SAN CLEMENTE, CALIF. — Stos Partners has acquired a vacant, 4,000-square-foot retail and restaurant property in the Orange County submarket of San Clemente in an off-market transaction. The sales price was $1.9 million. Stos Partners secured a long-term lease on the entire building with The Alchemists, a restaurant group operated by Leonard Chan. The new restaurant concept, Mura, will be an upcoming dining destination that offers Japanese grilled barbecue, a tiki bar and a Japanese speakeasy bar. Prior to opening, Stos Partners plans to complete extensive interior and exterior renovations in addition to making several building upgrades, including a new roof, mechanical systems and grease traps. Coastal Commercial represented Stos Partners in the transaction.
TOMBALL, TEXAS — A joint venture between locally based full-service real estate firm The J. Beard Real Estate Co. and Outlier Capital LLC has purchased Tomball Town Center, a 141,450-square-foot shopping center located in the northern outskirts of Houston. Kroger anchors the center, which was built on 14.1 acres in 2004. David Disney and Adam Crockett with Dallas-based Disney Investment Group represented the sellers, Illinois-based shopping center REIT InvenTrust Properties and a fund advised by Crow Holdings Capital, in the transaction. Morgan Stanley provided acquisition financing. Tomball Town Center was 98 percent leased at the time of sale.
MISSOURI CITY, TEXAS — KM Realty Investment Trust Inc., a locally based private investment firm, has unveiled plans for the redevelopment of Township Square, a 67,000-square-foot shopping center located in the southwestern Houston suburb of Missouri City. Houston-based Identity Architects is designing the project, which will upgrade the façade and landscaping of the 1980s-era property. The redevelopment is scheduled to begin in late fall and, tentatively, to be complete in the first quarter of next year. Tenants, which include Old Hickory Inn BBQ, Codemark Financial and Sugar’s Cajun Cuisine & Bar, will remain open during construction.
MAPLE SHADE, N.J. — Boston-based industrial investment firm NorthBridge Partners has purchased the 72,625-square-foot Macy’s Furniture Gallery store in Maple Shade, a suburb of Philadelphia, for $9.8 million. The retail building sits on 9.4 acres and was originally built in 1991. Macy’s has occupied the building since 2001 and recently signed a 10-year lease extension. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the undisclosed seller and NorthBridge Partners in the transaction.
LAKE FOREST, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant, net-leased retail property occupied by Michaels in Orange County. The Michaels store is located in Foothill Ranch Towne Centre in Foothill Ranch, a suburb of Lake Forest. Hanley represented the sellers, two separate family trusts based in Nevada and Southern California. Lee & Associates represented the buyer, a private investor based in Orange County. The sales price was $4.85 million. The 25,000-square-foot building was constructed in 1994 and is a junior anchor at Foothill Ranch Towne Center. Michaels’ neighboring tenants include Target, Walmart Supercenter and Hobby Lobby. The retail space is located at the intersection of Portola Parkway and Bake Parkway, with an average of 40,100 passing cars per day.
Cicada Capital, Eightfold Purchase Clark Tower Office Building, Restaurant Outparcel in East Memphis
MEMPHIS, TENN. — Cicada Capital Partners, in partnership with Eightfold Real Estate Capital LP, has purchased Clark Tower, a 34-story, 653,614-square-foot office tower located at 5100 Poplar Ave. in Memphis. The transaction included an adjacent 5,647-square-foot restaurant outparcel located at 5110 Poplar Ave. The sales price and seller were not disclosed. Built in 1973, Clark Tower is East Memphis’ tallest building, according to the Memphis Business Journal. Cicada Capital plans to make capital investments on the property, including upgrades to the interior and exterior portions of the building and upgraded amenities. The property is located inside the Interstate 240 loop. Avison Young will provide property management and leasing advisory services on behalf of the new ownership. John Lamberson Jr. and Terry Radford of CBRE represented the seller in the transaction.
FORT WAYNE, IND. — Echo Development Group Inc. and Synergy Development have acquired a little over eight acres of land at the northeast corner of DuPont and Diebold roads in Fort Wayne. The partnership plans to develop a project with restaurant, retail and healthcare uses that will include a Freddy’s Frozen Custard and Steakburgers. Jackson Investment Group represented Echo in the purchase of the land. Barry Sturges of Sturges Property Group represented the undisclosed seller. Engineering Resources Inc. is working on the civil infrastructure design for the project. A timeline for completion has not yet been established.
LAPEER, MICH. — The Jonna Group of Colliers International Detroit has arranged the sale of a 9,002-square-foot retail building occupied by Dollar General in Lapeer, about 20 miles east of Flint. The sales price was not disclosed. The property is located at 15 S. Elba Road. Dollar General has 12 years remaining on its triple-net lease. Simon Jonna of Colliers represented the seller, an undisclosed family, and the buyer, a California-based private investment fund.
NEW YORK CITY — B6 Real Estate Advisors has brokered the $3.1 million sale of a 10,550-square-foot building located in the Corona neighborhood of Queens. The property consists of six residential units and three retail spaces. Thomas Donovan, Tommy Lin, Eugene Kim, Robert Rappa and Bradley Rutkin of B6 Real Estate Advisors represented the seller, private investor Chris Valsamos, in the transaction. The buyer was another private investor, Simko Aranbayev.
Horvath & Tremblay Negotiates $7.2M Sale of Grocery-Anchored Retail Center in Wareham, Massachusetts
WAREHAM, MASS. — Horvath & Tremblay, a national brokerage firm based in metro Boston, has negotiated the $7.2 million sale of Wareham Marketplace, a 35,247-square-foot retail center located about 70 miles south of Boston. German discount grocer Aldi anchors the newly constructed property. Other tenants include Dollar Tree, AutoZone, Wendy’s and Mattress Firm. The pad sites occupied by the latter three tenants were not part of the sale and are being marketed separately. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the seller and procured the buyer in the deal.