ST. PETERSBURG, FLA. — Publix Super Markets has purchased a freestanding, 28,800-square-foot Publix supermarket at Carillon Town Center in St. Petersburg. Publix purchased the single-tenant retail property from White Development for $5.2 million. The property is located at 120 Carillon Parkway. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller in the transaction.
Retail
NORTHLAKE, ILL. — STREAM Capital Partners has brokered the $5.7 million sale-leaseback of a 26,000-square-foot grocery store in Northlake, a western suburb of Chicago. The property, Farmer’s Best Market, is located at 23 W. North Ave. The buyer was a West Coast-based REIT. Jordan Shtulman and Jonathan Wolfe of STREAM represented the seller, Farmer's Best. The grocer agreed to lease back the property under a long-term, absolute triple-net lease.
WESTPORT, CT. — In partnership with Summit Development, The Grossman Companies has acquired 60 Charles Street in Westport, for $2.7 million. The 5,728-square-foot retail building is located on just over a half acre near the heart of one of Fairfield County’s most affluent towns and adjacent to the Westport Metro North station, with access to Exit 17 off I-95. The space, which had been home to a restaurant, is currently vacant. The partnership has invested almost $45 million in joint venture acquisitions since 2012. 60 Charles Street is the fourth Grossman-Summit joint venture acquisition in the past 18 months.
LOS ANGELES — Waterbridge Capital LLC has been selected to purchase the historic Broadway Trade Center, a 1.1-million-square-foot building in Downtown Los Angeles. Though the sales price was not disclosed, local outlets are reporting the sale is expected to fetch between $115 million and $130 million. The building is located at 830 S. Hill Street in the city’s Broadway District. It was originally built in 1908 as a Hamburger department store before it became the May Company Department Store in 1923. Waterbridge plans to convert the building into a mixed-use development that may include creative office, hotel, retail and multifamily housing. The property encompasses most of the western side of the block from Broadway to Hill Street, between 8th and 9th streets. Broadway Trade Center is situated near the brand-new Ace Hotel and the recently revitalized Rialto Theatre, which is now an Urban Outfitters. This area is the focus of Bringing Back Broadway, a revitalization effort led by Los Angeles City Councilmember José Huizar. The initiative was created in 2008 to increase economic development and job creation through an enhanced pedestrian experience, more transit options and further historic preservation efforts. Waterbridge Capital was represented by Jeremiah Curry and Frank Lahijani …
MOBILE, ALA. — Marcus & Millichap has arranged the $18.4 million sale of a 200,084-square-foot Walmart Supercenter, located at 685 Schillinger Road S. in Mobile. The store was constructed in 1997 on a 6.7-acre parcel. Walmart recently extended its lease at the property through July 2028. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented both the seller, H&R Mobile LLC, and the buyer, Wells Ventures LLC. Eddie Greenhalgh of Marcus & Millichap’s Birmingham, Ala., office served as the Alabama broker of record in the transaction.
CHARLOTTE, N.C. — Morgan Property Group LLC (MPG) has acquired two sites in Charlotte for the development of new freestanding 7-Eleven stores. One site is located at the northwest corner of North Tryon Street and West Craighead Road and the other is located at the northwest corner of Freedom Drive and Thrift Road. MPG purchased the first site through its affiliate SDC X Tryon LLC from Dream Properties Co. 7-Eleven Inc. signed a 2,490-square-foot lease at the site for a 15-year term. MPG purchased the second site through SDC IX Freedom LLC from E.C. Griffith Co. 7-Eleven will occupy a 2,630-square-foot store upon completion. Construction for both stores is expected to begin in the second quarter and wrap up in the fourth quarter of this year.
FRESNO, CALIF. – A 14,820-square-foot retail property in Fresno that is triple-net leased to Walgreens has sold to Maxey Inc. for $8 million. The property is located at 2950 N. Fowler Ave. Walgreens has about 22 years remaining on its lease with 10 five-year options to renew. Maxey was represented by Turner Financial. The seller, Fresno S & F Development, was represented by Jeff Conover of Faris Lee Investments.
CHICAGO — Englewood Construction has completed work on Harry Caray’s 7th Inning Stretch restaurant and the Chicago Sports Museum in Chicago’s Water Tower Place building. Harry Caray’s Restaurant Group hired Englewood to build a new complex to pay tribute to Harry Caray, the late legendary baseball broadcaster renowned for his seventh-inning rendition of “Take Me Out to the Ball Game” at Chicago Cubs games at Wrigley Field. The 22,928-square-foot complex, which opened April 2, is on the seventh floor of Water Tower Place located at 835 N. Michigan Ave. The 250-seat restaurant and bar serves American cuisine and the 8,000-square-foot museum features five exhibits, ranging from unraveled sports mysteries to hall of legends. Chicago-based firms Barker/Nestor Architecture + Design and Ingrassia Design designed the project.
GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of two net-leased restaurant properties in the northern Dallas/Fort Worth suburb of Grapevine. The assets include a 9,551-square-foot building, located at 1285 S. Main St. and occupied by Fireside Pies; as well as a 5,595-square-foot building located at 1265 S. Main St. and occupied by Winewood Grill. The restaurants are part of the Grapevine Epicenter development, which is in close proximity to State Highway 114. Jason Vitorino of Marcus & Millichap marketed the properties on behalf of the seller, a local private investor, and also procured the buyer, a limited liability company. Single Purpose LLC will operate the facilities and has guaranteed the leases.
JEFFERSON, N.J. — HFF announced has closed the sale of and arranged financing for Ridge Plaza, a 114,964-square-foot grocery-anchored retail center in Jefferson. Ridge Plaza is situated on a 15.5-acre site at 5730 Berkshire Valley Road and is the only grocer within a five-mile radius. Completed in 2001, the property is 90 percent leased. Tenants include A&P, Chase Bank, The UPS Store, Subway and Dunkin' Donuts. CVS/pharmacy and McDonald’s occupy the two pad sites at the property. HFF marketed the property on behalf of the seller, Kite Realty Group Trust. ACRE Group, a full-service commercial real estate company out of Connecticut, represented the buyer in the transaction. HFF’s debt placement team arranged a 10-year, fixed-rate acquisition loan through Columbia Bank on behalf of the buyer. The HFF investment team representing the seller included Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval. Michael Klein of HFF arranged the financing for the buyer. ACRE Group’s acquisitions team, led by Daniel Charest and Jacqueline Barrett, identified this investment opportunity for the buyer.