MIAMI — FA Commercial has arranged the sale of Plaza 8 St. Neighborhood Shopping Center, located at 9600 S.W. 8th St. in Miami. The 55,814-square-foot shopping center was 96 percent leased at the time of sale to tenants including New Era Health Center and Pizza Hut. The property sold for approximately $8.5 million. Fabio Faerman of FA Commercial represented the undisclosed seller in the transaction.
Retail
BROOKLYN PARK, MD. — The Greysteel Co. has arranged the $6.5 million sale of Arundel Village Plaza shopping center, a 54,480-square-foot shopping center located at 5501-5517 Ritchie Highway in Brooklyn Park, about five miles south of Baltimore. The property was 88 percent occupied at the time of sale to eleven tenants including a Taco Bell/Long John Silver’s combination restaurant, Domino’s Pizza, Valvoline Instant Oil Change and the state of Maryland Department of Health & Mental Hygiene. Gil Neuman led Greysteel’s retail division to represent the seller, BTR Capital Group, and procure the buyer, Oak Tree Management.
COLUMBUS, OHIO — A New Jersey-based private investor has sold Mill Valley Plaza in Columbus for $3.3 million, equaling an 8.34 percent cap rate. The Cooper Commercial Investment Group represented the seller in the transaction. The 18,353-square-foot retail plaza is 100 percent occupied, and most of the tenants have signed lease renewals, says Dan Cooper, broker and president of the Cooper Commercial Investment Group in Cleveland.
TROY, MICH. — Mid-America Real Estate-Michigan Inc. has arranged a 4,916-square-foot lease in the Galleria of Troy Shopping Center in Troy. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan represented the landlord Galleria of Troy LLC in the transaction. The new tenant is Verizon Wireless.
PLYMOUTH, MASS. — Boston-based Fantini & Gorga has arranged $11.5 million in first-mortgage financing for a 57,939-square-foot retail center shadow-anchored by Home Depot in Plymouth. A stand-alone Ethan Allen store, West Marine, Town Fair Tire and The 99 Restaurant occupy the fully leased retail property. Casimir Groblewski, managing director, and Jason Cunnane, analyst, led the Fantini & Gorga team, which arranged the financing on behalf of Viking Acquisitions. A major Massachusetts-based financial institution provided the non-recourse, seven-year loan, which includes a fixed interest rate. The center is located at 19-45 Home Depot Drive.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of a 79,487-square-foot retail property in Arlington net-leased by Academy Sports + Outdoors. Located at 1101 W. Arbrook Blvd., near The Parks at Arlington Mall development, the property received multiple offers within its first week of listing. At the time of the sale, the tenant had 13 years left on its initial 20-year term. Jason Vitorino of Marcus & Millichap represented the seller in the transaction, a local developer, and also secured the buyer, a Texas-based limited liability company.
ROCKLIN, CALIF. — Bass Pro Shops is planning to open a new 120,000-square-foot store in Rocklin. The new outpost will be a primary anchor for the 500,000-square-foot, mixed-use Rocklin Crossings development. It will be located at the intersection of Interstate 80 and Sierra College Boulevard in the Greater Sacramento area. The new store will feature an Uncle Buck’s Fishbowl and Grill. It is scheduled to open in 2015. This will be the company’s fourth California location. It currently operates stores in Rancho Cucamonga and Manteca, with a third San Jose outpost to follow shortly.
BOCA RATON, FLA. — Marcus & Millichap has arranged the $19 million sale of HSBC Plaza, a 46,000-square-foot retail shopping center at 19120 S. State Road 7 in Boca Raton. The property features a freestanding CVS/pharmacy and an HSBC Bank branch outparcel. Douglas Mandel and C. Todd Everett of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, the property’s developer, in the transaction. Mandel and Everett also advised the buyer. The retail center was 95 percent leased at the time of sale to tenants including Dunkin’ Donuts and Med Express.
AFFTON, MO. — Cushman & Wakefield | Gateway Commercial has arranged the sale of the former St. Louis Sports Center building, a 93,960-square-foot property in Affton, located about 10 miles southwest of St. Louis. Dennis DeSantis, Pat Reilly and Dan Bamberger of Cushman & Wakefield | Gateway Commercial represented the seller, Marywood Holdings LLC, in the transaction. Merritt Properties represented the buyer, Center St. Louis LLC. The property is located at 6727 Langley Ave. The purchase price was undisclosed.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Meadowcreek Shopping Center, a 22,812-square-foot retail property in the Dallas suburb of Mesquite. Constructed in 1986 on 2.82 acres at 1515 E. Kearney St., the center was 73 percent occupied at the time of the sale, with 65 percent of the leasable area under triple-net leases. Tenants include Convenient Food Mart, Curves, Centerstage Dance, Ebenezer Home Health and L. Karen Wilde DDS. Philip Levy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Lisa Estrada, also of Marcus & Millichap, secured and represented the buyer, another private investor.