SAN DIEGO — CBRE has arranged the $10.4 million sale of Torrey Highlands Plaza, a 14,042-square-foot retail center in San Diego. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller, Paragon affiliate TH Plaza LLC. Tim Mills of CBRE represented the buyer, Santa Monica Property Investors. At the time of sale, Torrey Highlands Plaza was fully leased to 10 tenants.
HARTFORD, CONN. — RBH Group has acquired a long-vacant commercial building, located at 370 Asylum St. in Hartford, for $20 million. RBH Group plans to redevelop the building into Teachers Corner Hartford, a mixed-use space. The development will feature market-rate and affordable residential units, space for educational opportunities and cultural performances, as well as restaurant and retail components. Laurie Grasso and Douglas Hoffmann of Hunton & Williams advised in the acquisition. Teachers Corner Hartford represents the first transaction in RBH Group’s national rollout of its Teachers Village concept following the first Teachers Village project in Newark, N.J., a $150 million, 23-acre mixed-use community. Teachers Corner Hartford is a realization of RBH Group’s continued joint venture with the Goldman Sachs Urban Investment Group and its partnering with Hartford’s Community Solutions and The Prudential Social Investment Group, with funding provided by the City of Hartford and various Connecticut state agencies.
ALGONQUIN, ILL. — Realty Metrix Commercial has negotiated the sale of Algonquin Town Center in Algonquin, a northwest suburb of Chicago. The sales price was not disclosed. The 103,266-square-foot center is located at 3120-1440 E. Algonquin Road. Built in 1988, the property sits on 11 acres. Chase Bank, Dollar Tree, Goodwill and the U.S. Post Office anchor the property. Linda Kost and Dave Schmidt of Realty Metrix represented the seller, Nickels Quarters LLC. Millennium Properties represented the buyer, RMS Properties.
PHARR, TEXAS — Topgolf, a driving range-based entertainment concept, will open a 55,000-square-foot facility the corner of U.S. Highway 72 and East Frontage Road in the Rio Grande Valley metro of Pharr. Construction of the venue, which will be the Dallas-based company’s 11th overall in Texas, is slated to begin later this year. The development and operation of the property, which is scheduled to open during the winter of 2018, is expected to create as many as 350 full- and part-time jobs. The venue will also feature 1,975 square feet of private event space.
THOUSAND OAKS, CALIF. — Charles Dunn Co. has completed the sale of a retail property located at 140 E. Thousand Oaks Blvd. in Thousand Oaks. A Southern California-based private investor sold the retail property to a private investor for $5.8 million. Wells Fargo Bank occupies the 7,396-square-foot building. Kyle Gulock, Matt Kramer and Brian Jensen of Charles Dunn Co. represented the seller in the transaction.
BANNING, CALIF. — Marinita Development Co. and Sage Invesco have added three new retailers to Sun Lakes Village Shopping Center, located at the intersection of Interstate 10 and Highland Springs Avenue in Banning. Chipotle, Mattress Firm and T-Mobile will occupy the three-tenant, 8,000-square-foot Phase II building at the shopping center. Sun Lakes Village Shopping Center features 210,398 square feet of retail space and 11 outparcels, including this building.
BURLESON, TEXAS — Bright Realty has broken ground on Elk Crossing, a 6,600-square-foot shopping center that will be located at 264 John Jones Drive in the southern Fort Worth metro of Burleson. The property will be anchored by a 2,200-square-foot R Taco restaurant and shadow-anchored by an H-E-B, Target and Home Depot across the street. Approximately 4,400 square feet of space is still available for lease, including an end-cap location with a drive-thru opportunity.
FRISCO, TEXAS — Miami-based investment firm Antegrade Holdings has acquired Frisco Market Center, a 20,823-square-foot, three-building retail center located at the corner of Main Street and the Dallas North Tollway in Frisco. The property is shadow-anchored by LA Fitness and Main Event Entertainment. Taylor LeMaster of Inroads Realty represented Antegrade in the acquisition of the center. Tommy Tucker and Tim Axilrod of Shop Cos. represented the seller, Hermansen Land Development Inc. Todd McNeill of Metropolitan Capital Advisors arranged acquisition financing through Regions Bank.
SANTA MONICA, CALIF. — Muselli Commercial Realtors has brokered the sale of a retail building located at 2914 Main St. in Santa Monica. An undisclosed buyer acquired the property for $3.2 million, or $1,780 per square foot. The buyer plans to occupy the 1,825-square-foot building, which is currently vacant. Evan Pozarny of Muselli Commercial Realtors represented the undisclosed seller in the deal.
LOS ANGELES — Madison Marquette has added three new tenants to District La Brea, the company’s adaptive re-use development in Los Angeles. Interior Define, Best Made and Made Gold will open at the 110,214-square-foot retail, dining and office property this fall. Interior Define is a custom furniture store; Best Made offers a lifestyle line of outdoor gear from graphic designer Peter Buchanan-Smith; and Made Gold is a denim-focused streetwear brand by Marta Goldschmeid.
