RED OAK, TEXAS — STRIVE has brokered the sale of Sierra Marketplace, a 45,804-square-foot shopping center located at 132 E. Ovilla Road in Red Oak, about 20 miles south of Dallas. The center was 100 percent leased at the time of sale to tenants such as Anytime Fitness, Dollar Tree and Jackson Hewitt Tax Services. The buyer and seller were not disclosed, but both parties are based in Texas.
BROOMFIELD, COLO. — HFF has arranged the $5.1 million sale of MainStreet at FlatIron, a 93,657-square-foot retail and office center in Broomfield. Jules Sherwood of HFF arranged the transaction on behalf of the undisclosed seller, and procured the buyer, a private investment group based in Boulder. MainStreet at FlatIron includes two multi-tenant buildings with 59,224 square feet of office space and 34,433 square feet of retail space. At the time of sale, the property was 56.3 percent leased to tenants 10 tenants including Jason’s Deli and CorePower Yoga.
OLATHE, KAN. — Block & Co. Inc. Realtors has negotiated the sale of Rosebud Plaza Shopping Center in Olathe for an undisclosed price. The 106,324-square-foot shopping center is located on the northeast corner of 135th Street and Mur Len Road. Hobby Lobby and Goodwill anchor the property, which sits on 8.2 acres. David M. Block and Jay Friedman of Block & Co. negotiated the sale on behalf of the seller, Sixteen Main Co. LLC. The buyer was not disclosed.
CHICAGO — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Chicago for $6.9 million. The 18,340-square-foot property is located at 4745 W. Belmont Ave. Walgreens has more than 10 years remaining on its lease, which features eight five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based real estate investment firm. A West Coast-based real estate investment firm purchased the asset.
COPLEY TOWNSHIP, OHIO — Anchor Cleveland has arranged the sale of 16,000-square-foot property formerly occupied by Gordon Food Service in Copley Township, 10 miles west of Akron. The sales price was not disclosed. The property is situated on two acres at 120 Rothrock Road. Christopher McFarland of Anchor Cleveland represented the seller, Gordon Food Service. Stephen Taylor of CBRE procured the buyer, Marathon Fitness Ohio Properties LLC.
MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $22.6 million construction loan for the development of a 42,000-square-foot retail project located at 1410 N. Ocean Blvd. in Myrtle Beach. The three-story, oceanfront complex will include a live entertainment venue, restaurants and retail space. David Eyzenberg and Ao Sun of Eyzenberg & Co. arranged the non-recourse financing at 60 percent loan-to-cost through Gamma Real Estate. Tin Roof, a restaurant/entertainment operator, will occupy the third floor of the building with a 10,000-square-foot flagship location. The rooftop will include a covered, air-conditioned restaurant space, as well as an open-air terrace. Signed tenants on the ground floor include BurgerFi and General Store. Florida-based restaurant Papa’s Raw Bar is slated to take space on the first and second floors. The development is scheduled to open in April 2018.
HAMPTON, VA. — JLL has arranged the sale of Mercury Plaza, a 98,066-square-foot shopping center located at the intersection of West Mercury Boulevard and Power Plant Parkway in Hampton, roughly 10 miles southeast of Newport News in the Mid-Atlantic’s Hampton Roads region. Margaret Caldwell and Margaret Jones of JLL arranged the transaction on behalf of the seller, New York-based Olshan Properties. Atlanta-based Branch Properties acquired the property for an undisclosed price. Walmart Neighborhood Market and Marshalls anchor Mercury Plaza, and Burlington shadow-anchors the property. The center also includes five national tenant outparcels and additional development opportunities.
A decade ago, the Atlanta retail market was a house of cards. It was clear to see this if you were in the industry at the time, and possibly even if you weren’t. Based on the intense overbuilding that had taken place, it wouldn’t have taken a worldwide economic meltdown to wreck it, though that didn’t help. Literally hundreds of unanchored retail centers had cropped up all over suburbia, fitting directly into everything that people consider to be negative about shopping centers. The formula for developers was to scrape every tree from a piece of land, cover it with asphalt and an inexpensively constructed building, then fill it with whatever tenants they could find. The result was largely a glut of properties with poor intrinsic values: mid-block sites, odd shaped layouts, challenging access, uninspired, non-credit tenants with high rents. This would, of course, turn out to be unsustainable. To be fair, not every property was developed in this fashion. Atlanta was and still is home to many excellent retail developers that know how to create amazing projects. But many look back to the 2000s in Atlanta as a time of cookie cutter development with inexperienced builders playing a game of …
MISSION VIEJO, CALIF. — JLL has brokered the sale of La Paz Plaza, a retail and medical office campus located in Mission Viejo in South Orange County. Combined Investments acquired the property from Newport Beach, Calif.-based Flinn West for $32.3 million. At the time of sale, the 51,766-square-foot property was 96 percent occupied. Matt Berres and G. Ryan Smith of JLL Capital Markets represented the seller.
SAN JACINTO, CALIF. — Coldwell Banker Commercial Advisors has arranged the $6.9 million sale of a 17,272-square-foot building leased to Rite Aid in San Jacinto. John Archibald and Guillermo Olaiz of CBC Advisors arranged the transaction on behalf of the seller, and Ernie Farhat of Sanjo Investments represented the buyer. Other terms of the transaction were not disclosed. The single-tenant, net-leased pad anchors Mountain View Plaza, which is home to 7-Eleven, Denny’s and Panda Express.
