ORANGE, CALIF. — Coldwell Banker Commercial (CBC) Advisors has arranged the $4 million sale of a two-story, single-tenant retail building located in the historic Orange Circle in Orange. An undisclosed local private investor acquired the 7,350-square-foot property, located adjacent to Wells Fargo. Scott Hook of CBC represented both the undisclosed seller and the buyer in the transaction.
CHICAGO — Mid-America Real Estate Corp. has brokered the $150 million sale of a five-property retail portfolio in Chicago known as the Smithfield Chicago Urban Portfolio. Chicago-based Acadia Realty Trust purchased the properties from Chicago-based Smithfield Properties. The assets included State & Washington Shops, with a tenant roster that includes Nordstrom Rack and H&M; 151 N. State St., a flagship Walgreens store at the corner of State and Randolph streets; North & Kingsbury Center, which is leased to Old Navy, Pier 1, Blick Art Materials and Modani Furniture; California & Armitage Shops, leased to PNC Bank, 7-Eleven, The UPS Store, Sally Beauty Supplies and Athletico; and Milwaukee & Concord Shops, leased to 7-Eleven, The UPS Store and Kriser’s. Joe Girardi and Stan Nitzberg of Mid-America Real Estate represented Smithfield Properties in the transaction.
AUSTIN, TEXAS — CIM Group and Seaholm Power LLC have sold the Seaholm Power Plant mixed-use development located at the southwestern edge of downtown Austin. The centerpiece of the project is the 126,000-square-foot, repurposed power plant constructed in the 1950s. The redeveloped Seaholm Power Plant includes four floors of office space designed for its major tenant, athenahealth. Boiler Nine Bar + Grill, a 10,000-square-foot restaurant spanning all four levels, is also part of the redevelopment. Boiler Nine’s concept at Seaholm includes Deck Nine Observatory Bar, a rooftop bar with views of Austin and Lady Bird Lake, and The Boiler Room, a den located on the lowest level of the power plant near the original boiler room. The five acres surrounding the power plant have been redeveloped into a mixed-use space with a 1.5-acre public plaza and multifamily residences. The property also includes a 68,000-square-foot office building and 33,000 square feet of ground-floor retail space anchored by a Trader Joe’s. Construction began on the Seaholm Power Plant project in April 2013, with athenahealth opening its doors in February 2015.
DRIPPING SPRINGS, TEXAS — Shop Cos. Investment Sales has brokered the sale of a Deep Eddy Vodka distillery in Dripping Springs. The 27,724-square-foot, net-leased distillery also serves as a tasting room and an events center. Located 25 miles southwest of downtown Austin, the property fronts West Highway 290 and is near Ranch Road 12. At the time of closing, there were over 17 years remaining on an original 20-year net lease with two, five-year renewal options. Heaven Hill Brands acquired Deep Eddy Vodka in September 2015. Tommy Tucker and Tim Axilrod of Shop Cos. represented the seller, an Austin-based limited liability company. A California-based limited liability company was the buyer.
SMYRNA, TENN. — Carolina Holdings Inc. has closed on a 10-acre site along Sam Ridley Parkway in Smyrna between Academy Sports + Outdoors and Lowe’s Home Improvement. Three retailers — Hobby Lobby, TJ Maxx and Five Below — will occupy the site. The development team for the retail development includes Nashville-based civil engineer Ragan Smith, Nashville-based general contractor Crain Construction and Greenville, S.C.-based architect COR3 Design. United Community Bank provided construction financing for the project. Hobby Lobby is expected to open in the spring, and TJ Maxx and Five Below to open shortly thereafter.
MARLTON, N.J. — Marcus & Millichap has arranged the sale of a 6,387-square-foot net-leased Wawa property, located at 250 Route 70 West in Marlton, for $7.02 million, which represents a cap rate of 4.46 percent. Josh Ein, Dean Zang and Mark Taylor of Marcus & Millichap had the exclusive listing to market the property on behalf of the preferred developer. The buyer, a partnership, was secured and represented by Alan Cafiero and Ben Sgambati of Marcus & Millichap as one of a series of 1031-exchange purchases represented by the agents. The property is in a new 20-year triple-net lease with 19 years remaining. Per CoStar, the 4.46 cap rate is the lowest cap rate for any Wawa across the nation.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Shops at Overlook located at 26108 Overlook Parkway in San Antonio. Built in 2008 on a 5.1-acre lot, the two-building, 54,000-square-foot shopping center occupies the corner of Overlook Parkway and Canyon Golf Road. Tenants at Shops at Overlook include MedFirst Primary Care, Canyon Springs Dental, Anytime Fitness, Sam Martin Orthodontics and Jack Brown Cleaners. SACA’s Brent Smith and Bradley Suttle marketed the property on behalf of the seller, Frater USA LLC, and procured the buyer, Omni Group LLC.
AUSTIN, TEXAS — Manchester Texas Financial Group, the developer of the Fairmont Austin, has unveiled a design that will be built between the hotel and Austin Convention Center. Known as the Red River Street Canopy Walk, the 33-foot elevated connection will enable Fairmont Austin hotel guests and the public to cross Waller Creek while traveling to and from the second level of the Austin Convention Center. The walkway will also be publicly accessible from the Waller Creek Trail and streets below. Construction recently began on underground infrastructure for the project. Work on the above-ground connection is slated to start in early 2017 and wrap up in May 2017. Manchester Texas Financial worked with the Waller Creek Conservancy to create the concept. New York-based Thomas Phifer and Partners designed the walkway. Austin-based dwg. is serving as the local landscape architect, and Big Red Dog is the project’s civil engineer.
HOUSTON — US Property Trust has acquired South Main Shopping Center in Houston. Shadow anchored by Target, South Main’s tenants include Chase Bank, FedEx, Schlotzsky’s, T-Mobile, Papa John’s, State Farm and Wing Stop. The 17,233-square foot property is located on Main Street near NRG Stadium, the Houston Medical Center and Rice University. Tom Clarkson of West Star was the broker for the transaction. Orr Commercial was the seller.
WEST SAINT PAUL, MINN. — Marcus & Millichap has brokered the $3.9 million sale of Wentworth Plaza, a 12,793-square-foot retail property located at 1590 S. Robert St. in West Saint Paul. National retailers occupy about 75 percent of Wentworth Plaza. Matthew Hazelton, Sean Doyle, Cory Villaume and Adam Prins of Marcus & Millichap’s Minneapolis office represented the seller, a regional developer/owner, in the transaction. The team also secured the buyer, a limited liability company.
