SNELLVILLE, GA. — Olshan Properties has acquired The Shoppes at Webb Gin, a 351,000-square-foot retail center located in Snellville, an eastern suburb of Atlanta. The property, located at the intersection of Scenic Highway 124 and Webb Gin House Road, features 333,795 square feet of retail space and 17,210 square feet of office space. Olshan purchased the project from a joint venture between institutional investors advised by J.P. Morgan Asset Management and Bayer Properties. Eric Zimmermann and Miles Theodore of Eastdil Secured represented the seller in the transaction.
Retail
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $13.8 million sale of Plaza Del Mar, a 32,079-square-foot shopping center located at 1451 N. Federal Highway in Fort Lauderdale. The property was 84 percent leased at the time of the sale to Lime Fresh Mexican Grill, Jimmy John’s, Joe’s Crab Shack, Sally Beauty Supply and MetroPCS. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale office represented the seller, South Florida Residential LLC, in the transaction. The buyer is a private investor based in Brazil.
BEECHWOOD, OHIO — Marcus & Millichap has brokered the $34.3 million sale of Pavilion Shopping Center, a 249,873-square-foot shopping center east of Cleveland in Beachwood. The property is located near I-271 at 24055 Chagrin Blvd. Stein Mart, Marshalls, Big Lots, Petco and Michaels co-anchor the shopping center. Two freestanding out-parcel buildings leased to Ruby Tuesdays and Huntington National Bank were included in the sale. Scott Wiles and Craig Fuller of Marcus & Millichap’s Cleveland office, along with Erin Patton of the firm’s Columbus office, represented the seller, a Cleveland-based private joint venture. Wiles, Fuller, Patton and CJ Jackson, an associate in the Columbus office, represented the buyer, Devonshire REIT of Whitehouse, Ohio.
LAWRENCE, KAN. — NorthMarq Capital has secured a $3.3 million loan for the acquisition of Natural Grocers by Vitamin Cottage, a 13,251-square-foot retail property in Lawrence. The natural foods store is located at 1301 W. 23rd St. and is adjacent to the campus of the University of Kansas. Stephen Bye and Mark Lindgren of NorthMarq Capital’s Denver office structured the loan on a seven-year term with a 30-year amortization schedule. NorthMarq arranged financing for the borrower, an affiliate of Boulder, Colorado-based Pedersen Development Co. through its relationship with a national bank.
ATLANTA — Westside Ironworks LLC has inked a lease agreement with Barcelona Restaurant and Wine Bar to open the restaurant’s second Atlanta location at Westside Ironworks, an 18,500-square-foot adaptive reuse retail project in Atlanta’s West Midtown neighborhood. The $8.5 million project is expected to open in spring 2015. The property is the former home of Iron-Works International Inc. and features 45-foot-high wood roofs and large entrance doors and windows. After a $3 million renovation and expansion, Barcelona will occupy the approximately 4,000-square-foot, freestanding building on the site. The restaurant is slated to open its doors in mid-2015. Stephanie McCall of The Shopping Center Group handles leasing responsibilities for Westside Ironworks.
ABILENE, TEXAS — Taylor Consulting Inc. (TAYO) has acquired a multi-unit storage facility in west Texas. The company says the area around the Permian Basin is undergoing a population explosion thanks to the oil industry, which is why it is investing in the west Texas area.
ODESSA, TEXAS — Marcus & Millichap has arranged the sale of a 15,120-square-foot Walgreens in Odessa, Texas. Terms of the sale were not released. Jason Vitorino, Jared Aubrey and Adam Gottschalk with Marcus & Millichap’s Dallas office represented the buyer, a private investor from Texas. The all-cash transaction included a due diligence period of seven days. Walgreens is located at 2161 E. 42nd St., between Loop 338 and Andrews Highway. The property is less than two miles from the University of Texas of the Permian Basin.
HATFIELD AND HOLMES, PA. — Wolfson Group has redeveloped two retail centers in Pennsylvania. The company revived Hilltown Crossing, a 354,458-square-foot community shopping center in Hatfield. Wolfson invested $6 million to upgrade the entire center, which is located at Route 309 at Orvilla Road, with new storefront facades, additional signage and other improvements. Current tenants include Walmart Supercenter, Dollar Tree, Sovereign Bank, PLCB Wine & Spirits, Verizon Wireless, Frankford Cleaners, Hair Cuttery, Osaka Japanese Restaurant, McDonald’s and Renzo Gracie. Additionally a new Burlington Coat Factory will open in this fall. Wolfson Group also redeveloped MacDade Mall, located at 2600 MacDade Blvd. in Holmes. The 274,500-square-foot mall is now 97 percent leased. The company invested $10 million to renovate the property, which was originally opened in 1969. The mall is occupied by Big Kmart, ACME, Marshalls, Ross Dress For Less, TD Bank, Citizens Bank, Retro Fitness, McLaughlin’s Beverage, Hair Cuttery, Ruby Tuesday, Ambiance Nails, SONIC and Burger King.
LOCKPORT, ILL. — FORESITE Realty Partners has brokered the sale of Lockport Square, a 41,913-square-foot shopping center in Lockport, a suburb of Chicago. Lockport Square, built in 2007, is located at 159th Street and I-355.Tenants at Lockport Square include Deals, Sherwin-Williams, Play-It-Again Sports, GameStop and Great Clips. Deals anchors the property, which is shadow-anchored by Walmart. Court appointed receiver, Donald A. Shapiro, sold the property. A Midwest-based private investor purchased the property for an undisclosed sales price. Ryan Nelson and Greg Nieder of FORSITE Realty represented the seller in the transaction.
PALMVIEW & LA JOYA, TEXAS — Marcus & Millichap has arranged the sale of two Dollar General Stores, both 8,625-square-foot net-leased properties, one in Palmview, Texas and the other in La Joya, Texas. Terms of the sales were not released. Geoff Ficke and Chris Adams of Marcus & Millichap’s Dallas office marketed the properties on behalf of the seller, a private investor. The buyer, an individual/personal trust, was procured by Dominic Sulo and Matthew Wenger, investment specialists in Marcus & Millichap’s Chicago Oak Brook office. Dollar General-Palmview is located at 2750 West Expressway 83. Dollar General-La Joya is located at 395 West Expressway 83.