DALLAS — A 30,770-square-foot Best Buy store will open in a former Circuit City location this August in Dallas. The space is in Prestonwood Town Center, which is located at the intersection of Beltline Road and Montfort Drive. Prestonwood also houses Barnes & Noble, PETCO, Office Depot, Michael's and Walmart. The Woodmont Co.'s Susan Ridley represented Best Buy in negotiations. Mark Reeder and Mark Newman of SRS Real Estate Partners represented the landlord.
BURLESON, TEXAS — Marcus & Millichap has brokered the sale of the 4,921-square-foot Christian Brothers Automotive store between two private parties for an undisclosed amount. The brand-new property, which is located at 350 NW John Jones Drive, is leased to the tenant for 15 years. The firm's John Erthein and Mark Thiel represented the buyer. Jason Vitorino and Philip Levy of the firm's Dallas office represented the seller.
FLORIDA — EZCORP has purchased eight pawn shops in central and south Florida from Legacy Equity Fund for an undisclosed amount. Five stores are located near St. Petersburg and three are in Miami. The stores, which currently operate as different brands, will be rebranded as Value Pawn locations. EZCORP now operates 85 stores in Florida.
ARLINGTON, VA. — Edens & Avant is redeveloping Arlington Ridge, a shopping center located at 2901-2955 S. Glebe Road in Arlington. The 84,502-square-foot project will include the development of pedestrian-friendly walkways, outdoor-dining spaces and extensive landscaping. Giant Foods and Gold’s Gym anchor the property. Completion of the project is scheduled for fall 2010.
EAST DUNDEE, ILL. — Laundry King has purchased a 9,088-square-foot retail building, which is located at 610 S. Dundee Ave. in East Dundee. The buyer plans to convert the property into a laundry mat. Trend Carpet and Tile sold the facility for an undisclosed price. Paul Montes and Eric Spiess of Inland Real Estate Brokerage represented the seller in the transaction.
CHINO HILLS, CALIF. — The Shoppes at Chino Hills, a 380,000-square-foot, open-air lifestyle center located on 25 acres at Grand Avenue and Peyton Drive in the western Inland Empire city, has been acquired by Chino Hills Mall LLC. Designed by retail architectural firm Altoon + Porter, the center was completed in May 2008 at a cost of more than $130 million. Managed by PM Realty Group and marketed by CB Richard Ellis, The Shoppes at Chino Hills features more than 60 tenants, including the first H&M in San Bernardino County, Banana Republic, Victoria’s Secret, Trader Joe’s, P.F. Chang’s China Bistro, Chipotle Mexican Grill, California Pizza Kitchen, Barnes & Noble and Bath & Body Works.
DURHAM, N.C. — An affiliate of Northwood Investors LLC has acquired Research Tri-Center, an industrial park located in Durham. The 130-acre master-planned park is comprised of 10 buildings totaling approximately 1.5 million square feet of industrial space. The park is 88 percent leased to 26 tenants, including GlaxoSmithKline, UPS, FedEx Ground, Verizon and Parata Systems. Rob Cochran, David Finger, Tom Powers, Chris Norvell and Jim Allaire of Cassidy Turley's Capital Markets team represented the seller, an institutional fund managed by Grosvenor Investment Management, in the transaction. The acquisition price was not released.
FRIENDSWOOD, TEXAS — CHASE Bank has broken ground in Friendswood on a new location, its third branch in the city. Located at 255 W. Parkwood Ave., the new store will span 4,200 square feet and will house nine workers. Delivery is slated for this fall. Armed with a $15,000 economic incentive grant, HomeTown Bank is developing a 7,864-square-foot branch in the Friendswood Village Shopping Center. The $1.6 million property, located at 600 S. Friendswood Drive in Friendswood, will be built on 0.96 acres of land. When complete, the bank will occupy 4,779 square feet and lease the remainder of the building to another party.
NEWARK, N.J. — The Hampshire Companies has disposed of a 6,705-square-foot retail building in Newark that is leased to AutoZone. The building is located at 300-344 Broad St., within close proximity to the Garden State Parkway and interstates 78 and 280. The buyer was Meadowlands Restaurant Inc.
ISLAND OF OAHU, HAWAII — As previously covered by RE Business Online, TNP Strategic Retail Trust Inc. has purchased the 170,275-square-foot Waianae Mall, a multi-tenant retail center located 32 miles northwest of Honolulu, for approximately $25.7 million. Ninety-two percent occupied at the time of sale, the 11-building mall property is anchored by a Longs Drugs store and features national retailers such as Starbucks Coffee, Pizza Hut, Subway, RadioShack, Payless ShoeSource, Jamba Juice, Goodyear and Fantastic Sams.