FRISCO, TEXAS — Disney Investment Group (DIG) has brokered the sale of Westside Market, a 93,562-square-foot grocery-anchored shopping center in Frisco. Tom Thumb occupies 70,000 square feet within the property, which also features a Tom Thumb fuel center. Located on the corner of FM 423 and Lebanon Road, the asset was 98 percent leased at the time of the sale. David Disney of DIG represented the unnamed seller in the acquisition and also procured the buyer, Inland Real Estate Acquisitions Inc. Matthew Tice of Inland facilitated the purchase on behalf of the buyer.
Retail
LYNCHBURG, VA. — Inland Real Estate Income Trust Inc. has acquired the 66,906-square-foot Lakeside Crossing Shopping Center in Lynchburg for approximately $19.8 million. The newly constructed property is located between Old Forest Road, Whitehall Road and Lakeside Drive. The asset is 98.5 percent leased to 14 tenants, including a 20,900-square-foot Fresh Market grocery store, Panera Bread, U.S. Cellular, Massage Envy and Zoe’s Kitchen. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Mark Cosenza of Inland Real Estate Acquisitions Inc. in the transaction.
ST. PAUL, MINN. — M&M has brokered the $2.9 million sale of Highwood Center, a 13,160-square foot retail property in St. Paul. Highwood Center is located at 1758 Old Hudson Road. The property was 90 percent occupied with three tenants at the time of sale and is anchored by Davita Dialysis. Sean Doyle and Cory Villaume of Marcus & Millichap’s Minneapolis office represented the buyer, a limited liability company. An outside brokerage firm represented the seller, a limited liability company.
MINNEAPOLIS — The Ackerberg Group has arranged leases for two retailers in the Hennepin Curve building located in downtown Minneapolis. a&bé bridal boutique and RE/MAX Results will occupy space at 1605 and 1609 Hennepin Ave. Denver-based bridal boutique a&bé has signed a five-year lease for 3,086 rentable square feet of retail space. RE/MAX Results has signed a 10-year lease for 6,874 rentable square feet of first floor and lower-level space. Angela Demonte of CBRE represented a&bé bridal boutique. Mark Hulsey of RE/MAX Results Commercial represented RE/MAX Results. The Ackerberg Group coordinated marketing and leasing of the storefronts.
GARDEN CITY, KAN. — Cohen Real Estate will market a 102,648-square-foot shopping center in Garden City, located approximately 52 miles northwest of Dodge City. The Manhattan-based brokerage firm will broker the sell of Garden City Plaza, a full-service shopping center at 2214 E. Kansas Ave. The shopping center is 98 percent occupied. Tenants include JC Penny, Buckle, Maurices, Famous Footwear, Foot Locker, Riddle’s Jewelry and GameStop. The shopping center is shadow-anchored by Sears, and is adjacent to Dick’s Sporting Goods, Menards, T.J. Maxx, Ross, Ulta and Target. The owner will have the ability to develop up to two outparcels.
UNION CITY, N.J. — Moonachie, N.J.-based Weiss Realty Co. brokered the sale of a Walgreens located at 3333 Park Ave. in Union City. A 1031 buyer acquired the 11,000-square-foot property for $5.3 million. Jaime Weiss and Arnold Litt of Weiss Realty Co. represented the seller and buyer in the transaction.
PLAYA VISTA, CALIF. — Marcus & Millichap has brokered the sale of The Shops at Concert Park, a portfolio of two shopping centers in Playa Vista, for $16.9 million. A foreign investor acquired the 11,828-square-foot Pacific Promenade, located at 13020 Pacific Promenade, as well as the 10,907-square-foot Seabluff Drive, located on the corner of Seabluff Drive and Runway Drive. Both properties are situated on the ground floors of mixed-used developments, each of which features 179 condominiums. Tenants at Pacific Promenade include Bank of America, Coffee Bean and Race Telecommunications. Tenants at Seabluff Drive include Playa Vista Medical Center, Playa Pilates and Pinkberry. Brandon Michaels and Janette Monfared of Marcus & Millichap represented the seller, an affiliate of Brookfield residential, in the transaction. Sharone Sabar, also of Marcus & Millichap, arranged $10.8 million in CMBS financing for the buyer.
MADISON HEIGHTS, MICH. — Bernard Financial Group has arranged a $16 million CMBS loan to refinance Madison Place Shopping Center. The retail property contains 235,502 square feet and is located in Madison Heights, a suburb of Detroit. Tenants at the shopping center include Dunham’s Sports, Jo-Ann Fabric and Craft Stores, David’s Bridal, OfficeMax, Michaels, Dollar Tree and AMC Theatres. The property is shadow anchored by Target and Big Lots. Dennis Bernard and Kevin Kovachevich originated the loan for the borrower, Madison Place LLC.
HOUSTON — Henry S. Miller Brokerage has arranged the sale of approximately five acres in Houston for the construction of Ditch Witch’s new 20,000-square-foot earth-moving equipment dealership. Craig/Houston Properties LLC purchased the lot, which is located along I-45, on behalf of Ditch Witch, a 40-year-old, family-owned company serving southeast Texas. Construction of the new facility will begin this summer, and Ditch Witch will relocate from a current location on West Little York Road upon completion. Doug Bates and Joel Hill of Henry S. Miller represented the buyer in the transaction. Reda Martin of Claridge Properties and George Jones of CBRE represented the seller, DNH LLC.
LAS VEGAS — LBG Real Estate Cos. LLC, in partnership with Blue Vista Capital Management LLC, has sold the Southwest Marketplace retail property in Las Vegas for $30.4 million. Philips Edison acquired the property. Developed in 2007, the 115,720-square-foot shopping center is located at the intersection of Rainbow Boulevard and Windmill Lane. Smith’s Food and Drug, a wholly owned subsidiary of The Kroger Co., anchors the facility. The site also includes Smith’s Gas, as well as two pad sites for future development. LBG acquired the asset in July 2011, at which time the space was approximately 50 percent leased.