CHICAGO — Quantum Real Estate Advisors has brokered the $3.8 million sale of a 14,806-square-foot shopping center in Chicago. The property is located at the northeast corner of 24th and Pulaski streets. The shopping center was fully occupied at time of sale. A local development group sold the property. An individual from New York City purchased the property in a 1031-tax deferred exchange. Chad Firsel of Quantum represented the buyer and the seller.
ARLINGTON — Construction will begin in late October on a new Ag-Power retail store in Tyler. Bob Moore Construction is the general contractor and Pross Design Group is the architect. The new store will span 20,386 square feet, with eight service bays. It will be built adjacent to an old Ag-Power store. The steel building will include a brick veneer with storefront glass in the retail area. Completion is scheduled for summer 2015. Ag-Power sells agricultural and consumer equipment and has been in business since 1972.
CHARLOTTE, N.C. — Lincoln Property Co., along with its affiliate Lincoln Harris, has brokered the $31.5 million sale of Northlake Commons Shopping Center, a 78,839-square-foot retail property located at 9335 Center Lake Drive in Charlotte. The property was 92 percent leased at the time of sale to tenants such as Party City, Panera Bread, Chili’s, Olive Garden, On the Border, Red Robin, AT&T, Sprint, Moe’s Southwestern Grill, Shane’s Rib Shack, Men’s Wearhouse and Chick-fil-A. Chris Cotton of Lincoln Property and Chris Vasbinder and Johno Harris of Lincoln Harris represented the buyer, American Realty Capital-Retail Centers of America, in the transaction. Rob Carter of Berkeley Capital Advisors LLC represented the seller, Northlake Commons LLC, a partnership between Ferncroft Capital and Crow Holdings. Lincoln Harris will handle the leasing and management duties at Northlake Commons.
TORRANCE, CALIF. – Pacific Plaza, a 23,438-square-foot retail property in Torrance, has sold to Metro Properties for $10.6 million. The space is located at 2382, 2390 & 2396 Crenshaw Blvd. It was built in 1992. The space is fully occupied by tenants like Subway, H&R Block, The UPS Store and BB’s Beauty Nail & Spa. Metro Properties was represented by Jeremy S. McChesney of Hanley Investment Group. The seller, Holt Group, was represented by Patrick G. Kent and Kevin T. Fryman of the same firm.
DELAVAN, WIS. — Arthur S. Levine & Associates LLC has arranged a $7 million permanent, first-mortgage loan on a three-building retail complex in Delavan, approximately 53 miles southwest of Milwaukee. Delavan Crossings I, II, & III is located at 1741 -1823 E. Geneva St. All three buildings consist of a total of 41,898 square feet of rentable area accommodating 25 tenants. The buildings are outlots of a larger retail development anchored by Walmart, Kohl’s and Lowe’s. The 10-year loan includes a 30-year amortization schedule. Arthur S. Levine & Associates negotiated the loan for the undisclosed borrower with a New York-based lending institution.
POWELL, OHIO — Marcus & Millichap has brokered the $930,000 sale of a 6,040-square-foot, net-leased restaurant property in Powell, approximately 17 miles north of Columbus. Luce Nuovo is located at 3499 Market St. The casual dining restaurant and wine bar serves Italian and French contemporary cuisine. Justin Fenn and Dan Yozwiak of Marcus & Millichap’s Columbus office represented the seller and buyer, both limited liability companies.
FORT WORTH — Trademark Property Co., in partnership with Sarofim Realty Advisors, has acquired 63 acres of infill land located on the Trinity River at Bryant Irvin Road and Arborlawn Drive in Fort Worth. The property will become Waterside, a new mixed-use development. Phase I of construction at Waterside begins Oct. 20 and will include anchor tenant Whole Foods Market, along with retail, restaurants and 375 multifamily rental homes built by Transwestern Development Co. When completed, Waterside will include 200,000 square feet of retail space and restaurants, 20 acres of residential properties, 200,000 square feet of office space and a hotel. Phase I is scheduled to open in the spring of 2016.
HOUSTON — Marcus & Millichap has arranged the sale of a 15,273-square-foot Urban Outfitters store in Houston’s Rice Village shopping center. Jerry Goldstein of Marcus & Millichap’s Houston office represented the unnamed seller and the buyer, Rice University. The building is located at 2501 University Blvd. in Houston, near West University Place and Rice University. Directly across University Boulevard from the store is the 164,211-square-foot Village Arcade shopping center.
NORWALK, CALIF. — Norwalk Plaza, a 59,736-square-foot retail property, has received a $5-million mortgage. The property is located at 11660-11790 Firestone Blvd. in Norwalk. The loan features a five-year term and 30-year amortization schedule. Financing was arranged by Michael T. Elmore and Ory Schwartz of NorthMarq Capital’s Los Angeles regional office. It was arranged for a Los Angeles-based private investor through the firm’s correspondent relationship with a life insurance company.
DENVER – A 2,900-square-foot retail space in Denver that is triple-net leased to 7-Eleven has sold to a private investor for $1.8 million. The space is located at 450 Federal Blvd. It was built in 2012. The seller, a private investor from Texas, was represented by Jonathan Selznick and Jeff Hauber of Hanley Investment Group.