort Worth, Atlanta, Orlando, Fla., and Raleigh/Durham, N.C. At the time of closing, the portfolio was 94 percent leased to tenants that include Kroger, Safeway, Publix, the United States Postal Service, CVS/pharmacy, Hallmark Gold Crown and Subway. The other stakeholder in the portfolio, Regency Centers Corp., will retain a 20 percent interest in the portfolio.
Retail
NORTH LAS VEGAS, NEV. — Glencoe Properties Inc. has purchased from Virgin Territory LLC a 31,363-square-foot retail pad at Lowe’s Plaza, a 171,347-square-foot shopping center located at Craig Road and Jones Boulevard in North Las Vegas. The company plans to operate a Burger King restaurant on the site. Territory Inc.’s Nick Hannon represented the seller, and Dan Adamson of ROI Commercial Real Estate represented the buyer.
MARICOPA, ARIZ. — Avalon Investments Inc. has finished Phase I of Edison Place, which includes a new freestanding 5,392-square-foot Big O Tires building. Construction of Phase I of the 5-acre retail development in Maricopa started in July 2009, and Phase II is expected to begin construction in spring 2010.
DURHAM AND RALEIGH, N.C. — Berkeley Capital Advisors of Charlotte, N.C., have arranged two shopping center sales between private parties. The 134,295-square-foot Durham Festival Shopping Center has been sold for an undisclosed amount. Located at the corner of Hillsborough Road and North LaSalle Street in Durham, the Kroger-anchored property is 94 percent leased. The Lynnwood Collection shopping center, located at the intersection of Creedmoor and Lynn roads in Raleigh, has also been sold for an undisclosed amount. The 86,662-square-foot property is anchored by Kroger and is 95 percent leased. Rob Carter, David Webb and Alex Quarrier of Berkeley Capital arranged both transactions.
ST. AUGUSTINE, FLA. — Keene Construction Co. of Orlando, Fla., has completed a 45,600-square-foot Publix in St. Augustine. The store is located in Hallmark Partners’ 61,000-square-foot Shoppes at Mission Trace shopping center. Orlando-based Cuhaci & Peterson designed the property.
STONE MOUNTAIN, GA., AND GREENSBORO, N.C. — It’s Fashion Metro will open an 11,500-square-foot branch in Stone Mountain in February. The store will be located in the Memorial Bend Shopping Center, which houses Publix, Foot Locker and Dollar Tree. The Shopping Center Group’s Brett Fuller represented the undisclosed landlord in negotiations. CB Richard Ellis’ Miranda Walker represented It’s Fashion. The Shopping Center Group’s Drew Logan has represented Intrex Computers in its relocation to Northwest Centre in Greensboro. The store will open in March. The property, located on Battleground Avenue, is 100 percent leased and houses Ross Dress For Less and T.
BRODHEADSVILLE, PA. — Coldwell Banker Commercial (CBC) Pennco Real Estate has arranged the purchase of a 9,000-square-foot auto shop in Brodheadsville for $1.4 million. The property, which is situated at the intersection of Route 209 and Silver Valley Drive, was purchased by Somerset Tire Service. The buyer has opened its second STS Tire & Auto store at the location. CBC's Terri Mickens negotiated the transaction. Mickens also assisted Somerset Tire Service in the acquisition of its first STS Tire & Auto location earlier this year in Bartonsville, Pa.
VACAVILLE, CALIF. — California Capital & Investment Group represented both the buyer, 580 Orange Building LP, and the seller, Tony Batarse Family Trust, in the $3.75 million disposition of a one-story, 21,500-square-foot retail building, located at 580 Orange Dr. in Vacaville. At closing time, the property was 100 percent leased to AutoFocus Inc., which operates a Volkswagen dealership on the site.
TAMPA, FLA. — Tampa-based Monroe & Giordano has secured a $6.8 million loan for the 155,837-square-foot Westport Storage and Office/Warehouse. The 351-unit property, located on Williamson Boulevard in Tampa, was built in phases from 2000 to 2004. A national lending source provided financing for the permanent loan.
CHICAGO — The Missner Group, serving as general contractor, is constructing a new facility for Again Auto Parts in Chicago. Located at 1300-1330 N. Kostner Ave., the 8.9-acre project is currently underway with completion expected in spring 2010. Cornerstone Architects is providing architectural services for the project.