MAPLE GROVE, MINN. — The Opus Group has secured two leases for office and retail space at its Arbor Lakes development and sold 2.7 acres in Maple Grove, a northwest suburb of Minneapolis. Pro Ag Management Inc. will occupy 9,179 square feet on the second floor of the Arbor Lakes Development. With the addition of Pro Ag Management Inc., the office space is now fully leased. Additionally, Sola Salon Studios signed a lease to occupy 4,524 square feet of ground-level retail space in the same building. Opus sold 1.3 acres located at 11301 Fountains Drive North in the Fountains at Arbor Lakes development to KF Dental Co. LLC. Freddy’s Frozen Custard & Steakburgers purchased 1.4 acres located at 11600 Fountains Drive North. Colliers International represented the tenants and Opus in the leasing transactions. Ben Krsnak of Hempel Cos. represented KF Dental LLC in the land sale transaction. Zach Stensland of Colliers International represented Freddy’s Frozen Custard & Steakburgers. Chris Simmons and Kris Schisel, also from Colliers International, represented Opus in the land sale transactions.
Retail
FENTON, MO. — Gander Mountain, an outdoor speciality retailer, plans to open its first store in Missouri in the spring of 2014. The Fenton store will be located in an existing 96,000-square-foot space at the Gravois Bluffs Shopping Center. Once the remodeling is complete, the site will include 65,000 square feet of retail space. Headquartered in St. Paul, Minn., Gander Mountain Co. has 131 locations in 24 states. In addition to the Fenton location, new stores are planned for Indiana, North Carolina, Texas, Alabama, Georgia and Florida in 2014.
SEABROOK, N.H. — DDR Corp. has signed several anchor tenants for Seabrook Commons, a 380,000-square-foot center the firm is developing in Seabrook. The power center will open in the summer of 2014 at 95 percent occupancy. Anchor tenants include Walmart, Dick's Sporting Goods, PetSmart, Michaels, ULTA Beauty, Five Below and Panera Bread. Seabrook Commons will represent DDR's second consecutive year of adding a prime power center to its portfolio through ground-up development. In May 2013, the company opened the 900,000-square-foot Belgate Shopping Center in Charlotte, N.C.
FORT WORTH, TEXAS — CBRE has brokered the sale of Eastchase Market, a 265,097-square-foot power retail center in Fort Worth. The property was 96.2 percent occupied at the time of the sale by national retailers such as Ross, Marshalls, Spec’s Office Depot, Dollar Tree, Burke’s Outlet and AMC Theatres. Located at 1600 Eastchase Parkway, the asset is in close proximity to Interstate 30. Chris Cozby, Chris Gerard and Kevin Holland of CBRE marketed the property on behalf of the seller. Phoenix-based Cole Real Estate Investments purchased the center.
WESTLAKE, OHIO — TravelCenters of America LLC has acquired 31 convenience stores with retail gas stations for $67.9 million. TravelCenters plans to operate the stores under the brand name of Minit Mart. Three of the stores are located in Tennessee and 28 are located in Kentucky. Four of the properties are leaseholds and the other 27 include the ownership of the land and the buildings.
PLOVER, WIS. — Marcus & Millichap has arranged the $6.1 million sale of a 47,217-square-foot retail property in Plover, a city in central Wisconsin. Adam Connor, an investment specialist in Marcus & Millichap’s Milwaukee office, marketed the property on behalf of the seller, a developer, and represented the buyer, a REIT. TJ Maxx, Staples and Maurices occupy the property located at 1240 Commons Circle.
HAZLET, N.J. — Marcus & Millichap has arranged the sale of a14,500-square-foot retail property in Hazlet, located about 30 miles south of Newark. CVS/pharmacy and Best Buy Liquors occupy the property, which is located at 14 Route 36. Ben Sgambati, a vice president of investment, and Alan Cafiero, a senior associate in Marcus & Millichap’s New Jersey office, marketed the property on behalf of the seller, a private investor. Robin David, an investment specialist in Marcus & Millichap’s New Jersey office, represented the buyer, a developer.
DALLAS — HFF has brokered the sale of Preston Center Pavilion and Square, a 230,842-square-foot shopping center in the Park Cities neighborhood of Dallas. The property, which was redeveloped in 2000, is in proximity to the interchange of Northwest Highway, Preston Road and the Dallas North Tollway. Tenants include DSW Shoe Warehouse, Marshalls, Gold's Gym, CVS Pharmacy, Office Depot and Chipotle. The HFF team of Barry Brown, Jim Batjer, Doug Hazelbaker and Ryan Shore represented the seller, US Commercial LLC, and also procured the buyer, a real estate fund advised by Crow Holdings Capital Partners LLC. The transaction involved the assumption of the existing CMBS mortgage.
ATLANTA — Franklin Street Real Estate Services has arranged the sale of a new freestanding Family Dollar in southwest Atlanta in an all-cash, 1031 tax-deferred exchange. Family Dollar has a new 10-year lease at the store, located at 5403 Old National Highway three miles from Hartsfield Jackson Airport. Mac McCall and Bryan Belk of Franklin Street represented the seller, a local developer, in the transaction. The buyer is based in California.
GRETNA, NEB. — Developer OTB Destination LLC has completed the 350,000-square-foot Nebraska Crossing Outlets in Gretna. The $112 million project is situated 20 miles southwest of Omaha at the intersection of I-80, Highway 6 and Highway 31. The development features more than 70 tenants, including Eddie Bauer Outlet, Nike Factory Store, Polo Ralph Lauren Factory Store, Tommy Bahama, Cole Haan Outlet, J.Crew Outlet and Coach Factory Store. Nebraska Crossing Outlets also includes a center courtyard and additional public spaces. The design is a modern interpretation of rural Nebraskan architecture, according to Cleveland-based ka, which provided planning and design services for the project. The company collaborated with Avant Architects of Omaha. Nebraska Crossing Outlets celebrated its grand opening in November.