WILLOW GROVE, PA. — CBRE has brokered the sale of Willow Grove Self Storage, a self-storage facility located in Willow Grove. Metro Storage LLC purchased the 628-unit facility for an undisclosed price. Built in 2005, the 92,250-square-foot property features six single-story non-climate controlled buildings and three fully climate-controlled buildings. Michael Howard, Steve Marzullo and Justin Marlowe of CBRE represented the undisclosed seller in the transaction.
MIAMI — EDENS has purchased the Whole Foods Market at Met 3, part of the Metropolitan Miami development in downtown Miami, for an undisclosed price. The property currently has 400 residential units under construction on top of the grocery store. EDENS, a shopping center developer, owner and operator based in Columbia, S.C., owns and operates 11 other retail centers in Miami, including Fifth & Alton in South Beach. “Whole Foods has seen record-breaking traffic and sales since it opened, catering to the cosmopolitan Miami spirit,” says Jami Passer, managing director at EDENS. “We are excited to be investing in downtown Miami and be a part of the emerging urban vitality.”
CHICAGO — Baum Realty Group has brokered the $16.6 million sale of five retail properties totaling 81,606 square feet in the Chicago area. The properties include: 1422 – 1426 N. Milwaukee Ave., a mixed-use redevelopment in the Bucktown / Wicker Park neighborhood that sold for $4.2 million; 701 – 749 N. Milwaukee Ave., a fully leased retail strip center anchored by the Westin North Shore Hotel in Wheeling that sold for $4.9 million; 4700 N. Kimball Ave., an OREO multitenant retail strip center adjacent to the Kimball Brown Line ‘L’ Station that sold for $2.3 million; 847 N. Larrabee St., a development parcel in the River North neighborhood that sold for $4.1 million; and 1312 – 14 N. Clybourn Ave. and 1321 N. Larrabee St. located within the North and Clybourn Corridor that sold for $1.1 million Greg Dietz and Danny Spitz of Baum Realty Group’s Investment Sales Team represented the five separate private sellers in transactions.
LORAIN, OHIO — Marcus & Millichap has brokered the $1.2 million sale of Advance Auto Parts, a 7,000-square-foot, net-leased property in Lorain. Advance Auto Parts is located at 2025 Broadway. The property was built in 2004 as a build-to-suit for Advance Auto Parts. Dustin Javitch, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap’s Cleveland office represented the seller, a limited liability company. The property was sold to an unnamed publically-traded REIT.
LOS ANGELES – Shoe Palace has leased 3,500 square feet of space at Azalea Regional Shopping Center in the Los Angeles submarket of South Gate. The center is located at 4827 Firestone Blvd. It is owned by Primestor Development. Shoe Palace is a Northern California-based casual and athletic shoe retailer.
ATLANTA — Charlotte-based FCA Partners has announced the redevelopment plans for Buckhead Exchange, a 48,500-square-foot retail center located at Peachtree Road and Grandview Avenue in Atlanta’s Buckhead neighborhood. The plans call for the shopping center to be transformed into a pedestrian-friendly retail and dining development. A portion of the center will be demolished to make way for a paseo that will connect the east-facing storefronts with those facing Peachtree Road and Grandview Avenue. Demolition is scheduled to begin this month and be completed in phases by early 2016. New tenants slated to open at Buckhead Exchange include Storico Fresco Alimentari Ristorante e Mercato and YEAH! BURGER. Formerly a division of Faison Enterprises, FCA Partners has invested more than $600 million in equity on behalf of institutional capital since the mid-1990s. FCA Partners acquired Buckhead Exchange in 2013 from Principal Financial for $15.2 million.
GLEN ELLYN, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 2,500-square-foot Dunkin Donuts and a 1,400-square-foot Short Term Loans. The retail properties are two adjacent parcels located at 651 and 661 Roosevelt Road in Glen Ellyn. A private Illinois-based buyer purchased the property for full asking price of $1.7 million at a 6.75 percent cap rate.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired six retail properties for $35.4 million and sold a shopping center in Marshall, Mich. The properties include an H-E-B grocery store in Brenham, Texas; a 24 Hour Fitness in Fort Worth, Texas; a Golden Corral restaurant in Springfield, Ill.; and Advanced Auto Parts stores in Lorai, Ohio; Tallahassee, Fla. And Alabama; and a Dollar General in Blacksburg, S.C. In addition, the Bloomfield Hills, Mich.-based company has sold Marshall Plaza, a Kmart-anchored shopping center, for $5.5 million.
Fort Worth, which makes up the core of the western side of the Dallas/ Fort Worth Metroplex, has seen expansive growth both economically and in its resident base, making it an attractive destination for businesses and consumers alike. The population of the Fort Worth- Arlington Metropolitan Division has grown by more than 35 percent since 2000, according to estimates from Moody’s Analytics. Forecast data from Moody’s indicates a continuation of this trend, with projections through 2030 anticipating a total population of over 3.1 million, which is the current size of Iowa. Personal income is another demographic that has experienced a strong growth rate in recent years. Moody’s Analytics forecasts the fourth quarter to have been the strongest quarter of year-over-year growth in 2014, with 8.7 percent growth for personal disposable income and 7.9 percent growth for total personal income. This may be a telling sign that the impact of lower oil prices has accelerated consumer spending at the onset of the oil price decline in June 2014. Furthermore, retail sales growth steadily increased throughout 2014 in the Fort Worth metropolitan division, with the most recent figure for Fort Worth (4.9 percent) outpacing the national rate (4.1 percent) at the close …
SLIDELL, LA. — Stirling Properties and CBL & Associates Properties Inc. have announced 12 new tenants coming to Phase II of Fremaux Town Center, a shopping center in Slidell. The 285,000-square-foot Phase II is slated for an October 2015 completion. The new tenants are: Off Broadway Shoe Warehouse, Forever 21 Red, Pier 1 Imports, Victoria’s Secret, Buckle, Charlotte Russe, LOFT, Bath & Body Works, Torrid, Journeys, Claire’s and Which Wich. Phase I of Fremaux Town Center opened in March 2014 with anchor tenants Dick’s Sporting Goods, Michael’s, T.J. Maxx, Kohl’s and LA Fitness. Upon completion, the shopping center will span 635,000 square feet.
