PRESCOTT, ARIZ. — Orange County, Calif.-based 277 Walker Road LLC has acquired a single-tenant retail property in Prescott for approximately $4.77 million. Located at 277 N. Walker Rd., the 22,036-square-foot property is fully occupied by PetSmart. Los Angeles-based PRICPETS Prescott Trust sold the property, which was constructed in 1997. Patrick Kent of Irvine, Calif.-based Faris Lee Investments represented the buyer; Dennis Vaccaro, also of Faris Lee Investments, represented the seller in the transaction. The property sold at a 6.1 percent cap rate.
LAS VEGAS — Jim Hamer of H&H Properties Inc. represented Circle City Plaza LLC in the acquisition of a four-building retail investment property in Las Vegas. Located at 5960-6020 Spring Mountain Rd., the property offers 24,860 square feet of retail space. 6000 Spring Mountain LLC and Festival Outdoor Advertising LLC sold the property for $8.4 million. Cathy Jones, Logan Schrumpf and Jason Miszuk of Sun Commercial Real Estate Inc. represented the seller in the transaction.
MANAHAWKIN, N.J. — Marcus & Millichap has brokered the sale of a 14-acre ground lease to a BJ’s Wholesale Club located in Manahawkin for $14.9 million. Situated at the corner of Route 72 and Doc Cramer Boulevard, the site neighbors a power center anchored by Kohl’s, TJ Maxx and Staples, as well as a grocery-anchored shopping center. The BJ’s Wholesale Club building, which was constructed in 2007, is subject to a 20-year, triple-net, unsubordinated ground lease with rent escalations every 5 years. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap’s Philadelphia office represented the seller, New Jersey-based SP 72 LLC. The buyer, New York City-based Shubert and Booth Theatre LLC, was represented by Bayard Street Capital and Real Estate Foundations Inc. The BJ’s parcel is part of a larger retail development, which the seller will retain ownership over for the purposes of constructing additional retail buildings in the future. The buyer was participating in a 1031 exchange.
PEARLAND, TEXAS — Chattanooga, Tenn.-based CBL & Associates Properties has held the grand opening for one of the anchors for the retail component of Pearland Town Center, a 1.2 million-square-foot mixed-use center located in the Houston suburb of Pearland. The store, a 140,000-square-foot Dillard’s, will join co-anchor Macy’s in the 718,000-square-foot, open-air lifestyle center. Other tenants include Barnes & Noble, Forever 21, Coach, Pac Sun, Red Robin and Mimi’s Café. The center held its grand opening in July.
INDIAN LAND, S.C. — Charlotte, N.C.-based RED Partners has secured a bevy of new tenants for its 200,000-square-foot Carolina Commons. Located in Indian Land, the Harris Teeter-anchored shopping center is home to a newly opened CVS/pharmacy, and a Wendy’s will open during the first quarter of next year. New retailers include BB&T, Comporium, UPS Store, Quizno’s Subs, Great Clips, Salon Salon, Beautiful Nails, AAA Insurance, Gentle Care Cleaners and Frankie’s Pizza. An additional bank is also slated to move into the center. A 60,000-square-foot medical office building joins the retail component, with Presbyterian Healthcare signing on as a major tenant. Carolina Commons will have its grand opening next spring.
OVERLAND PARK, KAN. — The Chicago office of Holliday Fenoglio Fowler (HFF) has arranged a construction loan and joint venture equity totaling $145.3 million for Corbin Park, an open-air retail center underway in Overland Park. Upon completion of the project between late 2009 and early 2010, the center will house 1.1 million square feet of retail and entertainment space. Von Maur, JC Penney, Lifetime Fitness and NYLO Hotels will anchor the development, which is located at the intersection of 135th Street and Metcalf Avenue. Tim Joyce, Mike Kavanau and Doug Bond of HFF placed the construction loan and arranged the equity on behalf of Cormac Co. Financing was led by Bank of America and US Bank. INVESCO Real Estate provided joint venture equity.
OVERLAND PARK, KAN. — Overland Park, Kan.-based NPC International Inc. has entered into two agreements with Pizza Hut Inc. involving the sale and acquisition of more than 150 stores located throughout the United States. As part of the initial Asset Purchase Agreement, NPC will take control of 89 Pizza Hut locations from Pizza Hut Inc. for a cash payment of $26.4 million. The units being sold by Pizza Hut Inc. include 41 fee-owned locations. NPC will acquire one of these properties and lease 40 of them from Pizza Hut Inc. The stores to be acquired pursuant to the Asset Purchase Agreement include 82 units in Tampa, Fla., and seven units in Cedar Rapids, Iowa. Additionally, in an Asset Purchase and Sale Agreement (PSA), Pizza Hut Inc. has agreed to buy 70 Pizza Hut units from NPC for $19.6 million in cash. The agreement also requires that NPC will purchase 102 Pizza Hut units from Pizza Hut Inc. for an additional $26.5 million. Units being acquired as part of the PSA include 52 stores in Kansas City, Mo., and 50 stores throughout North Atlanta. The stores that will be sold pursuant to the PSA include 27 units in Jackson, Miss., 20 …
OLATHE, KAN. — Westchester, Ill.-based Tri-Land Properties has completed the $2.5 million redevelopment of its Devonshire Village shopping center located at the corner of 127th Street and Mur-Len Road in Olathe. Renovations to the 50,000-square-foot neighborhood center included upgrades to the exterior façade, new parking lots and enhanced landscaping. Tenants at the 20-year-old development include Little Rascals Christian Day Care, Pizza Hut, Gymboree, Allstate Insurance, The Music Video Group and Ameri-Best.
ST. CHARLES, ILL. — Chicago-based Novak Construction Co. has completed a 148,000-square-foot Costco store and gas station located in St. Charles. Situated on a 15-acre site, the property features a 710-car parking lot adjacent to the gas station. The building includes a food court, meat preparation area, bakery, freezer and cooler. Additionally, the facility features full optical and photo processing centers, as well as a pharmacy and tire center. The gas station at the property consists of six dispensers with 12 hoses. Dan Dupuie and Byron DeBord of Novak Construction served as project director and project manager, respectively; Bellevue, Wash.-based Mulvanny G2 Architects provided design services for the project. The estimated cost of completion was not disclosed.
ALBUQUERQUE, N.M. — Regal Entertainment Group has reached an agreement with Winrock Partners LLC to develop a 16-screen cinema at Winrock Town Center in Albuquerque. The 75,000-square-foot theater will feature a state-of-the-art IMAX® Theatre. The cinema will be one component of Winrock Town Center, a planned 83-acre open-air, pedestrian-friendly, mixed-use development located just off Interstate 40 at Louisiana Boulevard. Groundbreaking for the theatre is slated for spring 2009.