Retail

139,000 SF SHOPPING CENTER IN METRO CLEVELAND SELLS FOR $24.9M

by admin October 11, 2013

UNIVERSITY HEIGHTS, OHIO — Inland Real Estate Corp. has acquired Cedar Center South, a 139,000-square-foot shopping center in suburban Cleveland, for $24.9 million through Dutch pension fund advisor PGGM, its joint venture partner. A 45,300-square-foot Whole Foods grocery store and a 12,100-square-foot CVS/pharmacy, both on long-term leases, anchor Cedar Center South. The 83 percent-leased center also includes a mix of other national and local retailers. Cedar Center South is situated approximately eight miles east of downtown Cleveland in the inner ring suburb of University Heights. Including Cedar Center South, Inland currently has an ownership interest in four retail centers totaling more than 592,000 square feet of leasable area within the Cleveland metro area.

October 11, 2013

M&M ARRANGES $1.1M SALE OF 3,500 SF BUILDING IN UNION GROVE

by admin October 11, 2013

UNION GROVE, WIS. — Marcus & Millichap has arranged the $1.1 million sale of McDonald's ground lease, a 3,500-square-foot, net-leased property located in Union Grove, about 30 miles south of Milwaukee. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook, Ill. office, marketed the property on behalf of the seller, a private developer. Weisenbeck and Sharko also represented the buyer, an East Coast-based individual/personal trust, in the transaction. The property, located at 835 15th Ave., sold at 97.3 percent of its original list price. McDonald’s is under a 20-year lease, which includes eight five-year options to renew. Matthew Fitzgerald, a broker at Marcus & Millichap, assisted in closing the transaction.

October 11, 2013

Retail Western

CORONA RETAIL CENTER SELLS FOR $4.6M

by admin October 10, 2013

CORONA, CALIF. – A 42,000-square-foot retail center in Corona has sold to Corona Capital, LTD for $4.6 million. The center is located at 4300 Green River Promenade. It is a multi-tenant investment property zoned for retail, medical and office use. Roger Niez, David Knowlton and Steve Liu of NAI Capital’s Orange County office represented both the buyer and the seller, Wayman Promenade LLC, in this transaction.

October 10, 2013

Retail Southeast

RCG VENTURES BUYS THREE SOUTHEAST SHOPPING CENTERS

by admin October 10, 2013

ATLANTA — Atlanta-based RCG Ventures has purchased three shopping centers in North Carolina and Mississippi. The properties include Willowdaile Shopping Center in Durham, N.C., Forest Hills Centre in Wilson, N.C., and Greenville South in Greenville, Miss. Willowdaile Shopping Center is a 93,217-square-foot center located at the corner of Guess and Horton roads. Its tenants include Ollie’s Bargain Outlet, Dollar Tree and Starbucks Coffee. CBRE’s Charlotte office represented the seller, a public REIT, in the transaction. Forest Hills Centre is a 73,102-square-foot center anchored by Big Lots and Rent-A-Center. CBRE’s Charlotte office also represented the seller, a public REIT, in this transaction. Greenville South is a 125,211-square-foot shopping center just south of Highway 82. Kroger anchors the center. RCG Ventures purchased the center directly from the lender, which had previously foreclosed on the asset.

October 10, 2013

Retail Southeast

MARCUS & MILLICHAP BROKERS SALE OF THE GIBSON BUILDING IN D.C.

by admin October 10, 2013

WASHINGTON, D.C. — Marcus & Millichap has arranged the sale of The Gibson building, a 2,780-square-foot retail property located at 2009 14th St. N.W. in Washington, D.C. The property sold for nearly $2 million. The Gibson, a speakeasy style bar, is the sole tenant of the property. Josh Feldman and Nathan Pealer of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. Feldman and Pealer also secured and represented the buyer, 2009 Bond St Equities LLC.

October 10, 2013

Midwest Retail

BOULDER GROUP ARRANGES $3.1M SALE OF CVS PROPERTY IN BLUFFTON

by admin October 10, 2013

BLUFFTON, IND. — The Boulder Group has arranged the $3.1 million sale of a net-leased CVS/pharmacy property located at 1203 S. Main St. in Bluffton. CVS is the sole occupant of the 10,125-square-foot retail building. The drugstore has approximately seven years of lease term remaining with a rental escalation in 2014. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership, in the transaction. The buyer was a high net-worth individual in a 1031 tax-deferred exchange.

October 10, 2013

Northeast Retail

JLL ARRANGES 74,447 SF IN LEASES AT BALLARDVALE OFFICE PARK

by admin October 10, 2013

WILMINGTON, MASS. —Agfa Graphics, Kapa Biosystems, Security Innovation and Righter Group Inc. have signed long-term leases totaling 74,447 square feet of Class A office space at Ballardvale Office Park in suburban Boston. Agfa will continue to occupy 53,893 square feet on the first floor. Kapa Biosystems, which is relocating from Cunnings Park in Woburn, will occupy 9,203 square feet on the third floor of Building 1. Security Innovation has leased a 7,771-square-foot suite on the second floor of Building 4, and The Righter Group secured a 3,580-square-foot suite on the first floor. In the last six months, approximately 146,000 square feet has been leased at Ballardvale Office Park, bringing the four-building park to 75 percent occupancy. Buildings 3 and 4 are currently 86 percent leased. Matt Daniels, Brian Tisbert, Christopher Lawrence and Christopher Decembrele of Jones Lang LaSalle represented the building’s owners AEW Capital Management and Griffith Properties. Andrew Zezas of Real Estate Strategies Corp. represented Agfa. Decembrele and Daniels represented Kapa Biosystems. James Lipscomb of Richards Barry Joyce & Partners represented Security Innovation in its lease transaction, while Micah Stubblebine of the Stubblebine Co. represented Righter Group. The 550,000-square-foot Ballardvale Office Park is located at the interchange of Interstate …

October 10, 2013

Retail Texas

WEINGARTEN BUYS 350,000 SF POWER CENTER IN AUSTIN

by admin October 10, 2013

AUSTIN, TEXAS — Weingarten Realty Investors (NYSE: WRI) has acquired the 350,000-square-foot Mueller Regional Retail Center in Austin. Home Depot, Marshalls, Bed Bath & Beyond and PetSmart anchor the power center. Close proximity to Interstate 35 results in traffic counts in excess of 240,000 vehicles per day. The property is part of the larger Mueller Regional Retail District, a 700-acre master planned community that will include a total of 4 million square feet of retail space and 4,600 residential units upon completion.

October 10, 2013

Retail Western

CORONA RETAIL CENTER SELLS FOR $4.6M

by admin October 10, 2013

October 10, 2013

Retail Western

FOUNTAIN HILLS PLAZA SELLS FOR $20.5M

by admin October 9, 2013

FOUNTAIN HILLS, ARIZ. — Whitestone REIT has acquired Fountain Hills Plaza, 111,289-square-foot retail center in the Phoenix suburb of Fountain Hills, for $20.5 million. The center is located at the southwest corner of Palisades Boulevard and La Montana Drive. It is anchored by a Bashas grocery store and an Ace Hardware. New tenants to the center include Little Caesar’s, GNC, H & R Block and Great Clips. The seller, J & R Holdings XX LLC, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office. J & R is an entity formed by Pederson Group.

October 9, 2013

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