CLEVELAND — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail building occupied by Dollar General in Cleveland for $1.6 million. The property, located at 3040 Fulton Road, spans 7,489 square feet. Jack Farritor of Quantum represented the seller, a national developer based in Alabama. A Los Angeles-based institutional investment firm was the buyer. Dollar General has 15 years remaining on its lease.
INDIO, CALIF. — Red Mountain Group has purchased Indio Towne Center, a regional power center located at 42100 Jackson St. in Indio, for an undisclosed price. WinCo Foods, The Home Depot, 24 Hour Fitness, Party City, Petco, CVS/pharmacy, Taco Bell, KFC, Panda Express, Jack in the Box, McDonalds, Subway and Starbucks Coffee are tenants at the 560,000-square-foot center. The property also features a recently vacated 46,827-square-foot Toys R Us storefront and an undeveloped anchor building and shop pads, which will support an additional 141,000 square feet of building area. While in escrow, Red Mountain Group signed leases with Marshalls and Burlington. Bill Bauman and Kyle Miller, formally of Savills Studley, brokered the transaction.
IRVINE, CALIF. — Irvine Co. has completed a $200 million reinvestment at Irvine Spectrum Center, a shopping, dining and lifestyle property located at 670 Spectrum Center Drive in Irvine. The capital improvements program included new store openings, extensive outdoor renovations and enhanced restaurant and entertainment options at the 1.2 million-square-foot shopping center. The following 15 tenants are slated to open Aug. 18, 2018: Apple Irvine Spectrum Center Hello Kitty Café H&M STANCE Gorjana 85°C Bakery Café BLKdot Coffee Afters Ice Cream Concrete Rose Falasophy Robata Wasa SoHa Living The Denim Lab Ra Yoga UnAffected Additionally, Brigade LA, Drybar, Sephora and SST&C will join Irvine Spectrum Center later this year.
FARMINGTON HILLS, MICH. — Encore Real Estate Investment Services has arranged the sale of a 5,000-square-foot retail property net leased to Sherwin Williams in Farmington Hills. The sales price was not disclosed. Sherwin Williams has 6.5 years left on its lease. Matt Weber, Deno Bistolarides, Brandon Hanna and Ryan Vinco of Encore represented the seller, a California-based limited liability company. A California-based private investor purchased the asset.
NASHUA, N.H. — NKF Capital Markets has brokered the sale of Royal Ridge Center, a 220,000-square-foot shopping center in Nashua. The center is located just across the Massachusetts border within New Hampshire’s tax-free shopping environment. The buyer and sales price were not disclosed. Justin Smith and Robert Griffin of NKF Capital Markets represented the seller, O’Connor Capital, in the transaction. Royal Ridge Center is currently 100 percent occupied by a national tenant roster that includes Shaw’s, Marshalls, HomeGoods, PetSmart and Sierra Trading Post.
FRANKLIN PARK, N.J. — Marcus & Millichap has arranged the $12.7 million sale of Somerset Plaza Shopping Center, a 67,530-square-foot retail center in Franklin Park, located about 40 miles south of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. The buyer was a local private investor. The tenant roster at the center includes Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.
TERRELL, TEXAS — A partnership between South Carolina-based RealtyLink and Dallas-based Oakridge Investments is underway on the construction of Crossroads at Terrell, a 190,000-square-foot retail development in Terrell, about 28 miles east of downtown Dallas. The property will be anchored by a 74,000-square-foot Film Alley Movie Entertainment Center that is scheduled to open in 2019. New tenants including Hobby Lobby, Ross Dress for Less, Five Below, Chick-fil-A and Rack Room Shoes are slated to open at the development in spring 2019. Andrew Lehner of CBRE is marketing the property on behalf of the developers.
RIALTO, CALIF. — Lewis Retail Centers, part of the Lewis Group of Companies, has opened the first portion of Renaissance Marketplace, a 430,000-square-foot shopping, dining and entertainment center located off the 210 Freeway in Rialto. Anchored by a 13-screen Cinemark Theatres, a 38,000-square-foot 24 Hour Fitness and a 43,000-square-foot Burlington, the center features modern architecture, tenanting and marketing specifically for today’s millennials. Additional signed tenants include The Habit, California Fish Grill, Ahi Poke Bowl, Pho ’77, Panera Bread and Septembers Taproom and Grill, Five Below, Ross Dress for Less and a Grocery Outlet. Currently, six tenants are open, and an additional 26 tenants are scheduled to open in September.
YORBA LINDA, CALIF. — CBRE has brokered the sale of The Shops at Yorba Linda, a three-building center located at 4846-4854 Valley View Ave. in Yorba Linda. Solana Beach-based Midtown National Group sold the property to Los Angeles-based San Jose Central Travel for $7.8 million. At the time of sale, the property was fully occupied by a mix of quick-serve restaurants, service tenants, unique retailers and a Dunkin Donuts drive-thru. Sam Alison, Mike Philbin, Amar Goli and Patrick Larimore of CBRE represented both the seller and buyer in the transaction.
DELAWARE COUNTY, OHIO — Blue Horseshoe Ventures has unveiled plans to build a $10 million stadium dedicated to e-sports at its Planet Oasis project in Delaware County. The 30,000-square-foot, multi-level arena will be designed to host every form of competitive gaming and will feature a competition stage; 50-foot LED video wall; VIP lounges; a broadcast center and production studio; gamer-inspired menu; e-sports exhibition show matches; and a vintage video game cocktail bar. The new facility will be one element of the $2 billion Planet Oasis project, which Blue Horseshoe first announced in July. At full build-out, Planet Oasis will span 350 acres and will feature attractions such as indoor skydiving, electric go-karts, virtual golf, bowling, laser tag, indoor waterpark, at least 15 hotels, more than 75 restaurants, a health and wellness resort and a conference center. Blue Horseshoe expects to break ground on the project in December, with a planned opening date of December 2019 for the first 45 percent of the development, according to David Glimcher, CEO and principal of Blue Horseshoe.