NAPLES, FLA. — Fort Myers, Fla.-based J.L. Wallace will break ground on a 12,900-square-foot CVS/pharmacy for CDI Development Services on April 9. The property will be located at 8831 Immokalee Rd. in Naples. Tampa, Fla.-based Robert Reid Wedding Architects and Planners designed the project and Naples-based Coastal Engineering Consultants will provide engineering services.
OKLAHOMA CITY AND TULSA, OKLA. — Indianapolis-based Simon Property Group has refinanced two of its Oklahoma shopping malls. In the first transaction, Simon secured a $100 million loan for Penn Square Mall, located in Oklahoma City. The loan includes a 7.75 percent interest rate and a 7-year term. The property’s previous mortgage carried a 7.03 percent interest rate and a $65.8 million principal. In the second transaction, Simon secured $97.5 million for Woodland Hills Mall, located in Tulsa. The loan carries a 7.79 percent interest rate and a 10-year term. The previous mortgage carried a $78.6 million principal at a 7 percent interest rate. Financing in both transactions was provided by major life insurance companies.
SOUTH GATE, CALIF. — Los Angeles-based Nova Development has purchased Firestone Self Storage, a 91,584-square-foot self-storage investment property in South Gate. Granite Investment Group sold the property for $8.6 million. Located at 5951 Firestone Blvd., the property contains 91,000 rentable square feet and 82 outside RV/boat parking spaces. At the time of acquisition, the property was 85 percent occupied. Greg Wells of Grubb & Ellis|BRE Commercial represented both parties in the transaction.
MESA, ARIZ. — A Northern California-based family trust has acquired a Wal-Mart Marketside Grocery store location, which is located at 7561 E. Baseline Rd. in Mesa, for $5.39 million. The 16,854-square-foot retail property is situated on 2.1 acres. Jack Schneider and Joel Hecht of Darrow Talbert Realtors represented the buyer; Kevin Boeve and Lior Regensteif of Marcus & Millichap represented the seller, a Southern California-based LLC, in the transaction.
BROOKSVILLE, FLA. — Hallandale, Fla.-based Isram Realty Holdings has purchased the 142,968-square-foot Western Way shopping center from WR Dallas for $11.5 million. Located at 12961 Cortez Blvd. in Brooksville, the 27-year-old center is anchored by Bealls Outlet. Western Way, which is more than 90 percent leased, also houses the tenants Save-A-Lot, Dollar General, Beacon Theatres and Carrabba’s Italian Grill.
JACKSONVILLE, FLA. — Charleston, S.C.-based HJB Construction has completed a 9,100-square-foot Family Dollar store. The property is located at 5799 Ft. Caroline Rd. in Jacksonville. The project was developed by Charleston-based Twin Rivers Capital.
ELLISVILLE, MO. — The Chesterfield, Mo., office of Brinkmann Constructors has completed a 40,000-square-foot Straub’s Markets, located at 15830 Fountain Plaza in Ellisville. The $4.4 million project comprises a two-story grocery store that also features a 150-seat café, a cooking school, a reading lounge and a wine cellar with a tasting room. The produce department of the store has a glass roll-up door that can transform it into a seasonal, outdoor farmers’ market. The new Straub’s is the retailer’s fifth location in metro St. Louis and its largest store to-date. It was designed by Tr,i Architects, with Robert Gorski Associates providing interior design services.
TOPEKA, KAN. — A joint venture between USAA Real Estate Co. and Seefried Industrial Properties has acquired a 74-acre land parcel located within Central Crossing Commerce Park in Topeka. The venture plans to develop a build-to-suit distribution center at the site for The Home Depot. The facility will be tri-docked and will total 465,600 square feet. The Home Depot signed a 20-year lease for the property, and will operate it as a regional distribution center. Completion is scheduled for this fall.
BRIGHTON, N.Y. — Marcus & Millichap has completed the $9.13 million sale of Twelve Corners Shopping Center, a 96 percent occupied, 29,414-square-foot center located at the intersection of Monroe Avenue, Elmwood Avenue, and South Winton Road in Brighton. Tenants include Panera Bread, Starbucks, HSBC Bank, Federal Express, Super Cuts and Subway. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller, GDC Randolph Crossing. The buyer, Brighton Corners, was represented by Steven Stoehrer of Marcus & Millichap’s Manhattan office. The center was sold for a 7.16 percent capitalization rate.
PLANO, TEXAS — Stan Johnson Co. has brokered the sale of a 14,820-square-foot, freestanding Walgreens pharmacy in Plano for $5.8 million. The building is situated on 3.2 acres at 2300 E. Park Blvd. Ryan Butler and Brad Moulder of Stan Johnson Co. represented the seller, a retail developer. The buyer, an individual investor, was represented by Susan Clarkson of Litton-Fuller Group.