OCEAN PINES, MD. — Investors from Rehoboth Beach, Del., have purchase six bank-owned retail units totaling 9,322 square feet for $850,000. The contiguous units are located in the Village Square Shopping Center in Ocean Pines. The buyers plan to sell the units, which range in size from 1,190 square feet to 8,000 square feet, for $13.50 per square foot. Brent Miller and Rick Tilghman of Salisbury, Md.-based Sperry Van Ness-Miller Commercial Real Estate brokered the transaction.
BIRMINGHAM, MICH. — Birmingham-based Sachse Construction has completed five new Walgreens pharmacies in Michigan. Each of the stores is freestanding, totals approximately 14,000 square feet, and was developed by Farmington Hills, Mich.-based Agree Realty. The locations include: Old Land Drive and Old U.S. 23 in Brighton; M-66 and U.S. 131 in Charlevoix; 21775 Card Rd. in Macomb Township; Van Dyke and 26 Mile Road in Shelby Township; and 419 E. Michigan Ave. in Ypsilanti. Sachse has built more than 20 Walgreens locations in Michigan.
INDIANAPOLIS — Sandor Development Co. has leased space to three different tenants in two of its Indianapolis shopping centers. In the first transaction, Indiana Discount Mall signed a lease for 88,000 square feet within Lafayette Place Shopping Center, located at the intersection of 38th Street and Lafayette Road. Sandor’s Jamison Downs and John Holloway provided in-house representation for the landlord. In addition, Lady Joy Fashion signed a lease for 7,400 square feet within Eagledale Plaza, located at the intersection of Lafayette Road and Tibbs Avenue. Finally, Health & Hospitals Inc. dba Wishard Hospital Family Planning Center signed a lease for 5,300 square feet at Eagledale Shopping Center. Downs and Holloway again provided in-house representation for Sandor in negotiations with Wishard Hospital, which was represented by George Crawford of Meridian Real Estate. Terms of all three leases were not disclosed.
BEE CAVE, TEXAS — Hill Country Galleria, a 1.3 million-square-foot lifestyle center located at the intersection of FM 620 and Texas Highway 71 in Bee Cave, has been posted for foreclosure. The property is set to go to auction on May 5. Originally completed in 2007, the retail center is more than 70 percent leased; according to Opus West, it maintains a positive cash flow and has met all of its debt obligations. Trouble arose when Opus was unable to refinance the property’s existing construction loan, which was financed through 10 separate lenders. Opus has stated that it is seeking to resolve the situation before the foreclosure auction and maintain control of the property. Situated on 152 acres, Hill Country Galleria features a retail component that is anchored by Dillard’s, Cinemark Theatre, Barnes & Noble and Dick’s Sporting Goods. The project also contains office and residential components. Normal day-to-day operations at the property will not be interrupted.
LAKELAND, FLA. — Odyssey (IX) Commercial DP IV has purchased the 132,000-square-foot Palm Center shopping center from Lakepalm Shopping Center for an undisclosed amount. The property, which is anchored by Beall’s Department Store, Beall’s Outlet and Tuesday Morning, is located at the intersection of Highlands Drive and S. Florida Avenue. RMC Property Group represented the seller, and Century Retail represented the buyer.
CONCORD, N.C. — Louisville-based Lexington Realty Advisors has purchased a 23,670-square-foot Food Lion from Cornelius, N.C.-based Chen Development for $1.8 million. The property is located at 734 Cabarrus Ave. West in Concord. Richard Frolik of CB Richard Ellis’s Oak Brook, Ill., office and Sterling Champ and Mike Kimball of the firm’s University City, Calif., offices represented the seller.
CHICAGO — The Oak Brook, Ill., office of Inland Real Estate Brokerage has negotiated the sale of two shopping centers in Chicago for more than $5.8 million. Inland’s Richard Kehoe represented a local investor in the disposition of the property to an independent investment group. Located in West Rogers Park, Howard and Western Plaza comprises 11,974 square feet of retail space. Tenants include Starbucks Coffee, Family Dollar and Subway. Wisner Milwaukee Plaza is a 14,677-square-foot center located at 2847-2865 North Milwaukee Ave. in Logan Square. Tenants include Harris Bank, T-Mobile, Giordano’s and Subway.
HOUSTON — Marcus & Millichap has brokered the sale of a 3,390-square-foot, freestanding Burger King located in Houston. The property, which was built in 1990, is situated on 1.24 acres at 7801 Highway 6 North. Ed Benton and Monte Lowery of Marcus & Millichap’s Houston office represented the seller, a limited liability company. The buyer, a California-based private investor, was represented by Stephen Sauter of Marcus & Millichap’s Palo Alto, Calif., office. The acquisition price was not disclosed.
HARKER HEIGHTS, AUSTIN AND SAN ANTONIO, TEXAS — Five Guys Burgers & Fries has signed leases for three new restaurants in Texas. The locations consists of a 2,605-square-foot space within Market Heights Shopping Center in Harker Heights; a 2,497-square-foot restaurant located at 3208 Guadalupe in Austin; and a 2,208-square-foot location within Quarry Village Shopping Center in San Antonio. All three restaurants are scheduled to open this summer. Mike Minicucci, Robert O’Farrell, and Todd Wallace of SRS Real Estate Partners represented Five Guys in lease negotiations. Jennifer Hargis of Reata represented the landlord of Quarry Village and Megan Kneipp of Direct Development represented the landlord of Market Heights. Terms of the leases were not disclosed.
LONG BEACH, CALIF. — W.E. O’Neil Construction has completed improvements to passenger waiting areas and a VIP passenger lounge at the Carnival Cruise Terminal in Long Beach. The improvements allow the terminal to accommodate Carnival’s new 3,000-person cruise ship, Splendor. Designed by Teltra Design, the project involved the demolition of all existing interior and exterior finishes on the baggage and restroom building, installation of footing and column supports for overhead canopies and the build out of a new 15-foot long custom transaction counter. Additional work included new stucco, concrete, steel and sheet metal finishes, roof, HVAC system and surrounding landscape.