CHICAGO — Consolidated-Tomoka Land Co. has acquired the ground lease for a JPMorgan Chase Bank property in Chicago for $3.8 million. The ground lease with JPMorgan Chase has 28 years remaining and rental rate escalations every five years.
Retail
DOVER, N.J. — FJH Whitehall LLC has acquired a 14,000-square-foot retail property in Dover, which recently opened as a new Lazy Boy Furniture store, for $2.6 million. The property is located at 500 Mount Pleasant Ave. near the Rockaway Mall. The seller was Plaza K Realty-Dover LLC. Mark Handwerker of The Goldstein Group represented both parties in the transaction.
ROCHESTER, N.H. — New England Auto Finance has leased 2,650 square feet of retail space at 115 Farmington Road in Rochester. David Choate and Rebecca Lee of Grubb & Ellis/Northern New England represented the tenant in the transaction. Paul Kiratzis of Shoe Town represented the landlord, Hermitage Place Limited Partnership.
DENTON — Rayzor Ranch Town Center, a new open-air retail and entertainment development located at the intersection of Interstate 35 and U.S. Highway 380 in Denton, will add a 126,000-square-foot Dillard's to its tenant roster. Dillard's will serve as the shopping center's first anchor department store. RED Development, owner of Rayzor Ranch, plans to build out the center to 600,000 square feet and add several high-quality tenants.
HOUSTON — Marcus & Millichap has arranged the sale of a 5,000-square-foot shopping center, located at 3507 S. Shepherd in Houston's inner loop. Derek Hargrove of Marcus & Millichap represented the seller, a private partnership, in the transaction. Braun Enterprises is the buyer.
LAGUNA HILLS, CALIF. — The Fresh Market, a full-service specialty grocer, has opened its first Southern California location at The Village at Nellie Gail Ranch in Laguna Hills. The 21,000-square-foot store is expected to open in summer 2014. The village is undergoing a $17-million renovation and expansion.
KATY — Ybarra Investment/Jimmy Changa's has purchased an 87,991-square-foot site at the southwest corner of Interstate 10 and Westgreen in Katy from Vista Red. Mac Ruggles of Texas/Southwest Group represented the buyer in the transaction. Eric Walker of Capital Retail Properties represented the seller.
GLENDALE, CALIF. –An investment group headed byCapital Real Estate Advisors has purchased a34,000-square-foot, stand-alone grocery store building in Glendale. The seller, a previous tenant, vacated the building in early November. Capital Real Estate plans to retant and potentially redevelop the property. The firm was represented in-house byMichael Poyer.
CORAL SPRINGS, GA. — Westview Shoppes, a distressed 60,732-square-foot shopping center anchored by Office Depot at 9525 Westview Dr. in Coral Springs, has sold for $9.6 million. Drew Kristol, Kirk Olson and Greg Zeifman of Marcus & Millichap’s Miami office represented the seller, Westview Shoppes Fla. LLC. A North Miami Beach, Fla.-based private investor purchased the retail property. Westview Shoppes was built in 1999 and features two retail plazas. Tenants include Youfit Health Club, Mega Liquors, Dunkin’ Donuts, Anthony’s Coal Fired Pizza and a dry cleaning business.
DAYTON, OHIO — Cooper Commercial has arranged the $885,000 sale of a freestanding Wright-Patt Credit Union in Dayton. The 3,500-square-foot property was developed in 2010 and requires no landlord responsibilities. Wright-Patt has a ground lease on the property through 2030, with 10 percent rental increases every five years. Bob Havasi of Cooper Commercial represented the sellers, an institutional entity based in New York. The buyer was a private group based in Cleveland.