PHOENIX — Velocity Retail Group has completed the disposition of six Phoenix-area properties that were formerly home to Albertson’s grocery stores. The properties were all owned by a partnership that was looking to sell in 2012 when the Phoenix market seemed to be “saturated with big boxes,” according to Velocity’s press release. The release also notes that four of these buildings were in the Southeast Valley, “which had been hardest hit by big box vacancy.” The final building, a 50,394-square-foot property located at 409 N. Litchfield Road in Goodyear, recently closed escrow. The six buildings contained a total of 350,000 square feet. All have closed escrow over the past few months. Velocity notes the buildings sold to investors, retailers and even to a charter school. The seller, ACC Retail Associates, LLC, is an entity controlled in a joint venture by Praedium Group and ScanlanKemperBard Companies.
MENIFEE, CALIF. – A 4,000-square-foot property in Menifee that is net leased to Panera Bread has sold to a private investor for $2.1 million. The property is located at 30318 Haun Road. Panera entered into a new 15-year, triple-net sale leaseback with the buyer upon close of escrow. The buyer was represented by Ron Duong in Marcus & Millichap’s Newport Beach office. The seller, also a private investor, was represented by Glen Kunofsky and Don McMinn, also of Marcus & Millichap.
WINSTON-SALEM, N.C. — Publix Super Markets Inc. has unveiled its plans to enter the Winston-Salem market with a 49,000-square-foot store located at 34 Miller St. The store will be the third Publix in Mecklenburg County. The new location, which is slated to open in 2015, will feature covered parking below the store. Publix has made known its plans to expand its footprint in North Carolina, with previous stores announced for Cornelius, Ballantyne, Asheville, Cary and two in the greater Charlotte area. Publix currently has 1,072 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.
MADISON HEIGHTS, MICH. — Bernard Financial Group has arranged a $1.4 million loan for Farnum Plaza, a 24,400-square-foot retail property in Madison Heights. The shopping center is located at 27611-27651 John R Road, about 14 miles north of Detroit. Farnum Plaza LLC was the borrower. Kevin Kovachevich of Bernard Financial Group originated the loan. Symetra Life Insurance Co. was the lender.
MANSFIELD, CONN. — Washington Trust’s commercial real estate group has provided $6.9 million in construction financing for a 32,175-square-foot retail property and a 5,000-square-foot stand-alone retail building in Mansfield. Storrs Center Alliance LLC was the borrower. Price Chopper Supermarket will occupy the 32,175-square-foot property. The development is located in downtown Mansfield, across from the University of Connecticut and is the latest phase of the Storrs Center project that Leyland Alliance LLC is developing.
MENIFEE, CALIF. – A 4,000-square-foot property in Menifee that is net leased to Panera Bread has sold to a private investor for $2.1 million. The property is located at 30318 Haun Road. Panera entered into a new 15-year, triple-net sale leaseback with the buyer upon close of escrow. The buyer was represented by Ron Duong in Marcus & Millichap’s Newport Beach office. The seller, also a private investor, was represented by Glen Kunofsky and Don McMinn, also of Marcus & Millichap.
MONROE, LA. — Faris Lee Investments has brokered the $14.6 million sale of Pecanland Commons, a Target-anchored shopping center located at 4209-4299 Pecanland Mall Drive in Monroe. Other tenants include Ross Dress for Less, Bed Bath & Beyond and Petco. Target was not included in the sale. Richard Chichester, Matthew Mousavi and Thomas Chichester of Faris Lee Investments, along with Beezie Landry of Stirling Property Group, represented the seller. The buyer, Missouri-based TKG, was self-represented.
OKEMOS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Meridian Towne Centre, an 86,891-square-foot shopping center in Okemos, Mich., for $11 million. Located at the intersection of Marsh Road and West Grand River Avenue approximately seven miles east of Lansing, the development includes tenants Marshalls, Five Below, Ulta, David’s Bridal, FedEx, Sally Beauty Supply and Stride Rite and is shadow-anchored by Target and Kroger. Joe Girardi, Ben Wineman and Daniel Stern of Mid-America represented the seller, Viking Partners. The buyer was a private real estate investment firm.
REDLANDS, CALIF. – A 96,997-square-foot portion of thePavilion at Redlands shopping center has sold to a Chinese private investor for $17.7 million. The portion that sold is located at 2054-1094 Redlands Blvd. This part of the property contains a 52,924-square-foot Food 4 Less, in addition to about 20 smaller retailers, including Payless Shoe Source, Verizon, GameStop, Little Ceasers, Metro PCS, H&R Block and Supercuts. The property is currently 99 percent leased. CBRE’s Dennis Zhangrepresented the all-cash buyer. The sellerwas an affiliate of Foothill Village Property, LP.
PHOENIX – A four-property, Phoenix-based Walgreens portfolio has sold to an unnamed buyer for $15.9 million. The Arizona properties were part of a larger transaction that included five additional Walgreens and one CVS drugstore located throughout the nation. The drugstores contained a mix of both long- and short-term, double- and triple-net leases. About half of the transactions were off-market deals, according to Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County’s Barr & Bennett Net Leased Group, who represented the buyer.