PHOENIX – The Pizza Studio has opened a 2,111-square-foot location in Phoenix. This is the restaurant’s second location in the valley and fourth in Arizona. It is located at 2375 E. Camelback Road. The landlord, Hines, was represented by DTZ’s Brent Mallonee.
NORTH MYRTLE BEACH, S.C. — Greenville, S.C.-based RealtyLink LLC and Atlanta-based Branch Properties LLC have completed Coastal North Town Center, a $60 million retail power center in North Myrtle Beach. The 315,000-square-foot center opened 88 percent leased to tenants such as Publix, Hobby Lobby, TJ Maxx, Ross Dress for Less, Dick’s Sporting Goods, PetSmart, Ulta Beauty, Rack Room Shoes, Versona, Edison’s Fitness, Hallmark, Dickey’s BBQ, Coastal North Vision Care, CC Nails, Supercuts, Which Wich, Coastal Olive Oil, McAlister’s Deli, Chipotle, Mattress Firm, Heartland Dental, B Fashion, Menchie’s, Bojangles’ and Bou’Tiki. Coastal North Town Center is the trade area’s largest retail shopping center completed in nearly 15 years. As part of the joint venture agreement, RealtyLink is responsible for development, financing and leasing, while Branch serves as the equity partner and ongoing property manager.
ALEXANDER CITY, ALA. — Wheeler Real Estate Investment Trust (Wheeler REIT) has entered into Alabama with its $10.3 million purchase of Alex City Marketplace in Alexander City, roughly 40 miles northwest of Auburn. The 147,791-square-foot grocery-anchored shopping center was 98.3 percent leased at the time of sale to tenants such as Winn Dixie, Dollar Tree, Goody’s, Domino’s Pizza, Verizon Wireless, Advance America, Subway and Cato Fashion. The shopping center was built in 1995 and renovated in 2001.
COLUMBUS, GA. — America’s Realty, in partnership with ARCJ Capital, has purchased Fountain Park Shopping Center, a 107,105-square-foot grocery-anchored shopping center in Columbus. America’s Realty purchased the asset from Phillips Edison and Co. for approximately $5 million. The asset was 89 percent leased at the time of sale to tenants such as Winn Dixie, Dollar Tree, Gallery Wedding, China Café, Golden Beauty, Q Nails, Veri Best Donut and Farmers Home Furniture. The property is the fifth shopping center that America’s Realty has purchased in Georgia.
FORT WORTH, TEXAS — Construction has begun on EECU Credit Union’s 14th location in metro Dallas, which will be known as the Heritage Trace branch. Plans call for the 2,800-square-foot building, which will be smaller than other EECU branches, to use new technologies to make the most of the space. The facility will include video conferencing stations for members to chat with specialists as well as a self-service bar where members can complete simple transactions on tablets. The Hillwood development will be located in Alliance Town Center. The credit union expects to complete construction on the branch in August, and will follow with a grand opening. The branch will feature drive-thru banking, an ATM and night depository.
NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.
AUSTIN, TEXAS —Marcus & Millichap has arranged the sale of Star Center, a 20,000-square-foot retail property located in Austin. Michael Buckner and Richard Mireles, investment specialists in Marcus & Millichap’s Austin office, marketed the property on behalf of the seller, a partnership. Buckner and Mireles also secured the buyer, The Blood & Tissue Center of Central Texas. Star Center is located at 3110 W. Slaughter Lane.
SAN DIEGO – A 9,157-square-foot retail portfolio in the San Diego submarket of Pacific Beach has sold to Dayani Partners for $4.6 million. The property is located at 1036-1038, 1757-1765 and 1775 Garnet. It includes five bungalows adjacent to the PB Fish Shop and an additional parcel several blocks to the west. Kipp Gstettenbauer and Ryan King represented both the buyer and seller in this transaction.
CRANFORD, N.J. — Marcus & Millichap has brokered the sale of Cranford Square, a retail property located on South Avenue in Cranford. Situated on 2.2 acres, the two-building asset features 34,573 square feet of retail space. Michael Lombardi, Robert Angus and Julienne Pape of Marcus & Millichap represented the seller, a private investor, while Lombardi and Angus represented the undisclosed buyer in the transaction.
BUFFALO AND SOUTH WALES, N.Y. — Hanley Investment Group has brokered the sale of four triple-net-leased 7-Eleven stores in Buffalo and South Wales for a combined total of $3 million. In Buffalo, a Tacoma, Wash.-based private investor purchased two 7-Eleven stores from a Buffalo-based investor. The 2,835-square-foot property at 741 Kenmore Ave. sold for $800,000, and the 2,842-square-foot property at 975 Abbott Road sold for $800,000. Jeremy McChesney of Hanley Investment Group represented both the seller and buyer in the transaction. Also in Buffalo, a private investor from San Francisco purchased a 7-Eleven property at 959 Niagara St. for $851,000. Michael Chow of Jones Pacific Land Co. represented the buyer, while McChesney represented the seller, a local private investor, in the deal. In South Wales, a Hermosa Beach, Calif.-based private investor sold a 2,080-square-foot 7-Eleven store at 6444 Olean Road to a San Francisco-based private investor for $525,000. McChesney represented the seller, while Chow represented the buyer in the transaction.
