JOHNSON CITY, TENN. — Marcus & Millichap has arranged the sale of Franklin Square, an 85,000-square-foot, grocery-anchored shopping center located at 1805 W. State of Franklin Road in Johnson City. Anchored by a 55,000-square-foot Kroger, Franklin Square was 93 percent leased at the time of sale to tenants such as Citizens Bank, Cost Cutters, Giovanni’s, Iron Horse, Jersey Mike’s and Miso Teriyaki House. Brian Munn of Marcus & Millichap’s Atlanta office procured the buyer, a 1031 exchange investor. Farhan Kabani of Mark One Capital, a subsidiary of Marcus & Millichap, arranged acquisition financing. Jody McKibben of Marcus & Millichap’s Nashville office is the firm’s broker of record in Tennessee.
CARY, N.C. — Lincoln Harris’ Raleigh office has brokered five leases totaling nearly 14,000 square feet at The Arboretum at Weston, an 80,000-square-foot mixed-use development located at the intersection of Harrison Avenue and Weston Parkway in Cary. Kaler Walker and John Mikels of Lincoln Harris represented the landlord, The Arboretum at Weston Holdings LLC, on all five leases. The deals include M/I Homes leasing 4,739 square feet for a sales center; Moe’s Southwest Grill renewed its 3,812-square-foot lease; GolfTEC renewed its 2,420-square-foot lease; Le Coiffure Hair Studio signed a lease for 1,571 square feet; and Dream Home Design for a 1,272-square-foot sales center and showroom. Michael Deaton of Deaton Investment Real Estate represented Le Coiffure Hair Studio in its lease deal. With the recent signings, the retail space at The Arboretum is almost fully leased. The center has two spaces totaling approximately 3,800 square feet available.
NEW YORK CITY — Avison Young has arranged the sale of an office and retail building located at 310 Lenox Ave. in Manhattan’s Central Harlem section. A group of New York-based real estate investors acquired the property for $21 million. Built in 1940 and improved in 2006, the three-story building consists of approximately 24,659 gross square feet of above-grade space and a full basement of approximately 8,493 square feet. Additionally, the property has approximately 9,313 square feet of additional zoning floor area that is expected to be accessed by the new ownership entity. The property’s best-known tenant is Red Rooster, a restaurant led by chef Marcus Samuelsson. Neil Helman, Charles Kingsley, Jon Epstein and Vincent Carrega of Avison Young represented the seller, National Basketball Players Association, in the transaction.
ELMONT, N.Y. — Target is opening a flexible format store as an anchor tenant at the Home Depot shopping center located at 600 Hempstead Turnpike in Elmont. The 24,500-square-foot store is slated to open late this fall or early spring 2017 in a space formerly occupied by OfficeMax. The new format stores vary in size and assortment, allowing for smaller footprints and locally relevant experiences for shoppers. Jeffrey Howard of Ripco Realty represented the tenant, while Randall Briskin provided in-house representation for the landlord, The Feil Organization.
HOUSTON — Marcus & Millichap has arranged the sale of a 9,180-square-foot, net leased Family Dollar located in Houston. Gus Lagos and Nik Kapetanakis of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. The unnamed buyer utilized a 1031 tax-deferred exchange. Family Dollar is located at 8303 Calhoun Road.
MORROW, GA. — U.S. Properties Group has completed an extensive makeover of the former Southlake Pavilion in Morrow, a suburb of south Atlanta roughly 10 miles down I-75 from Hartsfield-Jackson Atlanta International Airport. Now known as The Shoppes at Morrow Station, the 485,685-square-foot retail center will feature a Nam Dae Mun Farmers Market that will replace a vacant 100,000-square-foot Target this summer. Other tenants include a newly renovated Ashley Furniture store, Ross Dress for Less, Party City and Barnes & Noble.
PLANTATION, FLA. — Ram Realty Services has sold Jacaranda Plaza, a 173,044-square-foot, Publix-anchored shopping center, for $29.3 million. Epic Real Estate Partners purchased the property, which is located on 16.2 acres at 8249 W. Sunrise Blvd. in Plantation, a suburb of Fort Lauderdale. Jacaranda Plaza was 86 percent leased at the time of sale to tenants such as Planet Fitness, Dollar Tree, Stein Mart, Regions Bank, T-Mobile, GNC and Game Stop. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Ram Realty Services in the transaction. Additionally, Paul Stasaitis and Adam Herrin of HFF arranged a five-year, $19.9 million acquisition loan with a fixed interest rate through BankUnited on behalf of Epic Real Estate Partners.
ROCHESTER HILLS, MICH. — Bernard Financial Group has closed a $12.4 million refinancing loan for Hampton Plaza Shopping Center, a 122,484-square-foot retail property in Rochester Hills, approximately 27 miles north of Detroit. Hampton Plaza LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan through OneAmerica. Bernard Financial will service the loan and is a mortgage banking firm representing life insurance companies, CMBS lenders and Strategic Alliance Mortgage.
DRAPER, UTAH — Sears Holdings will close 68 Kmart and 10 Sears stores nationwide this summer. Among the affected stores are eight Kmarts based in Utah, California and Arizona. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. The following is a complete list of the Western-based impacted stores: Kmart: 300 W. Mariposa Road, Nogales, Ariz. Kmart: 2270 E. El Monte Way, Dinuba, Calif. Kmart: 520 S. Cherokee Lane, Lodi, Calif. Kmart: 1475 Hillman St., Tulare, Calif. Kmart: 2785 Highway 46, Wasco, Calif. Kmart: 1055 E. Draper Parkway, Draper, Utah Kmart: 610 W. Price River Drive, Price, Utah Kmart: …
CHICAGO — Sedgwick Properties has completed the development of a 43,000-square-foot LA Fitness in Chicago’s Gage Park neighborhood. The building is located at 55th Street and Kedzie Avenue. Other retailers in the surrounding area include Walgreens, Wendy’s, Marquette Bank, Pete’s Fresh Market, T-Mobile, McDonald’s and a Bank of America branch. This LA Fitness facility features free weights, a cardio center, swimming pool, basketball court, fitness studios, indoor cycling, a childcare service and locker rooms with saunas and whirlpool spas. The project is located near the Chicago Transit Authority’s Orange Line and is the retailer’s 13th location in Chicago. Sedgwick served as the designer, developer and general contractor for the facility.