HOUSTON — Marcus & Millichap has brokered the sale of the former Bissonnet Corner Restaurant, a vacant 3,021-square-foot restaurant located 12180 Bissonnet St. in Houston. The property was originally built in 1985 and was renovated in 2000. Justin Miller of Marcus & Millichap’s Houston office represented the seller, a Texas-based private investor. The property was purchased by another Texas-based private investor/user. The acquisition price was not released, but the property listed for $500,000.
MT. JULIET, TENN. — Wal-Mart Supercenter and Lowe’s Home Improvement Warehouse are the two newest tenants in Atlanta-based The Gipson Co.’s 140-acre The Paddocks at Mt. Juliet. Wal-Mart will open a 176,348-square-foot store in the fall, and a 103,000-square-foot Lowe’s will open during the company’s third quarter. The Paddocks is located at the intersection of North Mt. Juliet Road and Pleasant Grove Road in Mt. Juliet. Atlanta-based The Shopping Center Group represented the owner in the leases. New York-based Real Estate Capital Partners and Hannover Leasing of Germany are partners in the development.
CARLE PLACE, N.Y. — The White Plains, N.Y., office of Sperry Van Ness (SVN) has negotiated the sale of Voice Road Plaza, a 131,850-square-foot community shopping center located on Glen Cove Road in Carle Place, for $36.22 million. Situated on 8.3 acres, the center was constructed in 1951 and renovated in 1996. It was 98.8 percent occupied at the time of closing; anchor tenants include Staples, Big Lots, Party City, Dress Barn and Bass. Joseph French and Neil Golub of SVN represented the seller, a New York-based hedge fund. The buyer was a New York-based private investor.
HOUSTON — Renovations are being completed for three of the co-anchors at Westchase Shopping Center, a 235,539-square-foot shopping center located in Houston that is owned by locally based Weingarten Realty Investors. Target recently completed a $3 million renovation and expansion that included the re-branding of the store as a Super Target. Construction included a 5,000-square-foot addition, a new Starbucks Coffee located inside the store, a new photo studio and a doubling in size of the grocery department. In addition, Randalls Food Market completed extensive renovations to its own location. Finally, Ross Dress for Less has renewed its lease and will soon begin construction of a 6,700-square-foot addition to the store.
KATY, TEXAS — The Houston office of NorthMarq Capital has secured $2.65 million in first-mortgage financing for Westland Center, a 29,723-square-foot retail center located in Katy. Tenants at the property include Fidelity Title, Jackson Hewitt, Floor TX, State Farm and Ruthie’s Mexican Restaurant. Terms of the loan include a 2-year term and interest-only payments. NorthMarq’s Roger Trapnell and Warren Hitchcock arranged the loan on behalf of the undisclosed borrower through Texas Capital Bank.
MECHANICSVILLE, VA. — The Shoppes at Bell Creek LLC of Richmond, Va., has sold the 65,781-square-foot The Shoppes at Bell Creek to New York-based Envoy Realty Partners for $9.5 million. The property, which is anchored by a 37,961-square-foot Food Lion, is located at 8319 Bell Creek Rd. in Mechanicsville. The center is 95 percent leased. Midlothian, Va.-based Mike Lowry Co. represented the seller, and the buyers secured in-house representation.
CORAL SPRINGS, FLA. — Orlando, Fla.-based Keene Construction Co. has finished construction on the 64,000-square-foot Turtle Crossing shopping center. St. Petersburg’s LNR Properties developed the project, which is located at 4348 N. State Rd. 7 in Coral Springs, and VanderPloeg & Associates of Boca Raton, Fla., provided design work. Keene’s services included demolition, 38 acres of site work and new construction.
ST. CHARLES, MO. — Marcus & Millichap has arranged the sale of a 28,272-square-foot retail property located at 2350-2430 S. Highway 94 in St. Charles. The Hemsath Business Center currently houses mostly professional tenants, including Gateway Power Communication, J&T Processing and Farmer’s Insurance. An undisclosed developer has purchased the property from a private investor for $1.65 million. Andrew Medler and John Magner in the St. Louis office of Marcus & Millichap represented the seller in the transaction. The buyer was also secured and represented by Marcus & Millichap’s St. Louis office.
SPRING, TEXAS — Home furnishing store Tuesday Morning has signed a lease for 10,640 square feet of space at Corum Station Shopping Center, located at 4770 Louetta Rd. in Spring. The retailer plans to open by late February. It will join a tenant roster that includes Quizno’s, Subway, La Cabana Mexican Restaurant, McDonald’s, Wachovia and Champions Pools. Diana Gaines of The Woodlands, Texas-based The J. Beard Real Estate Company represented the landlord. Terms of the transaction were not released.
NEWNAN, GA. — Atlanta-based RCG Ventures has purchased the 146,121-square-foot Shenandoah Plaza from Centro Properties for an undisclosed amount. The center is located on Bullsboro Drive in Newnan. The property is anchored by Big Lots, Goodwill, Dollar General and HOV Services. Van Barron of BridgePoint Advisors represented the seller, and Jim O’Donnell represented RCG in house.