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.
GRAPEVINE, HUMBLE, AND ARLINGTON, TEXAS — UCR Investment Sales has brokered the sale of three retail properties in Texas totaling 33,573 square feet. The first property, Hall Johnson Center, is a 21,853-square-foot shopping center located on Hall Johnson Road in Grapevine. Notable tenants of the center include Anytime Fitness, Subway and Papa Murphy’s Pizza. The second property, Starbucks Retail Center, is a 5,720-square-foot retail center located at Northpark Drive and Glade Drive in Humble. The complex is occupied by Menchie’s Frozen Yogurt, The Nail Spot and Starbucks. The final property is a 6,000-square-foot single tenant restaurant leased to Mellow Mushroom located on North Center Street one block north of University of Texas at Arlington. Tommy Tucker of UCR Investment Sales represented the sellers in all three transactions.
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.
DENVER — Winter Park Winery is opening its second location in Colorado. The newest iteration will be called Mile High Winery. It will be located at 2811 Walnut Street in the city’s Ballpark District. The grand opening is scheduled for early July. It will include a full-production winery and tasting room. Winter Park Winery was founded by John and Cassidi Brickner, whose initial operation opened in Fraser in 2004. Bob Bramble of Newmark Grubb Knight Frank Retail represented the duo in this lease transaction.
MIAMI — Equity One Inc. has sold Plaza Alegre and Meadows, two Publix-anchored centers totaling 163,935 square feet in the Miami submarket of West Kendall, for an aggregate purchase price of $35.9 million. A fund managed by the Goldman Sachs Real Estate Investment Group purchased the assets free and clear of existing debt. Completed in 2003, the 88,411-square-foot Plaza Alegre is situated on nearly eight acres. The center is 94.6 percent leased to tenants including Publix, Goodwill and Wells Fargo. Meadows features 75,534 square feet of retail space that is 95.5 percent leased. Tenants include Publix, Supercuts and GNC. Danny Finkle, Luis Castillo and Rob Saracco with HFF represented the seller.
TUSCALOOSA, ALA. — The Opus Group has completed the construction of a 42,300-square-foot retail building for Gander Mountain, an outdoor specialty retailer offering hunting, fishing, camping and marine lifestyle products. The store is located at the former site of Bear Bryant Motors in Tuscaloosa. 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. In addition to the Tuscaloosa location, Opus also built the new Gander Mountain store in Valdosta, Ga., and provided construction management services for the location in Opelika, Ala. Opus was also recently awarded a contract from the company for a 45,600-square-foot store in Albany, Ga., which is scheduled to open in October.
SUSSEX AND GREEN BAY, WIS. —A Midwest-based developer has sold a single-tenant, net-leased portfolio including two properties in Sussex and Green Bay for $17.6 million. Shopko is the sole occupant of the two 80,000-square-foot properties. The department store has 16 years left on its initial lease at both properties. The stores are located at 2320 Lineville Road in Green Bay and N66 W 25201 County Highway in Sussex. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer was a West Coast-based investment firm.
FRANKLIN, IND. — Lee & Associates has closed the $2.4 million sale of City View Shoppes, a 20,630-square-foot shopping center in Franklin, a south suburb of Indianapolis. Built in 2003, the eight-unit center is fully leased and located at 1047 W. Jefferson St. adjacent to Johnson Memorial Hospital and City View apartment complex. Jim Karozos and Bob Lindgren of Lee & Associates’ Indianapolis office represented the seller, City View Shoppes, while Nick Kirkendall of Ohio Properties represented the buyer, Kirkendall Investment, in the transaction.