KENT, WASH. — Joel Deis, Michael Morgan and Christopher Secreto of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of Clock Tower Self Storage in Kent. The 63,000-square-foot facility sold for $6.3 million. The property is located at 18250 E. Valley Hwy.
SANDY SPRINGS, GA. — The Sandy Springs City Council has voted 5-1 to purchase an 89,000-square-foot former Target store from an undisclosed seller for $8 million. The 7.75-acre site, located at the corner of Johnson Ferry Road and Sandy Springs Circle, will serve as the new city hall building. Before voting to purchase the property, city officials completed a 60-day due diligence, and the council solicited input from residents. No construction or move-in plans have been made.
LAUDERDALE LAKES, FLA. — UrbanAmerica has sold the 254,690-square-foot Lakes Mall to RMS Properties for $9.4 million. The shopping mall is located at the intersection of State Road 7 and U.S. 441 in Lauderdale Lakes. The property is anchored by Office Depot and includes the tenants Ross Dress For Less, Burger King and Anna’s Linens. Paco Diaz of CB Richard Ellis’ Miami office represented the seller.
ARNOLD, MD. — Columbia, Md.-based Manekin Construction has finished construction of a 53,000-square-foot Safeway at 1451 Governor Ritchie Highway in Arnold. In-store retailers include Starbucks Coffee, Bergmann’s Dry Cleaners and SunTrust Bank. The property, which features an underground parking deck, was designed by Richmond, Va.-based Freeman & Morgan Architects.
FITCHBURG, WIS. — A 45,000-square-foot Gold’s Gym will open within The Shops at Orchard Pointe, a 110-acre development located in the Madison, Wis., suburb of Fitchburg. Steve Doran in the Madison office of Lee & associates has negotiated the $7 million lease on behalf of the gym. EZ Nesbitt LLC represented Orchard Pointe in negotiations. In addition to the gym, more than 70,000 square feet of leases have been signed within the center, which is being developed adjacent to the new Super Target at Orchard Pointe. An estimated 100,000 square feet have yet to be built at the project. Lee & Associates is brokering the development of the land. Gold’s Gym will open in the summer.
TYLER, TEXAS — Stan Johnson Co. has brokered the sale of a 14,820-square-foot Walgreens pharmacy located in Tyler. Gil Warner, Rod Pickney and Chad Byerly of Stan Johnson represented the seller, a retail developer. The property was acquired by an undisclosed investor for $6.28 million.
WESTMINSTER, COLO. — Woodland Hills, Calif.-based NewMark Merrill Mountain has completed the disposition of Summit Square, a retail center located at 8410-8472 N. Federal Way in Westminster. AZG Westminster LLC purchased the property for $9.5 million. The 96,153-square-foot center is tenanted by Safeway, Adams County Department of Motor Vehicles, Baskin Robbins, World Savings, H&R Block, Wells Fargo, Panda Buffet and Taco Bell. Gene Pride and Patrick Devereuax of Cushman & Wakefield of Colorado Inc. brokered the transaction.
PLYMOUTH MEETING, PA. — Plymouth Meeting-based RAS Brokerage has arranged three Pennsylvania leases for Plaza Azteca Restaurantes Mexicanos. The restaurant chain will open a 6,921-square-foot location in a freestanding building near the intersection of Plymouth Road and Germantown Pike in Plymouth Meeting, as well as another freestanding, 6,400-square-foot location in Wyomissing across from Berkshire Mall. Finally, the chain will open a 4,600-square-foot location for its high-end concept, Salsa’s Mexican Grill, in front of Montgomeryville Mall in Montgomeryville. Marc Mandel of RAS Brokerage represented the tenant in each of the lease transactions. Plaza Azteca is based out of Virginia Beach, Va., and plans to expand into the New England area, specifically, Pennsylvania, New Jersey and Delaware, over the course of the coming year.
PHILADELPHIA — The Falcone Group has signed Philadelphia restaurant Rae to 11,000 square feet at The Residences at Two Liberty Place in Philadelphia. The restaurant will relocate from its previous spot in Philadelphia’s Cira Centre to the 37th floor of the Two Liberty Place building — making it the highest restaurant in the region. The restaurant, which is run by executive chef David Stern, will share the floor with The Residences’ 10,000-square-foot Owner’s Club. In addition to serving the general public, Rae will provide preferred seating for residents of the tower, as well as room service. The Residences at Two Liberty Place comprises the top 20 floors of the Two Liberty Place Tower. It consists of 90 units that span from the 40th to the 57th floor of the building. First occupancies began in March, and full occupancy is expected in 2009.
TALLAHASSEE, FLA. — Feldman Mall Properties has arranged with the first mortgage lender of the company’s Tallahassee Mall to place the property into a receivership. This action releases Feldman from further obligations associated with the 966,000-square-foot mall. On June 30, Feldman recorded a $45.7 million impairment charge on the property, which is located at 2415 N. Monroe St. in Tallahassee, and the mall carries a non-recourse first mortgage of $44.2 million. The receiver will operate the property on the lender’s behalf.