HOUSTON — Marcus & Millichap has brokered the sale of Village Shops Westheimer, a 64,813-square-foot, multi-tenant retail property located in Houston for $7.3 million. Built in 1984, the shopping center is situated on 4.95 acres at 12280 Westheimer Rd. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a California-based limited liability company. The buyer is a Texas-based limited liability company.
KATY, TEXAS — Construction has commenced for The Shops on Grand Parkway, a new 12,075-square-foot retail project located in Katy. The new property will be situated at the intersection of Grand Parkway and Bellaire Boulevard within the 100-acre, master-planned Bella Terra development. Tenants already signed include Subway, Bright Now Dental and a national hair salon. It will be shadow-anchored by a new Walmart Supercenter. Completion is scheduled for March 2010. Hunington Properties is developing, managing and leasing the project.
PEORIA, ARIZ. — Grubb & Ellis|BRE Commercial LLC has handled Pruitt’s 117,000-square-foot sublease of a former Walmart store, located in Peoria Town Center at 8200 W. Peoria Ave. in Peoria. Grubb & Ellis’ Brent Mallonee, Michael Hackett and Ryan Schubert represented Pruitt’s, and Jay Schneider of Frontera Development represented Walmart Realty.
LEESBURG, GA. — Atlanta-based Hand Properties is developing a 45,300-square-foot Publix store at Lee Crossings in Leesburg. The property, located at the intersection of U.S. 19 and Leesburg Road, also will feature 11,200 square feet of shop space and two outparcels. Benning Construction Co. will serve as general contractor. Delivery is expected in October of next year.
GEORGIA AND SOUTH CAROLINA — Atlanta-based Benning Construction has been tapped to build two 45,000-square-foot Publix stores in Leesburg, Ga., and Hardeeville, S.C. The two properties will be delivered during the third quarter of next year.
MIAMI — Marcus & Millichap has brokered the sale of a 14,820-square-foot Walgreens between two Florida-based limited liability companies for $7.4 million. The property, which was built earlier this year, is located at 12711 S.W. 200th St. in Miami. Drew Kristol and Kirk Olson of the firm’s Miami office represented the seller. The firm’s Deme G. Mekras and Victor M. Garcia represented the buyer.
EAGAN, MINN. — A private investor has acquired a retail investment property, which is located at in Eagan. The property sold for $1.35 million at 11.31 percent cap rate. Current tenants of the property include Blockbuster and Potbelly Sandwich Works. The seller was not disclosed. Keith Sturm and Deborah Vannelli of Upland Real Estate represented the buyers in the transaction.
BRICK TOWNSHIP, N.J. — Cohen & Company, Inc. Real Estate has brokered the sale of Brick Center Plaza, a 115,000-square-foot community shopping center located in Brick Township. The property is situated at 51 Chambers Bridge Rd. and was 89 percent leased at the time of closing. It is anchored by Best Buy, West Marine and Bed Bath & Beyond. Helen Putterman of Cohen & Co. represented the buyer, a local real estate company. The seller was not disclosed.
AUSTIN, TEXAS — Marcus & Millichap has completed the sale of a Wachovia bank ground lease located in Austin. The property, which contains a 4,200-square-foot building net leased to the bank, is located at 11302 FM 2222. Philip Levy and Jason Vitorino of Marcus & Millichap's Dallas office and Stephen Stein of the firm's Los Angeles office represented the seller, an undisclosed partnership. Tom Gorman, Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the buyer, a private investor participating in a 1031 exchange. The acquisition price was not disclosed.
VICTORVILLE, CALIF. — Grubb & Ellis has represented Wells Fargo Trust in the $4.2 million sale of a former Wickes Furniture store, located at 12704 Amagosa Rd. in Victorville, to Ashley Furniture Industries. Grubb & Ellis’ Ted Bradach represented the seller of the freestanding, 39,200-square-foot retail building, and Aaron Hodgdon of The Hodgdon Group represented the buyer.
