ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased six grocery-anchored retail properties in Georgia, South Carolina and Alabama for $68.7 million. The portfolio spans 535,000 square feet and comprises five Publix-anchored centers and one Walmart Supercenter-anchored property. PAC purchased the six properties through its wholly owned subsidiary New Market Properties LLC. PAC used roughly $25 million in debt from Unum Life Insurance Co. of America, Colonial Life & Accident Insurance Co. and First Unum Life Insurance Co. to purchase four of the properties. PAC used available funds to purchase the remaining balance of the four properties and to purchase the other two retail centers completely without debt.
HOUSTON — Baker Katz has purchased a 40,000-square-foot site in Houston that includes an existing 12,000-square-foot building occupied by Foodarama, a Texas supermarket chain. The property is located in the Houston neighborhood of Timbergrove, which is adjacent to Houston Heights.
SOUTHGATE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 14,238-square-foot strip retail center in Southgate, approximately 15 miles southwest of Detroit, for an undisclosed price. Metropolitan Real Estate – Wyandotte LLC sold the multi-tenant building, located at 16134-16146 Eureka Road, to Southgate Property LLC for an undisclosed price. The property was built in 1963. Greg Hornby of Friedman represented both parties in the transaction.
SUNBURY, OHIO — The Cooper Commercial Investment Group has brokered the $1.3 million sale of a building net leased to Starbucks in Sunbury, approximately 25 miles north of Columbus. An Ohio-based private investor sold the approximately 1,613-square-foot asset to a Florida buyer in an all-cash transaction. The asset sold for 98 percent of the list price at a 5.1 percent capitalization rate.
WACO, TEXAS — Metropolitan Capital Advisors has arranged a $1 million fixed-rate senior mortgage for a 4,384-square-foot restaurant in Waco. Twisted Root Burger Co. occupies 100 percent of the building, which fronts I-35 adjacent to Baylor University. The loan includes a 4.3 percent interest rate with a 25-year amortization schedule. The sponsor recently executed a 15-year triple net lease for the property with Twisted Root Burger Co. Twisted Root is the first of three restaurant concepts created by Jason Boso and Quincy Hart. Their flagship location in Dallas opened in late 2005 in the Deep Ellum District. Boso and Hart later appeared on Diners, Drive-Ins, and Dives with Guy Fieri, and they’ve since opened 11 other stores over the last eight years.
GARLAND, TEXAS — The Silver Group has brokered the sale of a single-tenant O’Reilly Auto Parts retail store located at 5550 Lavon Drive in Garland. The property consists of a newly constructed 6,800-square-foot retail building on a one-acre parcel of land along State Highway 78 just north of the Firewheel Town Center. O’Reilly is situated between a CVS/Pharmacy and Firestone Tire, near the intersection of Bunker Hill Road. The lease includes a 15-year term with periodic rental increases. Greg Cunha of The Silver Group was the only broker involved in the transaction. The buyer and seller were unnamed.
ARLINGTON, TEXAS — The Vitorino Group has negotiated the sale of a Dunkin’ Donuts ground lease in Arlington. The prior building on the property, a City of Arlington fire station, was razed and a portion was ground leased to Star Dunkin’ LP, an entity controlled by Jerry Jones and Troy Aikman. Located on Cooper Street, the property was built in 2014 and was secured by a 15-year net lease, which included a guaranty from the parent company. The offering was sold to an out-of state buyer from the West Coast. The Vitorino Group cooperated with an outside agent from Colorado. The buyer utilized a 1031 tax-deferred exchange.
SAN DIEGO — Lee & Associates – North San Diego County has arranged the sale of a vacant retail building located at 8776 Lake Murray Blvd. in San Diego. Student Success Programs, a local charter school, acquired the 5,470-square-foot building for $2.1 million. The freestanding building is part of the Navajo Shopping Center in the La Mesa neighborhood of San Diego. Bo Havlik of Lee & Associates – North San Diego County represented the seller, a private investor, while Russ Merrill of The Merrill Group represented the buyer.
MIDDLETOWN, N.Y. — Cronheim Mortgage has secured $92.5 million in financing for Orange Plaza, a power center located at the corner of Route 211 and Dunning Road in Middletown. The borrower is National Realty and Development Corp. The 10-year loan features a 30-year amortization and was funded by American General Life Insurance Co., The United States Life Insurance Co., National Union Fire Insurance Co. of Pittsburgh and American Home Assurance Co. After acquiring the property in 2001, the borrower began a four-year repositioning program at the 807,000-square-foot center that included the demolition of approximately 600,000 square feet of enclosed mall space and the creation of a stacked layout and outparcels. Current tenants include Walmart, Kohl’s, Burlington Coat Factory and The Home Depot. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower.
VALLEJO, CALIF. — Faris Lee Investments has arranged the sale of a freestanding, single-tenant restaurant property located at 1195 Admiral Callaghan Lane in Vallejo. Kam Property Holding LLC acquired the 2,240-square-foot property from River Rock LLC for $1.9 million, or $848 per square foot. The property is triple-net leased to Chipotle Mexican Grill, with less than 10 years remaining on its lease. Christopher DePierro and Jeff Conover of Faris Lee Investments represented the seller.