FAIRHAVEN, MASS. — Heyman Properties has sold the 212,393-square-foot Fairhaven Commons, located in the Boston suburb of Fairhaven, for $23.8 million. The property, which was built in 1989, is 93 percent leased. Walmart and Marshalls anchor the center. Additional tenants include Sears Hardware, GNC and Wendy's. James Koury and Ben Sayles with HFF represented the seller and procured the buyer in the transaction.
HOUSTON — Whitestone REIT (NYSE: WSR) has launched four property redevelopment programs in the Houston metro area as part of a repositioning and rebranding initiative. The properties include Woodlake Plaza, a 106,000-square-foot office building in the Westchase District; Main Park, a 113,000-square-foot medical lab facility near Reliant Stadium and Texas Medical Center; Lion Square, a 118,000-square-foot retail center in the Asian district of southwest Houston; and Torrey Square, a 106,000-square-foot retail center in a predominately Latino district of north Houston. Whitestone purchased the properties for $60 per square foot on average.
PHOENIX — Velocity Retail Group has completed the disposition of six Phoenix-area properties that were formerly home to Albertson’s grocery stores. The properties were all owned by a partnership that was looking to sell in 2012 when the Phoenix market seemed to be “saturated with big boxes,” according to Velocity’s press release. The release also notes that four of these buildings were in the Southeast Valley, “which had been hardest hit by big box vacancy.” The final building, a 50,394-square-foot property located at 409 N. Litchfield Road in Goodyear, recently closed escrow. The six buildings contained a total of 350,000 square feet. All have closed escrow over the past few months. Velocity notes the buildings sold to investors, retailers and even to a charter school.The seller, ACC Retail Associates, LLC, is an entity controlled in a joint venture by Praedium Group and ScanlanKemperBard Companies.
VIRGINIA BEACH AND RICHMOND, VA. — Morgan Property Group LLC (MPG) has acquired two sites in Virginia for the development of two new freestanding 7-Eleven stores. One site is located at the southwest corner of General Booth Boulevard and Dam Neck Road in Virginia Beach. The other is located at the southeast corner of West Broad Street and Pemberton Road in Richmond. Once the two stores are developed, MPG will have developed seven 7-Eleven properties in Virginia in the past two years. MPG purchased the Virginia Beach location through its affiliate SDC VII General Booth LLC for approximately $1.1 million. The new property will feature a 3,010-square-foot convenience store and four pumping stations. Construction is expected to start later this year and wrap up in the second quarter of 2014. MPG purchased the Richmond site through its affiliate SDC VI Broad LLC for a little more than $1 million. Construction is expected to start in October and wrap up in the first quarter of 2014. MPG purchased the sites from Doswell Ventures LLC in both transactions.
ROANOKE, VA. — Cushman & Wakefield | Thalhimer has arranged the $1.4 million sale of Shops at Pheasant Ridge, a 13,740-square-foot retail center located at 4335 Pheasant Ridge Road in Roanoke. John Nielsen and Bob Copty of Cushman & Wakefield | Thalhimer represented the seller, Quatros Amigos Partnership, in the transaction. The buyer was Summers Properties LLC. Goodwill will lease a portion of the retail center.
ST. LOUIS — Phillips Edison–ARC Shopping Center REIT Inc. has acquired an 112,300-square-foot, grocery-anchored shopping center in St. Louis for $9.5 million. South Oaks Plaza is fully leased and anchored by a Shop 'n Save grocery store. Pace-South County Associates LLC sold the shopping center, which is located on 10.2 acres. Phillips Edison–ARC also recently acquired the 74,616-square-foot Contra Loma shopping center in Antioch Calif., for $7.2 million.
NEW YORK CITY — DelShah Capital LLC has closed on the $8.6 million purchase of 69 Gansevoort St. in the Meatpacking District of New York City. The property includes a 2,950-square-foot commercial building with 7,160 square feet of air rights. DelShah will lease the retail space at 69 Gansevoort St. to a subsidiary of The Line Group, an operator of multiple entertainment venues across Manhattan, while plans and construction are completed to utilize the building’s air rights. Berkadia Commercial Mortgage provided $6.5 million in acquisition financing to DelShah.
FRISCO — CBRE has secured $10.25 million in permanent financing for retail property Custer Star Center in Frisco, approximately 28 miles north of Dallas. Comprised of three buildings totaling 55,201 square feet, Custer Star Center is anchored by Petco and includes multiple pad sites bordering the property. UCD Corp. began the first phase of the project in 2010 and completed construction at the beginning of this year. Scott Lewis, Matt Ballard and Patrick Benoist of CBRE’S Debt and Equity Finance Group originated and secured the loan, which is set for a term of 10 years and fixed at 4.57 percent.
PLANO — Henry S. Miller Brokerage has arranged the acquisition of a 46,502-square-foot, big-box retail building on 4.48 acres of land in Plano for buyer The Van Tuyl Group. Located at 300 Lexington Drive, the property is a former site of a Toys “R” Us location and sits adjacent to Crest Cadillac & Infiniti dealership. Bill Bledsoe of Henry S. Miller represented the buyer in the transaction, while Jim Avallone of DJM Realty represented the seller, DJM Realty for Toys “R” Us.
PHOENIX — Velocity Retail Group has completed the disposition of six Phoenix-area properties that were formerly home to Albertson’s grocery stores. The properties were all owned by a partnership that was looking to sell in 2012 when the Phoenix market seemed to be “saturated with big boxes,” according to Velocity’s press release. The release also notes that four of these buildings were in the Southeast Valley, “which had been hardest hit by big box vacancy.” The final building, a 50,394-square-foot property located at 409 N. Litchfield Road in Goodyear, recently closed escrow. The six buildings contained a total of 350,000 square feet. All have closed escrow over the past few months. Velocity notes the buildings sold to investors, retailers and even to a charter school. The seller, ACC Retail Associates, LLC, is an entity controlled in a joint venture by Praedium Group and ScanlanKemperBard Companies.
