PHOENIX — Phoenix-based Cole Real Estate Investments has acquired five CVS assets, including three properties in Ohio, for a total of $11 million. The locations include Mansfield, Ohio; Warren, Ohio; Bellevue, Ohio; Titusville, Pa.; and Erie, Pa. Tom Lagos, Shawn Bakke and El Warner of the Los Angles office of Colliers International represented the seller, a private investor in Ohio.
HOUSTON — Fallas Discount Stores will open a new 22,000-square-foot store at Steeplechase Shopping Center, located at the northwest corner of FM 1960 and Jones Road. The store will be Fallas' 25th location in the greater Houston area. Shawn Ackerman of the Henry S. Miller Brokerage's Houston office represented the tenant in the lease transaction. Jason Du of the firm's Houston office represented the landlord, Jones 1960 Crossroads. Steeplechase is currently 90 percent leased to tenants such as Citi-Trends, Palais Royal, 99 Cent Only, Dollar Tree and Anna's Linens.
MURRIETA, CALIF. – The 60,390-square-foot Margarita Center in Murrieta has sold to Mon Mon, LLC for $8.5 million. Mon Mon plans to lease the center’s remaining vacant space. The company was represented by Todd Holley in Voit’s San Diego office. CBRE’s John Read, Patrick Toomey and Phillip Voorhees represented the seller, MS Kearny CPB 3 LLC.
BELLEVUE, WASH. – The Avalon Meydenbauer Shopping Center in Bellevue has received $6.8 million in financing. The mixed-use development was built in 2007 and contains a North Building and a South Building. The North Building features 9,601 square feet of retail, while the South Building boasts 9,837 square feet of retail for a total of 19,438 square feet. The center also features a 55,000-square-foot Safeway and five levels of apartments atop the retail. Neither was included in this collateral. Financing was arranged by John M. Stewart and Brock Yaffe out of NorthMarq’s Denver office for the California-based borrower.
SPRING HILL, TENN. — San Diego-based Excel Trust has purchased the 496,604-square-foot Crossings of Spring Hill, located at the intersection of U.S. Highway 31 and Saturn Parkway, from Brentwood, Tenn.-based GBT Realty Corp. for $31 million. Tenants include SuperTarget, Kohl's, Bed Bath & Beyond, PetSmart, Ross Dress For Less, Books-A-Million, Dollar Tree, maurices, Hibbett Sports, Moe's Southwest Grill, Kirkland's, O'Charley's, Olive Garden, Logan's Roadhouse and Cracker Barrel. Doug Hazelbaker and Ryan Shore of HFF's Dallas office represented the seller in the transaction.
WAKE FOREST, N.C. — Marcus & Millichap has negotiated the $3.62 million sale of the 21,860-square-foot Shoppes of Heritage, located at 3325 Rogers Rd. in Wake Forest. The center is fully leased to tenants including Little Caesar's, O'Dwyer's Pub, Triangle Dry Cleaning, Davinci's Pork Store, Wine 101, State Farm Insurance, Sunset Rayz, Wine & Design, Amy Nails and Hair 180. Andrew Margulies of Marcus & Millichap's Raleigh, N.C., office represented the seller, a Raleigh, N.C.-based private partnership, in the transaction. The buyer was a Chapel Hill, N.C.-based private investor.
SOUTH BEND, IND. — The Boulder Group has completed the $1.1 million sale of a triple net-leased Dollar General property, located at 4123 Western Ave. in South Bend. The 9,014-square-foot building is leased on a 15-year triple net basis to Dollar General. Randy Blankestein and Jimmy Goodman of the Boulder Group represented the buyer, a Chicago-based individual investor, in the transaction. The seller was a Midwest developer.
CHICAGO — NhuLan's Saigon Subs, an offshoot of Lincoln Square's NhuLan Bakery, will open at 604 W. Belmont in Chicago's East Lakeview neighborhood early next year. The property formerly housed Cloud 9, a shaved ice shop. Jarrett Fradin of Kudan Group represented the seller, Kenny Tsai, in the transaction. Fradin also represented the buyer, Lee Tran.
PETALUMA, CALIF. – Safeway has opened a new 63,467-square-foot lifestyle store at a former Mervyns location within the Washington Square Shopping Center in Petaluma. The team of Mark Koenig, John Schaefer, Dan Wald, James Chung, Patrick McGaughey and Sam Finne of Terranomics Retail Services represented Macerich, which owns the former Mervyns space, in this transaction.
MORROW, GA. — DDRTC, a joint venture between DDR Corp. and TIAA, has sold the 530,000-square-foot Southlake Pavilion Shopping Center, located at 1912-1947 Mount Zion Rd. in Morrow, to U.S. Properties Group. Tenants include Ashley Furniture, Shoppers World, LA Fitness, Ross Dress for Less, hhgregg, Sears, Staples, Barnes & Noble and Old Navy. Target, The Home Depot and an AMC 24-screen theater shadow-anchor the center. CBRE represented the seller in the transaction.
