PEORIA, ARIZ. – Fletcher Heights Marketplace, a 26,658-square-foot shopping center in Peoria, has sold to Eleven Investments LLC for $3.1 million. The Class B neighborhood retail shopping center is located at 20783 N. 83rd Ave. Fletcher Heights is currently 75 percent occupied. Some of the newer tenants include Delex Realty, Planet Beach Spa and Farmers Insurance. The LLC represented itself in this transaction, while the seller, LB-UBS 2003-C7 Fletcher Heights Marketplace LLC, was represented by Daniel Ortega and Larry Ortega of Colliers International.
Retail
WEST HARTFORD, CONN. — HFF has brokered the sale of Boulevard Shops, a shopping center located at 463 Prospect Ave. in West Hartford. Englewood Cliffs, N.J.-based Lerner Properties purchased the 24,600-square-foot property for $10 million. Situated on 1.82 acres, the property is 93.5 percent occupied by a variety of tenants, including CVS/pharmacy, The UPS Store, H&R Block, Sprint and Santander Bank. HFF’s Boston retail investment sales team marketed the property for the seller, HPE Boulevard LLC, an affiliate of Hirschfield Properties LLC.
CHICAGO — The Boulder Group has brokered the $2.4 million sale of a single-tenant, net-leased Burger King in Chicago. The property is located at 2345 S. Pulaski Road. Burger King is the sole occupant of the 2,980-square-foot building, which was built in 2009. The Burger King is positioned as an outparcel to a recently developed multi-tenant shopping center anchored by Advance Auto Parts and DaVita Dialysis. Burger King’s original 20-year lease expires in December 2029 and features 5 percent rental escalations every five years throughout the primary term and renewal option periods. Heartland Midwest LLC, a wholly owned subsidiary of Heartland Food Corp., guarantees the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private partnership. A New York-based high-net-worth individual purchased the property.
LAS VEGAS — The Shops at Warm Springs, a 15,760-square-foot retail building in Las Vegas, has sold to an unnamed buyer for $3 million. The building is located at 7150 S. Durango Drive. It is occupied by Cricket Wireless, Title Max, Stacks & Yolks, Volcano Grill, Quick Draw Tattoo and Beyond Nails & Spa. The buyer was represented by Adam Malan of the Equity Group. The seller, PWDAF Warm Springs and Durango LLC, was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.
GRAND PRAIRIE, TEXAS — NAI’s retail division has arranged the sale of the 148,272-square-foot Emerald Square shopping center at 2985 S. Highway 360 in Grand Prairie. Mike Smith of the NAI Robert Lynn Retail Division represented TriMarsh Properties, which plans a redevelopment of the area. Planned upgrades include a remodeled exterior façade and new LED signage. The property sits near Highway 20, providing close access to Arlington, Dallas and Fort Worth.
KENOVA AND CHARLES TOWN, W.VA. AND ABBEVILLE, LA. — Marcus & Millichap has arranged the $14.6 million sale of three CVS/pharmacy stores in West Virginia and Louisiana. The stores are located in Kenova and Charles Town, W.Va., and Abbeville, La. CVS has at least 23 years left remaining on its initial lease at all three stores. Bob Horvath and Todd Tremblay of Marcus & Millichap brokered the sale of all three assets.
WESTFIELD, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 240-244 North Avenue West in Westfield. The three-story 10,563-square-foot building sold for $4.7 million. Citibank, Visage and Qtrade occupy the property. David Thurston of Marcus & Millichap’s New Jersey office marketed the asset on behalf of the seller, a limited liability company, and represented the buyer in the transaction.
BIRMINGHAM AND LIVONIA, MICH. —Orlando, Fla.-based Cuhaci & Peterson Architects, Engineers, Planners, has completed design work on two interior remodeling projects for Mitchell’s Fish Market in Michigan. The two front-of-house projects include a 4,976-square-foot restaurant in Birmingham, Mich., and a 5,090-square-foot restaurant in Livonia, both located in the suburbs of Detroit.
ANN ARBOR, MICH. — Colliers International has arranged the lease of 1,220 square feet of retail space, located at 1758 Plymouth Road in Ann Arbor. The tenant, Wings Over, is a restaurant offering take-out and delivery of chicken wings and other foods. The franchise has more than 30 locations throughout the country. This will be the restaurant’s first location in Michigan, which is set to open this winter. Jim Chaconas and Brendan Cavender of Colliers International represented both the landlord and the tenant in the lease transaction.
TOMBALL, TEXAS — Houston-based Baker Katz has begun construction on the company’s retail center in Tomball, approximately 33 miles northwest of Houston. The property, which was purchased by Baker Katz earlier this year, was formerly a gas station. The site is located at FM 2920 and Highway 249, adjacent to another Baker Katz-owned shopping center. The building will be occupied by a 3,400-square-foot Pacific Dental Services office and a 4,200-square-foot Mattress Firm store. In total, the building will span 7,600 square feet. The two tenants are slated to open late this year.