MCALLEN, TEXAS — Hunington Properties has arranged the sale of a 5,000-square-foot Burger King restaurant located at 700 W. Nolana St. in McAllen. The tenant operates 275 Burger King restaurants in Texas and Florida. The premises are subject to a long-term triple net lease.
OCALA, FLA. — Crossman & Co. has brokered the $4.4 million sale of Pearl Britain Plaza, an 82,216-square-foot, Publix-anchored shopping center in northeast Ocala. A private investor based in Coral Gables, Fla., purchased the shopping center and its 18.5-acre site from Troy, Mich.-based Pearl Britain Development. The property was 70 percent leased at the time of sale. Mark Thompson of Crossman & Co. represented the seller in the transaction. Thompson has recently negotiated the sale of two other Central Florida shopping centers: the Shoppes at Andover in Orlando and the Plaza Del Sol in Longwood.
YPSILANTI, MICH. — Namdar Realty Group has acquired a 160,500-square-foot retail center in Ypsilanti, approximately eight miles southeast of Ann Arbor, for an undisclosed price. Gault Village Marketplace is a one-story shopping center that includes tenants such as Family Dollar, Advance America, Measurement Incorporated, New Image Beauty, China One and Gault Village Cleaners. Namdar plans on upgrading the property and targeting new tenants. Gault Village Marketplace is located at 1005-1075 Emerick St. The property is situated on 13.2 acres and includes 1,200 parking spaces. Joel J. Gorjian of Namdar completed the acquisition on behalf of the company. The seller in the transaction was a private investor.
HOUSTON — Faris Lee Investments has completed the $25.1 million sale of Westgate Market, an 80,690-square-foot shopping center in Houston. The property is anchored by a freestanding LA Fitness, and is 91 percent occupied by tenants including The Vitamin Shoppe, Massage Envy, Panera Bread and Applebee’s. Nicholas Coo, Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the seller, a Los Angeles-based private investor. The buyer, an Argentina-based private real estate holding company, represented itself in the transaction. Built in 2004 and 2005, Westgate Market is located at 19504 to 19740 Katy Freeway (I-10) and 19950 Restaurant Row, at the intersection of I-10 Frontage Road and Foxlake Drive.
DENVER — An unnamed buyer has purchased the 60-unit Stratford Plaza Apartments in Denver for $5 million. The community is located at 2005-2095 South Depew St. It was built in 1971. Joe Hornstein and Scott Fetter of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
ALAMO, CALIF. — Donahue Schriber Realty Group has acquired Alamo Plaza, a 195,147-square-foot shopping center located in Alamo, from Investco Advisors Inc. for an undisclosed price. Safeway anchors the center, which is also home to tenants including Rite-Aid, 24 Hour Fitness, Richards Arts and Crafts, Peet’s Coffee & Tea and Panera Bread.
ELK GROVE, CALIF. — NorthMarq Capital has arranged a $4.2 million refinancing for Laguna Palms, a retail property located at 9105 Bruceville Road in Elk Grove. The 15-year loan features a 25-year amortization schedule. Tenants at the 23,869-square-foot property include U.S. Post Office and Goodwill. Blake Melstrom of NorthMarq Capital’s Los Angeles office secured the financing for the undisclosed borrower.
GLENDALE, CALIF. — Stevenson Real Estate Services has arranged the sale of a retail building located at 601 S. Glendale Ave. in Glendale. Emad and Caroline Salama acquired the property from Robert Morris for $1.4 million. Built in 1961, the 1,568-square-foot building is situated on 11,500 square feet of land. Michael Maniscalchi and Tony Maniscalchi of Stevenson Real Estate Services represented the seller, while Sameh Nicola of California Prime Realty represented the buyer in the transaction.
MIDDLETOWN, N.Y. — Kimco Realty Corp. has sold Galleria at Crystal Run, an 80,000-square-foot retail power center located at 1100-1300 N. Galleria Drive in Middletown, for $12 million. An undisclosed buyer acquired the property for $12 million free and clear of existing debt in an all-cash 1031 exchange transaction. As an outparcel to the 1.2 million-square-foot Galleria at Crystal Run Mall, the property is fully leased to Best Buy and Christmas Tree Shops. Jose Cruz, Kevin O’Hearn, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.
HILTON HEAD, S.C. — HFF has secured $13.4 million in acquisition financing for Fresh Market Shoppes, an 86,694-square-foot, grocery-anchored shopping center in Hilton Head. Redeveloped in 2004, the shopping center was 91.2 percent leased at the time of financing to 16 tenants, including anchor The Fresh Market, Bonefish Grill, Dollar Tree, Massage Envy and West Marine. Situated on 9.7 acres at 890 William Hilton Parkway, the shopping center is bounded by two golf courses: Long Cove Golf Club and Shipyard Plantation Golf Course. Travis Anderson and Cory Fowler led HFF’s debt placement team to arrange the loan through Synovus Bank on behalf of the borrower, Ferncroft Capital.
