FRANKLIN PARK, ILL. — Marcus & Millichap has negotiated the $4.7 million sale of a 42,111-square-foot retail center in the Chicago suburb of Franklin Park. Just Tires anchors the property and has operated out of the location since 1975. Mitchell Kiven, James Ziegler and Keith Zelenika of Marcus & Millichap represented the seller, an investment fund with several partners based primarily in Chicago. Kiven also procured the buyer, Jupiter Texas Group, a real estate syndicator based in Frisco, Texas. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The seller had purchased the property in foreclosure and spent three years stabilizing the asset.
ANGOLA, IND. — Franklin Street has arranged the sale of a two-property self-storage portfolio totaling 109 units in Angola, a city in Northwest Indiana. The sales price was undisclosed. The facilities were built in 1986 and 1999. David Perlleshi and Frank DeSalvo of Franklin Street represented the seller, HZ Capital Partners LLC. NT Investments LLC was the buyer. The transaction marks the fourth asset that Perlleshi and DeSalvo have sold on behalf of HZ Capital Partners in the last nine months.
COLUMBUS, KAN. — Northmarq has brokered the sale-leaseback of a Sonic-occupied restaurant property in Columbus, a city in Southeast Kansas. The sales price was $1.2 million. The 1,127-square-foot building is located at 228 W. Maple St. Matt Lipson of Northmarq represented the Missouri-based seller. Hamman Real Estate represented the buyer, a California-based individual investor.
ESCONDIDO, CALIF. — Bridge Group Investments and Steerpoint Capital have acquired North County Mall in Escondido, about 30 miles north of San Diego. Unibail-Rodamco-Westfield (URW) was the seller, according to the Escondido Times-Advocate. The sales price was undisclosed. Situated on almost 83 acres, North County Mall totals nearly 1.3 million square feet. Tenants include Target, Macy’s, JC Penney, 24 Hour Fitness, Forever 21, H&M, Apple, Cheesecake Factory, BJ’s Restaurant and Brewhouse, Black Angus Steakhouse, On the Border and more. The mall opened in 1986. Although no plans were released for changes under the new ownership, a press release from the City of Escondido — which owns most of the land on which the mall rests — said the buyers “are eager to bring new investment and retail opportunities to the mall and are committed to working with and supporting the local community.” The property is the fourth mall that Bridge Group Investments and affiliates have acquired in California over the past six months with support from Steerpoint Capital. Previous acquisitions include The Shops at Montebello in Montebello, Antelope Valley Mall in Palmdale and Northridge Mall in Salinas. Bridge Group Investments is the family office for the Mersho family, led by …
ALPHARETTA, KENNESAW AND ROSWELL, GA. — Coro Realty and Pope & Land Enterprises have sold three shopping centers totaling 120,000 square feet in metro Atlanta in recent months. The joint venture acquired the properties as a portfolio in February 2020, purchasing them from Muntzing-Sattele. Most recently, the partnership completed the disposition of Brookside Station, a 23,500-square-foot retail center located on Old Milton Parkway in Alpharetta, a northeast suburb of Atlanta. Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the sellers in the transaction. The buyer was Last Mile Investments. In August 2022, Coro Realty and Pope & Land sold Town Center Oaks, a 52,000-square-foot shopping center in Kennesaw, roughly 30 miles northwest of Atlanta. Additionally, Mimms Enterprises acquired Mansell Oaks, a 43,000-square-foot property located in Roswell, from the partners in November 2022. Taylor represented Coro Realty and Pope & Land in all three transactions, which totaled more than $29 million. “In each sale, the sellers secured compelling cap rates and the buyers added well-located, north Atlanta centers with upside to their portfolios,” says Taylor. “It was a true win-win.”
COLUMBIA, S.C. — NAI Columbia has sold a 40,883-square-foot retail center located at 3900 N. Main St. in Columbia’s NOMA District for an undisclosed price. Dubbed the “Ultra Hub,” a 30,000-square-foot O’Reilly Auto Parts store, warehouse and distribution center anchors the property. North Main Kidney Center and TitleMax are also tenants at the shopping center. NAI Columbia’s development team purchased the property, formerly home to a BI-LO grocery store, in December 2021 before making extensive renovations. Ben Kelly and Patrick Chambers of NAI Columbia brokered the sale to the undisclosed buyer.
COUNTRYSIDE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Salem Square in Countryside, a southwest suburb of Chicago. The sales price was undisclosed. The 116,992-square-foot shopping center is fully leased to tenants such as TJ Maxx, HomeGoods, Marshalls, ATI Physical Therapy, Famous Footwear, Mangia Mangia, Great Clips, Card Frenzy and Magic Nails. Rick Drogosz and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. A private real estate investment firm was the buyer.
BLUE SPRINGS, MO. — Marcus & Millichap has negotiated the $6.9 million sale of Copperleaf Village in Blue Springs, about 19 miles southeast of downtown Kansas City. The 32,978-square-foot retail center was 82 percent leased at the time of sale. Tenants consist of medical, dental, restaurant, convenience, fitness and insurance companies. The property was originally built in 1973 and renovated in 2006. Zach Turner, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a Kansas City-based partnership. The team also procured the buyer, an out-of-state limited liability company.
ROUND ROCK, TEXAS — Cushman & Wakefield has brokered the sale of Franklin Park of Round Rock, a 76-unit assisted living and memory care community located about 20 miles north of downtown Austin. Completed in 2017 by Franklin Development Co., the property offers memory care and assisted living services. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller, a partnership between Franklin Park Senior Living and an unnamed institutional investor, in the transaction. The buyer was Inspired Healthcare Capital.
FRIENDSWOOD, TEXAS — Locally based brokerage and investment firm Baker Katz has acquired a 20,000-square-foot freestanding retail building in Friendswood, a southeastern suburb of Houston, with plans to reposition the asset. According to LoopNet Inc., the building at 18980 Gulf Freeway was originally built in 1980 as a pad structure for Baybrook Mall. Ben Brown negotiated the purchase for Baker Katz on an internal basis. The seller and sales price were not disclosed.