HOUSTON AND LOS ANGELES — World Class Capital Group LLC closed on two major acquisitions this week: North Oaks Shopping Center, a 450,000-square-foot retail center in Houston, and Andrita Media Center, a 110,000-square-foot creative office and studio in Los Angeles. North Oaks Shopping Center was 92 percent occupied at the time of sale by retailers including T.J. Maxx, Ross Dress for Less, Hobby Lobby, Big Lots and Staples. The property, located at the intersection of FM 1960 and Veterans Memorial Drive, was purchased from a national retail REIT. Andrita Media Center was fully percent leased to an international entertainment conglomerate at the time of sale.
IRVING, TEXAS — Ryan Barr and Ryan Bennett of Lee & Associates’ North San Diego County office have negotiated the sale of a 45,000-square-foot free-standing LA Fitness facility located at 5550 N. MacArthur Blvd. in Irving for $12.2 million. The LA Fitness has approximately eight years remaining on the triple-net lease. Lee & Associates represented the buyer, a public REIT, and the seller in the transaction.
BELLEVUE, WASH. – A 58,000-square-foot development site located in Bellevue’s Central Business District has sold to NIU Enterprises for $31 million. It is located at 437-527 108th Avenue N.E. The sellers, Milt and Sue Walter, have owned the site for more than 30 years. It is currently occupied by two restaurants, Las Margaritas and Nibbana. The sellers were represented by Andy Miller, Jason Rosauer, Dave Speers and Rob Anderson of Kidder Mathews. NIU is a limited liability company that was formed by a group of Chinese investors and companies.
VISALIA, CALIF. – A 57,254-square-foot shopping center in Visalia has sold to a family trust for $4 million. It is located at 3230-3298 S. Mooney Blvd. The center was 60 percent occupied by tenants like King Buffet and Tuesday Morning at the time of sale. The seller, Trion Properties, acquired a non-performing note on the asset through an all-cash transaction from a regional bank. The bank needed to remove the center from its books by the end of the year. CBRE’s Nick Whitstone handled the note sale. The latest sale was executed by Mark Denholm of CORE Commercial.
PARKERSBURG, W. VA. — Ackerman & Co. has negotiated the sale of a net-leased retail property in Parkersburg for approximately $2.4 million. CVS/pharmacy occupies the 10,125-square-foot building, which was constructed in 2000. Jason Powell of Ackerman arranged the deal between the seller, a Pennsylvania-based trust, and the buyer, New Jersey-based Arctrust Equities.
GLEN ELLYN, ILL. — The Opus Group has started construction on a new 31,175-square-foot retail center in Glen Ellyn, located about 25 miles west of Chicago. The Fresh Market plans to occupy 20,300 square feet of space. The project will transform a vacated car dealership into a new grocery-anchored center serving the Glen Ellyn and North Wheaton communities. The center will include patio seating and 186 customer parking spaces. Other tenants include Great Clips and Tide Dry Cleaners, occupying 1,075 and 2,800 square feet, respectively. Opus Development Company LLC is the developer and Opus Design Build LLC will serve as the general contractor for the project. OKW Architects provided design services. The project is slated for completion later this year, with The Fresh Market expected to open in late 2013 or early 2014.
CHICAGO — Finesa Real Estate Group has acquired a 41,148-square-foot retail property in Chicago. The retail grocery space is located at 6020 North Cicero Ave. and is leased to Whole Foods under a 15-year agreement. The ground-floor retail space is part of a multi-story, 136-unit condominium building, which includes a 167-space parking garage. Almost 300,000 people live within a three-mile radius of the property and the average household income within a one-mile radius is more than $122,000. The purchase price was undisclosed.
WESLACO, TEXAS — Marcus & Millichap Real Estate Investment Services has sold three Burger King restaurants in Texas. These net-leased properties include two Weslaco restaurants totaling 7,775 square feet and a 4,330-square-foot restaurant in San Benito. Philip Levy of Marcus & Millichap’s Fort Worth office represented the sellers, all private investors, as well as the buyer, Coastal King Ltd., in the transactions. All three properties have zero landlord responsibilities and a franchise guarantee from Hart Enterprises.
HIALEAH, FLA. — Marcus & Millichap has completed the sale of a shopping center located in the Miami suburb of Hialeah for $11.75 million. Constructed in 1948, Essex Shopping Center is situated on 5.23 acres at 435 Hialeah Drive. Major tenants at the 75,592-square-foot center include Payless ShoeSource, GNC, Advance America and Sunshine Citgo. Alex Zylberglait, Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a Miami-based private investment group. Arthur Porosoff and Jorge Ruiz, also of Marcus & Millichap’s Miami office, represented the buyer, another Miami-based investment group.
MARIETTA, GA. — Hanley Investment Group Real Estate Advisors has completed the sale of a metro Atlanta shopping center for $7.79 million. Barrett Creek Plaza is located at 125 Ernest Barrett Parkway in Marietta. Constructed in 2003, the property contains 28,481 square feet of space that was 89 percent occupied at the time of the sale. Tenants include Axiom Staffing, Buffalo Wild Wings Grill & Bar, Chase Bank, Cheeseburger Bobby’s, Moe’s Southwest Grill and T-Mobile. The Hanley team of Kevin Fryman, William Asher and Edward Hanley represented the buyer, a Miami Beach-based private investor, as well as the seller, Los Angeles-based Westwood Financial. The property traded at a 7.78 percent cap rate.