DALLAS — The Weitzman Group has completed the sale of the former Dillard's department store located at Southwest Center Mall in Dallas. The buyer, locally based El Rey Properties, plans to redevelop the two-story, 160,000-square-foot anchor building. Brian Glaser and Michelle Caplan of Weitzman, with assistance by Excess Space Retail Services, represented the seller, Dillard Texas LLC. Dave Valdez of ICB Properties represented the buyer. The acquisition price was not disclosed.
Retail
SANTA MONICA, CALIF. — Marcus & Millichap has brokered the $4.15 million sale of a 9,940-square-foot Aaron Brothers located in Santa Monica. The firm’s Lior Regenstreif and Kyle Matthews represented the seller, a private investor, in the transaction involving the net-leased property.
COUNCIL BLUFFS, IOWA — Council Bluffs HDI LP has completed the disposition of a 5,000-square-foot Sherwin Williams retail store in Council Bluffs. Located at 3525 Metro Drive, the property sold for $1.3 million. Thomas DeWaay, Mark Ruble, Jamie Medress and Matt Fitzgerald of Marcus & Millichap brokered the transaction.
CEDAR RAPIDS, IOWA — Bronco Land has purchased a 24,000-square-foot former Chrysler Dodge automobile dealership in Cedar Rapids for $1.65 million. After extensive renovations, Modern Piping, a Midwest mechanical contractor, will occupy the property. Kirk Hiland of NAI Iowa Realty Commercial represented the buyer; Adam Gibbs of NAI Iowa Realty Commercial represented the undisclosed seller.
NEW YORK CITY — Walgreens has signed a lease to open a new location in the Bronx, New York City. The pharmacy will occupy 7,543 square feet of space at 1800 Williamsbridge Road for a 20-year term. The pharmacy plans to expand the building by approximately 3,600 square feet, expand the parking lot and enhance the landscaping. A Citibank branch will continue to occupy the other half of the building. Robin Herko, Steve Lorenzo, Kathy Zamechansky and David Scotto, all of Yonkers, N.Y.-based NAI Friedland Realty, represented Walgreens in lease negotiations. Craig Evans of Colliers ABR, soon to be known as Cassidy Turley, represented the undisclosed landlord.
NASSAU BAY, TEXAS — Griffin Partners has broken ground for the first retail component of Nassau Bay Town Square, a 31-acre mixed-use project located across from Johnson Space Center in Nassau Bay. The first retail phase consists of 24,000 square feet located at the corner of Space Park Drive and Saturn Lane. It will be shell-ready by the end of May. Last month, Martin Fein Interests opened the first phase of Voyager Apartments at the Space Center, the multifamily component of the project. At full-build-out, the community will feature 313 luxury units as well as a fitness center, a business center and a resort-style pool. In addition to the multifamily community, Nassau Bay Town Square will include three office buildings totaling up to 600,000 square feet of space, a 176-room Marriott hotel, a total of 73,000 square feet of retail space, a 27,000-square-foot conference center and the new Nassau Bay City Hall.
HIGHLAND, CALIF. — Marcus & Millichap has brokered the more than $9.2 million sale of a 45,000-square-foot LA Fitness in Highland. The store is one of the anchor tenants, along with Lowe's Home Improvement Warehouse and Staples, in Highland Crossroads, Regency Centers’ new 8.5-acre retail development. Marcus & Millichap’s Chris Maling and David Maling represented both the seller, a real estate investment trust, and the buyer, an Arizona-based opportunity fund, in the transaction.
FRENCHTOWN TOWNSHIP, MICH. — The Hinman Company and Kerr Real Estate have partnered to acquire a 131,000-square-foot former Walmart property in Frenchtown Township. The partnership plans to redevelop the property with new tenants, including a 55,000-square-foot Hobby Lobby and a 40,000-square-foot Dunham’s Sporting Goods store. Upon completion in late spring, the property will feature more than 140,000 square feet of retail space.
SANDUSKY, OHIO — Plano, Texas-based Cinemark Holdings is set to open the 12-screen Cinemark Sandusky Theatre at the Sandusky Mall Complex in Sandusky. A formal groundbreaking is scheduled for March 1, with completion for the venue slated for before the 2010 holiday season. An existing theater already located on the property will be redeveloped for new retail and restaurant uses. The Cinemark Sandusky Theatre will offer stadium seating, digital and 3-D capabilities and a self-serve concession stand. Located at 4314 Milan Road, Sandusky Mall Complex is owned by The Cafaro Company.
DRIPPING SPRINGS, TEXAS — Marcus & Millichap Real Estate Investment Services has sold a 13,650-square-foot Walgreens located at 27495 Ranch Road 12 in Dripping Springs for $5.3 million. Marcus & Millichap's Alvin Mansour of the firm's San Diego office had the listing to market the property on behalf of the seller, a developer. Chris Gomes and Tim Speck of the firm's Dallas office assisted in closing the transaction.