BUCKEYE, ARIZ. — Interstate Holdings has acquired Watson Marketplace, a 90,000-square-foot retail center in Buckeye, for $22 million. The center is located at 441 – 733 S. Watson Road, about 30 minutes west of Phoenix. The transaction included 55,153 square feet of property on nearly eight acres that is leased to 15 tenants, including Goodwill, Denny’s, the UPS Store, Dunkin Donuts and Firehouse Subs. It also included two retail pads that are ground leased to McDonald’s and Bank of America. Chris Tramontano and Tom Chichester of Faris Lee Investments represented the all-cash buyer, which was also in a 1031 Exchange. The seller and property developer, Desert Troon Companies, was represented by Chris Tramontano, Matthew Mousavi and Patrick Luther of the same firm.
Retail
SIMI VALLEY, CALIF. — Auto World Center, an 18,875-square-foot auto retail center in Simi Valley, has sold to Khajerian Family Trust for $3.9 million. The center is located at 2170-2190 First Street in the Los Angeles submarket. First Street is also known as “Auto Center Drive.” Auto World Center is fully leased to a range of automotive service providers. The property, which was developed in 1986, contains three free-standing buildings. Ken Simons of NAI Capital’s Westlake Village office represented both the buyer and seller, the Pick Family Trust, in this transaction.
BELPRE, OHIO — Marcus & Millichap has arranged the $1.7 million sale of a 6,895-square-foot property in Belpre. The net-leased Advance Auto Parts property is located at 1218 Washington Blvd. The asset is a newer construction and has 14 years remaining on the corporately guaranteed lease. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap’s Columbus office listed the property on behalf of the seller, a limited liability company. A California-based buyer purchased the property in a 1031 tax-deferred exchange.
HOUSTON — Houston-based Baker Katz has negotiated 9,000 square feet of leases for Nothing Bundt Cakes in the Houston area. Lunden McGill of Baker Katz negotiated the leasing of the five locations with a number of different brokers. Each location is about 1,800 square feet. Nothing Bundt Cakes is known for its desserts, with locations throughout the country.
SCHAUMBURG, ILL. — Adelphia Properties has arranged the $4.2 million sale of a triple-net-leased, single-tenant Joe’s Crab Shack restaurant in Schaumburg. The property is located at 2000 E. Golf Road. The property sold at a 6.5 percent capitalization rate. Joe’s Crab Shack is the sole occupant of the 7,500-square-foot, freestanding building, which was built in 1994. George Spirrison & Simeon Spirrison represented the seller, a private group. An out-of-state investment group purchased the property in a 1031 tax-deferred exchange.
FULLERTON, CALIF. — Shin Yen International Pty Ltd. has acquired Amerige Heights Town Center, a 163,514-square-foot retail center in Fullerton, for $48.5 million. The center is located at 1895-1897 West Malvern Ave. Notable tenants at the center include Barnes & Nobles, Gold’s Gym, Ross Dress for Less, Olympic Golf and T-Mobile. Amerige is shadow anchored by Target and Albertson’s, which were not included in the sale. Shin Yen was represented by Michael Randall of Randall Realty Advisors. The seller, an institutional investment manager, was represented by HFF’s Ryan Gallagher and CJ Osbrink.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Melbourne Shopping Center, a 6,820-square-foot retail property located in Hurst, one of the mid-cities between Dallas and Fort Worth. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Levy also represented the buyer, another private investor. Melbourne Shopping Center is located at 805-813 Melbourne Road. The property was 84 percent occupied at the time of sale and all leases are triple-net. The building was constructed in 1979 on 1.1 acres. Tenants include Payless ShoeSource, Texas Mini Mart and Model Nails.
ELIZABETHTOWN, KY. — GBT Realty Corp. has purchased more than 13 acres in Elizabethtown to develop Woodland Commons, a $20 million community retail center. The 126,000-square-foot project is currently 90 percent pre-leased to anchors Hobby Lobby and Academy Sports + Outdoors, which each occupy 60,000 square feet. Site work on the project is nearly 50 percent complete with vertical construction set to begin in October. GBT purchased the land at the intersection of Ring Road and Woodland Drive from Woodland Partnership for an undisclosed amount. GBT expects to deliver the property by spring 2015. The development team includes Haines Gipson and Associates Engineers, MJM Architects, Kelsey Construction and TD Farrell Construction.
BIRMINGHAM, ALA. — Cohen Commercial Properties has refinanced Roebuck Marketplace, a 193,481-square-foot, open-air shopping center located at 91920 Parkway E. in Birmingham. Cohen’s 10-year, $16.5 million loan is structured at 75 percent LTV with a 4.8 percent interest rate. The shopping center is 93.5 percent leased to tenants such as Planet Fitness, Citi Trends, Rite Aid, Dollar Tree, Harbor Freight Tools, Rainbow USA and It’s Fashion Metro. The property is shadow-anchored by a Walmart Supercenter.
ALTOONA, PA. — Marcus & Millichap has brokered the sale of a Sheetz gas/convenience store in Altoona. The 6,902-square-foot, net-leased property sold for $1.8 million. Located at Frankstown Road and Amelia Avenue, Sheetz recently executed a 20-year corporately guaranteed absolute-net ground lease with rental increases in the option period on the 3.1-arce property. Matthew Gorman and Michael Shover of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, as well as secured the represented the buyer, in the transaction.