LAWRENCEVILLE, GA. — The Shopping Center Group has arranged the $7.9 million sale of Duluth Highway Shops, a 17,500-square-foot, unanchored retail center located on eight acres at State Route 120 and Lawrenceville-Suwanee Road in Lawrenceville. The Gwinnett County property was fully leased prior to construction to tenants such as Jason’s Deli, Pacific Dental Services, Willy’s Mexican Grill, AT&T Wireless, Penn Station East Coast Subs, Sport Clips Haircuts and BurgerFi. Neal Pringle and the late Mark Cooley of The Shopping Center Group secured the buyer, a private, West Coast-based investor. The seller was NLA Lawrenceville Inc. The Shopping Center Group also secured construction and equity financing for Duluth Highway Shops.
Retail
BROOKSVILLE, FLA. — ProVest Properties LLC has acquired Sunrise Plaza, an 86,815-square-foot shopping center located in the Tampa suburb of Brooksville, for $4.8 million. Winn-Dixie anchors the shopping center, which is also home to tenants including Beef O’Brady’s and Winn-Dixie Liquor. Brad Peterson and Whitaker Leonhardt of HFF arranged the sale on behalf of the seller, Noble Properties.
MUNCIE, IND. — Adler Realty Investments Inc. has purchased Marsh Plaza in Muncie, about 50 miles northeast of Indianapolis, for $9.9 million. The 87,083-square-foot retail center is located at the intersection of McGalliard Road and Wheeling Avenue near Ball State University. The center is 100 percent occupied and is anchored by a Marsh Supermarket. Michael Adler represented Adler Realty in the transaction. McWheel Properties LLC was the seller.
ALMA, MICH. — Lamb Net Lease LLC has brokered the sale of a net leased Walgreens pharmacy in Alma in central Michigan for $5.8 million. The 14,820-square-foot property is located at 1420 Wright Ave. The buyer, Riverlawn Properties LLC, completed the deal as part of a 1031 exchange. Joe Patti of Roaring Fork Holdings LLC represented the buyer. Mike Lamb of Lamb Net Lease represented the seller, Retail Development Inc.
MORRISTOWN, N.J. — NAI James E. Hanson has arranged the acquisition of a 22,000-square-foot retail property located at 110 Washington St. in Morristown. E&H Members LLC acquired the property, which is occupied by Whole Foods Market, for an undisclosed sum. Scott Perkins, Greg James and Chris Todd of NAI Hanson represented the buyer in the deal. The name of the seller was not released.
FAIRFAX, VA. — AIG Investments has provided a $72 million loan for the refinancing of Plaza at Landmark, a 437,299-square-foot, grocery-anchored regional power center located at 6244 Little River Turnpike in Fairfax. Cary Abod and Dana Brome of HFF arranged the 18-year, fixed-rate loan on behalf of the borrower, Landmark HHH LLC. Plaza at Landmark was 98.2 percent leased at the time of financing to tenants such as Shoppers, Marshalls, Ross Dress for Less, LA Fitness, Total Wine & More, Dollar Tree, Verizon Wireless, DFurniture Galleries, BB&T, Five Below, Gamestop and Chipotle Mexican Grill.
HYATTSVILLE, MD. — PREIT, a Philadelphia-based retail REIT, has signed Ulta Beauty and DSW to leases at Mall at Prince Georges in Hyattsville as part of the mall’s $30 million remerchandising and renovation program. Located at 3500 East-West Highway in suburban Washington, D.C., the property will undergo a facelift in early 2017 that encompasses new exterior facades and entrances, in addition to PREIT’s remerchandising efforts. Ulta Beauty has leased an 11,000-square-foot space at the mall, and DSW has leased 16,000 square feet. Both retailers are set to open their stores in the second quarter of 2018. PREIT also signed H&M to a 20,000-square-foot lease earlier this year, and the apparel retailer plans to open its store next month. PREIT plans to wrap up the mall’s renovations in time for the 2017 holiday season and complete the remerchandising in 2018, at which time about 73 percent of the non-anchor space — including new and existing shops and restaurants — will have new storefronts.
HUNTERSVILLE AND CONCORD, N.C. — ECHO Realty has acquired two Harris Teeter-anchored shopping centers located in metro Charlotte. The acquisitions include Regency Village, a 70,000-square-foot center located in the Lake Norman community of Huntersville, and Coddle Creek, an 80,000-square-foot center located in Concord. This acquisition brings ECHO Realty’s presence in North Carolina to six grocery-anchored properties, four of which are located in the Charlotte market.
EPHRATA, PA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has acquired Ephrata Commons Shopping Center, located at 385 N. Reading Road in Ephrata. An undisclosed seller sold the property for $6.1 million. Tenants at the 54,810-square-foot shopping center include Redner’s Warehouse Market, Tokyo Asian Cuisine, RadioShack, Cecilia’s Beauty Salon, Wild Wings Pizza & Things and Gehman Jewelers.
West Bay Capital Provides $1.8M Acquisition Loan for Two Restaurants in South Florida
by John Nelson
DANIA BEACH AND NORTH MIAMI BEACH, FLA. — West Bay Capital, a Los Angeles-based private lender, has provided two loans totaling $1.8 million for the acquisition of two restaurant properties in South Florida currently leased to Checkers, a fast-food burger chain. The drive-thru restaurants are located in Dania Beach and North Miami Beach. As part of the acquisition, the undisclosed borrower recently executed 20-year leases with a Checkers franchisee at both locations. The financing, which represented roughly 90 percent of the purchase price and reflected the value of the new lease agreements, included a $1 million loan for the North Miami Beach restaurant and a $810,000 loan for the Dania Beach location.