SHENANDOAH, TEXAS — Urban Air Trampoline & Adventure Park will open a 37,000-square-foot venue at Sam Moon Center in Shenandoah, a northern suburb of Houston. The venue will offer trampoline activities, indoor skydiving, ropes courses, climbing walls and a café. Michael Stern of Edge Realty Partners represented Urban Air in the lease negotiations. Steve Greenberg and Kendall Isben of The Retail Connection represented the landlord, Sam Moon Group. The opening is slated for July.
HURST, TEXAS — JLL has arranged the sale of a 13,900-square-foot retail property located at 340 Grapevine Highway in the eastern Fort Worth metro of Hurst. Frost Bank owned and occupied the single-tenant property, which was purchased by Westover Hurst LLC. Pat McDowell and Todd Burnett of JLL represented Frost Bank in the sale. Mack House of The Westover Group represented the buyer. The sale includes the 2.1 acres of land surrounding the building.
CHICAGO — The Boulder Group has arranged the sale of a PNC Bank ground lease in Chicago for $4 million. The single-tenant property is located at 8700 S. Cottage Grove Ave. near I-94. There are 22 years remaining on the original 30-year PNC Bank ground lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an East Coast-based real estate partnership. Jon Busse of Colliers International represented the buyer, Burlingame Midland LLC. The new owner completed a 1031 exchange for the recent sale of a retail property occupied by Home Depot in Midland, Mich.
ST. PETERSBURG, FLA. — NorthMarq Capital has arranged a $15 million loan for Plaza Tower & Courtyard Shops, a 184,000-square-foot office and retail property located at 111 2nd Ave. N.E. and 201 1st St. N.E. in St. Petersburg. Bob Hernandez of NorthMarq arranged the seven-year loan with a 25-year amortization schedule on behalf of the undisclosed borrower. A local community bank provided the funding. The property is home to tenants such as Keller Williams Realty, LIG Marine and Gulfcoast Ultrasound Institute.
MERIDIAN, IDAHO — Pine Tree LLC, in partnership with a U.S. state pension fund, has acquired Meridian Crossroads, a 527,000-square-foot shopping center in Meridian, for $78.7 million. DDR Corp. sold the asset, located 11 miles west of Boise. The center is home to tenants such as PetSmart, Pier 1 Imports, Bed Bath & Beyond and Ross Dress for Less. Pine Tree is also working with Albertsons Cos. as they open Market Street Idaho, a 109,000-square-foot experiential grocery store. The new store is expected to open at Meridian Crossroads later this year.
HENDERSON, NEV. — NKF Capital Markets has arranged the sale of Galleria Commons, a 278,411-square-foot shopping center in Henderson. Rob Ippolito of NKF Capital Markets arranged the transaction on behalf of the seller, Brixmor Property Group. 3D Investments acquired the property for an undisclosed price. At the time of sale, Galleria Commons was fully leased to tenants such as T.J. Maxx, Stein Mart, Babies ‘R’ Us, Burlington, Dollar Tree, Tuesday Morning and Kirkland’s.
COMMACK, N.Y. — Island Associates has arranged the purchase of a retail property located at 6233 Jericho Turnpike in Commack. An undisclosed buyer acquired the property for $3.2 million. Situated on 1.9 acres, the site was a former car dealership and features a 15,000-square-foot building. The buyer plans to redevelop the property into a retail use. Roger Delisle of Island Associates represented the buyer, while Bruce Nelson of CBRE represented the undisclosed seller in the transaction.
UNION, N.J. — Marcus & Millichap has facilitated the sale of a retail property located at 1929 Morris Ave. in Union. A private investor sold the property for $1.1 million. The property features 7,360 square feet of retail space. Michael Lombardi and Marc Karlin of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
AUSTIN, TEXAS — Whole Foods Market 365 will open a 30,000-square-foot store within Saltillo, a 10-acre mixed-use development in east Austin. The concept joins retailers such as Tarka Indian Kitchen, Epoch Coffee and Stout Burgers & Beers at Saltillo, which is being jointly developed by Austin-based Endeavor Real Estate Group and Dallas-based Columbus Realty Partners. The store is scheduled to open during the second half of 2019 and will be the third 365 location in Texas.
MIAMI BEACH, FLA. — East End Capital and GreenOak Real Estate have acquired 555 Washington Avenue, an office and retail building in Miami Beach. EOSII at 555 Washington LLC, an affiliate of KBS Realty Advisors, sold the asset for $38 million, according to local media reports. Christian Lee and Jose Lobon of CBRE brokered the transaction. Designed by Miami-based architecture firm Arquitectonica, 555 Washington Avenue includes 44,000 square feet of Class A office space, 22,000 square feet of ground-level retail and an attached parking garage with 243 spaces. The office portion of the property was 85 percent leased at the time of sale to tenants such as Warner Music Group, Alacran Records and SKCP Fund Management. The retail portion houses tenants including CVS/pharmacy and Wells Fargo. Steven Hurwitz of CREC is handling the property’s office leasing, while Zach Winkler of JLL is overseeing the leasing of the building’s retail portion.
