GRAND PRAIRIE, TEXAS — Kansas City, Mo.-based Block & Co. has brokered the sale of an approximately 60-acre development parcel located along Interstate 20 between Highway 360 and Great Southwest Parkway in Grand Prairie. The buyer, Prime Outlets, plans to develop an approximately 500,000-square-foot outlet center on the property. Construction is slated to begin this year. David Block and Gene Moffitt of Block & Co. negotiated the sale. Block had previously assisted the undisclosed seller in the disposal of a number of sites surrounding the land parcel. Tenants already open near the proposed outlet center include Garden Ridge, Northern Tool, Johnny Carino’s, Chuck E. Cheese, Goodyear, Golden Corral and Longhorn Harley-Davidson. Three pad sites currently remain for sale.
LAS VEGAS — R&O Construction Co. has completed the second phase of construction at Centennial Gateway, a 360,000-square-foot retail center located at 5603 Centennial Center Blvd. in Las Vegas. The 124,141-square-foot second phase consists of seven retail building and improvements of infrastructure, parking and landscaping. Centennial Gateway is owned and developed Las Vegas-based Territory Inc.
MIAMI — Two private real estate investment groups have purchased two U-Store-It properties totaling more than 137,000 square feet from an undisclosed buyer for $2.97 and $4.63 million. The assets, which are both located in Miami, were part of a 21-property portfolio. Chico LeClaire of Marcus & Millichap’s Denver office and Michael Mele of the firm’s Tampa, Fla., office represented the seller. Greg Zeifman of the firm’s Miami office represented the buyer.
ENNIS, TEXAS — Indianapolis-based Riser Retail Group has completed the sale of Ennis Plaza, a 31,360-square-foot retail center located in Ennis, for $5.07 million. The center, which was constructed in 2002, is shadow-anchored by a Wal-Mart Supercenter. It was 92 percent occupied at the time of sale by a tenant roster that includes Starbucks Coffee, Dollar Tree, CATO and Chili’s Grill & Bar. Riser represented the private seller in the transaction; the buyer was also undisclosed. The property traded at a 7.4 percent capitalization rate.
SAN FRANCISCO — Deerfield, Ill.-based Walgreens has signed an agreement to acquire 12 Rite Aid locations in San Francisco and eastern Idaho. The seven San Francisco locations are 1300 Bush St., 5280 Geary Blvd., 1496 Market St., 776 Market St., 200 W. Portal Ave., 1830 Ocean Ave. and 3931 Alemany Blvd; and the five Idaho locations are 1000 Pocatello Creek Rd. in Pocatello, 960 W. Bridge St. in Blackfoot, 1139 Addison Ave. East in Twin Falls, 904 E. Main St. in Burley and 1745 W. Broadway St. in Idaho Falls. Terms of the transaction were not disclosed.
CHARLESTON, S.C. — Working as Southeastern Pizza Group, Charleston-based JEM Restaurant Group has purchased 40 Pizza Hut restaurants from an undisclosed party for an undisclosed price. The restaurants are located in Jacksonville, Fla., and Columbus and Macon, Ga. The transaction included real estate, leasehold interests and restaurant operating equipment.
NAPLES, FLA. — George P. Atkinson Family Trust has sold a 7,150-square-foot retail building, located at 411 Tamiami Trail N. in Naples, to DNR Realty for $2.85 million. The buyer plans to open a drug store on the property. George Atkinson of CB Richard Ellis’s Fort Myers, Fla., office represented the seller. Naples-based Thompson Realty’s Andy Morrison represented the buyer.
ELK RIVER, MINN., AND SPRINGFIELD, MO. — Upland Real Estate Group has brokered the sale of an 8,500-square-foot net lease property located in Elk River. A local 1031 Exchange investor has purchased the Dollar Tree for approximately $1.47 million at a 6.93 percent cap rate. The store is situated on a 1.6-acre site adjacent to a Home Depot and a Wal-Mart Supercenter. Keith Sturm and Deborah Vannelli of Upland Real estate Group represented the seller in the transaction. Additionally, Sturm and Vannelli have brokered the sale of a 5,754-square-foot net lease property located in Springfield. A 1031 Exchange investor has purchased the Lone Star Steakhouse for approximately $1.94 million at an 8 percent cap rate. Lone Star has a new 15-year triple-net lease with 2 percent annual rent increases at the property, which is situated on a 59,826-square-foot site. The guarantor operates 180 restaurants nationwide.
MENOMONEE FALLS, WIS. — Brookfield, Wis.-based R.A. Smith National is providing sitework engineering, landscape architecture and surveying services for a proposed Woodman’s Food Market in Menomonee Falls. The 238,000-square-foot market, which is subject to approval by the Village of Menomonee Falls, will be located on a portion of a 33.4-acre site at the northwest corner of N. 124th Street and Leon Road. On behalf of Building Systems General Corp., R.A. Smith’s services will include civil site design, stormwater management, off-site roadway improvements, landscape architecture, topographic survey and ALTA/ACSM Land Title Survey preparation.
SPRING VALLEY, CALIF. — Westcore Properties’ entities, Gladstone LLC and West Palm Blackpoint Associates LP, have completed the disposition of Sweetwater Village Shopping Center, which is located at 3505-3515 Sweetwater Springs Blvd. in Spring Valley. Attiq Investments LLC acquired the two-story, 43,400-square-foot property for $6.2 million. Attiq, a food distributor, plans to occupy the 28,000-square-foot vacant anchor space. Pete Bethea, John Jennings and David Bradley of Cushman & Wakefield represented the sellers; Brad Ihde of USA Realty & Loans represented the buyer in the transaction.