Flagstaff, Ariz. — Vestar has purchased University Plaza, a shopping center located 1312 S. Plaza Way in Flagstaff. An undisclosed seller sold the property for $27.5 million. Situated near downtown Flagstaff, University Plaza features 165,615 square feet of retail space. At the time of sale, the property was 98 percent leased and anchored by Safeway, Ross Dress for Less, Bed Bath & Beyond and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in transaction.
Retailers
Houston — Williamsburg Enterprises Limited has sold Normandy Shopping Center, a 44,297-square-foot retail center in northeastern Houston. Normandy Shopping Center is located at 12620 Woodforest Blvd. At the time of the sale, the Kroger shadow-anchored property was 98 percent leased to tenants including Zachry Construction, Texas Children’s Urgent Care, GNC, Pink Nails, Wing Stop, Rodeo Dental, Dominos and Woodforest National Bank. Ryan West, John Indelli and Johnny Kight of HFF represented the seller in the transaction. The buyer was an undisclosed private investor. The sales price was not disclosed.
Weingarten Realty Sells 97,147-Square-Foot Oak Grove Market Shopping Center in Oregon
Milwaukie, Ore. — Weingarten Realty has completed the disposition of Oak Grove Market, a four-building shopping center located at 15003-15121 SE McLoughlin Blvd. in Milwaukie. Clackamas Federal Credit Union acquired the 97,147-square-foot asset for an undisclosed price. The buyer plans to occupy the 53,000-square-foot former Safeway space at the property, which was built in 1991 by Gramor Development. Additional tenants include Five Guys, Baxter’s Auto Supply, Bank of America, Panda Express, Credit Concepts and Gentle Dental. Todd VanDomelen and Timothy Pfeiffer of Norris & Stevens represented the buyer, while Connelly …
Marcus & Millichap Arranges $5.1 Million Sale of Central Park Plaza Retail Asset in Denver
Denver — Marcus & Millichap has brokered the sale of Central Park Plaza, a shopping center located in Denver’s Stapleton neighborhood. A private investor acquired the property for $5.1 million. Located at 5096 Central Park Blvd., Central Park Plaza features 17,844 square feet of retail space. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the buyer and seller, a private investor, in the deal.
Boardman Enterprises Sells Chandler Heights Marketplace in Arizona for $30.8 Million
Chandler, Ariz. — Boardman Enterprises has completed the disposition of Chandler Heights Marketplace, a grocery-anchored neighborhood shopping center in Chandler. Sita Enterprises acquired the 124,822-square-foot asset for $30.8 million. Situated on 18 acres at 4940 S. Gilbert Road, the property was more than 69 percent occupied at the time of sale. Current tenants include Bashas’, Ace Hardware, Leslie’s Pool Supplies, Starbucks Coffee, Orangetheory Fitness, Pizza Hut, H&R Block and Edward Jones. Shane Jimenez of Lee & Associates of Idaho, along with Jan Fincham and Andrew Lundahl of Lee & Associates …
Williamsburg Enterprises Breaks Ground on 60,000-Square-Foot Retail Project in Greater Houston
Missouri City, Texas — Houston-based Williamsburg Enterprises has broken ground on the latest phase of Sienna Crossing, a project in the southwestern Houston suburb of Missouri City that will deliver 60,000 square feet of retail space. Williamsburg acquired the 35-acre tract in 2014, and the property now houses retailers such as Academy Sports + Outdoors, IHOP and Chick-fil-A. This phase of the project, which is expected to be complete in the first quarter of 2020, is preleased to retailers such as 24-Hour Fitness and Spec’s Wine, Spirits & Finer Foods.
Abilene, Texas — Arizona-based private investment firm Pillar Capital Group has sold The Shops at Abilene Village, a 145,000-square-foot retail power center in West Texas, for $20.1 million. Anchored by Academy Sports + Outdoors, the center also houses tenants such as Burlington, Petco, Party City and Five Below. Brandon Duff and Tom Fritz of Oklahoma-based net-lease brokerage firm Stan Johnson Co. represented the seller in the transaction. Texas-based Nooner Holdings Ltd. acquired the Abilene asset, which has a traffic count of more than 104,000 vehicles per day, via a 1031 …
Haines City, Fla. — Marcus & Millichap has arranged the $11 million sale of Heart of Florida Shopping Center in Haines City. The 131,500-square-foot shopping center is located at 35874-35938 Highway 27, 40 miles southwest of downtown Orlando. The shopping center was originally built in 1984. At the time of sale, 82 percent of the center’s tenant lineup was national retailers including Dollar General, Tractor Supply and Big Lots. The buyer was a Florida investor in a 1031 tax-deferred exchange. Tim Giambrone of Marcus & Millichap represented the seller, a …
Fontana, Calif. — Progressive Real Estate Partners has signed Chuze Fitness to a 45,000-square-foot lease with Morningside Marketplace in Fontana. Chuze Fitness will occupy the space of a former Ralphs Grocery, leaving 12,000 square feet of space for a soon-to-be-named co-tenant. Morningside Marketplace is a 90,000-square-foot retail center located at 14574 Baseline Ave. The center is fully leased to tenants including Chase Bank, Great Clips, Chevron, KFC, Pizza Hut, Baskin Robbins, Togo’s and Wienerschnitzel. The new Chuze Fitness is scheduled to open early next year. Paul Su of Progressive represented the …
Sterling Organization Acquires Value-Add Retail Center in Metro San Diego for $27 Million
Poway, Calif. — Sterling Organization has acquired Poway Crossings, a 109,455-square-foot, retail center in Poway, for $27 million. Sterling Organization bought the property through its value-add fund, Sterling Value Add Partners III LP. Poway Crossing is located 12622-12654 Poway Road, 20 miles north of downtown San Diego. LA Fitness anchors the property, and other tenants include Dollar Tree, Big 5 Sporting Goods, Massage Envy, Sola Salon Studios, Sushi Lounge, Banfield Pet Hospital and KFC. Gleb Lvovich and Daniel Tyner of HFF represented the undisclosed seller in the transaction.