LUBBOCK — Faris Lee Investments has arranged the $5.7 million sale of a 30,000-square-foot retail property leased by Best Buy, located at 5916 W. Loop 289 in Lubbock. Jeff Conover of Faris Lee represented the buyer, Cole BB Lubbock TX LLC, a buying entity of Phoenix-based Cole Real Estate Investments, in the 1031 exchange. Conover also represented the seller, Hawaii-based Lubbock HPI.
CONROE — HFF has secured $5 million in refinancing for the 107,358-square-foot Pine Hollow Shopping Center, located at Interstate 45 and Loop 336 North in Conroe. The shopping center is currently 92 percent leased to Aaron's, Northern Tool+Equipment, Dollar Tree and Star Cinema Grill. Travis Anderson of HFF arranged the 10-year loan through Aetna Life Insurance Co. on behalf of the borrower, Cencor Realty Services.
GRAND PRAIRIE — Saks Fifth Avenue OFF 5TH has opened its ninth Texas location at the new Paragon Outlets in Grand Prairie. The 27,548-square-foot store is the company's 64th location.
COPPELL — The Learning Experience Academy of Early Education has leased an 11,000-square-foot office building, located at 123 E. Sandy Lake Road in Coppell, near Dallas. The lease term is 15 years. The property will include a 5,200-square-foot playground. Bob Buell of Fults Commercial Real Estate represented the landlord, 3B Developers, in the lease transaction. Jordan Meyerson of ComRealty Group represented the tenant.
IMPERIAL BEACH, CALIF. – A 14,884-square-foot retail property occupied by CVS in Imperial Beach has sold to Drooz Trust for $7 million. It is located at 800 Palm. Drooz was represented by Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company. The seller, Imperial Beach Promenade, LLC was represented by Sam Hanna of Marcus & Millichap.
CHARLOTTE, N.C. — Percival McGuire has broken ground on the $7 million, 35,000-square-foot Northlake Plaza, a retail center located at 7809 W. W.T. Harris Blvd. in Charlotte. The center is pre-leased to McDonald's, Buffalo Wild Wings and Discount Tire. Percival McGuire is also planning a fourth building totaling 10,000 square feet for the property. McDonald's is slated to open in the first quarter of 2013, and Buffalo Wild Wings and Discount Tire will open in the second quarter of 2013.
ROCKVILLE, MD. — Weingarten Realty Investors has acquired the 81,300-square-foot Pike Center, located at the intersection of Rockville Pike and Bou Avenue in Rockville, from JBG Cos. and JBG Rosenfeld Retail for $54 million. Tenants include Office Depot, Cici's Pizza, T.G.I. Friday's and a proposed Walmart.
NEW YORK CITY — United American Land has acquired 160-08 Jamaica Ave., a retail development site in Queens, for $14 million. The property contains 156,000 buildable square feet and is the largest retail development site on Jamaica Avenue. The property had been vacant for 20 years. United American Land plans to renovate the property and lease it to a major big-box retailer within the next six months. Yosef Katz of GFI Realty Services represented the seller, Petra Capital Management, in the transaction. He also represented the buyer.
HOUSTON — Brixmor has sold five shopping centers totaling 262,755 square feet in the Houston MSA. The centers include North 45 Plaza, Tidwell Place Shopping Center and Lazybrook Shopping in Houston, as well as Parkview West Shopping Center and Parkview East Shopping Center in Pasadena. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller in the transaction. A Dallas-based private investor group acquired North 45 Plaza, Tidwell Place and Parkview West. A Houston-based investor purchased Lazybrook and an Amarillo-based partnership acquired Parkview East.
MORRISVILLE, N.C. — Pace Financial Group has secured $68.7 million in interim and construction financing for Phases I and II of Park West Village, a mixed-use development located in Morrisville. Upon completion, the property will span 375,000 square feet. Pace Financial Group arranged the financing through US Bank and Key Bank on behalf of Casto Group, the borrower.
