EL PASO, TEXAS — Following the announcement that it will open a new location in Harker Heights, Texas, at the end of the month, Furniture Factory Warehouse has announced details of its newest location in El Paso. Scheduled to open in the fourth quarter, the new store will be the furniture retailer’s third in the city. It will total 22,872 square feet and will be located in Sunland Shopping Center. Additional tenants at the center include Kmart, Ross Dress For Less and PetSmart. Todd Wallace and Robert O’Farrell of SRS Real Estate Partners represented the tenant in lease negotiations. Dan Meador of Kite Realty represented the undisclosed landlord.
TORRANCE, CALIF. — The Los Angeles office of Holliday Fenoglio Fowler (HFF) has arranged a $27.5 million refinancing for Torrance Promenade, a 266,847-square-foot retail power center located at 19800 to 20100 Hawthorne Blvd. in Torrance. Tenants of the currently 85 percent occupied center include Trader Joe’s, Office Depot, Marshalls, Same Ash Megastore, Ross Dress For Less, Loehman’s, Tuesday Morning, Party City and Sears Outlet. Tina Derderian of HFF secured the 5-year, 7.25 percent fixed-rate loan for the borrower, Kimco Realty Corp.
ROANOKE, VA. — Wal-Mart Stores East has purchased 29.07 acres of land from an undisclosed seller to build a Wal-Mart Supercenter. The land is located in the Clearbrooke area of Roanoke. Lee Warfield and Pete Waldbauer of Thalhimer’s Richmond, Va., office represented Wal-Mart in the transaction.
CHICAGO — The first two leases have been signed for the retail component of Presidential Towers, a four-tower, 50-story apartment community located in Chicago’s West Loop. The retail space that makes up the first and second floors of the property is in the midst of a repositioning campaign. The first tenant, Fitness Formula Clubs, will occupy 52,043 square feet of first- and second-floor space on a long-term basis. Once build-out is complete, the fitness club will feature a three-story atrium located near the intersection of Clinton and Madison streets, indoor and outdoor pools, a sundeck and state-of-the art fitness amenities. The second tenant, local restaurant Yolk, will be opening its third Chicago location in 4,200 square feet of street-level space. The restaurant, which specializes in breakfast and lunch fare, features Clinton Street frontage. Bruce Kaplan and Leslie Mader of CB Richard Ellis represented Waterton Residential, the project’s ownership agent, in lease negotiations. HSA Commercial represented Fitness Formula Clubs.
MILLSBORO, DEL. — Marcus & Millichap has brokered the $8.2 million sale of Bayshore Plaza in Millsboro. The 38,744-square-foot center, which is located on Route 24 (John J. Williams Highway), consists of two separate buildings with in-line space. Bayshore Plaza is shadow anchored by a new Super G and includes other tenants such as Sleepy’s, Verizon, Regis Corporation, Dunkin Donuts, Wings-to-Go and Four Seasons Restaurant. The sale also included a car wash pad site and a WSFS Bank pad. The sales price of $8.2 million or $208.84 per square foot represents a 9.1 percent capitalization rate on current income. The purchaser also secured an option to purchase two neighboring undeveloped pad sites at anytime during the next 2 years at specific prices. Dean Zang and Mark Taylor of the Philadelphia office of Marcus & Millichap, represented the seller, Bayshore Plaza IV, LLC, a Sussex County based development group. The buyer, a Wilmington, Delaware based 1031 exchange buyer, Skyliner Enterprises, LLC, was represented by Jordan Muchnick and Brad Nathanson, who are also based in the Philadelphia office of Marcus & Millichap.
DENTON, TEXAS — Stan Johnson Co. (SJC) has completed the sale of a 1.16-acre retail ground lease located in Denton for $1.21 million. The site is leased to Auto Zone. SJC’s Gill Warner, Rod Pickney and Chad Byerly represented the seller, a retail developer. Bruce Simpson of Delphi Business Properties represented the buyer, a family trust.
LAS VEGAS — NorthMarq Capital has arranged a $4.15 million first mortgage for Tropicana Plaza, a 116,235-square-foot retail property in Las Vegas. At the time of refinancing, the property was 29 percent vacant. Terms of the 5-year loan include a 25-year amortization schedule. David Blum of NorthMarq’s Los Angeles office secured the loan for the undisclosed borrower.
LAS VEGAS — Dennis Vaccaro and Matthew Mousavi of Faris Lee Investments represented the sellers, Innovative Property Partners and Visionary Partners, in the disposition of two Del Taco restaurant properties in Las Vegas. Arizona-based Jang Family Trust acquired the properties for $3.75 million or approximately $731 per square foot. The transaction includes a 2,308-square-foot Del Taco located at 5226 S. Boulder Highway, and a 2,820-square-foot Del Taco located at 4380 N. Nellis Blvd. Marcus & Millichap represented the buyer in the deal.
PAWLEYS ISLAND, S.C. — Edens & Avant has sold the 40,200-square-foot Pawley’s Crossing shopping center to Charleston, S.C.-based Tamsberg Properties for an undisclosed amount. The property is located at 9380 Ocean Highway in Pawleys Island and is fully occupied. Pawley’s Crossing, which is anchored by a 33,000-square-foot Food Lion, houses Groucho’s Deli, Nail Club, Ocean Dragon Chinese Restaurant and Sun Spirits. Mike Burkard, Brian Purcell and Steve Shields of CB Richard Ellis’ Charlotte, N.C., office represented Edens & Avant.
HARKER HEIGHTS, TEXAS — Furniture Factory Warehouse has opened its first location in Central Texas at Market Heights, located in Harker Heights. The retailer will occupy 20,754 square feet and will join a tenant roster that includes Target, Dick’s Sporting Goods, Bed Bath & Beyond and Cinemark. Todd Wallace and Robert O’Farrell of the Austin office of SRS Real Estate Partners represented the tenant in lease negotiations. Krista Dabney with Direct Development represented the undisclosed landlord. SRS assisted in Furniture Factory Warehouse with two other leases this year in El Paso and San Antonio, Texas.