Retail

Trace Station Shopping Center Ridgeland Mississippi

Crossman & Co. Brokers $5.4M Sale of Shopping Center in Mississippi

by John Nelson February 4, 2015

RIDGELAND, MISS. — Crossman & Co. has brokered the $5.4 million sale of Trace Station Shopping Center, a 47,510-square-foot retail center located at 500 Highway 51 North in Ridgeland, part of the Jackson MSA. The three single-story buildings sitting on 6.5 acres were sold to a private investor. The property is positioned at the intersection of Jackson Street and Highway 51. The center was 96 percent leased at the time of sale to local and regional tenants such as Edible Arrangements, Fleet Feet, Lost Pizza Co. and Cazadore’s Mexican. Brian Carolan of Crossman & Co. represented the seller, a Wall Street loan pool, and partnered with Hugh Johnson of J. Walter Michel Agency, a Jackson-based company, during the transaction.

February 4, 2015

Loans New Jersey Northeast Office Retail

HFF Arranges $221.8M Loan for 30-Property Retail, Office Portfolio

by Amy Works February 4, 2015

FLORHAM PARK, N.J. — Florham-based HFF, on behalf of Paramount Realty Services, has arranged $221.8 million in financing for an approximately 2 million-square-foot portfolio consisting of 30 retail, office and medical office properties in Pennsylvania and Maryland. The portfolio was 96 percent occupied at the time of closing. Jon Mikula, Jim Cadranell, Samuel Seiden and Michael Cerulo of HFF represented the borrower in the transaction. The financing was closed with a portfolio lender. Additional details of the deal were not released.

February 4, 2015

California Retail Western

Carter’s Opens at Westgate Center in San Jose

by Nellie Day February 4, 2015

SAN JOSE, CALIF. – Carter’s has opened a 9,505-square-foot outpost in the Westgate Center in San Jose. The center is located at the northeast corner of Hamilton and Saratoga. It is anchored by Target, Nordstrom Rack, Walmart Neighborhood Market, Nike Factory Store, Old Navy, Burlington Coat Factory, Michaels and Ross. Carter’s was represented by Dawn Greiner and Laura Tinetti of SRS Real Estate Partners. The landlord is Federal Realty Investment Trust.

February 4, 2015

Arizona Retail Western

Romano’s Macaroni Grill Building in Goodyear Sells for $3M

by Nellie Day February 3, 2015

GOODYEAR, ARIZ. – A 6,810-square-foot building in Goodyear that is net leased to Romano’s Macaroni Grill has sold to an unnamed buyer for $3 million. The building is located at 1828 North Litchfield Road. The seller, a limited liability company, was represented by Jamie Medress and Mark Ruble of Marcus & Millichap’s Phoenix office.

February 3, 2015

Verandah Publix Super Markets Fort Myers

Florida Retail Southeast

Continental Realty Sells Shopping Center in Fort Myers for $14.4M

by John Nelson February 3, 2015

FORT MYERS, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold The Shops at Verandah, a 72,795-square-foot shopping center located at 11961 Palm Beach Blvd. in Fort Myers for $14.4 million. The Shops at Verandah was 98 percent leased to tenants such as Advance America, Principal Life Insurance, Subway, Pizza Hut, H&R Block, Beef O’Brady’s and Allstate. CRC sold the Publix-anchored shopping center to Publix Supermarkets Inc. Jim Michalak and Mike Cvetetic of Plaza Advisors represented CRC in the transaction. The Shops at Verandah was built in 2005 as part of Verandah, a 1,500-acre premier master-planned community that includes two 18-hole golf courses designed by Bob Cupp and Jack Nicklaus.

February 3, 2015

North Carolina Retail Southeast

Ferncroft Capital Acquires Whole-Foods Anchored Shopping Center in Winston-Salem for $12M

by John Nelson February 3, 2015

WINSTON-SALEM, N.C. — Ferncroft Capital has purchased Miller Crossing in Winston-Salem for $12 million. The 40,292-square-foot shopping center is anchored by Whole Foods Market. The shopping center is located near the intersection of Miller Street and Stratford Road and is adjacent to the Wake Forest Baptist Hospital campus. Berkeley Capital represented the seller in the transaction while Bank of North Carolina provided acquisition financing. Meridian Realty will continue to handle management and leasing.

February 3, 2015

New Jersey Northeast Retail

Colliers Brokers $12.9M Retail Strip Center Sale in East Hanover, New Jersey

by Amy Works February 2, 2015

EAST HANOVER, N.J. — Colliers International has brokered the sale of a retail strip center in East Hanover. Located at 346 Route 10, the 30,000-square-foot property sold for $12.9 million. The multi-tenanted property is currently occupied by Party City, Verizon Wireless and Jersey Mike’s Subs and has 25 percent of unoccupied space remaining. Jacklene Chesler of Colliers represented the seller, JEMB Realty, and procured the buyer, The Klein Group, in the deal.

February 2, 2015

Connecticut Northeast Retail

Marcus & Millichap Closes $4.1M Connecticut Retail Property Sale

by Amy Works February 2, 2015

MERIDEN, CONN. — Marcus & Millichap has brokered the sale of a CVS/pharmacy property located at 540 West Main St. in Meriden. A New Jersey-based investor purchased the property for $4.1 million. Originally constructed in 1999 for CVS, the property offers street exposure and a drive-thru lane. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and buyer in the transaction.

February 2, 2015

Florida Retail Southeast

Continental Realty Corp. Buys Metro Orlando Shopping Center for $10.1M

by John Nelson February 2, 2015

ORLANDO, FLA. — Baltimore-based Continental Realty Corp. has purchased Towne Square Shopping Center, a 126,000-square-foot retail center located at 11029 W. Colonial Drive in Ocoee, a suburb of Orlando. Continental Realty purchased the asset for $10.1 million through CRC Fund III LP, the company’s value-add retail and multifamily investment fund. The center is currently 95 percent occupied and is anchored by an Old Time Pottery. Ray Turchi of Marcus & Millichap’s Orlando office represented the seller, a private investor based in New York, in the transaction. Charlie Boscarino of Retail Solutions Advisors has been selected as the exclusive leasing broker for the center.

February 2, 2015

Indiana Midwest Retail

M&M Arranges Sale of 9,014 SF Retail Property in Lake Station, Ind.

by Danielle Everson February 2, 2015

LAKE STATION, IND. — Marcus & Millichap has arranged the sale of a 9,014-square-foot net-leased property in Lake Station, approximately 37 miles southeast of Chicago. The Dollar General property is located at 2828 Central Ave. The building is a four-year-old, build-to-suit construction located on more than an acre. The property is located approximately three miles from I-80 and I-94. Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a private investor, and also represented the buyer, an individual/personal trust. Josh Caruana of Marcus & Millichap assisted in closing this transaction.

February 2, 2015

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