MURFREESBORO, TENN. — Dollar General Corp. has opened its 11,000th store, located in Murfreesboro, about 34 miles south of Nashville. Dollar General anticipates opening 650 new stores in 2013 and creating approximately 6,000 new jobs. The company has created nearly 30,000 new jobs since 2007.
LAKE ZURICH — Marcus & Millichap has arranged the $1.1 million sale of Trader Joe’s Out Parcel Center, a 2,995-square-foot retail property in suburban Chicago. Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Oak Brook office, marketed the property on behalf of the seller, a private investor. The California-based buyer was a private individual in a 1031 tax-deferred exchange. Trader Joe’s Out Parcel Center is located at 797-799 W. Main St. in Lake Zurich. FedEx and GameStop, which both signed five-year leases in 2008, occupy the center. FedEx recently signed a five-year extension, while GameStop signed a two-year. The property is situated across from the Village Square Shopping Center, which is anchored by TJ Maxx, OfficeMax, Petco, MC Sports and Trader Joe's.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 45,346-square-foot property net-leased by Sonic Restaurants Inc. in Fort Worth. Situated at 8661 North Beach St., the location benefits from daily traffic counts in excess of 26,630 vehicles per day. Sonic has more than eight years remaining on the lease and multiple five-year extension options. Vincent Knipp of Marcus & Millichap’s Fort Worth office represented the seller, a partnership. Alex Bouchard and Gus Lagos, of Marcus & Millichap’s Houston office, secured the buyer, also a partnership.
CLERMONT, FLA. — Marcus & Millichap has brokered the sale of Oakley Square Shopping Center, a 30,214-square-foot unanchored retail strip center located at 1500 Oakley Seaver Drive in Clermont. The shopping center sold for approximately $7.5 million. The shopping center’s tenants include AT&T, Firehouse Subs, The Vitamin Shoppe, Mattress One, Robata Japanese Steakhouse, CFE Credit Union, Key Health Pharmacy and Massage Envy. Ronnie Issenberg, Gabriel Britti, Jonathan Gerszberg and Roee Ben-Moshe of Marcus & Millichap’s Miami office represented the seller, an investment fund based in Bay Harbor Islands, Fla., in the transaction. Issenberg, Britti and Ben-Moshe also secured and represented the buyer, a Miami-based limited liability company.
NAGS HEAD, N.C. — CBRE | Hampton Roads has arranged the $2.7 million sale of South Beach Plaza, a two-building retail property located at 2424 S. Croatan Highway in Nags Head, part of North Carolina’s Outer Banks barrier islands. The 20,872-square-foot property’s tenants include Dunkin’ Donuts, Viva Mexican Restaurant, Sweet Frog Premium Yogurt and Jersey Mike’s. Patrick Gill and Joanna Hastings of CBRE | Hampton Roads represented the seller in the transaction.
CONROE, TEXAS — Jones Lang LaSalle (JLL) has brokered the sale of Montgomery Plaza, a shopping center totaling 304,867 square feet in Conroe, approximately 40 miles north of Houston. Academy Sports & Outdoors, Big Lots, Conn’s Appliances and Petco are among the tenants of the property, which was 95 percent leased at the time of the transaction. George Cushing and Wendy Vandeventer of JLL represented the seller, Weingarten Realty. American National Insurance Co. purchased the asset.
SUGAR LAND, TEXAS — Q10 | New York Realty Advisors (Q10NY) has secured a $4.1 million first mortgage loan for a freestanding location of Best Buy in Sugar Land, approximately 23 miles southwest of downtown Houston. The property, owned and managed by a Midwest real estate family, is located at 16980 Southwest Freeway. The terms of the loan include 10 years at a fixed interest rate of 4.75 percent with a borrower option for a five-year extension. Jeanne Cronin of Q10NY originated and placed the loan through a Texas bank.
SAN DIEGO — Liberty Station Marketplace, a 152,495-square-foot, dual grocery-anchored retail center in the San Diego submarket of Point Loma, has received $47 million in permanent financing. The center is located at 2640 Historic Decatur Road. It is 93 percent leased. Vons and Trader Joe’s anchor the center, which is also occupied by Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill. The loan was secured by HFF’s Tim Wright, Nick Psyllos and Zack Holderman on behalf of The Corky McMillin Companies. The loan was placed with a major fund advisor.
WEST PALM BEACH, FLA. — Miller Construction Co. has completed an environmentally friendly, 35,000-square-foot Ashley Furniture HomeStore showroom, located at 2101 Palm Beach Lakes Blvd. in West Palm Beach. The $5 million project is Miller Construction's 14th property for owner City Furniture, which operates 25 showrooms throughout southeast and southwest Florida, including 10 Ashley Furniture HomeStore locations. The store is designed to achieve LEED certification with high-efficiency climate control, lighting, plumbing and irrigation systems.
WATERFORD AND INDEPENDENCE, MICH. — The Detroit office of Berkadia Commercial Mortgage LLC has originated $20.5 million in financing for two retail properties in the Detroit metropolitan area totaling 185,184 square feet. Ernie Katai, senior vice president, and William Brenner, vice president at Berkadia, worked with borrower DS Partners LP to secure the loan through Nationwide Life Insurance Co. The borrower will use the 27-year loan to refinance existing debt on the properties. The loan features a 4.55 percent fixed interest rate and a 75 percent loan-to-value ratio. Both properties are located 40 miles northwest of downtown Detroit at 5111 Highland Road in Waterford, and 5990 Sashabaw Road in Independence. The properties are 92 percent occupied collectively. Kroger anchors each property and additional tenants include Starbucks and Panera Bread.