CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of First Cash Pawn, a 10,611-square foot net-leased property located in Corpus Christi. Vincent Knipp and Chance Hales of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. Knipp and Hales also secured the buyer, a private investor. First Cash Pawn is located at 2104 Morgan Ave., near Highway 286 also known as Crosstown Expressway. The building was constructed in 1942 and sits on two parcels totaling .8156 acres.
Retail
TEMECULA, CALIF. — Jones Lang LaSalle Income Property Trust has acquired Rancho Temecula Town Center, a 165,000-square-foot, grocery-anchored neighborhood shopping center in Temecula, for about $60 million. The center is located at 39540 Winchester Road. The property is 93 percent leased to 26 tenants. Its four anchor tenants include Sprouts Farmers Market, LA Fitness, Rite Aid and BevMo!. These tenants generate 54 percent of the center’s revenue. They have a weighted average lease term of nearly nine years. The acquisition was financed at about 50 percent loan to value with a fixed interest rate loan of 4 percent for 12 years. Jones Lang LaSalle Income Property Trust is an institutionally managed, non-listed, daily valued perpetual life REIT. This is the REIT’s third grocery-anchored shopping center acquisition in the past nine months. It recently acquired Oak Grove Plaza near Dallas and Grand Lakes Market Place near Houston, Tex.
BRADENTON AND COCOA BEACH, FLA. — HFF has closed on the $24.5 million sale of two Publix-anchored centers in Central Florida. The properties include the 120,990-square-foot Beachway Plaza in Bradenton and the 68,577-square-foot Cornerstone Plaza in Cocoa Beach. Beachway Plaza is 84.8 percent leased to tenants such as Bealls Outlet and Staples. Cornerstone Plaza is 86 percent leased to tenants such as Cocoa Beach Realty and Beef O’Brady’s. Danny Finkle and Luis Castillo of HFF represented the seller, Retail Properties of America Inc., in the transaction. In addition to the sale, HFF also arranged $10.1 million in acquisition financing for the purchase of Beachway Plaza. Chip Sykes of HFF arranged the five-year loan through Guggenheim Commercial Real Estate Finance LLC on behalf of the borrower, Atlanta-based Branch Properties LLC.
ELMWOOD PARK, ILL. — Mid-America Asset Management Inc. has arranged the lease of a 6,630-square-foot retail space for Fruitful Yield in Elmwood Park, a northwest suburb of Chicago. The health food store will occupy space at North Tower Plaza, located at the northwest corner of Harlem and North avenues. Tenants at the 26,088-square-foot shopping center include Super Cuts, Great American Bagel and Subway. Liz Krebs and Samantha Spinell of Mid-America represented the undisclosed landlord. Jason Trombley of JLL represented the tenant.
DEKALB, ILL. — CBRE has arranged a 7,017-square-foot retail lease in DeKalb, about 65 miles west of Chicago. Sleepy’s, a mattress retailer, will occupy space at 2350 Sycamore Road. Founded in 1957, Sleepy’s has more than 800 showrooms and seven distribution centers. The new location is part of the company’s expansion in Illinois. Lynne Brackett and Karen Walsh of CBRE represented the landlord, Arthur Goldner & Associates Inc., in the transaction. Willy Hoag of Mid-America Asset Management Inc. represented the tenant.
NEW YORK CITY — White Plains, N.Y.-based Acadia Realty Trust has purchased a two-parcel, 1.38-acre site at 2520 Flatbush Ave. in Brooklyn. Capital One Bank sold the property for $17.1 million. The 30,000-square-foot property is leased to Capital One Bank and Bob’s Discount Furniture. The acquisition also included a sale-leaseback with Capital One Bank for its portion of the property. Corey Gluckstal and Guy Canzoneri of Sabre Real Estate Group represented the buyer in the transaction.
SPRING, TEXAS — Rob Banzhaf and David Alexander with Newcor Commercial Real Estate represented Dr. Larry Richardson with Woodlands Pharmacy in an 8,000-square-foot single-tenant, build-to-suit lease on Rayford Rd. in Spring. The building is for a medical practice facility and the estimated completion is January 2015. Lewis Walker with RE/MAX represented the landlord, Dr. Sokhon, in the lease negotiations.
WEST PALM BEACH, FLA. — New England Development plans to open Marketplace at the Outlets, a 300,000-square-foot retail center currently under construction, in the fall. The center is located adjacent to the recently opened Palm Beach Outlets in West Palm Beach. The center will feature 20 stores, including Bed Bath & Beyond, DSW Designer Shoe Warehouse, Nordstrom Rack, Old Navy, PetSmart, Pier 1 Imports, Sports Authority, T.J. Maxx, Ulta Beauty and Whole Foods. New England Development, also the developer of Palm Beach Outlets, partnered with Eastern Real Estate in the development of Marketplace at the Outlets.
WEST CHESTER, PA. — New York Life has acquired Bradford Plaza, a shopping center located at 700 Downington Pike in West Chester, for $35.7 million. The 161,000-square-foot center is 88 percent occupied by Giant Foods, Petco, Walgreens and a Giant fuel station. The 22-acre site also has a 4,300-square-foot proposed pad site for future development. Karen Iman and Gary Gabriel of Cushman & Wakefield handled the transaction.
HOUSTON — AMG Guaranty Trust has sold the Cypresswood Kroger Center, a 34,730-square-foot retail center located in northwest Houston, to a private investor based in California. Garrette Matlock and James Bell of Marcus & Millichap represented the seller. At the time of the sale, the center was approximately 95 percent occupied. Major tenants include Memorial Hermann Healthcare System, Burger King, Chase Bank, Subway, Great Clips, Wingstop, Smoothie King and Willie’s Grill and Ice House. All of the leases are triple-net. The center’s 55,795-square-foot Kroger supermarket shadow-anchor was not a part of the sale. The terms of the sale were not released.