CORPUS CHRISTI, TEXAS — Sperry Van Ness has closed the sale of a single-tenant, NNN-leased retail property in Corpus Christi. Santa Clarita, Calif.-based NORSAN LLC purchased the space, which is fully occupied by Gold’s Gym, from Irving, Texas-based TRT Holdings for $8.3 million. Polly Johnson of Sperry Van Ness represented the buyer, which participated in a 1031 exchange. Ryan Carter and Tim Schenk of Stan Johnson Co. represented the seller. The retail property, which was built in 2007, spans 47,395 square feet and sits on 4.7 acres of land.
Retail
SANTA MONICA, CALIF. — Blair Chang of Prudential California Realty represented the undisclosed buyer in the acquisition of a two-building retail property, which is located at 2116 Main St. in Santa Monica. The 4,777-square-foot property sold for $3.85 million or $806 per square foot. At the time of acquisition, the property was 100 percent occupied by two tenants: Art Luna Salon and Santa Monica Kennels. Polly Johnson of Sperry Van Ness’ Los Angeles office represented the seller, Santa Clarita, Calif.-based NORSAN LLC, in the transaction.
TUXEDO, N.Y. — Ron Mahr of Weichert Commercial Brokerage has completed the $1.8 million sale of the former Duck Cedar Inn banquet facility and inn in Tuxedo. The 25,300-square-foot building is situated on 9 acres on Route 17. The buyer, James Lantini, plans to renovate the facility into a new 15,000-square-foot retail center and move his electronics business into 10,000 square feet in the rear of the building. The new retail center, which is slated for completion September 2008, will feature units ranging from 750 to 7,200 square feet. Mahr represented the undisclosed seller in the transaction and was also retained by the buyer to market the new facility.
CHULA VISTA, CALIF. — Capmark Finance Inc. has originated $55 million in interim financing for Village Walk at Eastlake in Chula Vista. Situated on a 13.24-acre site at the corner of Otay Lakes Road and Eastlake Parkway, the 157,710-square-foot retail center is anchored by Trader Joe’s, Borders Books & Music, Pier 1 Imports, Petco and Henry’s Market. Michael Dobbins of Capmark Finance’s San Diego office arranged the financing for the borrower, VWE LLC.
GILBERT, GOODYEAR AND PHOENIX, ARIZ. — Macy’s Inc. has plans to open three Macy’s stores in the Phoenix market within the next 2 years. First to open in April 2009 is a 120,000-square-foot, one-level store at SanTan Village in Gilbert. In fall 2010, a 120,000-square-foot, one-level store is slated to open at Estrella Falls in Goodyear, and a 150,000-square-foot, two-level store is expected to open at CityNorth in the Northeast Valley of Phoenix. Each of the new locations will offer apparel and accessories for the family, as well as select merchandise for the home. The stores will feature an open-air, lifestyle-center design, including a main street entrance configuration and emphasis on natural lighting via skylights and exterior windows. Santa Monica, Calif.-based Macerich is developing SanTan Village and Estrella Falls, while The Related Companies and Thomas K. Klutznick Company are developing CityNorth.
PUNTA GORDA, FLA. — Charlotte 41 Properties has acquired a 97,210-square-foot former Wal-Mart retail building in Punta Gorda, from Wal-Mart Stores, Inc., for $6.5 million. The property is located at 3811 Tamiami Trail. Allen Molin of CB Richard Ellis’ Fort Myers−Naples, Fla., office represented the buyer, and the seller was represented by Larry Foster and Bill Young, also of CB Richard Ellis.
LAFAYETTE, IND. — Holliday Fenoglio Fowler (HFF) has completed the sale of Lafayette Marketplace, a 214,876-square-foot power center located in Lafayette, for $21.38 million. The project, located on State Road 38 across from Tippecanoe Mall, is shadow-anchored by Kmart. It is 80 percent leased to a tenant roster that includes Michael’s PetSmart, Pier 1 Imports and Staples. Paul Barile and Janice Sellis of HFF’s Chicago office, with Dave Keller of the firm’s Indianapolis office, represented the seller, Kimco Realty Corp. The property was acquired by Baceline Investments.
DENTON, TEXAS — SCI Real Estate Investments has acquired Denton Towne Crossing, a 36,780-square-foot retail center in Denton, from Weber & Co. Tenants at the center, which is located at the intersection of Loop 288 and Brinker Road, include Verizon Wireless, Men’s Warehouse, Supercuts, Payless ShoeSource, Pei Wei restaurant and McAlister’s Deli. The property is shadow-anchored by Target and The Home Depot. SCI was represented in-house by Scott Derrick and Phillip Duke. Ken Shulman of The Staubach Company represented Weber & Co.
CLACKAMAS, ORE. — Todd Harding and Blake Hering Jr. of NBS Financial represented both the lender and the borrower on the financing of a $11.3 million loan for two buildings at Clackamas Commons. Located at 12480-82 SE Capps Rd., the buildings total 145,300 square feet. The borrower, Clackamas Commons II LLC, received a 72 percent loan-to-value ratio on a 5-year term, 30-year amortization loan, which was provided by State Farm Bank FSB.
HOLLAND, MICH. — CB Richard Ellis/Grand Rapids (CBRE) has arranged the sale of the former Toys “R” Us site at North Park Plaza in Holland. The site totals 30,709 square feet of big box retail space, and is located at 2353 N. Park Dr. CBRE represented the undisclosed seller in the transaction; the property was purchased by RJAL for an undisclosed amount.