HOUSTON — CBRE has brokered the sale of Atascocita Commons, a 316,395-square-foot power center in northeast Houston. Located at 7061 FM 1960 East, the Class A retail property was 99.2 percent leased at the time of the sale to tenants including Ross, Kohl’s, TJ Maxx, HomeGoods, Party City, Office Depot and Petco. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the buyer, New York-based Kimco Realty. Cole Real Estate Investments, based in Phoenix, sold the asset.
RANCHO CUCAMONGA, CALIF. — Tivoli Square Apartments, LP, has purchased Foothill Crossing, a 312,307-square-foot regional power center in Rancho Cucamonga, for $54 million. The center is located at 12181-12357 Foothill Blvd., across from Victoria Gardens lifestyle mall. It is 90 percent occupied by tenants like Sears Grand, Total Wine & More and Office Depot. The 1031 Exchange buyer was represented by Dennis Vaccaro of Faris Lee Investments. The seller (and developer), Foothill Crossing, LLC, was represented by Jeff Conover of the same firm.
KISSIMMEE, FLA. — HFF has brokered the sale of LOOP West, a 295,100-square-foot retail center located at 2001 W. Osceola Parkway in Kissimmee, near Walt Disney World and Sea World. An affiliate of North American Development Group purchased the property from O’Connor Capital Partners. The retail center is fully leased to Babies “R” Us, Bealls, T.J. Maxx, Books-A-Million, DSW Shoe Warehouse, Party City and Ulta Beauty. Danny Finkle, Brad Peterson, Luis Castillo and Kim Flores of HFF represented the seller in the transaction.
CHICAGO — The Boulder Group has completed the $13 million sale of a single-tenant, triple-net leased Walgreens property at 6121 N. Broadway St. in Chicago. The property was sold at a 4.87 percent cap rate, the lowest cap rate ever recorded for a Walgreens property according to Real Capital Analytics. Walgreens is the sole occupant of the 14,820-square-foot retail building, which was developed by Crossroads Development Partners in 2013. The new build-to-suit Walgreens replaces an older store, which was previously located on the site under a 35-year lease that was expiring in August 2015. Walgreens’ new lease has more than 24 years remaining with 50 years of renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Crossroads Development Partners, in the transaction. The buyer was a Massachusetts-based limited partnership in a 1031 tax-deferred exchange.
CHICAGO — Quantum Real Estate Advisors Inc. has arranged the $1.8 million sale of a 2,280-square-foot Starbucks Coffee property in suburban Chicago. A Florida-based investor purchased the property. Starbucks has 14 years remaining on its initial 15-year lease. Jordan Kaufman and Daniel Waszak of Quantum Real Estate Advisors represented the seller, a New York-based investor.
NORTH BRUNSWICK, N.J. — Target has announced plans to open a new 140,000-square-foot store in North Brunswick, located about 30 miles southwest of Newark, in October. The store will be situated in the new development called Main Street North Brunswick. Target plans to open 10 stores in 2014. The store will include a selection of fresh produce, fresh-packaged meat and pre-packaged baked goods, as well as a Starbucks Coffee, a Target Pharmacy and Target Optical.
SUGAR LAND, TEXAS — Marcus & Millichap has brokered the sale of Bonaventure Plaza, an 18,702-square-foot shopping center in the Houston suburb of Sugar Land, for $5.9 million. Constructed in 2008, the property is located at 636 State Highway 6, sharing an intersection with HEB, Walmart, Sam’s Club and Chase Bank. Derek Hargrove and Justin Miller of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Hargrove and Miller also secured the buyer, a Houston-based private investor.
BEDFORD, TEXAS — Marcus & Millichap has brokered the sale of St. Michael’s Shopping Center, a 31,837-square-foot retail property in the Fort Worth suburb of Bedford. The center was 97 percent occupied at the time of the sale to tenants including Papa G’s Bar and Grill, Texas Back Care, Old West Café, Gray Wolf Promotions, Salon Cheveux and State Farm Insurance. Located at 2900 State Highway 121, near East Harwood Road, the asset is situated across from the north entrance to the DFW International Airport. Philip Levy and Chris Gainey of Marcus & Millichap marketed the property on behalf of the seller, a private investor, and also secured and represented the buyer, a partnership.
LAS VEGAS — Craig Promenade Retail Center, an 86,395-square-foot shopping center in North Las Vegas, has sold to RREF II-KI Promenade LLC for $10.1 million. The center is located at located at 525-785 W. Craig Road. It was 70 percent occupied at the time of sale. Notable tenants include Big Lots and Metro PCS. RREF II-KI Promenade represented itself in the transaction. The seller, TNP SRT Craig Promenade, LLC, was represented by Faris Lee.
FARMINGTON, CONN. — Raymour & Flanigan Properties LLC has acquired a freestanding 21,600-square-foot Barnes & Noble store in the West Farms Mall section of Farmington. The purchase price was undisclosed. Barnes & Noble has occupied the property for the past 20 years. Matt Halprin, principal at New England Retail Properties Inc., represented the buyer in the transaction. LA Drinkwater and Seth Richards of Marcus & Millichap represented the seller, BN (CT) QRS-1157 LLC, in transaction.