REAL ESTATE

Metro PCS expands to Tucson

BY Michael Fickes

Tucson, Ariz. — Metrocom-DBC doing business as Metro PCS is expanding with a new 1,380-sq.-ft. store in Tucson’s Northgate Plaza. The prepaid wireless service provider has 14 stores in California and two in Phoenix. Metro PCS is planning four new stores in Tucson. T-Mobile owns Metro PCS.

Commercial Retail Advisors represented the landlord, TNP SRT Portfolio I, in the transaction. The tenant was self-represented.

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REAL ESTATE

Cleveland-area center sells for $17.79 million

BY Michael Fickes

North Olmsted, Ohio — Marcus & Millichap Real Estate Investment Services has arranged the sale of North Olmsted Towne Center, a 95,446-sq.-ft. shopping center in North Olmsted, Ohio, approximately 17 miles southwest of Cleveland. The selling price was $17.79 million, $186 per square foot.

Towne Center tenants include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

Marcus and Millichap represented the seller, a Cleveland investment group. Wiles, Fuller, Patton advised the buyer, an out-of-state private investor.

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REAL ESTATE

Devonshire REIT acquires five Ohio properties

BY Michael Fickes

Whitehouse, Ohio — Devonshire REIT has acquired five retail properties in Ohio for $31 million. The properties include:

• Monroe Street Square Shopping, a 124,904-sq.-ft. center in Toledo, Ohio, anchored by Hobby Lobby. Tenants include Sally Beauty Supply, Gamestop, Play It Again Sports and Sprint PCS.

• Bed Bath & Beyond Plaza, a 100% leased, 55,139-sq.-ft. center in Toledo, anchored by Bed Bath & Beyond. Tenants include SalonCentric and Edward D. Jones.

• Office Depot Plaza, a 100% leased, 45,594-sq.-ft. center in Toledo, anchored by Office Depot.

• Pier 1 Imports, a 9,860-sq.-ft. single-tenant triple-net leased property in Toledo.

• Villages at Waterville Landing in Waterville, Ohio, a 350-acre mixed-use development with 125 acres zoned for retail development. Devonshire has acquired the retail portion of the project, which currently includes a new 80,000-sq.-ft. Kroger, a Farmers & Merchants State Bank branch and a Speedway fuel center that is under construction. Plans for the undeveloped retail space remain confidential.

The properties were purchased from local real estate developers and investors.

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