RALEIGH, N.C. — Tropical Smoothie Café has announced the signing of a multi-unit development deal with Raleigh entrepreneur Sherman Dye, which will bring five Tropical Smoothie Café locations to the city in the next three years. Tropical Smoothie Café operates nine cafes across North Carolina, three locations in the Raleigh-Durham market and others in Nags Head, Southern Shores, Greenville, Winston-Salem and Southport. The new Raleigh deal is part of the 341-unit brand’s nationwide growth strategy to open 40 additional locations throughout the U.S. in 2013.
SCOTTSDALE, ARIZ. — Mercado at Scottsdale Ranch, a 118,730-square-foot community center, has sold to Whitestone REIT for $21.3 million. The Class A center is located at the intersection of East Via Linda & Mountain View Road in Scottsdale. Notable tenants include AJ’s Fine Foods and Walgreens. The acquisition includes an $11.1-million debt assumption, as well as a $10.2-million equity requirement that is funded by Whitestone’s unsecured revolving credit facility. With this latest acquisition, Whitestone now owns 16 community centers and future development land parcels in the Greater Phoenix area for a total of 1.4 million square feet.
CHANDLER, ARIZ. — The Fountains at Ocotillo, a multi-tenant retail pad in Chandler, has sold to Deerwood Partners Arizona, LLC for $2 million. It is located on the northwest corner of Alma School Road and Ocotillo Road in the Ocotillo Lakes subdivision. The property is currently occupied by Anytime Fitness and D vine Bistro and Wine bar. The property was built in 2007 by Spike Lawrence and Jeff Geyser of Lawrence & Geyser Development. The sale was executed by Andrew Harrison of ORION Investment Real Estate.
ATLANTA — AmREIT Inc. has announced the acquisition of Fountain Oaks Shopping Center, a 160,600-square-foot, Kroger-anchored shopping center in the north Buckhead submarket of Atlanta, for $27.7 million. The property benefits from more than 72,000 people living within a three-mile radius of the property, daytime employment within the same radius of over 110,000 and average household income of $104,000 within a one-mile radius. The AmREIT team was able to extend the Kroger anchor lease to a 10-year term while the property was under contract to purchase. The acquisition was financed through AmREIT’s credit facility. Kroger, which occupies 59,134 square feet, has served the north Buckhead community from its location in Fountain Oaks since 1988.
TUSCALOOSA, ALA. — The Opus Group has completed construction on a new 42,300-square-foot building in Tuscaloosa for St. Paul, Minn.-based retailer Gander Mountain. Additionally, Opus has been awarded a contract from the retailer for a 45,600-square-foot building in Albany, Ga., which will be Opus’ fourth project with Gander Mountain. Opus Development Co. LLC provided development services, Opus Design Build LLC was the design builder for the project and Opus AE Group LLC provided architecture and engineering services.
QUINCY, ILL. — Marcus & Millichap Capital Corp. has arranged a $5 million refinance for a 14,820-square-foot Walgreens in Quincy. Steven Goldwyn of the Fort Lauderdale office arranged the loan. The nonrecourse, 10-year loan carries a 4.5 interest rate and includes a 30-year amortization schedule. “The borrower wanted to retire the seller carry-back debt from when they closed the property’s acquisition at the end of 2012,” says Goldwyn.
HOUSTON — Cresa has arranged the sale of half of the 19,000-square-foot retail center Grisby Square, located at 302 Stafford St. in the Far West retail submarket of Houston. The sold property includes the locations of Ginger Thai Spice and Watson’s House of Ales. Steven Heal of Cresa represented the owner, Holt Partnership, in the sale to Hospitality USA, which was self-represented by Jaime Blake in the transaction.
SCOTTSDALE, ARIZ. — Mercado at Scottsdale Ranch, a 118,730-square-foot community center, has sold to Whitestone REIT for $21.3 million. The Class A center is located at the intersection of East Via Linda & Mountain View Road in Scottsdale. Notable tenants include AJ’s Fine Foods and Walgreens. The acquisition includes an $11.1-million debt assumption, as well as a $10.2-million equity requirement that is funded by Whitestone’s unsecured revolving credit facility. With this latest acquisition, Whitestone now owns 16 community centers and future development land parcels in the Greater Phoenix area for a total of 1.4 million square feet.
CHANDLER, ARIZ. — The Fountains at Ocotillo, a multi-tenant retail pad in Chandler, has sold to Deerwood Partners Arizona, LLC for $2 million. It is located on the northwest corner of Alma School Road and Ocotillo Road in the Ocotillo Lakes subdivision. The property is currently occupied by Anytime Fitness and D vine Bistro and Wine bar. The property was built in 2007 by Spike Lawrence and Jeff Geyser of Lawrence & Geyser Development. The sale was executed by Andrew Harrison of ORION Investment Real Estate.
MESA, ARIZ. – The Ford Motor Credit Building in Mesa has sold to Larch Street Capital Management Corporation for $3.7 million. The 57,193-square-foot, multi-tenant flex/back office building is located at 1355 S. Clearview Ave. It was 78.5 percent occupied at the time of sale. The space is occupied by Ford Motor Company, which operates a Ford Motor Credit’s National Recovery Center and call center, and by Talent Team, which operates a Clearview Cultural Center inside the building. The transaction was executed by Bob Buckley, Steve Lindley, Tracy Cartledge, Mike Haenel and Andy Markham of Cassidy Turley.