INDIANAPOLIS — Lee & Associates has arranged the lease of a 9,260-square-foot retail space for Michigan-based brewery HopCat in Indianapolis. Hopcat Broad Ripple will occupy space in the Broad Ripple Garage located at 6280 College Ave. The Indianapolis brewery will be Hopcat’s first location outside of Michigan. The new brewery is set to open in August with 130 taps. Ben Andrews of Sperry Van Ness represented the tenant in the transaction. Bart Jackson and Scot Courtney of Lee & Associates represented the landlord, 6280 LLC, an entity of Keystone Realty Group.
Retail
MERRIMACK, N.H. — Calkain Companies has arranged the sale of a two-building, net-leased multi-tenant property in Merrimack. A private buyer acquired the property for $5.3 million. The property is an outparcel to Merrimack Premium Outlets and located near Fidelity Investments’ corporate campus. Tenants of the newly constructed four-tenant center include Starbucks Coffee, Digital Federal Credit Union and Qdoba Mexican Grille. Stanley Wyrwicz of Calkain’s Boston office represented the undisclosed seller in the transaction.
PLANO, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Haggar Square, a 53,750-square-foot shopping center in Plano, roughly 30 minutes north of downtown Dallas. The REO property, located at the intersection of Texas State Highway 121 and Ohio Road, was completely vacant at the time of the sale. The buyer, a private investor from California, purchased the asset for an undisclosed price.
MIAMI — Marcus & Millichap has arranged the $11.6 million sale of Plaza Del Rey, a 50,186-square-foot shopping center located at 10000 W. Flagler St. in Miami, approximately one mile from Florida International University. The property is 95 percent leased to tenants such as Navarro Discount Pharmacy, Rent-A-Center, T-Mobile and Vicky Bakery. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller and the buyer, both limited liability companies based in Miami.
STOCKBRIDGE, GA. — Wheeler Real Estate Investment Trust Inc. has assumed the contract to acquire Freeway Junction, a 156,834-square-foot shopping center in Atlanta suburb Stockbridge, for $10.5 million. Wheeler REIT (NASDAQ: WHLR) is assuming the contract from Wheeler Interests LLC, an affiliated company. The shopping center, located along Georgia Highway 138, is 95.5 percent leased to tenants such as Northern Tool + Equipment, Goodwill, Ollie’s, Farmer’s Furniture, Cato Fashion, Citi Trends and Jackson-Hewitt.
ALTOONA, IOWA — New England Development plans to build a 325,000-square-foot outlet center in Altoona, a suburb of Des Moines. The new facility will be located at the intersection of I-80 and U.S. Highway 65. The 32-acre Des Moines Outlets will feature approximately 75 retailers. The outlet center will be an integral part of The Shoppes at Prairie Crossing, a 174-acre, mixed-use site being developed by Heart of America Group. The Shoppes at Prairie Crossing will consist of more than 1.4 million square feet of leasable space. The Shoppes at Prairie Crossing site is adjacent to Prairie Meadows Racetrack & Casino, Adventureland Amusement Park, Bass Pro Shops and the Facebook Data Center. According to The Des Moines Register, construction on the project is expected to begin next year and will be completed in early 2016.
LAKEMOOR, ILL. — The Boulder Group has brokered the $6.7 million sale of a 14,820-square-foot Walgreens property in Lakemoor, a Chicago suburb approximately 25 miles north of Schaumburg. Walgreens is the sole occupant of the single-tenant, triple-net-leased property, located at 28895 W. Highway 120. Walgreens has 25 years remaining on the lease that began in November 2013. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, and buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.
McALLEN, TEXAS — Lockard Cos., a Cedar Falls, Iowa-based real estate firm, has sold a 7.2-acre land parcel in its Dove Town Square shopping center to Wal-Mart Stores Inc. The site, located at the northeast corner of North 23rd Street and West Dove Avenue in McAllen, will house a 41,117-square-foot Walmart Neighborhood Market.
TYSONS CORNER, VA. — Calkain Cos. has brokered the $24.7 million sale of a CVS/pharmacy store at 8117 Leesburg Pike in Tysons Corner, about 16 miles west of Washington, D.C. The asset sold for the lowest cap rate (4.97 percent) of any CVS/pharmacy sale in the United States, according to Calkain. Jonathan Hipp, Andrew Fallon and Jonathan Florin of Calkain represented the sellers, Regency Centers and J. Donegan Co., in the transaction. The buyer, an unnamed entity based in the Middle East, purchased the property in conjunction with The Rappaport Cos.
KENNESAW, GA. — Westwood Financial Corp. has executed a new 10-year lease agreement with Pep Boys for a 5,000-square-foot store at Orchard Square in Kennesaw. Orchard Square is a 94,212-square-foot, Publix-anchored shopping center located at 4290 Bells Ferry Road N.W. near I-575. Other Orchard Square tenants include Harbor Freight Tools, Super Clips, First Acceptance Insurance and Mail Boxes Etc. Pep Boys operates roughly 800 automotive stores in 35 states and Puerto Rico.