OLDSMAR, FLA. — Marcus & Millichap has arranged the sale of North Tampa Shores, a 31,022-square-foot retail property in Oldsmar for $5.1 million. The property is located at 4009-4013 Tampa Road and tenants include FedEx, AT&T, Flamestone American Grill and Moe's Southwest Grill. Rob Keeler of Marcus & Millichap represented the buyer, a limited liability company.
SCHAUMBURG, ILL. — Inland Private Capital Corp. (IPCC) has sold a 100,773-square-foot retail property, located at 905-915 E. Golf Road in Schaumburg, for $12.4 million. The property is anchored by Bed, Bath & Beyond and Golfsmith and is located near Woodfield Mall. Prior to completion of the sale, an affiliate of IPCC renegotiated and extended the leases of Bed, Bath & Beyond and Golfsmith through Jan. 31, 2023 and Sept. 20, 2017, respectively. Affiliates of Inland offered tenant-in-common interests in the property to a group of investors in a private offering in 2004 and continued managing the property on their behalf.
AUSTIN, TEXAS — Austin-based World Class Capital Group has acquired the 100,000-square-foot Galleria Oaks, a retail center located in northwest Austin on Research Boulevard. World Class purchased the property from a Los Angeles-based investment firm. World Class currently owns and operates retail properties in 10 states and 21 markets.
WOODLAND, CALIF. – Walmart has announced plans to open a new Walmart Neighborhood Market in Woodland. The smaller-format store will occupy a 62,000-square-foot building at 1250 E. Gibson Road about 15 miles northwest of Sacramento. The building was previously occupied by Mervyn’s at the County Fair Fashion Mall. The mall is owned by County Fair Fashion Mall, LLC and managed by Primero Management. Scott Sterlekar serves as the mall’s director of real estate and leasing.
KNOXVILLE, TENN. — Developer CHM LLC has broken ground on University Commons, Knoxville's first urban, vertical retail complex. The property will be situated on 12 acres near the University of Tennessee and will include 211,000 square feet of retail space and parking. The shopping and dining development is located on the former Fulton Bellows site. Walmart and Publix will anchor the property and more than 40,000 square feet will be dedicated to smaller retailers and service providers once the project is completed. The complex is expected to fill a grocery and retail void in the downtown and university areas, in what is considered a federally designated “food desert,” says Mike Griffin, a partner with CHM. The Walmart and Publix are slated to open in the summer of 2014.
MONROEVILLE, ALA. — A joint venture between Bright Interest and Timber Development is developing Monroeville Marketplace Shopping Center, a 40,000-square-foot property adjacent to a Walmart Supercenter in Monroeville. Tenants at the $4.5 million center will include Dollar Tree, Cato, Shoe Show and Verizon Wireless. The center is expected to open this summer.
THE WOODLANDS, TEXAS — First Victoria National Bank has purchased a 1.24-acre site in the future Creekside Park Village Center in The Woodlands. The new bank branch will be located at the northeast corner of Creekside Forest Drive and Kuykendahl Road in The Woodlands. The bank will feature two drive thru lanes, a deposit-enabled ATM, two conference centers with video phones and a V-Souce Center, a club-style business center with fax machines, copiers, computers and WiFi. Construction is slated to begin in early 2014. Felix Zamilkovsky of New Regional Planning represented First Victoria National Bank in the land sale. Todd Edmonds of Colliers International represented the seller, The Woodlands Development Co., a subsidiary of The Howard Hughes Corp.
WOODLAND, CALIF. – Walmart has announced plans to open a new Walmart Neighborhood Market in Woodland. The smaller-format store will occupy a 62,000-square-foot building at 1250 E. Gibson Road about 15 miles northwest of Sacramento. The building was previously occupied by Mervyn’s at the County Fair Fashion Mall. The mall is owned by County Fair Fashion Mall, LLC and managed by Primero Management. Scott Sterlekar serves as the mall’s director of real estate and leasing.
CUMMING, GA. — Marcus & Millichap has brokered the $10.5 million sale of Lanier Crossing, an 111,000-square-foot retail center located on Atlanta Road in Cumming. The sales price for the Hobby Lobby-anchored property equates to $96 per square foot. Hobby Lobby is in the middle of its first five-year lease, with one five-year option remaining. The property was built in 1964 and most recently renovated in 1989. During the past 10 years, the center has had an average occupancy rate of more than 90 percent. Other tenants at Lanier Crossing include Subway, Sally Beauty Supply, Weight Watchers and Cici's Pizza. Howard Bregman and Brandon Rex, both with Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, Infinity Property Fund, as well as the Northeast-based buyer.
MONROEVILLE, ALA. — Timber Development, in a joint venture with Bright Interest Inc., is developing the approximately 40,000-square-foot Monroeville Marketplace Shopping Center. The $4.5 million center is located adjacent to a Walmart Supercenter on Alabama Avenue in Monroeville, about 90 miles northeast of Mobile. The project, which will open in the summer of 2013, will feature tenants Dollar Tree, Cato and Verizon Wireless. Other tenants will include a Mexican restaurant, china buffet and beauty supply store.
