LAS VEGAS – M&M World Las Vegas has completed a $4.7-million renovation. The 31,056-square-foot building is located at Showcase Mall on the Las Vegas Strip. DC Building Group remodeled all four floors of the attraction. M&M World features a new NASCAR display with a full-size NASCAR race car replica and a new M&M Color Wall with a colored candy tube ceiling. Construction commenced in late 2012. FITCH served as the architect. The building is owned by MARS.
SUGAR LAND AND SPRING, TEXAS — Marcus & Millichap has arranged the sale of two properties in metro Houston. In the first transaction, the firm arranged the sale of The Crossing at Telfair Commons, a shopping center in Sugar Land. Justin Miller and Derek Hargrove marketed the property on behalf of the seller, a local developer. Miller and Hargrove also secured the buyer, a limited liability company. The Crossing at Telfair Commons is located at 520 Highway 6. It is shadow-anchored by an HEB grocery store and adjacent to Chuy’s Mexican Food and Whataburger. In the second transaction, Marcus & Millichap arranged the sale of Ace Hardware, a 15,500-square-foot, net-leased property located in Spring. Jerry Goldstein and Kelley Workman of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Goldstein secured and represented the buyer, a partnership. Ace Hardware is located at 9001 Spring Cypress.
HOUSTON — The San Diego and Houston offices of Colliers International have arranged the sale of a 10,125-square-foot, single-tenant retail property located at 959 Bay Area Blvd. in Houston for $4.7 million. A CVS that has 11 years reaming on its 22-year lease occupies the property. Jon Busse and Charles Herder of Colliers International represented the seller, Burlingame Gulf LLC. David Wells of Wells Net Lease Group and JRW Realty represented the buyer, Exchange Right Real Estate LLC. The buyer is a tenant in common entity that specializes in the acquisition of single tenant, net-leased properties.
LIBERTYVILLE, ILL. — Quantum Real Estate Advisors has brokered the $2.2 million sale of a multitenant retail building located at 200-218 S. Milwaukee Ave. in Libertyville. Shepard Square is fully leased to tenants Randstad, @Properties, Pizza Italia, Bite 9, Village Cleaners and Lovely Nails. A Lake Bluff, Ill.-based real estate investor purchased the property. A Chicago-based private real estate investor purchased the property. Chad Firsel of Quantum Real Estate Advisors was the sole broker in the transaction.
FOREST LAKE, MINN. — Marcus & Millichap has arranged the $1.3 million sale of TNC Mini Storage, a 40,000-square-foot, 203-unit self-storage facility located in Forest Lake. TNC Mini Storage is a two-property self-storage facility separated into two parcels that are located less than one-half mile from each other. The facility was 96 percent occupied at the time of sale. Adam Haydon and Adam Schlosser of Marcus & Millichap represented the seller, a private investor, and the buyer, another private investor.
COLUMBUS, GA. — Charleston, S.C.-based Ziff Properties has purchased St. Francis Marketplace, a 62,535-square-foot shopping center located in Columbus, for $6.6 million. The property was 98 percent leased at the time of sale to tenants such as Starbucks Coffee, Planet Fitness, Rent a Center, Peluso’s and The Yogurt Shoppe. The asset, which was constructed in 1971 and renovated in 1994, is located directly across from St. Francis Hospital. Ziff Properties acquired the property from Woodruff Real Estate. Craig Taylor of CBRE’s Atlanta office represented Ziff in the transaction.
PFLUGERVILLE, TEXAS — The Net Leased Investment Group for Coldwell Banker Commercial has arranged the sale of Pflugerville West Shopping Center in Pflugerville. The 67,149-square-foot shopping center was 89 percent leased at the time of the sale. Parker Carroll of Coldwell Banker Commercial represented the seller, Retail Pflugerville Partners, in the transaction. The buyer was not named.
NILES, ILL. — The Boulder Group has arranged the $9.7 million sale of a single-tenant, trophy Walmart ground lease in Niles, a suburb north of Chicago. The property is located at 5630 W. Touhy Ave. The property was sold at the lowest cap rate ever recorded for a single-tenant Walmart property transaction above $5 million, according to Real Capital Analytics. The Walmart anchors Pointe Plaza, a 330,000-square-foot development that features Ross Dress For Less, Walgreens, Fresh Farms International Market, Dress Barn and Babies R’ Us. Walmart has approximately nine years remaining on its ground lease, which expires Feb. 29, 2024. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based high-net-worth investor who purchased the property in a 1031 exchange. Blankstein and Goodman also represented the seller, a Midwest-based investment company.
TAYLOR, MICH. – Art Van Pure Sleep has signed a 4,000-square-foot lease at Eureka Plaza in Taylor. The property is located at the southeast corner of Eureka Road and Pardee Road, across from the Southland Center Mall. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the landlord and tenant in the transaction. The new Pure Sleep is anticipated to open this summer.
GLEN MILLS, PA. — HFF has arranged $60 million in financing for Concordville Town Centre, a retail center located at 101 Byers Dr. in Glen Mills. HFF secured the long-term, fixed-rate mortgage through an institutional insurance company for the borrower, Brandolini Cos. Consisting of 12 buildings, the 397,188-square-foot center is 99.3 percent occupied by a variety of tenants, including The Home Depot, Acme Markets, Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci’s. Ryan Ade led the HFF team that secured the financing for the borrower.