MANCHESTER, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of Whispering Pines, a 107,000-square-foot shopping center in Manchester, a city in Tennessee midway between Nashville and Chattanooga via I-24. Located at 2161 Hillsboro Blvd., the property was fully leased at the time of sale. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the buyer, an entity doing business as BAG3 Holding LLC, in the transaction. Lane Breedlove and Margaret Jones of Cushman & Wakefield represented the seller, an entity doing business as Core Whispering Pines LLC. The sales price was not disclosed.
BARRINGTON, ILL. — An affiliate of Next Realty LLC has sold The Shops at Flint Creek in the northwest Chicago suburb of Barrington for an undisclosed price. Heinen’s grocery store anchors the 60,000-square-foot retail center. Additional tenants include Athletico, Ascension Medical Group Illinois, Epic Burger and Club Pilates. Sean Sharko of Marcus & Millichap represented Next, which purchased the property in 2014. A private investor was the buyer.
MURRIETA, CALIF. — SRS Real Estate Partners has arranged the $6.1 million ground lease sale of a restaurant property at 27960 Clinton Keith Road in the Inland Empire city of Murrieta. Chick-fil-A occupies the 5,000-square-foot property, which opened for business in March and has a 15-year ground lease in place. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller and developer, Newport Beach-based Sage Investco, and the buyer, a California-based private family trust, in the all-cash transaction. The Chick-fil-A property sale is part of a break-up strategy valued in excess of $20 million for the Class A pads at The Vineyard Shopping Center, a 26.3-acre retail project anchored by Costco and ALDI.
WEST COVINA, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail strip center in West Covina, approximately 20 miles east of Los Angeles. A San Bernardino County-based private investor sold the asset to a West Covina-based investor for $2.4 million in an all-cash transaction. Located at 532-540 N. Azusa Ave., the 7,760-square-foot property was fully occupied at the time of sale by five service-oriented tenants ranging in size from 1,300 square feet to 2,000 square feet. Current tenants include a nail salon, hair salon, martial arts school, massage studio and Friar Tux. Greg Bedell and Roxanne Klein of Progressive Real Estate Partners represented the seller in the deal.
LAREDO, TEXAS — Dallas-based Kobalt Investment Co. has purchased the 222,291-square-foot Rio Norte Shopping Center in the Rio Grande Valley city of Laredo. Ross Dress for Less anchors the center, which is also home to tenants such as Michael’s, Petco, Dollar Tree, Shoe Carnival and Five Below. Adam Howells and Matthew Barge of JLL represented the undisclosed seller in the transaction. Kobalt purchased the property in partnership with Dallas-based Stonefield Investment Advisors and San Antonio-based Espada Real Estate.
FORESTVILLE, MD. — Marcus & Millichap has brokered the $7.4 million sale of Penn Forest Shopping Center, a 37,425-square-foot retail center located in Forestville, about 14 miles east of Washington, D.C. Tenants at the property include Dollar General and CSL Plasma. Dean Zang, David Crotts and Jeffrey Pensak of Marcus & Millichap represented the seller, an affiliate of Woodmont Properties, in the transaction. Eastern Union and an undisclosed bank lender provided acquisition financing to the buyer.
NEW YORK CITY — Atlanta-based fast food chain Chick-fil-A and dog daycare concept Hounds Town USA have signed leases at 809 Atlantic Ave., a 60,000-square-foot mixed-use property in Brooklyn. Chick-fil-A will occupy 5,000 square feet within the building, while Hounds Town USA will occupy 6,000 square feet. The building also houses residential and healthcare space. David Alani and Michael Friedman of Inline Realty represented Chick-fil-A in the lease negotiations, and JLL represented the landlord, Hope Street Capital.
JANESVILLE, WIS. — Colliers has brokered the $3.4 million sale of a 5,500-square-foot retail property in the Milwaukee suburb of Janesville. Home to Starbucks and LensCrafters, the newly constructed building serves as an outlot to Uptown Janesville Mall. Adam Connor and Heather Dorfler of Colliers represented the seller, Houston-based RockStep Capital. The all-cash buyer was based in California and completed a 1031 exchange.
SPARTANBURG, S.C. — Reedy River Retail at SVN Blackstream has brokered the sale of Westgate Mall, a 431,306-square-foot retail property located in Spartanburg. Namdar Realty acquired the mall for roughly $15 million. Belk, Dillard’s, JCPenney and Costco anchor the property, which is situated on 52 acres. Dustin Tenney and Daniel Holloway of Reedy River Retail arranged the transaction.
MONTGOMERY, TEXAS — Nona’s Italian Grill will open a 3,500-square-foot restaurant in Montgomery, about 60 miles north of Houston. The space is located within the Woodforest master-planned community. Jackson Cain of SVN | J. Beard Real Estate represented the undisclosed landlord in the lease negotiations. Josue Posada of Posada Realty Associates represented the tenant. The restaurant is expected to open before the end of the year.