CLAREMONT, CALIF. — Avison Young has brokered the sale of a seven-acre site located at 620 Auto Center Drive in Claremont. Brandywine Homes sold the property to New Orleans, La.-based Premier Automotive Group for an undisclosed price. The buyer plans to develop a Chrysler, Dodge, Jeep and Ram auto dealership on the site. Situated within the Claremont Auto Center, the site has been vacant for more than decade. Jodi Meade of Avison Young represented the seller and the buyer in the transaction.
WAYCROSS, GA. — SRS’ Southeast investment sales team has brokered the $4.3 million sale of Satilla Square, a 117,212-square-foot shopping center in Waycross. The property is located at 1803 Knight Ave. at the intersection of Knight Avenue and South City Boulevard. Dollar General Market and Big Lots anchor the center. Baer Asset Management Co. purchased the property from Satilla Square LLC, Henderson Satilla LLC and Satilla Land LLC. Kyle Stonis and Pierce Mayson of SRS represented the sellers in the transaction. The buyer didn’t have representation.
EARLY, TEXAS — The Heartland Mall in Early has been sold to Victoria Retail Group LLC, according to the Brownwood Bulletin. The sale to the retail group, headquartered in Austin, was finalized last Wednesday, according to founding partner Todd Routh. The sale was made through Coldwell Banker Mark Campbell & Associates. Routh plans to renovate the 215,000-square-foot mall and add additional tenants. Work is expected to begin next week. Victoria Retail Group owns more than 55 malls and shopping centers in Texas. Opened in 1980, Heartland Mall is located at 300 Early Blvd. and sits on close to 24 acres with tenants including JC Penny, Hibbett Sports and Bath & Body Works, along with Regal Cinemas Heartland 8. Restaurants include Chick-fil-A and Corn Dog 7. The Retail Coach is handling leasing assignments for the property.
URBANA, OHIO — Marcus & Millichap has brokered the $1.3 million sale of a net-leased retail property in Urbana, approximately 40 miles northeast of Dayton. The 9,000-square-foot building, located at 1620 E. U.S. Highway 36, is leased by Dollar Tree, which recently signed a 10-year lease. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller, an Indiana-based developer. The trio, along with Dustin Javitch of Marcus & Millichap, also procured and represented the buyer, a California-based investor.
LOCKPORT, N.Y., AND KOKOMO, IND. — Stan Johnson Co. has arranged the sale of two grocery stores located in Lockport and Kokomo for a combined $15.3 million. Bluejay Management LLC acquired the 55,000-square-foot Tops Markets at 3945 Lockport-Olcott Road in Lockport and the 55,264-square-foot Marsh Supermarket at 208 E. Southway Blvd. in Kokomo. Josh Pardue of Stan Johnson Co. represented the seller, Fields Realty, in the transaction.
NEW YORK CITY — Silver Arch Capital Partners, a private lender, has closed an $8 million first mortgage loan secured by two mixed-use properties in New York City. The borrowers, Mooney House LLC and 127 Mott Street LLC, will use the loan proceeds to pay off an existing mortgage, renovate the properties and fund reserves and closing costs. The properties are 18 Bowery/1-7 Pell St., which features four residential apartments and two ground-level commercial spaces in two buildings; and 127 Mott St., which consists of 12 residential units and one commercial space in two buildings. Both properties were acquired in 2014 and have undergone more than $375,000 in capital improvements. Additionally, each property has more than 6,000 square feet of excess development rights.
GLENDALE AND TEMPE, ARIZ. — Lee & Associates has arranged the sale of two Arizona shopping centers for a combined $16.4 million. Properties include 51st & Olive Square, an 88,225-square-foot shopping center located in Glendale; and Playa Del Norte, an 11,499-square-foot shopping center located in Tempe. Patrick Dempsey and Jan Fincham of Lee & Associates worked on behalf of both the buyer, 51st & Olive Station LLC, and the undisclosed seller in the 51st & Olive Square transaction. Dempsey, Fincham, Chris McClurg and Matt Frederick of Lee & Associates co-listed and secured the buyer, Crow Holdings Capital Real Estate, in the Playa Del Norte transaction.
KANSAS CITY, MO. — Retail Properties of America Inc. has sold The Shops at Boardwalk, a 122,397-square-foot shopping center located in Kansas City, for an undisclosed price. GDA Real Estate Services LLC purchased the asset on behalf of ACF Property Management free and clear of existing debt. The fully leased center is home to tenants including Gold’s Gym, Jos. A. Bank, Kirkland’s, Chipotle, Houlihan’s, Rue 21, Maurices and a separately owned Lowe’s and Walmart. Amy Sands, Clinton Mitchell and Barry Brown of HFF worked on behalf of the seller in the transaction.
GROTON, MASS. — Senate Construction Corp. has completed the second phase of construction at Boynton Meadows, a mixed-use development in Groton. The second phase consists of eight townhomes, ranging in size from 2,000 square feet to 2,500 square feet with additional walkout and basement space. The first phase of the project, which was completed in 2012, included mixed-use office and retail space, including a yoga studio, bakery and dental office, and the third phase, slated to begin soon, will include seven residential units. Developed by Mount Laurel Development the overall project includes the restoration of a historic, colonial structure, the addition of retail space and the construction of 15 townhouse units overlooking Gibbet Hill. Maugel Architects designed the mixed-use project, which was financed by Bank of New England.
GOOSE CREEK, S.C. — Marcus & Millichap has brokered the $12.8 million sale of a 41,117-square-foot, freestanding Walmart Neighborhood Market in Goose Creek, a suburb of Charleston. Built in 2014 and opened for business in June 2015, the store features a drive-thru pharmacy and a six-pump Walmart fuel station on an outparcel. Walmart has signed a 20-year modified triple-net lease on the property with four five-year options, each with rent increases. Don McMinn and Zach Taylor of Marcus & Millichap’s Atlanta office and principals of the firm’s Taylor McMinn Group represented the seller, a developer. The buyer is a private investor in a 1031 exchange. Raj Ravi of Marcus & Millichap’s Charleston office is the firm’s broker of record in South Carolina.
