Portland, Texas — Houston-based investment firm McLeod Sears has begun construction on a seven-acre retail redevelopment project in Portland, a city in South Texas near Corpus Christi. The project will convert a site that previously housed an 82,939-square-foot Kmart into a 25,200-square-foot high-end shopping center that will also feature a number of restaurant and retail pad sites, one of which has been leased to Chick-fil-A. McLeod Sears expects to complete the project by summer 2021.
Tolleson, Ariz. — TriGate Capital has completed the sale of Crossroads at Tolleson, a regional shopping center located at 9897 W. McDowell Road in Tolleson. An undisclosed buyer acquired the asset for $24.5 million, or $248 per square foot. At the time of sale, the 98,598-square-foot center was 96 percent leased by a variety of tenants. Current retailers include NAPA Auto Parts, Sherwin-Williams, Cricket Wireless, Sprint, Verizon, OneMain Financial, DXL and Firehouse Subs. Chad Tiedeman and Steven Underwood of Phoenix Commercial Advisors represented the seller in the deal. Zach Pace, …
Dallas — Weitzman has arranged the sale of Lake Highlands Village, a 100,000-square-foot retail and office property located at 9090 Skillman St. in Dallas. Shadow-anchored by a Tom Thumb grocery story, the property’s tenant roster includes The UPS store as well as several restaurant, service and medical users. Derek Schuster and Kevin Butkus of Weitzman represented the seller in the transaction. The buyer was Dallas-based JAH Realty LP, which plans to renovate the 50,000-square-foot retail building and upgrade the office component.
San Diego — SRS Real Estate Partners’ National Net Lease Group has arranged the purchase of Sorrento Plaza, a shopping center located in the Sorrento Valley submarket of San Diego. A Northern California-based private investor acquired the asset from Wells Fargo, as the successor trustee, for $9 million, or $756 per square foot. Built in 2007, the 11,901-square-foot property is located at 9254 Scranton Road. At the time of acquisition a variety of tenants fully occupied the property, including Subway, Rubio’s Coastal Grill, Opera Patisserie, Croutons and a dental clinic. …
Wheaton, Ill. — Baum Realty Group LLC has arranged the sale of a net-lease retail property spanning 12,996 square feet in Wheaton for $4.6 million. Tenants include Starbucks, Qdoba, AT&T, Supercuts and UPS. The building is situated near a 116,000-square-foot Jewel-Osco. Patrick Forkin of Baum represented both the undisclosed seller and the buyer, a regional real estate investor.
Mishawaka, Ind. — Hanley Investment Group Real Estate Advisors has arranged the $3.8 million sale of a single-tenant property net leased to Aldi in northern Indiana’s Mishawaka. Originally built in 2007 and remodeled in 2019, the 20,000-square-foot building is located at 210 W. Douglas Road. Jeff Lefko, Bill Asher and Dylan Mallory of Hanley, in association with Midland Atlantic Properties Inc., represented the California-based 1031 exchange buyer. A Florida-based private investor sold the asset. The sales price represents a cap rate of 4.5 percent.
Cleveland and North Randall, Ohio — VICI Properties Inc. (NYSE: VICI) has completed the acquisition of JACK Cleveland Casino and JACK Thistledown Racino for approximately $843.3 million. The company financed the transaction with cash on hand. JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, 120 table games and eight food and beverage outlets. The casino is connected to both the 205-room Ritz-Carlton hotel and the 440-room Renaissance hotel. JACK Thistledown …
Concord, Calif. — A partnership between Paragon Commercial Group and Long Market Property Partners has completed the disposition of The Shops at Todos Santos Plaza, an entire city block of urban retail located in downtown Concord. Terms of the transaction, including the name of the buyer and acquisition price, were not released. Comprising 15 retail and restaurant tenants, the asset was fully leased to a strong roster of daily needs and restaurant tenants. Nicholas Bicardo, Brandon Rogoff, Forest Gherlone and Mike Zystra of Newmark Knight Frank (NKF) represented the seller …
Stan Johnson Co. Brokers $36.4 Million Sale of Fleet Farm-Occupied Property in Oconomowoc, Wisconsin
Oconomowoc, Wis. — Stan Johnson Co. has arranged the $36.4 million sale of a big-box retail property fully leased to Fleet Farm in Oconomowoc, about 30 miles west of Milwaukee. The 218,628-square-foot property is located at 1555 Pabst Farms Circle. Constructed in 2018, the building sits within Pabst Farms, a 1,500-acre mixed-use development. Upon full completion, the project will offer residential, retail, office and healthcare space with 360 acres of parks and green space. Tom Fritz, Brandon Duff and Christina Pecoraro of Stan Johnson represented the seller, a Wisconsin-based developer. …
Cypress, Texas — Locally based developer Read King Commercial Real Estate has sold Miramesa Town Center, a 13,070-square-foot retail strip center in metro Houston. The property is situated on 1.9 acres in Cypress and was fully leased at the time of sale to tenants such as AT&T, Supercuts and Dogtopia. Ryan West, John Indelli and Ethan Goldberg of JLL represented Read King in the transaction. Michael Johnson and Tolu Akindele of JLL placed a five-year, fixed-rate acquisition loan on behalf of the buyer, an undisclosed private investor.