PEORIA, ARIZ. – A 60,080-square-foot retail space in Peoria has sold to JGNK Investments Arizona LLC for $3.6 million. The Class B space is located at 7575 W. Cactus Road. The tenant, Lee Lee Oriental Supermarket, recently signed a new 20-year lease at the property, which was built in 2002. JGNK was represented by Vicky Papoulias of Geovest Corporation. The seller, 75 Cactus LLC, was represented by Marcus Muirhead and Lauren Rodes of Colliers International.
OCEANSIDE, CALIF. – A triple-net ground lease for a 7-Eleven at Oceanside Plaza has sold to a private investor from Northern California for $2.1 million. The space is located at 2003 Mission Ave. in Oceanside. The property is currently under construction. It will eventually include the 2,400-square-foot convenience store and a gas station. The property used to house a Union 76 gas station. The buyer was represented by Jay Patel of Cushman Wakefield. The seller, a private investor from Agoura Hills, was represented by Jonathan Selznick of Hanley Investment Group Real Estate Advisors.
FRANKLIN, N.J. — Cronheim Mortgage has arranged $4 million in financing for Franklin Shopping Center, a retail center located along the Route 23 retail corridor in Franklin. The 56,100-square-foot retail center features a mix of national and regional tenants, including ShopRite Liquors, Dollar Tree and Mandee, among others. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing.
COLORADO SPRINGS, COLO. – The Shoppes on Academy, a 7,599-square-foot shopping center in Colorado Springs, has sold to an unnamed buyer for $4.1 million. The Class A center is located at 7252 North Academy Blvd. Notable tenants include Verizon, Floyd’s 99 Barber Shop and Five Guys Burgers and Fries. The seller was represented by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.
BELOIT, WIS. — The Boulder Group has brokered the $1.5 million sale of a single-tenant U.S. Cellular property in Beloit. The property is located at 2933 Milwaukee Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Wisconsin-based real estate investment company. The buyer was a Midwest-based private partnership. U.S. Cellular has 10 years remaining on its lease, which expires in January 2024.
OZARK, ALA. — Marvin’s Building Materials and Home Centers has leased 30,000 square feet of build-to-suit retail space in Ozark, roughly 22 miles northwest of Dothan, Ala. The store is currently under construction at the new Mixon Plaza located at the intersection of Highway 231 and Deese Road. The store is expected to open in spring 2015. Upon completion, the store will feature a 30,000-square-foot home center and an attached lawn and garden center, as well as a drive-thru lumberyard. The project team includes developer Engineered Systems Inc., owner Martindale Properties and project manager Felton Woodham. Marvin’s currently operates 27 stores in Alabama, Mississippi, Georgia and Tennessee.
BEDFORD, TEXAS — Construction has begun on Adam Smith’s Texas Harley-Davidson in Bedford, a suburb of Dallas. The six-acre site will be home to a 70,000-square-foot Texas flagship store for Harley-Davidson. The new building will consolidate the current three-building setup, adding more than 20,000 square feet, and will move the sales floor, service area and administrative offices into one location. Adam Smith’s Texas Harley-Davidson is already one of the top 10 Harley dealerships in the United States in terms of service, finance and sales volume. The flagship store is set to open in the fall of 2015.
TEXAS CITY, TEXAS — Marcus & Millichap has arranged the sale of Three Palms Center, a 26,318-square-foot retail property in Texas City. Derek Hargrove and Justin Miller of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based developer. Hargrove and Miller also secured the buyer, a private international investor. Three Palms is located at 8030 FM 1765 at the corner of FM 1765 and South Amburn Road. The three-building development was completed in 2013. Tenants include A Brighter Day Childcare, Chicken Plus, KLM Food Mart, K&G 5 Star Barber College and Cricket Wireless.
GLENDALE, WIS. — Marcus & Millichap has brokered the $6.2 million sale of Cornerstone Center, a 13,304-square-foot retail property located at 5595 N. Port Washington Road in Glendale, roughly nine miles west of Milwaukee. Sean Sharko and Austin Weisenbeck of Marcus & Millichap’s Oak Brook, Ill.-based office represented the seller, an unnamed limited liability company, in the transaction. Sharko and Weisenbeck also secured and represented the buyer, also an unnamed limited liability company. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
COVINGTON, LA. — Stirling Properties has brokered the sale of three retail centers in Louisiana and Alabama totaling $15.2 million. The three properties include a CVS in Baton Rouge, La., that sold for approximately $4.8 million; the Conn’s-anchored Park Plaza in Lake Charles, La., that sold for $6 million; and the 42,257-square-foot Woodmere Crossing in Montgomery, Ala., that sold for $4.4 million. A private New York-based investor purchased the CVS in Baton Rouge from a private Louisiana-based investor in a 1031 tax-deferred exchange. Patrick Luther and Matthew Mousavi of Faris Lee Investments assisted in the sale. A private investor based in Houston purchased Park Plaza from Weingarten Realty Investors. The property was 40 percent vacant at the time of sale. BV Belk Properties purchased Woodmere Crossing via auction. Jeff Barnes of Stirling’s Mobile office assisted in the transaction along with Auction.com. Woodmere Crossing’s tenant roster includes Petco, Books-A-Million, Jason’s Deli and Sally Beauty Supply. Beezie Landry of Stirling’s Covington office represented the seller in all three transactions.
