FORT WORTH, TEXAS — Tandy Leather has opened a new 23,000-square-foot flagship retail store located along the I-20 Freeway in Fort Worth. The new store is the first stand alone retail property for Tandy. Bob Moore Construction acted as contractor, and Alliance Architects served as architect for the property. The retail facility features a fully glass front and tilt-up construction. This building will act as the prototype for future Tandy properties.
SOUTH HAVEN, MICH.— Devonshire REIT Inc. has acquired the 40,040-square-foot South Haven Shopping Center, located about 50 miles southwest of Grand Rapids. The purchase price was undisclosed. Dollar Tree and Dunham’s Sports co-anchor the shopping center, which is fully leased. FirstMerit Bank, a division of FirstMerit Corp., provided the financing. Chris Campbell, president and CEO of Devonshire, says the sale includes an 11 percent capitalization rate.
WEYMOUTH, MASS. — Whole Foods Market (NASDAQ: WFM) has opened a 40,000-square-foot grocery store at Pleasant Shops in Weymouth, a southern suburb of Boston. The new store, located at the intersection of Route 18 and Pleasant Valley Parkway, is the grocer’s 23rd location in Massachusetts. Pleasant Shops was acquired by a joint venture between Federal Realty Investment Trust and a client advised by Clarion Partners.
SPRING, TEXAS — The Rayford Ridge Retail Center, a 23,100-square-foot retail center in Spring, has sold. J. Beard Real Estate Co. LP represented the seller, an individual owner, in the transaction. Jim Bayne of Investar represented the buyer, a private partnership. The center is located at 440 Rayford Road and was fully occupied at the time of sale.
WHEAT RIDGE, COLO. – A 6,512-square-foot, dual-tenant shopping center in Wheat Ridge has sold to a private investment group from Illinois for $2.7 million. The center is located off I-70. It is fully occupied by Starbucks and Pet Club. The buyer was represented by Chad Firsel of Quantum Real Estate Advisors. The seller was a Denver development company.
ST. AUGUSTINE, FLA. — Marcus & Millichap has brokered the sale of a Walgreens in St. Augustine for $6 million. Located at 5445 State Road 16, the 14,820-square-foot property is situated across from a Flagler Hospital satellite campus and is shadow-anchored by a newly constructed Publix shopping center. Craig Lewis of Marcus & Millichap’s Jacksonville office represented the seller, a Jacksonville-based REIT. The buyer was an undisclosed party from San Francisco.
WHEAT RIDGE, COLO. – A 6,512-square-foot, dual-tenant shopping center in Wheat Ridge has sold to a private investment group from Illinois for $2.7 million. The center is located off I-70. It is fully occupied by Starbucks and Pet Club. The buyer was represented by Chad Firsel of Quantum Real Estate Advisors. The seller was a Denver development company.
MANTECA, CALIF. — Stadium Center Shopping Center, a 421,126-square-foot community shopping center in Manteca, has sold to Excel Trust for $41.1 million. The center is located at the northwest quadrant of State Route 120 and Airport Way just southeast of Stockton. It is currently 96.3 percent leased. Notable tenants include Costco, Kohl’s, Ross Dress for Less, OfficeMax, Old Navy and Jo-Ann Fabrics. Costco and Kohl’s, which occupy about 154,000 square feet and 88,800 square feet, respectively, were not part of the sale. The acquisition did include four graded land parcels that are entitled for an additional 17,600 square feet of leasable space. Lucescu Realty represented the seller, Kitchell Development Company, and secured the buyer in this transaction.
GOODYEAR, ARIZ. – A 14,820-square-foot building in Goodyear that is net leased to Walgreens has sold to an individual/personal trust for $9 million. The property is located at 9800 South Estrella Parkway. It is the first Walgreens store in Arizona to feature the new Wellness Experience prototype. It is the second Walgreens in the country to receive LEED certification. The buyer was represented by Kirk Trammell of Marcus & Millichap’s Palo Alto office. The seller, a limited liability company, was represented by Mark Ruble and Jamie Medress of the firm’s Phoenix office.
MIAMI BEACH, FLA. — Marcus & Millichap has completed the sale of a Miami Beach retail property for approximately $12.3 million. The building is located at 1441 Washington Ave. and totals 18,750 square feet. Its primary tenants include American Apparel and nightclub Score, the latter of which recently signed a new 10-year lease. Drew Kristol and Kirk Olson of Marcus & Millchap’s Miami office represented the buyer, a New York-based private investment group, as well as the seller, a locally based owner/developer.
