BOGALUSA, LA. — A privately-held REIT has purchased an 11,945-square-foot CVS/pharmacy from an undisclosed retail developer for $4.15 million. The property is located on Superior Avenue in Bogalusa. Ryan Butler and Brad Moulder of Tulsa, Okla.-based Stan Johnson Co. represented the seller, and the firm’s Gill Warner, Rod Pickney and Chad Byerly represented the buyer.
Retail
MCKINNEY, TEXAS ¬— Ag-Power, a farm equipment dealership, has selected Arlington, Texas-based Bob Moore Construction to build a new sales and service center in McKinney. The 60,000-square-foot building will be located on North Central Expressway; it will replace the company’s current McKinney dealership. Bob Moore Construction is serving as general contractor; Dallas-based NCA Partners will serve as project architect. Groundbreaking is slated for this month, with completion expected in February 2010. Ag-Power is one of the state’s leading John Deere dealers. It also carries equipment from Stihl and Honda Power Equipment.
HOUSTON — Two retailers and a restaurant have held their grand openings within three different Houston shopping centers owned by Centro Properties Group. Melrose has opened a 10,800-square-foot location within Northwood Shopping Center, located at the corner of Eastex Freeway/Route 59 and Aldine Mail Road. Beauty Empire 15 has opened an 8,050-square-foot location within Huntington Village, located at the intersection of Bissonnet Street and Dairy Ashford Road. Finally, Subway has opened a 1,357-square-foot restaurant at Mount Houston Square, located at the corner of Eastex Freeway/Route 59 and West Mount Houston Road.
SACRAMENTO, CALIF. — Vincent Aicale and Pedro Arroyo of Arroyo & Coates brokered the $11.15 million disposition and acquisition of Arden Howe Plaza, a 59,082-square-foot shopping center located in the Arden submarket of Sacramento. Located off the corner of Arden Way and Howe Avenue, the property features 30,297 square feet of retail space and 28,880 square feet of commercial flex space. At the time of acquisition, the property was 96 percent occupied by Round Table Pizza, Wells Fargo, Mexicana Airlines and Brook Furniture. The buyer and seller were not disclosed.
RANCHO CUCAMONGA, CALIF. — Towne Park Plaza L.P. has acquired a 25,002-square-foot retail space at Day Creek Village, a grocery-anchored shopping center located at 12223-12273 Highland Ave. in Rancho Cucamonga, for $11 million. Tenants included in the sale are Starbucks Coffee, Wells Fargo, The UPS Store and Supercuts. Scott Hook of Marcus & Millichap represented the buyer; Jeff Conover of Faris Lee Investments represented the seller, Newport Beach, Calif.-based Day Creek Investors LLC, in the transaction.
THORNTON, COLO. — The Denver office of NorthMarq Capital has arranged an approximately $1.52 million permanent loan for Handy Storage, a 234-unit self-storage facility located at 2045 Coronado Parkway North in Thornton. The 33,500-square-foot property consists of seven single-story buildings. Terms of the loan include a 6.95 percent fixed rate and a 30-year amortization. Dale Stewart of NorthMarq’s Denver office secured the financing on behalf of the undisclosed borrower.
GLEN MILLS, PA. — Greensboro, N.C.-based grocer Fresh Market is opening a new location this month at 925 Baltimore Pike in Glen Mills. The 23,000-square-foot location will feature an in-house bakery, a full-service meat counter an a produce department that features more than 400 items and an organic produce section. This newest location marks the grocer’s entry into the greater Philadelphia market. A second store is scheduled to open later this year in Horsham, Pa.
BAYTOWN, TEXAS — Rent-A-Center has opened a 5,200-square-foot store at Baytown Shopping Center, which is located on the southwest corner of Garth Road and Rollingbrook Street in Baytown. Centro Properties Group owns the center. Stephen Swope of Centro Properties Group represented the company in lease negotiations.
SPRINGFIELD, MO. — Marcus & Millichap has completed the sale of the Regions Bank Office Building in Springfield for $2.5 million. The 31,718-square-foot office property was constructed in 1996 and is located at 3271 East Battlefield in Springfield. It is currently occupied by tenants such as MetLife, URS Corp., and Whitlock, Selim & Keehn. John Magner of Marcus & Millichap’s St. Louis office represented the seller, a REIT investor. Zane Whiteley, also of Marcus & Millichap’s St. Louis office, represented the buyer, a private investor.
SOUTH BRUNSWICK, N.J. — WP Realty has sold South Brunswick Square, a 260,981-square-foot grocery-anchored shopping center in South Brunswick, Middlesex County for $45.5 million. Located along U. S. Highway Route 1, the facility was purchased by 426 ROYAL, LLC. The property is anchored by Home Depot and Stop & Shop and features other tenants such as Bob’s Stores, Dollar Tree, Bandito’s Margarita Factory, Blockbuster Video and Friendly’s. The center is currently 100 percent occupied. WP Realty originally purchased the property for $24 million in 2003.