BRIDGEWATER, MASS. — Marcus & Millichap has brokered the sale of a Home Depot located in Bridgewater for $11.55 million. The retail center is situated on approximately 27 acres at 1453 Pleasant St. In addition to the home improvement warehouse, the location also features a 28,098-square-foot Garden Center. Home Depot opened at the location in February. It occupies the site on a 30-year, absolute triple-net ground lease. Terms of it include no landlord responsibilities, a $75,000 rental increase beginning in year 26, and eight 5-year options with a 10 percent rental increase in each option. Glen Kunofsky and Russell Wachtler of Marcus & Millichap’s Manhattan, New York City, office, along with Todd Tremblay of the firm’s Boston office, represented the seller. Sharon Bonds, also of Marcus & Millichap’s Manhattan office, represented the buyer. Both parties were undisclosed.
MISSOURI CITY, TEXAS — Restaurant Frenchy’s Chicken has signed a new lease for 2,800 square feet at the corner of Highway 6 and FM 1092 in Missouri City. Matt Keener, Russell Janicek and Mark Raines of CB Richard Ellis represented the tenant in lease negotiations. Rodney Lerner of Rodney Lerner Realty represented the landlord, SDI Realty. Terms of the lease were not disclosed.
DALLAS — Marcus & Millichap has brokered the sale of a 3,000-square-foot Wendy’s restaurant located in Dallas. The restaurant is situated on 0.8 acres at 4018 Lemmon Ave. Wendy’s is occupying the property under a new 20-year lease. Glen Kunofsky and Russell Wachtler of Marcus & Millichap’s Manhattan, New York City, office, along with Jason Vitorino of the firm’s Dallas office, marketed the property on behalf of the seller, a fund manager. Vincent Knipp of Marcus & Millichap’s Fort Worth, Texas, office secured and represented the buyer, a limited liability company. The property traded at a 6.88 percent capitalization rate.
OMAHA, NEB. — Omaha-based PDM Inc. has begun a multi-million dollar redevelopment of Baker Square, a 160,000-square-foot retail center located in Omaha. The property will undergo an architectural update that includes the use of new natural materials, enhanced building profiles and accent lighting. Other improvements will be made to promote energy conservation. Locally based DLR Group will serve as project architect. In addition, No Frills Fresh plans to open a new concept supermarket at the center in the fall. The 61,000-square-foot store will provide an expanded produce section, an in-store butcher, a seafood department and a pharmacy. Leasing services for the center’s vacant units will be provided by The Lerner Company.
HOUSTON — Two new tenants have opened at Vintage Park, a 500,000-square-foot retail center located in Houston. The first tenant, Jeanne’s Monogramming & Gifts, is relocating from its Louetta Road and Champions Drive locations, also in Houston. The second tenant is restaurant Peli Peli. Its new location on Vintage Park’s piazza features a full bar and lounge, as well as outdoor dining. In July, Vintage Park will see the opening of Wacky Mongolian, a quick-service stir fry restaurant. Also opening soon will be restaurants Luxe Bar & Lounge, Coco’s Crepes & Coffee and Trio Prime Steakhouse & Bar, as well as service tenants Heritage Texas Properties and Kickerillo Cos. Vintage Park, which is being developed by locally based Interfin Cos., is the 84-acre retail component of a 630-acre master-planned community named The Vintage.
PHOENIX — Faris Lee Investments has completed the sales of four ground-leased single-tenant retail properties for a combined total of $4.59 million. Located at Paradise Valley Mall in Phoenix, the properties include Arby’s/Wendy’s, Jared Galleria of Jewelry, Bank of America and Children’s World. Orange County, Calif.-based Niguel Partners acquired the 68,820-square-foot Arby’s/Wendy’s location for $1.08 million; Lang Family Trust purchased Jared Galleria of Jewelry for $1.5 million; Commercial Realty Group acquired Bank of America for $1.54 million; and Maverick and EJM Properties purchased Children’s World for $475,000. Richard Walter and Donald MacLellan of Faris Lee represented the seller, Macerich, in the transaction.
ARTESIA, CALIF. — Ron Duong of Marcus & Millichap represented the buyer in the acquisition of Gridley Plaza, a retail building located at 18300 Gridley Rd. in Artesia. The 30,678-square-foot property sold for $3.75 million. At the time of acquisition, the property was 72 percent occupied. Christopher Maling and David Maling of Marcus & Millichap represented the undisclosed seller in the transaction.
NAPLES, FLA. — Fort Myers, Fla.-based J.L. Wallace has finished construction of a 37,380-square-foot clubhouse for Lennar Homes. The property, located at 10154 Heritage Bay Blvd. in Naples, houses a restaurant and bar, two saunas and a golf pro shop. Fort Myers-based Titsch & Associates provided design services.
EASTON, PA. — Philadelphia-based Colliers Lanard & Axilbund (CLA) has completed the sale of the former Lincoln Textile site, located at the corner of Old Philadelphia Pike and St. John Street in Easton. One of the buyers, NIDI Group, plans to demolish the site and redevelop it into an 8,000-square-foot retail strip center. At the same location, CVS/pharmacy purchased a 12,900-square-foot pad site and plans to develop a new store that will anchor the retail development. Demolition has already begun and construction is expected to be complete in the fall. Derek Zerfass of CLA represented the seller, Philadelphia Road Development, as well as the two buyers.
HOUSTON — Grubb & Ellis has brokered the sale of a 13,500-square-foot retail property located in Houston. The freestanding building is situated at 5920 Telephone Rd. Gus Lagos with Grubb & Ellis’ Houston office represented the local buyer, 5920 Telephone LLC, as well as the seller, The Grocers Supply Co., in the transaction. The acquisition price was not disclosed.