ST. PETERSBURG, FLA. — Atlanta-based Halpern Enterprises has purchased the 46,020-square-foot The Shoppes at The Royale, located at 1400 66th St. N. in St. Petersburg, from Tyrone Crossings Investors for $7.55 million. Tenants include Jimmy John's, Chipotle, Pei Wei, Five Guys Burers & Fries, Massage Envy, Smoothie King, Verizon Wireless and Rib City. The center will be renamed The Village at Tyrone. Michael Milano of Colliers International's Tampa Bay, Fla., office, along with Cynthia Shelton of the firm's Orlando, Fla., office represented the seller in the transaction. The buyer was self-represented.
Retail
CEDAR RAPIDS, IOWA — The Boulder Group has arranged the $4.17 million sale of a 13,905-square-foot, single-tenant Walgreens property, located at 3325 16th Ave. SW in Cedar Rapids. The property is leased to Walgreens for eight years. Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a Miami-based investor.
SPRINGFIELD, MO. — Gladstone Commercial Corp. has purchased the leasehold interests in a 14,560-square-foot retail building in Springfield, Mo. leased to the Walgreens Co., for $2.7 million. The tenant has 62 years remaining on its lease term with rights to terminate every five years in years 19 to 62.
TUALATIN, ORE. –– Progress Ridge TownSquare, a $100-million, 20-acre mixed-use, entertainment and shopping destination in Tualatin, has gained a handful of new tenants. The 325,000-square-foot center welcomed Ace Hardware, which occupies 13,000 square feet; Fulcrum Fitness, which will lease 3,100 square feet; Black Eagle Martial Arts, which will take 1,430 square feet; and Sweet Siren Boutique, which leased 1,300 square feet. Black Eagle expects to open in late January or early February. Fulcrum Fitness will debut in February. Gentle Dental, T-Mobile and Ava Roasteria also recently opened at Progress Ridge. These new tenants bring Progress Ridge’s occupancy rate to 90 percent.
ORLANDO, FLA. — The 7,527-square-foot former Bola Restaurant, located at 8148 International Dr. in Orlando, has sold for $2.7 million. The buyer plans to renovate the building and expand it to 8,500 square feet for a new Kobe Japanese Steakhouse restaurant. Completion is slated for May of 2012. Kevin O'Connor and Matt Cichocki of Maitland, Fla.-based NAI Realvest represented Brooklyn, N.Y.-based Hollywood Plaza Holdings, the seller, in the transaction. Jon Rose of Charles Wayne Properties' Maitland office represented Altamonte Springs, Fla.-based TC Holdings-International Drive, the buyer.
WILLOW GROVE, PA. — The Real Estate Equity Co. has acquired the 71,000-square-foot Willow Grove shopping center in Willow Grove for $14.6 million. The center is fully net leased to Best Buy, and 8,500 square feet of the shopping center is sublet to Pier 1 Imports. Kevin Mcleron of CBRE's Philadelphia office represented the buyer in the transaction. The seller was Goodman Properties.
AUSTIN — Dallas-based SRS Real Estate Partners has arranged the sale of the 7,550-square-foot Southcross Station, a shopping center located at 3601 W. William Cannon Dr. Jason Middlebrook of SRS Real Estate Partners' Austin office represented the seller in the transaction.
KATY — Houston-based My Fit Foods will open a 2,600-square-foot store in the 77,589-square-foot Highland Knolls Shopping Center, located at 1505-1565 S. Mason Rd. in Katy. The center is 90 percent leased to tenants such as Randalls, Washington Mutual, Skeeters, Quizno's Subs and AT&T. The store will be My Fit Foods' 17th location in the Houston area. Shawn Ackerman and Cyrus Chen of Henry S. Miller Brokerage's Houston office represented the landlord in the transaction.
LAS VEGAS – Vestarand its joint venture partner, Rockwood Capital, have received a $50-million loan for The District at Green Valley Ranch in Las Vegas. The JV had initially paid $79 million in all cash this past October to acquire the 384,107-square-foot retail center. The loan features a 4.4 percent fixed rate for five years.
ROSWELL, GA. — The 117,392-square-foot Centennial Village – Phase II, located at 2342 Holcomb Bridge Rd. in Roswell, has been sold for $14.6 million. Kohl's and Petco anchor the center, which is 99 percent leased. Whitney Knoll, Fred Victor and Mark Hillis of Newmark Knight Frank's Atlanta office represented M&J/Centennial, the seller, in the transaction. The buyer was Rothenberg Rosenfield.