PHOENIX – A four-property, Phoenix-based Walgreens portfolio has sold to an unnamed buyer for $15.9 million. The Arizona properties were part of a larger transaction that included five additional Walgreens and one CVS drugstore located throughout the nation. The drugstores contained a mix of both long- and short-term, double- and triple-net leases. About half of the transactions were off-market deals, according to Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County’s Barr & Bennett Net Leased Group, who represented the buyer.
Property Type
OCOEE, FLA. — Marcus & Millichap has brokered the $9.6 million sale of a retail building anchored by LA Fitness, located at 1560 E. Silver Star Road in Ocoee, about 13 miles west of Orlando. LA Fitness occupies 93 percent of the 51,160-square-foot center, which has an additional 3,526-square-foot vacant space. Lori Schneider of Marcus & Millichap's Fort Lauderdale office represented the seller, a private investor from Raleigh, N.C. Schneider also secured and represented the buyer, a REIT based in Boynton Beach, Fla.
LAUREL, MD. — Sperry Van Ness | Small Shah Commercial Advisors has brokered the sale of a Hampton Inn hotel, located on Braygreen Road in Laurel. The buyer, Neema Laurel LP, purchased the hotel for approximately $6.4 million. Shailesh Shah of Sperry Van Ness | Small Shah Commercial Advisors represented the seller, Mt. Laurel Hospitality, in the transaction.
TAMPA, FLA. — Industrial Property Group has arranged the $5 million sale of 41 Industrial Center, three office/warehouse buildings totaling 196,636 square feet at 5100 Causeway Blvd. in Tampa. Jeff Lamm and Tom Gibbs of Industrial Property Group represented the seller, 41 Industrial Center LP, in the transaction.
ROANOKE, VA. — Cronheim Mortgage has arranged $6.6 million in acquisition financing for a new 103,402-square-foot distribution facility, located in the Roanoke Centre for Industry & Technology (RCIT) in Roanoke. The RCIT is a business park that houses tenants such as Orvis Inc., Elizabeth Arden, BellSouth and Advance Stores Co. Dev Morris and Andrew Stewart of Cronheim arranged the 13-year loan through Aviva Life and Annuity Co. at a fixed 3.8 percent interest rate. Morris and Stewart arranged the loan on behalf of the borrower, Monmouth Real Estate Investment Corp.
MOUNT VERNON, ILL. — Pine Tree Commercial Realty LLC has arranged a lease of 52,729 square feet at Times Square Mall in Mount Vernon, Ill. for retailer Hobby Lobby. The new store, which is expected to open in the first quarter of 2014, will be the only Hobby Lobby location for 44 miles, the next closest being in Carbondale. Pine Tree Commercial owns the Times Square Mall development with St. Louis-based The Sansone Group and Elgin, Ill.-based Wanxiang America Real Estate Group. Mount Vernon is in southern Illinois.
BEVERLY HILLS, MICH. — Bernard Financial Group has secured a $2.2 million loan for the Corners Office Building, a 17,250-square-foot medical office property located in Beverly Hills, a suburb approximately 20 miles northwest of Detroit. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, The Corners Professional Office Building LLC. The lender was Symetra Life Insurance Co.
CHICAGO — Chicago Industrial Real Estate (CIRE) has brokered the sale of a 150,000-square-foot warehouse to Whipple Street LLC. The property, formerly occupied by Westex Inc., is located at 2845 W 48th Place. Whipple Street plans on converting the space from its current single-tenant layout to multi-tenant use. Matt Rogatz of CIRE represented the buyer in the transaction, while Dan Leahy and Chris Gary of NAI Hiffman represented the seller.
ITHACA, N.Y. — Walker & Dunlop Inc. has provided $70 million in bridge financing for Collegetown Terrace Apartments, a newly constructed off-campus student housing property located a half mile from Cornell University in Ithaca. Walker & Dunlop funded the loan through a subsidiary in conjunction with an institutional investor. The student housing community is being built in four phases. Once complete, the property will offer 1,177 beds in more than 800 units. The community will contain approximately 9 percent of Cornell University's off-campus student housing, according to Walker & Dunlop. Brendan Coleman of Walker & Dunlop led the team that structured the two-year interest-only bridge loan. Daniel Monte of Rose Hill Group originated the loan.
HAMBURG, N.Y. — The Cooper Commercial Investment Group has sold three retail outparcels of McKinly Mall in Hamburg for $5.6 million. Hamburg is located about 14 miles south of Buffalo. Tenants of the fully leased outparcels include Olive Garden, Pier 1 Imports, FedEx Office, Aspen Dental, GameStop, Sprint, Beltone and Ichiban Sushi. Olive Garden and Pier 1 Imports are both single-tenant, freestanding buildings. Dan Cooper of Cleveland-based Cooper Commercial represented the seller, Beachwood, Ohio-based BG McKinley II LLC, in the transaction. The buyer was a private investor based in New York.