OOLTEWAH, TENN. — GVH Duff Associates has sold a single-tenant property net-leased to BB&T to Arden Square for $1.46 million. BB&T’s 20-year lease of the Ooltewah property includes 12.5 percent rent increases every 5 years. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller. Stanton Falk of the firm’s Cincinnati office represented Arden Square.
Retail
AURORA, ILL. — Inland Real Estate Brokerage has completed the sale of an auto dealership, located at 1621 E. New York St. in Aurora, for $690,000. The 2-acre property contains a 5,620-square-foot building with a 3,000-square-foot service center. The property was purchased by the owner of a local used car dealership, who wishes to expand into the new facility. Inland’s Richard Kehoe, Paul Montes and Eric Spiess represented the seller, a local investor.
LOUISVILLE, KY. — Canton, Mass.-based Baskin-Robbins has outlined a plan to open more than 20 new stores in Louisville and surrounding counties. The company is currently searching for franchisee candidates. The ice cream purveyor currently oversees three stores in the Louisville area and operates nearly 2,700 stores throughout the country.
SAN JUAN, PUERTO RICO — Nordstom and Saks Fifth Avenue have signed letters of intent to anchor the Plaza Internacional shopping center. The Puerto Rican property is being developed by Bloomfield, Mich.-based Taubman Centers and San Juan-based New Century Development. In addition to 650,000 square feet of retail space, the development will include a hotel and a casino.
FARMINGDALE, N.Y. — Massey Knakal Realty Services has brokered the sale of a 5,550-square-foot retail center, located at 968-976 Fulton St. in Farmingdale, for $800,000. The corner strip center contains five tenants with below-market rents. Massey Knakal’s Lev Kimyagarov represented the seller. Both parties were undisclosed.
NORTH ARLINGTON — Theron Bryant of SCM Real Estate Services has negotiated a 7,562-square-foot retail lease in North Arlington. Daired’s Salon leased the full floor space located at 915 Skyline Dr. The shop, which is slated to open in July, is situated directly across from Lincoln Square and is one block south of Interstate 30. Steve Chilton of Chilton Development Group represented the tenant, Daired Ogle, and Bryant represented the landlord in the transaction.
TALLAHASSEE, FLA. — Envision Credit Union has purchased a 3,500-square-foot KFC store from an undisclosed seller for $1.8 million. Located on 0.67 acres at 3519 Thomasville Rd. in Tallahassee, the property is adjacent to the site of a proposed Publix. The buyer is planning to convert the restaurant into a credit union branch. Ted Bollmann and Chris Marino of Tallahassee-based Sperry Van Ness|SouthLand Commercial represented the buyer.
WEST HARTFORD, CONN. — Winstanley Enterprises is set to begin construction on Elmwood Square in West Hartford. The retail/office development will feature 73,000 square feet of retail space. The project is located at 176 Newington Rd. Stop & Shop and Crazy Bruce’s Liquors have recently singed long-term leases for space at the retail center. Nicholas Morizio of Colliers Dow and Condon represented both parties in the lease transaction. The developer plans to begin construction in the fall and expects to spend $12 million on the demolition and clean-up of the former factory site. Completion is slated for 2010.
HOUSTON — Simply Fashions has opened a new 11,449-square-foot location at Huntington Village, a shopping center that is located at the intersection of Bissonnet Street and Dairy Ashford Road in Houston. Braxton Brockenbrough of The Houston office of The Weitzman Group represented the tenant in lease negotiations. Mike Parker provided in-house representation for the shopping center’s owner, Centro Properties Group. Terms of the lease were not disclosed.
SEATTLE, WASH. — Blake Rodgers, Daniel Swanson and Dino Christophilis of Marcus & Millichap’s Seattle office represented the undisclosed buyer in the acquisition of Crown Hill Retail in Seattle. Located at 8345 15th Ave. N.E., the 3,529-square-foot retail property sold for $2 million. The seller was not disclosed.