PHOENIX — Grubb & Ellis|BRE Commercial has negotiated Financial Trading and Transacting Corp.’s $38.175 million acquisition of three Phoenix retail centers totaling 362,965 square feet. Represented by Grubb & Ellis’ Ryan Schubert and Michael Hackett, Financial Trading purchased Village Fair North, a 201,800-square-foot center located on the northeast corner of Tatum Boulevard and Cactus Road, for $20.6 million; Village Square II, a 138,788-square-foot center located on the southwest corner of Tatum and Cactus, for $14.5 million; and the 22,377-square-foot Village Square I, which is home to Party City and T.J. Maxx, for $3.075 million. The three centers were a combined 95 percent leased at the time of sale.
KNOXVILLE, TENN. — Centro Properties Group has sold the 127,000-square-foot Suburban Plaza shopping center to Baker Storey McDonald Properties for an undisclosed amount. The center, located on Kingston Pike in Knoxville, is 88 percent leased and is anchored by Toys “R” Us and Barnes & Noble. Stephen Brink of First Southern Mortgage arranged acquisition financing, which was provided by Oak Ridge, Tenn.-based ORNL Federal Credit Union. Tony D'Ambrosio and Joe Montgomery of Colliers Spectrum Cauble represented Centro, and Baker Storey represented itself in the transaction.
CALEXICO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered Calexico Retail Associates LLC’s $5.2 million sale of the fee-simple ownership in the land leased to a single-tenant building occupied by Forever 21 at 1113 Imperial Highway West in Calexico. Represented by Ace Realty’s Bryan Sung, the buyer, John Choi of Los Angeles, purchased the property in an all-cash transaction to fulfill a 1031-exchange requirement. Carlos J. Lopez of Hanley Investment Group represented the seller in the transaction.
ASHBURN, VA. — Global Foods Market will open a 57,030-square-foot store Friday in the 88,897-square-foot Ashburn Farm Village shopping center. The property is located at 43761 Parkhurst Plaza in Ashburn and also houses Hair Cuttery, Pizza Hut and Buffalo Wings Factory. Goodyear, Wachovia and Exxon sit on two outparcels. Jessica Hurst of Regency Centers secured the lease.
MANCHESTER, MO. — Swansea, Ill.-based Holland Construction Services has completed the construction of Dave Mungenast Lexus of St. Louis. Located at 13700 Manchester Road in Manchester, the two-story, 70,000-square-foot building features a showroom and service lounge, a café, a delivery area and a 32-bay service area. Additionally, the facility is LEED-New Construction certified. The building will reduce potable water by more than 40 percent and use more than 15 percent less energy. Chesterfield, Mo.-based HDA Architects designed the property, while Vertegy served as the LEED consultant on the project.
DOVER, OHIO — New York-based Cedar Shopping Centers has completed the disposition of Discount Drug Mart Plaza in Dover. Located at 3015 N. Wooster Ave., the 38,409-square-foot property sold for $3.23 million. The fully leased center is anchored by Medina, Ohio-based Discount Drug Mart. Dan Cooper of The Cooper Commercial Investment Group represented the seller and undisclosed buyer in the transaction.
DALLAS — Dallas-based Henry S. Miller Brokerage has completed the sale of a 2.12-acre land parcel located at 2630 Royal Lane in Dallas. Currently used as parking and an ATM for the adjacent Bank of Texas, the site will be redeveloped into retail space by the new owner. Jim Turano of Henry S. Miller Brokerage represented the seller, Bank of Texas, N.A. Bobby Rollings of RBR Properties represented the buyer, Texas Forest Properties. The acquisition price was not disclosed.
GULFPORT, MISS. — H. Gordon Myrick Inc. has started construction on a 12,500-square-foot Citi Trends family apparel discount store in the Centre at Courthouse shopping center. The COMVEST Properties project is located at the intersection of Courthouse and Pass roads in Gulfport. Myrick also is constructing 4,700 square feet of additional shop space. Delivery is slated for February.
STRONGSVILLE, OHIO — Euro Fresh Market has leased 15,336 square feet of retail space at Strongsville Towne Center in Strongsville. The grocer specializes in fresh fruits, vegetables, meats, cheeses, baked goods, pasta and prepared meals. Bobby Benjamin of Goodman Real Estate Services Group represented Euro Fresh Market in the transaction.
NEW YORK CITY — Construction is nearing completion for Limelight Marketplace, a retail redevelopment project located at 656 Avenue of the Americas in the Flatiron District of Manhattan, New York City. The three-story, 163-year old building is being renovated into boutique retail space that will be occupied by more than 60 retail, restaurant and services tenants. The turnkey space will supply tenants with POS systems, store build-out and maintenance support, branded materials, merchandising, and marketing and PR services. Completion is slated for March.