MIAMI — Marcus & Millichap has arranged the $3.25 million sale of a two-tenant, net-leased retail property, located at 12605 Biscayne Blvd. in Miami. The building is leased to T-Mobile, which signed a seven-year lease in 2011, and Smoothie King, which has a five-year lease. Drew Kristol and Kirk Olson of Marcus & Milichap represented the seller, a Miami Beach, Fla.-based limited liability company, in the transaction.
PEWAUKEE, WIS. — BJ Electric Supply has renewed its lease for 20,575 square feet of retail space in the Pewaukee Commerce Center, located at N25W23040 Paul Road in Pewaukee. Mike Fardy, Tom Shepherd and Jim Larkin of Colliers International represented both parties in the transaction.
PHILADELPHIA — ULTA Beauty has signed a 13,467-square-foot lease for a three-story flagship store on Rittenhouse Row in Philadelphia. This is ULTA's first store in Center City and only the second urban store in its portfolio. Built in 1937, 1619 Walnut St. was once occupied by Westinghouse Broadcasting and later CBS affiliate KYW-TV. Vesper Property Group acquired the property in 2007 and began a multimillion dollar renovation. Fameco Real Estate represented the tenant in the transaction.
TUCSON, ARIZ. – The Tucson Spectrum Shopping Center has sold to DDR Corp., a publicly-traded investment trust, for $125.4 million. The 709,811-square-foot center is located at Irvington Road and Interstate 19 in Tucson. The company purchased the center, along with seven developable, finished retail pads that were part of the center’s Phase II development. Tucson Spectrum Phase I and Phase II contain more than 1 million square feet of retail space situated on 122 acres. Notable tenants include Target, Home Depot, Ross, PetSmart, Marshalls, Michaels, J.C. Penney, Best Buy, Old Navy, Bed Bath & Beyond, Harkins Theatres and LA Fitness. Jan Fincham and Patrick Dempsey of Lee & Associates Arizona represented both the buyer and the sellers, Creswin Properties Inc and an affiliate of the Barclay Group, in this transaction.
MARRERO, LA. — An 11,200-square-foot Dollar Tree, located along the Westbank Expressway in Marrero, has sold for $1.77 million. The company has a 10-year triple net lease on the newly constructed property. Dan Cooper of Cooper Commercial Investment Group represented the sellers, an Alabama-based private development group, in the transaction. The buyer was a Minnesota-based institutional fund.
EXCELSIOR, MINN. — STEELE Fitness will open a 5,000-square-foot fitness center and fitness equipment store in downtown Excelsior this winter. It will be the fifth retail location for the company. The Excelsior store will be part of a new retail complex on Water Street, between Oak and George streets. Oppidan Investment Co. is developing the property, which will also include a grocery store that will replace the Mason Motors building.
AUSTIN — Saladworks is opening its first restaurant in Texas at Northcross Mall on Burnet Road and West Anderson Lane in Austin. The 2,200-square-foot location is owned and operated by Clinton Wilkinson, a native of Austin. Saladworks signed its lease with the Northcross Mall owner, Northcross Property LLC.
WEATHERFORD — Roseville, Calif.-based TRI Commercial/CORFAC has arranged the $3 million sale of a 4,098-square-foot IHOP restaurant, located at 2005 S. Main St. in Weatherford. Dine Equity Inc., owner of IHOP, guarantees the lease with 15 years remaining. Bob King of TRI Commercial/CORFAC represented the seller, WB Equities, in the transaction. The buyer was Nevada-based Floken
MIAMI — Marcus & Millichap has arranged the $5.96 million sale of a 4,159-square-foot Chase Bank, located at 801 SW 27th Ave. in Miami. The new lease is a 20-year, triple-net corporate ground lease. Tim Giambrone of Marcus & Millichap represented the seller, a Florida-based limited liability company, in the transaction and procured the buyer, a Long Island, N.Y.-based private investor.
NEW YORK CITY — American Realty Capital Trust (ARCT) has acquired 10 retail properties in five states, including Minnesota and Missouri, for $16.3 million. Family Dollar is leasing three of the properties, while seven are occupied by Ruby Tuesday. The buildings total 60,000 square feet. The acquisition is in line with New York City-based ARCT's strategy of developing a diversified portfolio with a 60 percent concentration in the retail sector. In addition to the Midwest, some of the properties are located in Georgia, Texas and Florida.