Retail

HOUSTON — A $15 million, top-to-bottom renovation of the 360,000-square-foot Marq*E Entertainment Center, located at 7620 Katy Freeway in Houston, is now complete. The property is owned by Houston-based Fidelity Realty Advisors and Los Angeles-based Canyon-Johnson Urban Funds, a joint venture between Canyon Capital Realty Advisors and former NBA star Earvin “Magic” Johnson. Fidelity oversaw the renovation, which included adding three new pad sites totaling 25,000 square feet, demolishing a building fronting, enhancing signage, adding a new Houston Police Department storefront, landscaping and adding approximately 240 new parking spaces. The development has also added new tenants including Bank of America, T-Mobile, Subway, Panda Express and Chik-fil-A.

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SAN DIEGO – A multi-tenant strip center that is located in the Torrey Highlands master-planned community in a San Diego submarket has sold to Paragon Acquisitions, LLC for $5,254,000. Paragon represented itself in the transaction, while the seller, Torrey Highlands Plaza, LLC, was represented by Paul Lafrenz, Paul Komadina, Reg Kobzi and Joel Wilson of the CBRE Private Capital Group.

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HOOVER, ALA. — Tameron Automotive Group has acquired a 40,242-square-foot retail site, located at 1591 Montgomery Hwy. in Hoover, from Frank Schilleci for $1.5 million. A 7,988-square-foot former Long Horn Steak House sits on the site. Tameron, which owns and operates a Hyundai dealership adjacent to property, will use the land for a $4 million expansion and development of a new prototype dealership. An additional expansion is planned in 2013. Finch Properties represented the seller in the transaction and J. Claude Tindle of Birmingham, Ala.-based Longleaf Realty Partners represented the buyer.

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CLEVELAND– Cleveland-based Luttner Real Estate Investment Services has arranged the sale of two freestanding Sherwin-Williams stores, located in the Midwest, for approximately $1.5 million and $1.4 million. Mark Luttner of Luttner Real Estate Investment Services represented the seller, WXZ Development Group. Luttner also procured the buyer, a private investment group.

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IRVING — Dallas-based Bradford Commercial Real Estate Services has brokered the sale of a 8,348-square-foot retail property, formerly a Pancho's Mexican Buffet restaurant, located at 8312 Camp Bowie W. in Irving, to a Houston-based investor. Brian Scott and Karen Simon of Bradford Commercial represented Rockbay Properties II Ltd., parent of the Pancho's location, in the transaction.

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ORLANDO, FLA. — Marcus & Millichap has brokered the $5.25 million sale of a 13,013-square-foot CVS/pharmacy, located at 7300 Curry Ford Rd. in Orlando. Mark Thompson of the Marcus & Millichap's Orlando office represented the seller, a limited liability company, and Gabriel Britti of the firm's Miami office represented the buyer, a private investor.

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