ARLINGTON, TEXAS — Palm Beach Gardens, Fla.-based Ram has arranged the sale of a former Home Depot Landscape Supply Center, located at 5301 S. Cooper St. in Arlington, for $3.4 million. The property comprises a 12,383-square-foot building and an adjacent 25,890-square-foot outdoor landscape area. Casey Cummings of Ram, along with Mike Stevens of Steveco Commercial Real Estate Group, arranged the transaction. The property was acquired by Fort Worth, Texas-based North Texas Acquisition. The seller was undisclosed.
CHANDLER, ARIZ. — Los Altos, Calif.-based West Valley Properties Inc. has purchased The Boardwalk at Andersen Springs, a neighborhood retail center located at 1949-1989 W. Ray Rd. in Chandler, for $19.35 million. Built in 1988, the single-story retail center offers 92,231 square feet of retail space. At the time of acquisition, the property was 95 percent occupied by a variety of tenants, including Sprouts, Deserts Schools Federal Credit Union, a day spa, a yoga studio and Blockbuster Video. Cam Stanton of CB Richard Ellis’ Phoenix office represented the seller, Los Angeles-based BOAS Boardwalk LLC, in the transaction. Rocco Mandala of CBRE|Melody’s Phoenix office arranged the financing, which was provided by Aetna Life Insurance Company.
POMPANO BEACH, FLA. — Chicago-based RMS Properties has purchased the 3.6 acre, 57,000-square-foot Beachway Shopping Center, located at 800 N. Federal Hwy. in Pompano Beach, from Beachway Shopping Center 613 for $6.3 million. The property is 74 percent occupied with tenants including Abbott Appliances and Turtle Point Trading Co. Keith Kidwell and R. Lee Brushingham, both of Sperry Van Ness’ Fort Lauderdale, Fla., office, represented the buyer and the seller, respectively.
BURBANK, ILL. — Craig Bjornsund of NorthMarq Capital’s New York City office has arranged $2.65 million in first mortgage financing for Toys “R” Us and Summit Plaza located in Burbank. The property, which consists of two non-contiguous parcels, contains an approximately 33,000-square-foot 100 percent triple-net leased, freestanding Toys “R” Us, and a one-story, approximately 28,000-square-foot strip shopping center (Summit Plaza). Anchor tenants at the development include Toys “R” Us, Family Dollar and Radio Shack. Financing was based on a 10-year term, with a 25-year amortization schedule. NorthMarq arranged the loan for the borrower, Goodrich Cicero LLC, through its relationship with Sun Life of Canada.
BREA, CALIF. — Regency Centers is breaking ground for the redevelopment of Brea Marketplace, a 351,982-square-foot shopping center located at 835 E. Birch St. in Brea. The two-phase redevelopment plan includes a new façade, tile roof, landscaping, new signage, site work, lighting and re-surfacing the parking areas. Currently, the center features a 37,000-square-foot 24-Hour Fitness, Beverages and More, Fidelity Investments, and a variety of restaurants and service businesses. A 20,331-square-foot Circuit City is currently under construction, with completion slated for mid-July. The second phase will feature a T.G.I. Friday’s restaurant and the development of an adjacent two-story, 4,000-square-foot office building. Completion is slated for 2009.
HONOLULU — EnviroFinance Group LLC has provided $11 million in financing for the remediation, infrastructure and site development of a 174,240-square-foot land parcel in Honolulu. The borrower, Weston Solutions Inc., plans to take the 4-acre contaminated site, which was formerly a manufactured gas plant, through an extensive environmental remediation. After clean up, the property, which is located at 616 Iwilei Rd., will likely be developed into a retail center. Weston is investigating the use of an innovative in-situ chemical oxidation process to clean up the site, which is contaminated with high concentrations of benzene.
LONG ISLAND, N.Y. — Blumenfeld Development Group has commenced development of Lake Grove Commons, a 140,000-square-foot shopping center located in the Lake Grove neighborhood of Long Island. Four tenants have already signed on at the center: Whole Foods Market will open a 48,000-square-foot location, with construction beginning in the fall. Also, LA Fitness will open a 65,000-square-foot location within Lake Grove Commons this summer. Finally, Jared Jewelers will begin construction this summer for a 6,000-square-foot outlot parcel, and Bank of America is in negotiations for a similar pad site. The Whole Foods and LA Fitness deals were brokered by Brian Schuster of Jericho, N.Y.-based Ripco Real Estate Corp.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of a six-property retail portfolio for $15.62 million. Two of the properties are located in Corpus Christi: the first is a 7,370-square-foot Auto Zone located at 14062 Northwest Blvd., and the second is a 6,786-square-foot Auto Zone located at 2149 Airline Rd. The other four properties consist of Colonial Bank branches located in Georgia, Florida and Alabama. Andrew Gallas of Marcus & Millichap’s Chicago office and Robert Bender of the firm’s Detroit office represented the seller of the two Auto Zone properties. Andy Dorf and Zachary Felson of the firm’s Brooklyn, New York, office represented the buyer. All parties in the transaction were undisclosed.
HOUSTON — The Houston office of CB Richard Ellis (CBRE) has arranged leases for five AT&T Mobility stores in Houston. Matt Keener and Russell Janicek of CBRE represented the tenant in each of the transactions. The properties include: 3,500 square feet at 15411 Wallisville Rd.; 3,500 square feet at 13341 Westheimer Rd.; 3,503 square feet within Town & Country Village; 3,500 square feet at 1919 B Taylor St.; and 4,000 square feet within Spring Park Village. The terms of the transactions were not disclosed.
SEAL BEACH, CALIF. — Phil Voorhees, Megan Wood, Patrick Toomey and Barclay Harty of CB Richard Ellis (CBRE) represented Panattoni Development in the disposition of Pacific Gateway Shopping Center in Seal Beach. A foreign investor purchased the 19,474-square-foot property for $12.8 million or $657 per square foot, which reflects a 6.59 percent cap rate. Located at 2311, 2365 and 2399 Seal Beach Blvd., the property is currently leased to Charles Schwab, Subway, Countrywide, Starbucks Coffee and Anytime Fitness.