HUTTO, TEXAS — Houston-based NewQuest Properties has begun construction on a two-building retail project that will add 15,560 square feet of new space to Hutto, a northern suburb of Austin. The project represents Phase II of Townwest Commons, a 32-acre retail center that is anchored by Lowe’s Home Improvement and fronts State Highway 79. Phase II of Townwest Commons is expected to be complete in early 2020.
WASHINGTON, D.C. — Calkain Cos. has arranged the $15 million sale of a triple-net-leased CVS property in Washington, D.C. The 8,754-square-foot building is located at 3323, 3325-3329 Connecticut Ave. NW, three miles north of downtown Washington, D.C. The building first served as a pharmacy in the 1950s before being converted to a CVS in 1990. Jonathan Hipp and Rick Fernandez of Calkain represented the seller, an undisclosed family trust, in the transaction. The buyer was a private investor completing a 1031 tax-deferred exchange.
OCEANSIDE, CALIF. — Monro Mission Square LLC has purchased Mission Square, a shopping center located in downtown Oceanside, for an undisclosed price. Located at 1002-1064 Mission Ave. and 306-326 N. Horne St., the 161,373-square-foot asset was 98 percent occupied at the time of sale. Current tenants include Walmart Neighborhood Market, 99 Cents Only, Auto Zone, Chase Bank and Harbor Freight Tools. Bill Barnett and Doug Hogan of Colliers International, along with Pacific Development Capital, represented the seller, Los Angeles-based Ona Mission Partners, and the buyer in the transaction. The new owner plans to continue regular operations of the retail center and retain Colliers International to handle leasing efforts.
NEW YORK CITY — Cushman & Wakefield, has negotiated a 5,500-square-foot retail lease for French beauty product chain Sephora in downtown Brooklyn. The retail space is located within the Atlantic Terminal Mall, across from the Barclays Center. The new store is scheduled to open in October. Brandon Singer, Ian Lerner, Alan Schmerzler and Diana Boutross of Cushman & Wakefield represented the landlord, New York-based Madison International, in the lease negotiations. Virginia Pittarelli of Crown Retail Services represented Sephora.
DENVER — Cushman & Wakefield has facilitated the sale of 1925 Blake Street, a 129-year-old mixed-use building in Denver’s Lower Downtown neighborhood. The property traded for $6.4 million, or $418 per square foot. The names of the seller and buyer were not released. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver Capital Markets group handled the transaction. Originally constructed in 1890 as a warehouse, the three-level building was converted into an office building in 1934. At the time of sale, the 15,375-square-foot building was fully leased to four tenants.
LOS ANGELES — Marcus & Millichap has arranged the sale of a retail and creative office building located at 6721 Melrose Ave. in Los Angeles’ Melrose district. A limited liability company sold the property to another limited liability company for $3.2 million, or $1,067 per square foot. Situated on 7,091 square feet of land, the 3,046-square-foot building was delivered vacant. The property offers the redevelopment potential and utilize the current C4 zoning. The asset features 14 parking spaces. Brandon Michaels of Marcus & Millichap’s Encino, Calif., office represented the seller and the buyer in the deal.
KANSAS CITY, MO. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has opened its new flagship retail banking center and home office in the Crossroads Arts District of Kansas City. The 4,214-square-foot branch is located at 1881 Main St. It occupies the first floor of the standalone building adjacent to Corrigan Station. The bank shares an outdoor courtyard space with neighboring businesses, including The Roasterie and WeWork. In addition to ATM and mobile services, Academy Bank in the Crossroads features walk-up video banking, enabling customers to speak with a video banker during extended hours. Academy Bank plans to open two more Kansas City-area locations this year. In August, it opened an Overland Park branch.
EAST TROY, WIS. — Consolidated Tomoka Land Co. has purchased the Alpine Valley Music Theatre in East Troy for $7.5 million. The amphitheater can accommodate up to 37,000 people and includes a 7,500-seat pavilion and extensive green space. Live Nation Entertainment Inc. occupies the property on a net-lease basis. There are approximately 11 years remaining on the lease. Zilber Property Group sold the venue, according to the Milwaukee Business Journal.
WEST ALLIS, WIS. — Mid-America Real Estate Corp. has brokered the sale of West Allis Center in Wisconsin for $18.1 million. The 259,962-square-foot shopping center, built in 1964, is located along the 108th Street retail corridor, four miles southwest of downtown Milwaukee. Tenants include Pick ‘n Save, Kohl’s, Marshalls, HomeGoods, BMO Harris Bank and Walgreens. Ben Wineman and Dan Rosenfeld of Mid-America represented the seller, Ohio-based Retail Value Inc. Tennessee-based GBT Realty Corp. purchased the asset.
ARLINGTON HEIGHTS, ILL. — Tropical Smoothie Cafe, a fast-casual concept known for its smoothies and tropical food, is opening its 800th location. The restaurant, located at 115 W. Rand Road in Arlington Heights, is set to open this Friday, Sept. 6. Tropical Smoothie Cafe has grown at a rapid pace this year, opening its 750th location in May. Existing franchisee Hani Halloun, along with first-time franchisees Edward Joubran and Martin Khoshaba, will own and operate the new Arlington Heights location. There are currently seven Tropical Smoothie Cafe locations in the Chicago market, with 18 more in the pipeline.
