SANTA MARGARITA, CALIF. – An 8,309-square-foot retail building in the Orange County submarket of Santa Margarita has sold to Fadco Enterprises for $2.6 million. It is located at 28672 Deerpath Road. Kevin Quick of Lee & Associates’ Newport Beach office represented Fadco. The seller, the Noel S. Schurrman Trust, was represented by Colliers International.
ORANGE CITY, FLA. — Inland Real Estate Acquisitions has purchased the 119,894-square-foot Saxon Crossing, a shopping center located in Orange City, for $20.73 million. Hobby Lobby anchors the center, which is fully leased to tenants including LA Fitness, Papa John's and Jimmy John's. The buyer was self-represented by Lou Quilici.
OVERLAND PARK, KAN. — REI, a national outdoor retailer, will open its first store in the state of Kansas in the fall of 2013. The 23,500-square-foot store will be located at the intersection of West 135th Street and Lamar Avenue in Overland Park. The store will sell gear and apparel for camping, climbing, cycling and paddling, among other activities. The store will also feature a bike shop with assembly and repair services and a seasonal gear rental department. REI plans to hire 50 to 60 new employees for the store. The company operates 123 retail stores in 30 states.
DEVON, PA. — Kimco Realty Corp. has purchased Devon Village, an 89,000-square-foot shopping center in Devon, in Philadelphia's western suburbs. The seller was WP Realty. The center is anchored by a newly expanded and renovated Whole Foods. WP Realty purchased Devon Village in 2009 and expanded the center by 20,000 square feet.
CYPRESS — Arch-Con Construction has finished the construction of a Michaels, Charming Charlie and James Avery at Cypress Towne Center, located at Spring Cypress Road and Highway 290 in Cypress. The 22,000-square-foot Michaels is slated to open on Friday, the 8,000-square-foot Charming Charlie is scheduled to open in August and the 2,500-square-foot James Avery is slated to open later this month. Kimco Realty Corp. is the developer of the retail tract and The Thompson Nelson Group designed the properties.
HOUSTON — Marcus & Millichap has arranged the $4.2 million sale of the 54,557-square-foot Bellaire Village Shopping Center, located at 13602 Bellaire Blvd. in Houston's New Chinatown submarket. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a financial institution, in the sale of the foreclosed property.
DEMOPOLIS, ALA. — V&V has purchased a 49,185-square-foot Vowell's Fresh Market, located on U.S. Highway 80 E. in Demopolis, for $1.38 million. Josh Randolph of The Shopping Center Group represented Demopolis Partners, the seller, in the transaction.
BENSENVILLE, ILL. — Phillips Edison — ARC Shopping Center REIT has acquired Brentwood Commons, a 125,000-square-foot shopping center in Bensenville, for $14.9 million. The property is located in a densely populated suburb west of Chicago and is 99.1 percent occupied. The center is anchored by a 64,762-square-foot Dominick's grocery store and additional tenants include Dollar Tree, Advance Auto Parts and Payless Shoes.
NOBLESVILLE, IND. — RCG Ventures has acquired Riverplace Centre, a 74,414-square-foot shopping center in Noblesville, just northeast of Indianapolis. Kroger anchors the property, which is situated on 13 acres. Additional tenants include The UPS Store, H&R Block and Great Clips.
MARLBOROUGH, MASS. — Gremar Realty Trust has purchased 135 Maple St., an 18,611-square-foot retail building in Marlborough, for $1.3 million. Monnick Supply Co. plans to renovate and occupy the building as a local hardware store. Craig Johnston and Garry Holmes of R.W. Holmes Realty represented the seller, Bonazzoli Realty Trust, in the transaction. They also procured the buyer.