DECATUR, GA. — The 10,125-square-foot CVS/pharmacy, located at 4037 Glenwood Rd. in Decatur, has sold for $2.57 million. CVS/pharmacy has a 20-year lease on the property with approximately 8.5 years of the original term remaining. Dan Cooper of Cleveland-based The Cooper Commercial Investment Group represented the seller, a private East coast company, and procured the buyer, a Texas-based private group.
Retail
RALEIGH, N.C. — Frank Relihan of NorthMarq Capital's Washington, D.C., office has arranged $14 million in acquisition financing for the 518-bed University Suites, an off-campus student housing property located at 2190 Ocean Reef Pl. in Raleigh. The property is near North Carolina State University. The 10-year loan has a 30-year amortization schedule and was provided by AmeriSphere Multifamily Finance.
NILES, ILL. — The Missner Group has completed a 40,000-square-foot build-out for the new franchise location of Sky High Sports, located at 6424 Howard St. in Niles. The company built out the existing space to meet the requirements of Sky High Sports' trampoline and entertainment activities. The facility features two trampoline courts, a dodge ball court, a kids' court and two foam pits.
NEW YORK CITY — General Growth Properties Inc. has refinanced its Staten Island Mall for $273 million. The loan is a 12-year fixed rate mortgage, which replaces a $273 million loan that was scheduled to mature in October 2015. The new financing removes $125 million of corporate recourse associated with the first loan.
PLANO — Just Fitness 4U has leased 29,460 square feet of anchor space in Towne Square Shopping Center at 910 W. Parker Rd. in Plano. The location is Just Fitness' sixth location in the Dallas-Fort Worth market. Marc Marrocco, Perren Gasc and Beau Barkerding of The Weitzman Group's Commercial Retail Division represented Just Fitness 4U. The Weitzman Group is representing Just Fitness 4U in its expansion in the Dallas-Fort Worth area. The landlord, Dunhill Partners, was self-represented.
ARLINGTON — ITT Educational Services Inc. has signed a 30,000-square-foot lease renewal and expansion at 551 Ryan Plaza Dr. in Arlington. ITT currently occupies 100 percent of the 23,500-square-foot building, and the agreement gives ITT an additional 6,500 square feet. The expansion project is expected to be complete by the end of the year. Chris Wright of Grubb & Ellis represented the landlord, Bridge Parkway Associates, while Bob Ikel of IC3 Real Estate represented ITT.
LAS VEGAS — LBG Realty Advisors, LLC, in partnership with Blue Vista Sponsor Equity Fund II, LLC, an affiliate of Blue Vista Capital Management, LLC, has acquired the Southwest Marketplace in Las Vegas. The Class A, grocery-anchored shopping center contains 118,284square feet of space, including a 65,400-square-foot Smith’s Food and Drug Store and a Smith’s Gas. Smith’s was included in the acquisition. The center was 85 percent leased at the time of closing. The acquisition also includes two completed building pads that can accommodate an additional 68,000 square feet of development. LBG will be leasing the property, and is in negotiations now with prospective anchor tenants for the large development pad. It is also in talks to fill the vacant spaces and small development pad. The development should be completed in 2013.
DENVER — Marcus & Millichap Real Estate Investment Services has sold the 18,885-square-foot Asian Center in Denver to a limited liability company for $3,525,000. Located at 1000 South Federal Blvd., Asian Center is fully occupied. M&M’s Jason Ferdig marketed the property exclusively on behalf of the seller, a private investor. He also secured and represented the buyer.
TALLAHASSEE, FLA. — A joint venture between Cousins Properties Incorporated, Watkins Retail Group and New Horizon Retail Development has started construction on the $25 million, 150,000-square-foot Mahan Village, located at the intersection of Capital Circle and Mahan Drive in Tallahassee. A 45,600-square-foot Publix — scheduled to open November 2012 — and a 67,664-square-foot Academy Sports & Outdoors — scheduled to open October 2012 — will anchor the center, which is 79 percent preleased.
BOCA RATON, FLA. — CB Richard Ellis (CBRE) has negotiated the $18.5 million sale of the 68,9760-square-foot Palms Plaza, a shopping center located at 22191 Powerline Rd. in Boca Raton. Casey Rosen, Dennis Carson and Nikolas Kozy of CBRE's Miami office represented Greensboro, N.C.-based Bell Partners, the seller, in the transaction. The buyer was North American Development Group.