Retail

CHAMPLIN, MINN. — Marcus & Millichap has brokered the sale of South Pond Center in Champlin, a northern suburb of Minneapolis, for $2.5 million. The 26,020-square-foot retail property is located at 11350 Aquila Drive North. Tenants include Hudy’s Café, Totally Tan, Trailhead Cycling and Champlin Nails. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Claire J. Roberts and Marc C. Paylor of Marcus & Millichap secured and represented the buyer, also a limited liability company.

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DALLAS AND DENTON, TEXAS — Disney Investment Group (DIG) has sold two shopping centers totaling 58,578 square feet in North Texas for a combined $24 million. The company sold Sprouts Village, a 46,380-square-foot, grocery-anchored center in Denton to The Inland Real Estate Group of Cos. Inc. DIG also sold Midway Plaza, a 12,198-square-foot shopping center in Dallas shadow-anchored by Walmart and Sam’s Club, to a private investor.  

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SAN ANTONIO — El Paso-based investment firm Mimco Inc. has acquired 5530 Walzem Road, a 100,000-square-foot shopping center in San Antonio. The center is home to tenants such as Melrose Clothing, Freedom Fitness, Octapharma and Taco Bell. With this acquisition, Mimco’s San Antonio portfolio now consists of more than 1 million square feet of shopping centers.

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KILLEEN, TEXAS — Retail Solutions has negotiated a 44,580-square-foot retail lease at Wendland Plaza, a shopping center located at 901 S. Fort Hood St. in the Austin metro of Killeen. Tucker Francis of Retail Solutions represented the landlord in the lease negotiations. Joseph Williams of The Woodmont Co. represented the tenant, Altitude Trampoline Park.

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MORRISTOWN, N.J. — The Hampshire Cos., in a joint venture with Seoul, South Korea-based Hana Asset Management Co., has acquired a six-store Walmart Neighborhood Market portfolio in southern Louisiana. The sales price was not disclosed, but Columbus Business First reports SkilkenGold Real Estate Development sold the assets for $78 million. The portfolio, totaling 255,968 square feet, consists of six newly constructed, freestanding stores located in Houma, Meraux, New Iberia, Opelousas, Prairieville and Thibodaux. Walmart’s Neighborhood Market concept features smaller stores that focus on offering a full suite of groceries, pharmacy, health and beauty aids and a limited selection of general merchandise.

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22-73-41st-St-Queens-NYC

NEW YORK CITY — Rosewood Realty Group has facilitated the sale of a seven-building mixed-use portfolio in the Queens neighborhoods of Flushing, Sunnyside, Astoria and Elmhurst. A&E Real Estate Holdings purchased the portfolio from Ares Management for $82.8 million. Built between 1913 and 1941, the portfolio features a total of 343 apartments and six retail spaces. The portfolio includes 40-11-40-19 79th St. and 42-29 Judge St. in Elmhurst; 41-41 44th St. and 47-07 39th St. in Sunnyside; 151-10 35th Ave. and 132-70 Sanford Ave. in Flushing; and 22-73 41st St. in Astoria. Aaron Jungreis of Rosewood represented the buyer and the seller in the deal.

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CHULA VISTA, CALIF. — A partnership between Brixton Capital and ALTO Real Estate Funds has completed the disposition of Gateway Marketplace, a grocery-anchored shopping center located at 40 N. Fourth Ave. in Chula Vista. An affiliate of American Assets Trust purchased the 127,861-square-foot property free and clear of existing debt for $42 million. Smart & Final and Aldi anchor the property, which was constructed in 1997 and redeveloped in 2016. Additional tenants at the 98.7 percent-leased center include Party City, Hobby Lobby, Mattress Firm, Little Caesars and AT&T. Gleb Lvovich and Bryan Ley of HFF represented the seller, while Mike Moser of Retail Insite assisted as a local market contact in the transaction.

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BURBANK, CALIF. — Marcus & Millichap has brokered the sale of a vacant retail property located at 200 N. San Fernando Blvd. in Burbank. Marketblock LLC acquired the property from an individual/personal trust for $6 million. Brandon Michaels and Jonathan Braier of Marcus & Millichap represented the seller, while Michaels also secured and represented the buyer in the deal. The buyer plans to renovate and reposition the asset.

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CULVER CITY, CALIF. — PSRS has closed $6 million in refinancing for Robertson Plaza, a multi-tenant strip retail property located in Culver City. Mike Davis of PSRS arranged the non-recourse, 10-year loan, which features a 30-year amortization schedule, with a life insurance company. The borrower was a private real estate investor. Eighteen tenants occupy the property, which was built in 1984. Over the last 10 years, the property has maintained more than 95 percent occupancy.

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SANTA ANA, CALIF. — MCA Realty has completed the disposition of the Brookhollow Freeway Showroom Center with the sale of the property’s fourth building. WTW Properties LLC purchased the building, located at 154 E. Warner Ave., for $3.3 million. Wine Exchange currently occupies the 13,072-square-foot building. Joe Winkelmann, Nick Velasquez and Michael Hartel of Colliers International represented the seller, while Ryan Swanson and Chris Conway of Lee & Associates represented the buyer in the transaction.

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