LANHAM, MD. — KLNB Investment Sales Group has arranged the sale of Enterprise Plaza Shopping Center, a retail property situated on 16.7 acres in Lanham, a suburb of Washington, D.C. An affiliate of Combined Properties sold the asset to East Coast Acquisitions for an undisclosed price. Aldi and T.J. Maxx anchor the 190,211-square-foot property. Aldi recently exercised a five-year renewal option on its lease to extend its occupancy until 2023. Additional tenants include Verizon Wireless, Advance Auto Parts, Dollar Tree, SunTrust Bank, Shell, Taco Bell and Wendy’s. Andy Stape and Vito Lupo of KLNB Investment Sales represented the seller and procured the buyer. Matt Skalet and Matt Copeland of KLNB were retained by the buyers as the leasing agents for the property, which is the buyer’s first acquisition in the Mid-Atlantic region.
FARMINGTON, UTAH — Best Buy has opened its first new U.S. store in seven years at Station Park in Farmington. The 36,000-square-foot retail property features a variety of appliances, premium audio and home theater technology, and other products. The store employs 91 people and plans to hire additional employees for the holiday season. The company operates more than 1,000 stores across the United States, Canada and Mexico.
TETERBORO, N.J. — Hanley Investment Group Real Estate Advisors has negotiated the $37.4M sale of a Walmart ground lease in Teterboro. Ed Hanley of Hanley Investment Group represented the seller, Catellus Development Corp., in the transaction. The buyer was a 1031 exchange private investor. Located at 1 Teterboro Landing Drive, the 159,542-square-foot property was built in 2015. The building is located within the fully leased Teterboro Landing shopping center, which includes a tenant roster of Costco, Chipotle Mexican Grill, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chick-fil-A, CityMD Urgent Care, European Wax Center, GNC, Habit Burger Grill, KicksUSA, Panera, Petco, Texas Roadhouse, The Halal Guys, and T-Mobile.
PEORIA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.7 million non-recourse loan for the acquisition of an 82,229-square-foot retail center in Peoria. Schnucks grocery store anchors the property with a 20-year lease. Robert Bhat of MMCC arranged the loan that features a 75 percent loan-to-value and two years of interest-only payments followed by a 30-year amortization schedule. Brett Chetek, Chris Garavaglia and Alex Perez of Marcus & Millichap represented the seller and procured the buyer. The sales price was $18.2 million.
NEW CANEY, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Brookshire Brothers Shopping Center, a 55,944-square-foot retail asset in New Caney, a northern suburb of Houston. The five-mile radius around the property, which is anchored by a 42,000-square-foot Brookshire Brothers, has seen its population increase by more than 25 percent since 2010. Daniel Wenz of STRIVE represented the Florida-based seller in the transaction and procured the local buyer. Both parties requested anonymity.
LAS VEGAS — Houston-based Weingarten Realty has completed the sale of Tropicana Beltway Shopping Center, a retail property located in Las Vegas. Affiliates of San Francisco-based The Krausz Cos. acquired the property for $59 million. Mark Lucescu of Lucescu Realty represented the seller and procured the buyer in the deal. Walmart Supercenter, Lowe’s, Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only (featuring a grocery department) and Pier 1 Imports anchor the 617,821-square-foot shopping center. At the time of sale, the property was 99.7 percent occupied. Additional tenants include Applebee’s, Bank of America, IHOP, Panera Bread, Chase Bank, Pacific Dental Services, Chipotle, Del Taco, Leslie’s Pool Supplies, Panda Express, T-Mobile, Club Pilates, Cricket Wireless, Sally Beauty Supply, Starbucks Coffee, MetroPCS, Subway, The UPS Store, GNC, GameStop, Sport Clips and The Joint Chiropractic. Neither Walmart Supercenter or Lowe’s Home Improvement Warehouse were included the in the sale.
ROSEBURG, ORE. — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $2 million in financing for Newton Creek Center, a retail property located in Roseburg. Ken Griggs, Paddy Ryan and Bryant Bushnell of NBS Financial arranged the fixed-rate, non-recourse funding for the undisclosed borrower. A correspondent life company of NBS Financial provided the funding. The perm loan financing was structured with a 15-year term and a 25-year amortization, with rate reset options every five years. Built in 2004, Newton Creek Center is a two-building, 13,717-square-foot retail property. At the time of financing, the property was 100 percent occupied. Tenants include Batteries Plus Bulbs and Edward Jones.
TERRELL, TEXAS — RealtyLink LLC, a developer specializing in retail and restaurant properties, has unveiled the latest round of tenants that will open stores at Crossroads at Terrell, a 270,000-square-foot center being developed about 30 miles east of Dallas. The newest retailers, which are expected to open their stores during the third quarter of 2019, include Petco, GoWireless and Sport Clips. Previously announced tenants at the center include Hobby Lobby, Five Below, Marshalls and Rack Room Shoes. CBRE is marketing the center for lease.
TEXAS CITY, TEXAS — On Nov. 12, Houston-based Edifis Group will reopen Palmer Plaza, a 95,295-square-foot shopping center in Texas City, about 40 miles southeast of Houston. In 2016, Edifis Group purchased the property, which was originally built in 1987, and upgraded its landscaping, decorative lighting and signage. New and future tenants at the redeveloped center include Aldi, Ross Dress for Less and Chick-fil-A.
ATLANTA — Morehouse School of Medicine (MSM) and Carter, an Atlanta-based developer, have broken ground for the first phase of Lee Street Campus, a $52 million mixed-use development in Atlanta’s Historic West End. The $52 million development will include MSM’s first on-campus graduate student housing, offering 187 units in a mix of studio, one- and two-bedroom layouts; a 25,000-square-foot ambulatory health facility; 9,000-square-foot fitness/wellness center; 2,500 square feet of retail space; and a four-level parking deck at the corner of Lee Street and Westview Drive. The ownership joint venture for the project includes equity investments by MSM, Carter and Campus Life Fund, sponsored by Atlantic American Partners. Patterson Real Estate Advisors Group secured construction financing, which was provided by First Citizens Bank. Construction is slated for completion in time for the 2020 school year.