SAN ANTONIO — Marcus & Millichap has brokered the sale of Terrell Heights Shopping Center, a 14,369-square-foot retail center located at 1455 Austin Hwy. in San Antonio. The property was constructed in 2006. James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Texas-based partnership. The acquisition price was not released, but the property listed for $4.3 million.
CORPUS CHRISTI, TEXAS — Fort Worth, Texas-based Trademark Property Co. has commenced Phase II of a $50 million renovation to La Palmera, a 1 million-square-foot mall located in Corpus Christi. Upcoming construction includes a transformation of the mall’s front entrance into an outdoor lifestyle court with landscaping, pop jet fountains, seating areas, a valet parking area and new retailers. Macy’s will begin an expansion in April that will add 18,000 square feet to the first floor of its store. Macy’s is anticipating a fall completion for the project. The mall renovation began in late 2008 with a rebranding of the mall that included new interior furniture and interior landscaping, new signage and fresh paint. Work also began for the renovation of the food court, which will feature a 4,400-gallon aquarium centerpiece, seating for 600, flat-screen televisions and an entertainment stage. Future phases will include a new children’s play area on the mall’s upper level, two new sets of escalators, a new elevator, multiple water features, upgraded lighting, and new glass windows and curtain walls. Additionally, the parking lot will be resurfaced and the parking garage will be upgraded. Completion of the entire project is expected in time for the 2009 …
LEAGUE CITY, TEXAS — Grubb & Ellis has brokered the sale of South Shore Marketplace, an approximately 32,000-square-foot retail center located at the intersection of League City Parkway and South Shore Boulevard in the Houston suburb of League City. The property comprises an approximately 28,000-square-foot, multi-tenant building and an approximately 4,000-square-foot building ground leased to Chase Bank. Occupancy was at 96 percent at the time of closing. South Shore Marketplace is shadow anchored by Kroger. George Cushing and Wendy Vandeventer of Grubb & Ellis’ Houston office represented the seller, Regency Centers. The property was acquired by Dallas-based Dunhill Partners for an undisclosed amount.
ATLANTA — Marcus & Millichap has brokered the sale of a Burger King between two undisclosed companies for $1.14 million. The net-leased property is located in Atlanta. Joshua Luchs and Jonathan Weiss of Marcus & Millichap’s Encino, Calif., office represented the buyer, a limited liability company.
GOODYEAR, ARIZ. — Denver-based JRFCo LLC recently acquired Palm Valley Village Center, a 30,560-square-foot shopping center in Goodyear. Located at the northwest corner of Litchfield Road and Indian School Road, the Wal-Mart Neighborhood Market-anchored property is 93-percent occupied by 13 tenants, including MidFirst Bank, Quiznos Sub and United Blood Services. Tempe, Ariz.-based SunCor Development Company sold the property for $10 million.
MICHIGAN, OHIO AND NEW YORK — The Detroit office of Marcus & Millichap has arranged the sale of a 10-property, single-tenant net-leased portfolio located in Michigan, Ohio and New York. The retail portfolio, which was fully leased at the time of acquisition, includes three Michigan properties, six Ohio properties and one property in New York’s Nassau County. The portfolio houses national tenants CVS/Pharmacy, Rite Aid and Family Dollar. An undisclosed buyer purchased the portfolio for $9.9 million, or approximately $112 per square foot. Simon Jonna and Brandon Hanna in the Detroit office of Marcus & Millichap represented the undisclosed seller; Scott Plasky of Marcus & Millichap’s Manhattan office represented the buyer in the transaction. According to Jonna, the purchaser was able to place a minimum equity down payment in order to assume an existing fixed-rate 10-year loan.
COLUMBUS, OHIO — Nationwide Realty Investors has secured three new tenants for its $750 million Arena District development located in Columbus. The Big Bang Rock and Roll Dueling Piano Bar will open a 6,000-square-foot location within the mixed-use project by the end of January. As the company’s first Ohio location, the piano bar will feature nightly shows performed by two entertainers facing off on grand pianos. Additionally, R Bar has signed a lease for 4,055 square feet of space. The bar’s new location features a kitchen and an 850-square-foot patio. Finally, W.g. Grinders has opened a 2,800-square-foot restaurant at the development. This is the Columbus-based company’s 22nd Ohio location. The Arena District houses more than 1.5 million square feet of office, restaurant, entertainment and residential uses. Additional terms of the leases were not disclosed.
PHILADELPHIA — Marcus & Millichap has arranged the sale of a Wachovia branch, located at 2227 S. Broad St. in Philadelphia, for $4.4 million. Wachovia had recently signed a 20-year ground lease for the property. Matthew Gorrman and Thomas Gorman of Marcus & Millichap’s Philadelphia office represented the seller, a joint venture between local developers Pineville Properties and Pintzuk Brown Realty Group. The seller was represented by Stephen Weiss of Baltimore-based Colliers Pinkard. The property traded at a 6.16 percent capitalization rate.
NEW YORK CITY — New York City-based Time Equities has acquired a 40,000-square-foot, net-leased parking garage, located in Arris Lofts at 27-28 Thomson Ave. in the Long Island City neighborhood of Queens, New York City, for $4.3 million. The parking garage contains 200 spaces. Francis Greenberger provided in-house representation for Time Equities; Ronald Solarz and Eric Anton of Eastern Consolidated represented the seller, Tag Court Square LLC. The 237-unit Arris Lofts is a luxury condo conversion of the former Eagle Electric Factory that was completed in 2007.
ARLINGTON, TEXAS — CB Richard Ellis (CBRE) has negotiated the sale of Southwest Plaza, a 142,047-square-foot retail center located at 4400 Little Rd. in Arlington. The property was 76 percent occupied at the time of sale by a tenant roster that includes Office Depot, Gold’s Gym, CATO and ACE Hardware. It is shadow-anchored by Albertson’s. Chris Gerard and Jennifer Pierson of CBRE’s Dallas office represented the seller, Madison, Wis.-based CUNA Mutual Insurance Society. The property was acquired by SWP Enterprises for an undisclosed amount.