KING OF PRUSSIA, PA. —A fund advised by CBRE Global Investors has acquired a single-tenant grocery property in King of Prussia. Located at One Village Dr., the grocery property is occupied by a 147,456-square-foot Wegmans, which is under a 25-year ground lease. Constructed in 2012, the store is a prototype design for the grocer, which has 83 stores across the Northeast. The Wegmans parcel is the first phase of The Village at Valley Forge, a 101.55-acre mixed-use development that will feature lifestyle retail, apartments and office/medical office properties, as well as a children’s hospital. This is the fund’s second retail acquisition in the Northeast; the fund acquired Porter Square Galleria in Cambridge, Mass., earlier this year.
Retail
OAKBROOK TERRACE, ILL. — Oakbrook Terrace-based Mid-America Asset Management Inc. has secured two new retail leases on behalf of two shopping centers in Chicago’s northwest suburbs. DSW Shoe Warehouse signed a lease for 23,773 square feet at Village Square of Northbrook located at the southeast corner of Lake Cook Road and Skokie Boulevard in Northbrook, Ill. In addition, Zip Fitness signed a lease for 22,002 square feet at Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads in Arlington Heights, Ill. DSW Shoe Warehouse will occupy space at the 334,995-square-foot center, which also includes retailers Nordstrom Rack, Marshall’s, The Container Store, PetSmart, Cost Plus World Market and Saks Fifth Avenue Off 5th. DSW is expected to open in spring 2015. Liz Krebs of Mid-America represented the landlord. Mike Schertler of Tartan Realty Group and Scott Stefanik of Midwest Commercial Realty represented the tenant. Zip Fitness will occupy space at the 295,773-square-foot center Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads. Burlington Coat Factory, Value City Furniture and The Room Place anchor the shopping center. Zip Fitness’ new location is expected to open before the end of the year. Mid-America Leasing Representative Sarah Drumgould …
SURPRISE, ARIZ. — Marley Park Plaza, a 77,545-square-foot neighborhood shopping center in Surprise, has sold to IMAN Enterprises for $12.4 million. The center is located at 15411 W. Waddell Road. It was 98 percent leased at the time of sale. Notable tenants include Basha’s, Subway, H&R Block, Little Caesar’s Pizza, Baskin Robbins and Great Clips. The seller, Donahue Schriber Realty Group, was represented by Ryan Schubert, Michael Hackett, Dan Wald and Matt Kircher of Cassidy Turley.
DOWNEY, CALIF. — Golden Corral Buffet Restaurant has leased space at the Shops at Gallatin Road in Downey. The new space will contain a 12,000-square-foot, built-out buffet restaurant, in addition to a 6,000-square-foot pad. The lease is valued at $5.5 million. The Shops at Gallatin Road is located at Lakewood Boulevard & Gallatin Road in North Downey. Notable tenants in the area include Ralph’s, McDonald’s, Subway, Chris & Pitts BBQ, Flame Broiler, Metro PCS and Supercuts. Golden Corral was represented by Steve Liu of NAI Capital’s Orange County office. The landlord is First Enterprises Group.
SUMMERVILLE, S.C. — Charlotte-based Ferncroft Capital has acquired North Main Market, a 455,000-square-foot shopping center located at the corner of I-26 and Highway 17 in Summerville, a suburb of Charleston, for $23.5 million. The property is 98 leased to tenants such as Belk, Walmart and Lowes Home Improvement. Ferncroft plans to make capital improvements to the property, such as new signage, lighting, facades and landscaping. The seller, Childress Klein Properties, was self-represented in the transaction and will continue to provide leasing and management services for the property. Bank of North Carolina provided debt financing on behalf of Ferncroft.
BESSEMER, ALA. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of 59 West Shopping Center, a 39,500-square-foot shopping center in Bessemer, a suburb of Birmingham. The center is fully leased to Burkes Outlet, Hibbett Sports and Shoe Dept., and 59’s shadow anchors include Walmart, Dollar Tree, Big Lots and Aldi. Dan Cooper of Cleveland-based Cooper Commercial represented the seller, a private investment group based in Atlanta, in the transaction. Cooper also procured the buyer, a private investment group based in Texas, which purchased the property at an 8.66 percent cap rate.
SKOKIE, ILL. — The Boulder Group has completed the $960,000 sale of a single tenant, 7-Eleven property in Skokie, approximately 15 miles north of Chicago. The property is located at 5363 Lincoln Ave. The corporately guaranteed 7-Eleven property has successfully operated at this location since 1967. There are six years remaining on the absolute net lease that expires Sept. 30, 2020. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a family partnership based in California in the transaction. A high-net-worth individual investor from the east coast purchased the property. 7-Eleven has more than 53,000 locations throughout the world.
LAS VEGAS — Durango Courtyard, a 10,900-square-foot retail property in Las Vegas, has received $2 million in acquisition financing. The courtyard is located at 4705 S. Durango Drive. The borrower is High Valley VII LLC. The long-term, fixed-interest rate loan was closed by CBRE’s Bob Ybarra.
SAN ANTONIO — Tryperion Partners has acquired Gateway Plaza, a 97 percent occupied, 138,510-square-foot shopping center anchored by Burlington Coat Factory. The center is located at the intersection of I-35 and Loop 1604 in San Antonio’s Northeast submarket. The acquisition also includes land for future development.
TUSCALOOSA, ALA. — Coldwell Banker Commercial Moore Co. has arranged six anchor leases for The Shoppes at Legacy Park, a $40 million power retail center in Tuscaloosa. The 175,000-square-foot development’s tenant roster includes Dick’s Sporting Goods, Fresh Market, Bed Bath & Beyond, Cost Plus, World Market, DSW Shoe Warehouse and PetSmart. The Shoppes at Legacy Park is set to break ground in September for an anticipated opening in October 2015. Coldwell Banker Commercial Moore Co. will continue to lease and manage the shopping center upon completion.