NEW PORT RICHEY, FLA. — Fairway-River Walk has acquired the 69,083-square-foot River Walk shopping center in New Port Richey for $8.4 million. The Publix-anchored center is 95 percent occupied and additional tenants include Subway, Chase Bank and Stassi's Italian Grill. The property is located at 11332 and 11400 Ridge Road. Mike Milano and Ron Schultz of Colliers International represented the seller, USA Real Estate Profit Funds III LP, in the transaction. The buyer was self-represented.
CUTLER BAY, FLA. — Marcus & Millichap has arranged the $4 million sale of Best Plaza, a 21,881-square-foot shopping strip at 197000 S. Dixie Highway in Cutler Bay. Major tenants include Sherwin Williams, Subway and FastSigns. Kirk Olson and Drew Kristol of Marcus & Millichap represented the seller, a Miami-based private investor, in the transaction. Olson and Kristol, along with Marcus & Millichap's Still Hunter and Evan Olson, also represented the buyer, a Brooklyn, N.Y.-based limited liability company.
CHARLEVOIX, MICH. — Bernard Financial Group has arranged a $3.6 million loan for Captain’s Corners, an 88,780-square-foot retail strip center in Charlevoix. The borrower is Captain’s Corner LLC. Dennis Bernard and David Dismondy of Bernard Financial originated the loan. The lender was StanCorp Mortgage Investors LLC.
CHICAGO — The Boulder Group has arranged the sale of a ground-leased Walgreens property in Chicago for $1.1 million. The 10,890-square-foot property is located at 3136 W. 55th St. and is less than three miles from Midway International Airport. Walgreens has approximately 13 years remaining on its lease.
LEWISVILLE, TEXAS — Stream Realty Partners has arranged the sale of a 35,278-square-foot retail property, located at 1600 S. Stemmons Freeway in Lewisville. The property is fully occupied by Studio Movie Grill. Jamie Jennings, Ben Hautt, Keith Fisher and James Mantzuranis of Stream Realty Partners' Investment Sales team represented the seller in the transaction.
AUSTIN, TEXAS — Schlotzsky's has signed an agreement to open 170 new locations, its largest franchise initiative in more than 40 years. The company will open its stores throughout California, including Los Angeles, Riverside, Ventura and San Bernardino counties. Each location offers its signature deli sandwiches and salads, as well as Carvel ice cream and Cinnabon. The Austin-based company has more than 350 locations worldwide and plans to have around 700 locations by 2016.
AUSTIN, TEXAS — Schlotzsky's has signed an agreement to open 170 new locations, its largest franchise initiative in more than 40 years. The company will open its stores throughout California, including Los Angeles, Riverside, Ventura and San Bernardino counties. Each location offers its signature deli sandwiches and salads, as well as Carvel ice cream and Cinnabon. The Austin-based company has more than 350 locations worldwide and plans to have around 700 locations by 2016.
CYPRESS, CALIF. — The Shops at Cypress have sold to an unnamed buyer for $9.5 million. The center sold for $519 per square foot at a 6.1 percent cap rate. It is fully triple-net leased to national tenants. The center is shadow anchored by Costco. The buyer assumed the existing CMBS loan. The sale was executed by CBRE’s National Retail Investment Group-West group, which also worked with 1st Service Solutions to expedite the loan assumption process.
TOLEDO, OHIO —Marketplace Executive X LLC has purchased Executive Marketplace in Toldeo for $3.2 million. Executive Marketplace LLC sold the 39,710-square-foot retail strip center, located at 3550 Secor Road. Joe Belinske of Reichle | Klein Group represented both the seller and buyer in the deal.
HUNTLEY, ILL. — ACG Equities has purchased Huntley Crossings, a 28-acre development site located at Route 47 and Powers Road in Huntley, for $2.5 million. Although large-scale retail development is not likely in the near future, development in the back portion of the site should occur in the next few years, according to Transwestern, which brokered the sale. During the marketing period, Route 47 was widened and construction began on a new interchange at I-90. Both projects are expected to increase daily traffic counts at the site.