HOUSTON — CB Richard Ellis has brokered a lease for the former Circuit City space located at Fairway Centre III in Houston. Conn Appliances will occupy the 30,338-square-foot space, which is situated at the intersection of Beltway 8 and Fairmont Parkway. Jazz Hamilton, Alex Makris and Matt Keener of CB Richard Ellis represented the landlord, Trammell Crow Co., in lease negotiations.
MINNEAPOLIS — Michael Padilla of NorthMarq Capital’s Minneapolis regional office has arranged a $2.4 million loan for a Walgreens location in Sioux Falls, S.D. The property consists of 13,905 square feet of retail space. Financing was based on a 4 + 4-year term with a 15-year amortization schedule. Symetra Life provided the financing for the undisclosed borrower.
NORWALK, CONN. — CB Richard Ellis (CBRE) has completed the acquisition of a 6,000-square-foot retail property located at 261 Connecticut Ave. in Norwalk for $2.25 million. Al Mirin and Silvia Pogosyan of CBRE's Stamford, Conn., office represented the buyer, Hattco Post Road LLC. The buyer also owns several adjacent land parcels through an affiliate and has future plans to develop the parcels for retail use. Hattco could deliver more than 20,000 square feet of retail space as early as 2012, but the 261 Connecticut Avenue property, which was formerly occupied by Seymour's Hardware, is available for immediate occupancy. Jessica Curtis of CBRE's Fairfield County, Conn., office is overseeing leasing for the entire portfolio.
VIRGINIA AND MARYLAND — An undisclosed buyer has purchased a four-property portfolio of triple-net leased Applebee’s restaurants from an undisclosed seller for $9.2 million. The restaurants are located in Harrisonburg, Warrenton and Winchester, Va., and California, Md. Rick Fernandez of Calkain Realty Advisors represented the buyer in the transaction.
JUPITER, FLA. — Atlantic Retail Properties will help Lowe’s Home Improvement Warehouse dispose of 60 excess real estate assets in the Southeast. The firm has been tasked with selling properties that range from vacant land to 50,000-square-foot stores. The assets are located in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina and Tennessee. Dan Lynch, Greg Godino and Ross Waters of Atlantic’s Jupiter office are in charge of executing the deals.
ORLANDO, FLA. — Orlando-based Corporate Convenience has sold a 16,969-square-foot laundry property to Mchaeuszer Laundry for $1.26 million. The vacant building is located on 1.3 acres at 5824 Precision Dr. in Orlando. Mike Halimeh of Sperry Van Ness’ Orlando office represented the seller. Paul Noonan of Cambridge Financial’s Orlando office represented the local buyer.
FAIRFIELD TOWNSHIP, OHIO — Phillips Edison & Co.’s Strategic Investment Fund recently acquired Bridgewater Falls, a 600,000-square-foot regional shopping center in Fairfield Township. The approximately 54-acre property sale also includes ground leases to JC Penney, Chili’s, Max & Erma’s and Huntington Bank. The center is anchored by TJ Maxx, Best Buy, PetSmart, Dick’s Sporting Goods, Michaels, Target and Bed, Bath & Beyond. The seller and acquisition price were not disclosed. This acquisition marks the third property purchased by the company’s $70 million strategic investment fund.
OVERLAND PARK, KAN. — Westchester, Ill.-based Tri-Land Properties has broken ground for the redevelopment of Cherokee South Plaza in Overland Park. The rehab of the 118,000-square-foot retail center includes demolition of one building, the construction of three new buildings and the addition of many new retail tenants. Current tenants include Hallmark, H Block and Paul Mitchell School. The revitalized center will include outdoor patios, tree-lined walkways, sidewalk planters and public spaces for neighborhood use. Additionally, a 15,000-square-foot, stand-alone Walgreens store is scheduled to open at the end of October. Completion for the redevelopment is slated for summer 2010.
BRIDGEPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sale of the former National Wholesale Liquidators building in Bridgeport for $7.85 million. The building totals 45,000 square feet and is situated on 2.68 acres at 4425 Main St. The buyer, Fortress Development, plans to lease the property to a major supermarket. The seller was Cornell Main Street. Bruce Wettenstein of Vidal/Wettenstein was the sole broker in the transaction.
CORPUS CHRISTI, TEXAS — Following a 6-month renovation, Macy's has reopened at the La Palmera shopping center in Corpus Christi. The expansion added approximately 18,000 square feet to the store's first floor. In addition, the store's departments were reconfigured and expanded, new carpeting and lighting was installed, and the aisles were widened. The project is part of the ongoing $50 million renovation and repositioning of La Palmera, a 1 million-square-foot mall that is owned by Fort Worth, Texas-based Trademark Property Co.