FARIBAULT, MINN. — Marcus & Millichap has brokered the $3 million sale of Western Avenue Marketplace, a 16,564-square foot retail property located in Faribault, approximately 50 miles south of Minneapolis. The property is located at 300 Western Ave. Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a limited liability company. Brian Klancke and Sean Doyle, also of Marcus & Millichap, represented the buyer, a private investor.
Retail
NOVI, MICH. — Bernard Financial Group has arranged a $2.6 million CMBS loan for Briar Pointe Plaza in Novi, a city approximately 30 miles northwest of Detroit. The shopping center includes 29,908 square feet of retail space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Briarwood of Novi Investors LLC.
CINCINNATI, OHIO — Phillips Edison-ARC Shopping Center REIT Inc. has purchased four grocery-anchored shopping centers in Illinois, Tennessee and Virginia for approximately $73 million. The properties include the Jewel-Osco-anchored Burbank Plaza in Burbank, Ill.; the Walmart Supercenter-anchored Hamilton Village in Chattanooga, Tenn., which is the REIT’s first property in Tennessee; the Kroger-anchored Statler Square in Staunton, Va.; and the Martin’s-anchored Waynesboro Plaza in Waynesboro, Va. The shopping centers total approximately 736,000 square feet. The REIT’s portfolio now includes 102 properties in 24 states.
GOLDSBORO, N.C. — Charlotte-based Faison Enterprises Inc. plans to develop Berkeley Corner, a 57,000-square-foot shopping center anchored by a 45,000-square-foot Dick’s Sporting Goods store. The property will be located in Goldsboro adjacent to Berkely Mall. Capitol Funds Inc. owns both Berkeley Corner and Berkeley Mall. Justin Schad of Faison & Associates LLC coordinated the development of the shopping center with the city of Goldsboro.
LOUISVILLE, KY. — Quantum Real Estate Advisors Inc. has brokered the $7.8 million sale of a 14,820-square-foot, freestanding Walgreens in Louisville. Walgreens has more than 24 years remaining on its lease. The buyer, a private individual from New York, purchased the asset from an unnamed Louisville-based developer. Jordan Kaufman and Dan Waszak of Quantum Real Estate represented the buyer in the transaction.
CONCORD, N.C. — Franklin Street Real Estate Services has arranged the sale of a freestanding 9,200-square-foot property housing AT&T and Denny’s for $5.6 million, or $603 per square foot. The asset is located at 8031 Concord Mill Blvd. in Concord, a northern suburb of Charlotte. Bryan Belk of Franklin Street represented the seller, a private investor based in California. The buyer is a private investor based in North Carolina who plans to hold the asset long-term.
OSHKOSH, WIS. — Marcus & Millichap has arranged the $3.2 million sale of a CVS/pharmacy ground lease in Oshkosh. The 13,225-square foot net-leased property is located at 1736 W. 9th Ave. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company. An outside brokerage firm represented the buyer, a trustee. Matthew Fitzgerald also of Marcus & Millichap assisted in closing this transaction.
LEVITTOWN, PA. — Levittown Partners LLC has purchased the former Giant supermarket at 4595 New Falls Road in Levittown. The 40,045-square-foot building was sold by Levittown – ARC L.P. for an undisclosed price. Situated on 4.6 acres, the property is being redeveloped into a new shopping center that will be anchored by Retro Fitness and Dollar Tree. The property has a 12,000-square-foot end-cap space and a 5,000-square-foot future pad site available for lease. Retro Fitness signed a 10-year lease to occupy a 13,000-square-foot space and Dollar Tree signed a 10-year lease for 12,000 square feet in the redeveloped building. Richard Soloff and David Dunkelman of Soloff Realty & Development represented the buyer and seller in the transaction.
ERIE, PA. — Cooper Commercial Investment Group has brokered the leasehold interest sale of a Rite Aid store located along Peach Street in Erie. A Cleveland-based private investment group purchased the 10,908-square-foot property for $1.14 million. The property is on an absolute triple-net lease structure that leaves ownership with no daily management responsibilities. Dan Cooper of Cooper Commercial represented the buyer in the transaction.
REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Mountain Grove at Citrus Plaza, a 670,000-square-foot retail, dining and entertainment district in Redlands. The project will be located at the intersection San Bernardino Avenue and Citrus Plaza Drive, just off the 210 Freeway. The first phase will include 468,000 square feet. The completed project will feature tenants like Nordstrom Rack, buybuy Baby, T.J. Maxx/HomeGoods, Hobby Lobby, h.h. gregg, Tilly’s and 24-Hour Fitness. Mountain Grove is the sister project to Citrus Plaza. The two centers will eventually offer a total of 1.2 million square feet of retail, hospitality and entertainment uses. Mountain Grove is scheduled to open next summer.