MIAMI — Marcus & Millichap has arranged the $8.5 million sale of the 12,271-square-foot Shoppes of Pinecrest, a strip center located on S. Dixie Highway in Miami. Tenants include Starbucks, Cold Stone Creamery, T-Mobile, GameStop and FedEx. Douglas Mandel, Kirk Olson and Drew Kristol of Marcus & Millichap represented Adler Dixie, the seller, in the transaction.
LITTLE ROCK, ARK. — Rowan Development has sold a 10,000-square-foot retail building, located at 12206 W. Markham St. in Little Rock, to Crain Investments for $2.4 million. Stuart Mackey of Coldwell Banker Commercial Hathaway Group represented the seller in the transaction. Jeffrey Hathaway, also of Coldwell Banker Commercial Hathaway Group, represented the buyer.
WATERTOWN, S.D. — Chicago-based Eidco Construction has started work on two build-out projects at The Watertown Mall, located at 1300 9th Ave. SE in Watertown. The company is renovating a 4,016-square-foot Famous Footwear and a 4,885-square-foot rue21 on behalf of Lexington Realty International. Larry Vivoda of Eidco will oversee the projects, which are expected to be complete by July 1.
DRIPPING SPRINGS — Marcus & Millichap has arranged the sale of the 11,344-square-foot Prosperity Bank building, located at 721 W. Highway 290 in Dripping Springs. Greg Gaynor of Marcus & Millichap's Austin office and Ron Hebert of the firm's Dallas office represented the seller, a REIT, in the transaction.
HOUSTON — Chartway Federal Credit Union has purchased the former Washington Mutual Bank building, a 3,685-square-foot property located at 4373 FM 1960 Road W in Houston. Marshall Clinkscales of Colliers International represented the buyer in the transaction. Peter Licata of Hunington Properties represented the seller, Forest Chase 4373 FM 1960 LLC.
PASADENA, CALIF. – A 10,583-square-foot retail building that resides along Pasadena’s South Lake Avenue Retail District has sold to a private investor from Beverly Hills, Calif., for an undisclosed sum. The building is located at 320 South Lake Ave. and was vacant at the time of sale. Other retailers in the neighborhood include Macy’s, Anthropologie, Williams-Sonoma, Pottery Barn Kids, Talbots, Ann Taylor, Pacific Sales, Corner Bakery and Trader Joe's. The buyer was represented by Patrick Luther and Nicholas Coo of Faris Lee Investments. The seller, a private investor from Encino, Calif., was represented by Carlos J. Lopez of Hanley Investment Urban Retail Advisors.
TACOMA, WASH. –Two ground-leased properties in Tacoma, including a Jack in the Box and Harborstone, have sold to an unnamed buyer for $2.7 million. They are located at 4720 Center Street and boast a total of 7,681 square feet. Peter Nisbet of Marcus & Millichap’s Seattle office represented the seller, a limited liability company, in this transaction.
LAKELAND AND AUBURNDALE, FLA. — Salt Lake City-based Extra Space Storage, a public REIT, has acquired a three-property, 1,958-unit self-storage portfolio. The properties are located at 1012 U.S. Hwy. 92 W. in Auburndale, and 2190 Harden Blvd. and 6445 S. Florida Ave. in Lakeland. Michael Mele of Marcus & Millichap represented the seller, a Lakeland-based privately held firm, in the transaction.
CHICAGO — The Boulder Group has arranged the $3.8 million sale of a triple net-leased Bank of America at 3010 S. Kedzie Ave. in Chicago. The 6,500-square-foot building was developed in 2003. The property is fully leased to Bank of America, which has 11 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest developer, in the transaction. The buyer was a high net-worth individual in California.
WAUKESHA, WIS. — Hallmark Gold will occupy the final space at the Shoppes at Fox River development in Waukesha. The addition of the greeting card retailer makes the first phase of the 273,000-square-foot development fully occupied. The shopping center is also home to Target, The Cash Store and Associated Bank. Opus Development Corp. also recently broke ground on the second phase of the project, which is expected to contain 150,000 square feet. The first building in Phase II will include T.J. Maxx, Ulta Salon and Rue 21. The Shoppes at Fox River is a redevelopment of a former Supervalu distribution facility located along Sunset Drive. Opus sold Phase I to Ramco-Gershenson in 2010, but has remained responsible for securing tenancy.