BROOKLYN PARK, MINN. — Marcus & Millichap has arranged the $2.6 million sale of a 17,927-square-foot shopping center in Brooklyn Park, a northwestern suburb of Minneapolis. Jefferson Plaza is located at 8501-8511 Jefferson Lane North. Mike Marzinske, Matthew Hazelton, Adam Prins, Sean Doyle and Cory Villaume of Marcus & Millichap represented both parties in the transaction. Both the buyer and seller were private investors.
ST. PAUL, MINN. — Bloom Commercial Real Estate has arranged the sale of a 25,000-square-foot retail building in St. Paul. Salvation Army purchased the building for an undisclosed price and will occupy the space. M and J Investments LLC was the seller. The property is situated on two acres and is located at 1905 Suburban Ave. Josh Bloom and Tim Bloom of Bloom Commercial Real Estate represented the seller in the transaction. The Salvation Army was self-represented in the deal.
COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the $35 million sale of Woodmen Commons, a 156,010-square-foot regional power center in Colorado Springs. Garrette Matlock of Marcus & Millichap and Ryan Bowlby of The Matlock Group represented the seller, Rosenbaum-Dean, and procured the buyer, a private investor, in the transaction. The property is home to tenants including Sam’s Club, Bed Bath & Beyond, Marshalls, Dressbarn, Jared, Kirkland’s and Sketchers.
EULESS, TEXAS — The Boulder Group, a net lease investment brokerage firm, has completed the $2.7 million sale of a single-tenant Panera Bread ground lease located at 2911 Highway 121 in Euless. The newly constructed Panera Bread is an outparcel to the 194-acre Glade Parks development. Glade Parks’ tenants include Belk, Dick’s Sporting Goods, Dave & Busters, Michael’s and other national retailers. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and the purchaser in the transaction. The purchaser was a private investor from Florida utilizing a 1031 tax-deferred exchange, and the seller was a Midwestern developer. The Panera Bread ground lease is for 15 years and features 10 percent rental escalations every five years.
ORLANDO, FLA. — InvenTrust Properties Corp. has acquired Rio Pinar Plaza, a 124,283-square-foot, Publix-anchored shopping center in Orlando, for $34 million. The recently renovated property was fully leased at the time of sale. The shopping center is located at 401 S. Chickasaw Trail near the Florida Hospital East Orlando. As of Sept. 30, InvenTrust Properties, a self-managed REIT, owned 128 multi-tenant retail properties, including 18 joint venture assets, comprising 19 million square feet of retail space in 24 states.
JACKSONVILLE, FLA. — Colliers International’s Northeast Florida office has brokered the $4.4 million sale of a 105,737-square-foot Kmart located at 9600 San Jose Blvd. in Jacksonville. Atlantic Mini-Storage of America Inc. purchased the retail property from Jacksonville KM LLC. Jason Ryals and Gary Montour of Colliers represented the buyer in the transaction.
PHOENIX — CBRE has arranged the $24.8 million sale of Village Center, a 171,129-square-foot shopping center located in Phoenix. Jesse Goldsmith, Steve Julius, George Good and Christian Williams of CBRE negotiated the sale. Camino Verde Center LLC acquired the property from an undisclosed seller.
MISSION VIEJO, CALIF. — NorthMarq capital has arranged $9.8 million in acquisition financing for Los Alisos Village, a 31,401-square-foot retail center located in Mission Viejo. David Blum and Nathan Prouty of NorthMarq arranged the transaction, which was structured with a three-year, interest-only loan.
SUGAR LAND, TEXAS — Alamo Drafthouse Cinema will open a new location in the Imperial Market development located in Sugar Land known as Alamo Drafthouse Cinema at Imperial Market. Imperial Market is an 850,000-square-foot mixed-use lifestyle center slated to open in the summer of 2017. Located at the historic home of the original Imperial Sugar Co. refinery, the development will retain a number of the architectural features of the building, which dates back to 1843. Construction will begin on the nine-screen theater in 2016 as part of a newly constructed, two-story retail building. Developed by Imperial Market LLC, the mixed-use development will feature a 274-unit apartment complex, 106,000 square feet of Class A office space and a 185-room hotel. Amenities will include the new Fort Bend Children’s Discovery Center, which is affiliated with the Houston Children’s Museum, the Sugar Land Heritage Foundation and more than two acres of greenery and park space. The development will also include 275,000 square feet of retail space.
MISSION, TEXAS — In an off-market transaction, NewQuest Properties has acquired its first commercial property in the Rio Grande Valley, picking up a 99,424-square-foot Big Kmart on nearly 11 acres along the most heavily traveled route between McAllen and Monterrey, Mexico. The site is located at the northeast corner of Expressway 83/I-2 and South Bryan Road in Mission, used by more than 2.2 million vehicles per year in cross-border travel. NewQuest has purchased the property at 1405 E. Expressway 83 in Mission from Los Angeles-based Tishman International Cos. Meredith McLeod-Cobb and Michael McLeod-Cobb of Champions RE Group sourced and negotiated the off-market deal. Tishman was represented internally in the transaction. Developed in 1992, the Kmart is located six miles north of the Anzalduas International Bridge, a four-lane, three-mile span connecting Mission to Reynosa, Tamaulipas. NewQuest’s first investment in the region is situated at the western edge of the McAllen MSA, the retail crossroads for South Texas and Northern Mexico.