WILLIAMSBURG, VA. — Polyzos Family Investments has purchased Palace Place, a retail strip center located at 113 Palace Lane in Williamsburg, for $610,000. C-111 Asset Management was the seller. Drew Haynie of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.
PALATINE AND VERNON HILLS, ILL. — Inland Real Estate Acquisitions Inc. has acquired two Mariano’s Fresh Market stores, located in Palatine and Vernon Hills, for a combined total of $46.3 million. Mariano’s Fresh Market, part of Milwaukee-based Roundy’s Inc., is an upscale grocer with nine Chicagoland locations. The Vernon Hills location opened in June 2011. The Palatine location opened in January 2012. Each store is approximately 71,000 square feet and fully occupied by Mariano’s on 20-year leases. Mark Cosenza of Inland Real Estate Acquisitions facilitated the transaction. Brand Duff of Stan Jonson Co. represented the seller, IM Properties. Inland Real Estate Acquisitions acquired Mariano’s first store, located in Arlington Heights, in April 2011.
CHICAGO — Kudan Group has arranged the sale of 6800 North Sheridan in Chicago for $125,000. Darren Christian purchased the 4,000-square-foot property, formerly Pillars Social Café. Christian plans to renovate and reopen the space as Ciao Bella Café in April. Jerrod Rosen of Kudan Group represented the buyer and seller in the transaction.
EGG HARBOR CITY AND HOPATCONG, N.J. — Marcus & Millichap has arranged the sale of two retail buildings in New Jersey for $2.1 million. The first transaction was a United States Post Office-occupied building located at 237 Philadelphia Avenue in Egg Harbor City, about 45 miles south of Philadelphia. The 4,125 square-foot, net-leased property sold for approximately $300,000. The second transaction was a retail property occupied by Dunkin’ Donuts and the U.S. Post Office located in Hopatcong, about 35 miles west of Newark. The 7,100-square-foot building sold for $1.8 million. Michael Lombardi and Juilenne Pape represented the buyer, a local private investor and the seller in the transactions.
KATY, TEXAS — Sprouts Farmers Market has opened a 25,300-square-foot store at the southwest corner of Cinco Ranch Boulevard and Peek Road in Katy. The store is Sprouts' first location in the Houston area. Ed Page and Chris Pitts of UCR's Houston office represented both the landlord, Scottsdale, Ariz.-based AVB Development Partners, and Sprouts in the lease transaction. Page is Sprouts' southeast Texas representative for all site acquisitions. Sprouts operates more than 150 stores throughout the Western U.S.
STAFFORD, TEXAS — Dallas-based Main Event Entertainment has plans to open a new location at the Fountain on the Lake shopping center in Stafford. The new venue is located off U.S. Highway 59 and South Kirkwood Road and is expected to employ approximately 150 people. The new Main Event Entertainment location will feature a bowling alley, a GRAVITY indoor ropes course, laser tag, game room with 100 video games and meeting space.
CROSBY, TEXAS — Hunington Properties Inc. has arranged the sale of Crosby Plaza, a 8,133-square-foot retail property located on FM 2100 in Crosby. The center is fully leased to UPS Store, Little Caesar's Pizza and Cricket Wireless. Todd Carlson of Hunington Properties represented the seller, an out-of-state investor who purchased the property in 2006. The buyer is an investor based in Southern California. The buyer secured acquisition financing through Wilshire State Bank. Hunington will continue to operate the property.
LOS ANGELES — Peninsula Center, a 300,000-square-foot retail center located in the Los Angeles submarket of Rolling Hills Estates, has sold to a joint venture between Vestar and a fund advised by UBS Global Asset Management for $87.3 million. The center resides on the Palos Verdes Peninsula. It is 88 percent leased. Notable tenants include Vons Pavilions, Rite Aid, TJ Maxx, Spectrum Health Club, Pier 1 Imports and Petco. Vestar represented itself in this all-cash transaction, while the seller, Principal Real Estate Investors, was represented by Christopher Hoffman, Rikki Keating and Thao Tran of Eastdil Secured.
ALISO VIEJO, CALIF. – A two-story, 16,840-square-foot retail building in Aliso Viejo has sold to Aliso Viejo Town Center, LLC for $6.7 million. The free-standing building is located at 26731 Aliso Creek Road within the Aliso Viejo Town Center. It is 93 percent occupied by tenants like Stadium Brewing Company. Dennis Vaccaro and Christopher Tramontano of Faris Lee Investments represented both the buyer and the seller, Aliso Viejo Investors, LLC, in this transaction.
BELLEVUE, WIS. — Marcus & Millichap has arranged the sale of Bellevue Retail Center, a 9,200-square-foot retail property, for $2.5 million. The shopping center is located at 1976 Lime Kiln Road in Bellevue, a southern suburb of Green Bay, and was 85 percent occupied at the time of sale. Jeff Rowlett and Jason Ladner of Marcus & Millichap represented the seller, a developer, in the transaction. Michael Ahles of Marcus & Millichap represented the buyer, a private investor.