HOUSTON — Westheimer Crossing Shopping Center, a 94,053-square-foot retail center located at the northwest corner of Westheimer and Voss roads in Houston, has sold. Gulf Coast Commercial Group sold the property to Delta Troy Interests Ltd. for an undisclosed price. It was approximately 90 percent occupied at the time of sale to multiple tenants such as DSW Inc., REI and Michaels. Westheimer Crossing Shopping Center is situated approximately 2 miles west of the Galleria submarket and Loop 610 in Houston.
Retail
BEVERLY HILLS, CALIF. — Cardinal Equities has purchased a 50,000-square-foot retail and office complex in Thousand Oaks through its affiliate, Paradise Capital Group. The complex is located inside the master-planned community of Dos Vientos Ranch. It includes 40,000 square feet of ground-level retail and restaurant space with outdoor dining, as well as 10,000 square feet of office space. Paraiso Town Center was built in 2008 and foreclosed on by the construction lender in late 2009. It is currently 20 percent occupied.
PALMDALE, CALIF. — AutoZone has leased the 6,300-square-foot retail space at 5022 W Avenue N in Palmdale. The value of the 10-year lease was not disclosed. NAI’s John Cserkutiand Bert Abel represented the landlord, Division K Properties, in the transaction. AutoZone was represented by independent broker, Mike Lundin.
MIAMI — Marcus & Millichap has arranged the sale of a 60,497-square-foot shopping center anchored by Babies “R” Us, located at 15625-45 North Kendall Dr. in Miami, for $10.2 million. The Babies “R” Us had a mortgage from Principal Life Insurance Co., which had to be assumed. Drew Kristol and Kirk Olson represented the seller, a Miami-based company, and the buyer, a Miami Beach-based company. Adam Lustig, Serge Pavluk and Andy Mendoza of Bilzin Sumberg were the buyer's lawyers.
HAINES CITY, FLA. — The 65,000-square-foot St. Charles Plaza, located at the intersection of Holly Hill Road and US Route 27, has sold for $10.1 million to Phllips Edison – ARC Shopping Center REIT. The center is anchored by a 45,600-square-foot Publix, which has a lease through October 2027. Other tenants include Verizon Wireless, Crispers, Publix Liquor and Hair Cuttery.
CHATTANOOGA, TENN. — The 52,625-square-foot shopping center Shoppes at StoneBrook in Chattanooga has sold for $6.77 million. The center is anchored by a BI-LO. Dail Londaker of Columbia, S.C.-based NAI Avant represented the seller, Shoppes at StoneBrook, LLC.
TOMBALL – Houston-based Baker Katz, a full-service commercial real estate brokerage firm, has acquired the Four Corners Shopping Center in Tomball. Located at FM 2920 and State Highway 249, the 120,000-square-foot retail center contains a 45,000-square-foot big box vacancy, a former Kroger. Baker Katz plans a major renovation on the center later this year and will seek to re-lease the space. The center is currently 35 percent occupied by tenants Tuesday Morning, Rent-A-Center, Firestone and Domino’s Pizza. James Namken of The Weitzman Group, Inc. represented the seller, LNR Property LLC, which obtained the property in foreclosure in 2010.
MOUNTAIN VIEW, CALIF. — Nine Plus Mt. View LLC has purchased 2415 Charleston Rd. in Mountain View for $6,915,000. The 21,579-square-foot, single-tenant retail building was purchased from Business Ventures, LLC. It was constructed in 1968, but underwent a major renovation in 2007 to accommodate a Michaels crafts store. Brennan Carpenter of Colliers International's Oakland, CA, office represented Nine Plus. Vincent Schwab of Marcus & Millichap's San Francisco office represented Business Ventures.
ST. AUGUSTINE, FLA., AND CHARLOTTE, N.C. — Terry Marks of National New Lease Realty's New Hope, Penn., office has brokered the sale of three absolute net-leased CVS/pharmacy properties totaling 38,000 square feet for $12.1 million. Two of the stores are located in St. Augustine and one is in Charlotte. The stores are leased to CVS/pharmacy through 2034. Marks represented the seller, a Southern California LLC, and procured the buyer, Cole Real Estate Investments.
INDIANAPOLIS — Midland Atlantic has completed the sale of Arlington Square, a 56,000-square-foot neighborhood retail center located in the Indianapolis area. Midland's Tracey Holtzman represented the buyer, ARL SC LLC, as well as the seller, The State Bank & Trust. Concurrent with the sale, Holtzman represented the new owner in the lease of 3,933 square feet to Vocational School of the Arts.