OGDEN, UTAH — An entity sponsored by LBG Real Estate Companies, LLC has purchased The Family Center at Ogden Five Points, a 161,795-square-foot community shopping center. The purchase price was not disclosed. The center is located at 129 N. Harrisville Road just north of Salt Lake City. The acquisition also includes about six acres of adjacent land that could accommodate retail and residential development.The Family Center was 95 percent leased at the time of sale. Notable tenants include Planet Fitness, Dollar Tree, Harbor Freight Tools, Key Bank and Radio Shack. It is anchored by Harmons grocery store, which is currently undergoing a major renovation at the center. The shopping center is also set to undergo a significant redevelopment.
RIVERSIDE, CALIF. — Stater Bros. Plaza, a 59,790-square-foot, grocery-anchored center in Riverside, has sold to a Los Angeles-area private investor for $5.2 million. The plaza is located at 6160 Arlington Ave. It was built in 1980, remodeled in 1991. The center is currently 82 percent occupied. It is leased to O’Reilly Auto Parts, Subway, Arlington Animal Hospital and D’Caesaro Pizza & Italian Restaurant. The buyer was represented by Nilufar Alemozaffar of CARETS Commercial. The seller, an Orange County, Calif., private partnership, was represented by Edward B. Hanley and William B. Asher of Hanley Investment Group.
CHARLOTTE, N.C. — Kite Realty Group Trust has purchased Toringdon Market, a 60,000-square-foot grocery-anchored shopping center in Charlotte, for $15.9 million. The property is located near the intersection of Interstate 485 and Johnston Road. Earth Fare, a specialty grocer, anchors the center, which is 97 percent leased.
FORT MILL, S.C. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Stockbridge Commons, a 99,473-square-foot shopping center located in Fort Mill, about 18 miles south of Charlotte, N.C., for $15.3 million. Harris Teeter anchors the center, which is 96 percent leased. Harris Teeter is the No.1 grocer by market share in Charlotte, according to Phillips Edison-ARC Shopping Center REIT Inc. The Stockbridge Commons acquisition, along with the public non-traded REIT's purchase of the Dyer Crossing shopping center in Dyer, Ind., brings the REIT's portfolio to 55 properties in 20 states totaling about $801.5 million.
NASHVILLE, TENN. — The CMT Building, an iconic office tower anchored by Country Music Television (CMT) in downtown Nashville, has sold for $11.2 million. Commerce Street Nashville Partnership purchased the 114,038-square-foot, Class A office tower, located at 330 Commerce St. CMT, a wholly owned subsidiary of Viacom, recently signed a seven-year lease renewal for its 86,000-square-foot stake in the building. Cushman & Wakefield | Cornerstone represented the seller, Wells Real Estate Funds, in the transaction.
ATLANTA — Dallas-based Westmount Realty Capital has purchased eight industrial assets in and around Atlanta, totaling nearly 900,000 square feet. The properties are located near I-285 and vary in type, from flex to distribution. The properties are located at 2600/2650 Pleasantdale Road; 4300 Bankers Circle; 2732/2750 S. Cobb Industrial Blvd.; 4490/4492 Commerce Circle; 650 Selig Drive; 3495 Donald Lee Hollowell Parkway; and 3770 and 3735 Zip Industrial Blvd. The properties are around 90 percent leased, according to Westmount. Wilson, Hull & Neal has been retained to lease the properties, and Westmount will provide property management services.
LEXINGTON, S.C. — CBRE's national retail investment group has brokered the sale of Hendrix Crossing, a 61,712-square-foot, Publix-anchored shopping center in Lexington, a suburb of Columbia. Additional tenants of the center include Subway, Great Clips, Yogen Fruz and Bella Nails and Spa. Mike Burkard, Chris DeCoufle, Kevin Reavey and Steve Shields of CBRE represented the seller, Columbia-based EDENS, in the transaction. The buyer was Raleigh, N.C.-based Centrex Properties.
WHITEHOUSE, OHIO — Devonshire REIT Inc. has closed $19 million in financing for a six-property retail and office portfolio in Ohio, Michigan and West Virginia. Prudential Mortgage Capital Co. provided the 10-year, fixed interest rate loan. The borrower used the loan in part to purchase Barberton Shopping Center, a 102,000-square-foot, Giant Eagle-anchored shopping center in Barberton, Ohio. Proceeds from the loan were also used to refinance a shopping center in Taylor, Mich.; a Kroger-anchor shopping center in Toledo, Ohio; South Haven Shopping Center in South Haven, Mich.; Anthony Wayne Professional Building in Whitehouse, Ohio; and a Michael’s-occupied property in Barboursville, W.V. The portfolio is valued at approximately $28.9 million.
SAUK VILLAGE, ILL. — Warehouse Specialists Inc. has purchased of a 496,260-square-foot industrial building in Sauk Village, located about 30 miles south of Chicago. The privately held logistics company is relocating its warehousing operations from 21700 Mark Collins Drive in Sauk Village to the new building at 21751 Jason Rasmussen Drive. The property includes 32-foot clear ceiling heights, 2,500 square feet of office, 50 exterior docks and two drive-in doors. Jerry Sullivan, a principal at Paine/Wetzel TCN Worldwide, represented Warehouse Specialists in the transaction. Brian Vanosky and Scott Anderson of Lee & Associates worked on behalf of the seller, Dermody Partners.
ALGONAC, MICH. — A Michigan-based private investor group has sold a 69,305-square-foot shopping center in Aglonac, 50 miles northwest of Detroit for $9.5 million. Kroger anchors the shopping center. Kevin Baker, Daniel Kukes and David Hesano of Landmark Commercial Real Estate Services represented the buyer, a non-traded REIT, as well as the seller in the transaction.