TAMARAC, FLA. — New York-based Katz Properties has purchased Sunshine Plaza, a 237,000-square-foot, Publix-anchored shopping center, for $28.5 million. Built in 1972, the shopping center is located at 4161 W. Commercial Blvd. in Tamarac, part of greater Fort Lauderdale. Sunshine Plaza’s tenant roster features a 51,420-square-foot Publix, a 94,989-square-foot Old Time Pottery, 27,720-square-foot Marshalls, Krispy Kreme, BB&T Bank, Dollar Tree and Rainbow. Katz Properties has selected Winslow Property Management to provide leasing and property management services at the property. Dennis Carson and Casey Rosen of CBRE represented the seller in the transaction.
Retail
RUSKIN AND LARGO, FLA. — Colliers International has arranged the sale of two shopping centers in the Tampa Bay area. Sun Point Shopping Center, located at 3040 E. College Ave. in Ruskin, sold for $7.3 million. The 132,374-square-foot shopping center was 80 percent leased to Goodwill, Big Lots and the Hillsborough County Tax Collector at the time of the sale. Sun Point SDC LLC purchased the asset from an undisclosed seller. Mike Milano, Ron Schultz and John Crotty of Colliers International represented the seller in the transaction. East Bay Junction Shopping Center, located at 2480 E. Bay Drive in Largo, sold for $1.8 million. The 56,668-square-foot property was 50 percent leased at the time of the sale to Youfit Health Club, along with a hair and nail salon. MBW Investors LLC purchased the center from CRI Plaza I LLC. Milano and Schultz represented the seller in the transaction.
NORFOLK, VA. — Quantum Real Estate Advisors Inc. has brokered the $5.6 million sale of a freestanding Walgreens in Norfolk. There are roughly 14 years left on Walgreens’ 25-year lease term. A private New York-based investor purchased the asset from a Midwest-based company in a 1031 tax-deferred exchange. Jordan Kaufman and Dan Waszak of Quantum Real Estate Advisors represented the buyer in the transaction.
NASHUA, N.H. — CBRE has brokered the sale of Turnpike Plaza located at 253 Amherst St. in Nashua. Allen Nashua LLC sold the 131,768-square-foot shopping center for $27 million or $204.91 per square foot to Massachusetts-based Chop Acquisition LLC. The property will be home to New Hampshire’s first Whole Foods Market, which is slated to open this summer. Additional tenants include Staples, A.C. Moore and Bob’s Stores. Christopher Angelone, Brad Nathanson and Nat Heald of CBRE represented the seller in the transaction.
WEST BEND, WIS. — Inland Real Estate Income Trust Inc. has acquired an 86,800-square-foot Pick ‘n Save-anchored shopping center in West Bend, approximately 40 miles north of Milwaukee, for $24 million. Inland REIT purchased the property from South Main Center Inc. The property is located at the intersection of South Main Street and Paradise Drive. Pick ‘n Save Shopping Center is 92.9 percent leased to five tenants, which include PNC Bank, Aspen Dental, Sport Clips and Cherry Berry Yogurt Bar. The property was built in 2011. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Matthew Tice of Inland Real Estate Acquisitions Inc. in the purchase of the property.
DETROIT — Banner Supermarket will soon expand its store in northwest Detroit. The $5.8 million project will bring the independent grocery store located at 14424 Schaefer Highway to 40,000 square feet. The expansion is a part of the Detroit Economic Growth Corp.’s Green Grocer Project (GGP).GGP aims to improve the quality of the grocery sector by assisting grocers in addressing operational and store development needs to ensure the highest-quality fresh affordable food in Detroit stores. Detroit Economic Growth Corp. is the primary economic development agency in the city of Detroit. Upon completion, the expansion project will add a pharmacy, a bakery, a hot food deli, and a seafood counter. The renovation includes a new entrance and parking lot and landscaping improvements. The store is staying open during both phases of construction. The first phase is expected to be completed in November and the second phase early next year. The store is expected to add 25 new jobs after the expansion. GGP provided a technical assistance grant and facilitated financing through Invest Detroit, Chase Bank and a New Market Tax Credit set up by Capital Impact Partners for the project.
MILFORD, OHIO — Cooper Commercial Investment Group has arranged the $2.7 million sale of Milford Shoppes, a 12,000-square-foot retail center in Milford, a suburb of Cincinnati. The property, built in 2008, is shadow-anchored by Meijer, Kohl’s and Home Depot, and is fully occupied with triple-net leases in place. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment firm. A Connecticut-based private investor purchased the property at full price, representing a 7.4 percent capitalization rate.
GLENDALE, ARIZ. – A 15,549-square-foot retail building in Glendale has sold to Wadsworth Development Group for $2.1 million. The building is located at 7650 West Bell Road. It is fully occupied by Terri's Consignment. Wadsworth was represented by Darren Pitts of Velocity Retail Group. The seller, Ariwah LLC, was represented by Sharon Reeves, Barbara Lloyd and Lane Neville of NAI Horizon.
DALLAS — UCR Investment Sales has announced the sale of three properties totalling 178,407 square feet with a combined value of $36,625,500. Cross Pointe Center is a 45,465-square-foot retail center located at 1441 North Saginaw Boulevard in Saginaw, Texas. Shops at Abilene is a 62,511-square-foot shopping center at the southeast corner of Southwest Drive and Catclaw Drive in Abilene, Texas. The third transaction is listed as confidential and is located in Fort Worth. Adam Howells, Jace Hinderland and Jessica Donnelli marketed the properties for separate ownerships.
WATERBURY, CONN., AND PITTSFIELD, MASS. — Cronheim Mortgage has secured $16 million in financing for two retail properties owned by affiliates of Phoenix Realty Management. Cronheim arranged $8 million for Phoenix Waterbury LLC to secure Waterbury Crossing, a 69,400-square-foot retail center in Waterbury. The property is 100 percent occupied by Sports Authority and PetSmart. Additionally, Cronheim arranged $8 million on behalf of Phoenix Merrill Road LLC for a two-building retail center in Pittsfield. Eight tenants, including TJ Maxx, Petco, Home Goods, Sally Beauty Supply and Planet Fitness occupy the 126,800-square-foot property. Dev Morris, Allison Moravec and Andrew Stewart of Cronheim Mortgage arranged the financings, which were both structured on a 10/30 basis.