STERLING, VA. — Rock Creek Property Group has sold Regal Center, a 52,500-square-foot shopping center located at 20921-20955 Davenport Drive in Sterling. The Regal Center LLC/Bernstein Management Group purchased the asset for $18.2 million, or roughly $347 per square foot. Regal Center’s tenant roster includes Domino’s Pizza, 7-Eleven, Firehouse Subs, BB&T, UFC Gym, sweetFrog Yogurt, O’Faolains Irish Pub, Cheng’s Oriental Restaurant, Old Virginia Tobacco Co. and The Good Shepherd Alliance.
Retail
BOCA RATON, FLA. — Atlantic Commercial Group Inc. has brokered the $12.3 million sale of The Shoppes at Village Pointe, a 73,000-square-foot shopping center in Boca Raton. The property is located on Southwest 18th Street between Military Trail and Powerline Road. Gary Broidis of Atlantic Commercial Group represented the buyer, Boca SVP LLC, an entity controlled by Janoura Realty & Management.
MELBOURNE, FLA. — Faris Lee Investments has arranged the $10 million pre-sale of a recently constructed, 46,000-square-foot retail building in Melbourne. The property, located at 2314 Remi Drive, is fully leased to TJ Maxx and HomeGoods for 10 years. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a private investor based in South Florida, in the transaction. Mousavi and Luther also represented the seller, a Florida-based developer.
MAYFIELD HEIGHTS, OHIO — Coldwell Banker Commercial (CBC) Alliance has arranged the $47 million sale of the Golden Gate Shopping Center in Mayfield Heights, a Cleveland suburb. A joint venture betweenHornig Capital Partners LLC, a New York-based real estate firm, and Hutensky Capital Partners of Hartford, Connecticut, purchased the property. Golden Gate, built in 1958, is a 371,748-square-foot center that was renovated in 1995. The center is currently 95 percent occupied. Anchor tenants at the center include Marshalls, PetSmart, Golf Galaxy, H.H. Gregg, OfficeMax and Jo-Ann Fabrics. Cleveland-based Forest City Enterprises Inc. sold the property. Bruce Weissberg of CBC Alliance assisted in closing the off-market deal.
ALTOONA, PA. — HFF has closed the sale of Logan Towne Centre, a 715,819-square-foot shopping center in Altoona. AVR-ALTOONA LP sold the property to a private investor for $101.5 million. Situated on 75 acres at 155 Falon Lane, the grocery-anchored shopping center is 98.4 percent leased to tenants, including Giant Eagle Supermarket, Kohl’s, Best Buy, Staples, Bed Bath & Beyond, Michaels, Ross, Boscov’s and Dick’s Sporting Goods. Jim Koury and Claudia Steeb led the HFF investment sales team that represented the seller in the transaction.
HOUSTON — Dairy Ashford Village, a 43,751-square-foot retail center at 1570 S. Dairy Ashford Road in Houston, has been sold to a Houston-based private equity group. The center is 89 percent leased. Christopher Winters and John Parsley of Colliers International represented the seller, N.J.G. & M. Texas. Keller Williams represented the buyer, DAV Entrepreneurs. The property is located next to a Kroger-anchored shopping center on Briar Forest Drive.
TERRELL, TEXAS — Whataburger has leased a 41,000-square-foot pad site at the Terrell Market Center. The site is located at the northeast corner of FM 148 and Crossroads Parkway in Terrell, 40 minutes east of Dallas. Opening is scheduled for summer 2015. W. Thurston Witt, Jr. of UCR Dallas represented Whataburger, and Andrew Lehner, also with UCR, represented the developer, Oakridge Investments.
HESPERIA, CALIF. – A 66,389-square-foot retail building in Hesperia that is occupied by Kmart has sold to a private California real estate investment company for $5.2 million. The building is located at 16968 Main Street within the Midtown Square Shopping Center. The center is also anchored by Stater Bros. and Orchard Supply Hardware. The buyer was represented by David Chasin at Pegasus Investments. The seller, The Burokas Family Trust, was represented by Brad Umansky and Frank Vora of Progressive Real Estate Partners.
MADERA, CALIF. – A 4,558-square-foot retail property in Madera that is net leased to IHOP has sold to an unnamed buyer for $2.4 million. The property is located at 2201 West Cleveland Ave. IHOP has occupied this space since it was originally constructed in 1995. Steve Sauter of Marcus & Millichap’s Palo Alto office represented the seller, a private investor.
LOS ALTOS, CALIF. -Jos. A. Bank has signed a 10-year lease for 4,087 square feet at the Colonnade mixed-use development in Los Altos. The space is located at 4750 El Camino Real in Silicon Valley. The new store will sit adjacent to Whole Foods and directly across from San Antonio Shopping Center. Colonnade is being developed by Sares Regis Group of Northern California and Pritzker Realty Group. Jos. A. Bank was represented by Laura Tinetti of SRS Real Estate Partners. Sares Regis was represented by Randol Mackley and Steve Gazzera of the same firm.