PETERBOROUGH, N.H. — NAI Norwood Group has arranged the $2.9 million sale of a ground lease of a CVS/pharmacy building in Peterborough, 30 miles west of Nashua. Andy Fleisher of NAI Norwood Group represented the buyer in the 1031 tax-deferred exchange. Bradley Vear of Vear Commercial Properties Inc. represented the seller, East Moriches, N.Y.-based 125 Kublin Road LLC, in the transaction. The property is located at 125 Dublin Road, adjacent to a Shaw’s Grocery Store. Built in 2008, the 13,167-square-foot drugstore is situated on 1.9 acres.
HOUSTON — Marcus & Millichap has brokered the sale of a 23,024-square-foot retail property located at 4505 Highway 6 N. in Houston. The asset commanded a list price of $1.7 million. Gus Lagos and Alex Bouchard of M&M’s Houston office marketed the property on behalf of the seller, a private investor. The name of the buyer was not disclosed.
ROUND ROCK, TEXAS — CBRE will market Boardwalk Shopping Center, a super-regional power shopping center totaling 184,598 square feet in Round Rock, a northern suburb of Austin. The property, built in 1996 at the interchange of Interstate 35 and State Highway 45, is currently 98.6 percent occupied by tenants including Ross Dress for Less, PetSmart, Office Max and Party City. Boardwalk boasts a weighted average historical occupancy of 11.8 years and limited rollover, as 69 percent of the current tenants signed to leases through 2018 or later. Chris Cozby, Chris Gerard and Kevin Holland of CBRE are representing the seller, the name of which was undisclosed.
Walking the floor at yesterday’s ICSC Western Division Conference in San Diego, one gets a strong sense of industry-wide optimism as the economy continues to incrementally improve. Many more retailers are actively leasing, tons of new startups are in the market and some regions are even seeing an uptick in infill, ground-up development. While the industry may not see the heyday that occurred before the Lehman Brothers’ collapse for some time, widely publicized low interest rates have generated large volumes of refinancing. This has resulted in a slow but steady sector growth of 4 percent to 5 percent over the past five years. Of course, larger retail developers (many of which are REITs) realized a tremendous boon by refinancing portions of their portfolios at historically low interest rates. In addition, the housing market’s rebound over the past 12 to 18 months, coupled with near-historically low interest rates, has driven some shop tenants back into the market. As key indicators continue to point toward a cautious growth trajectory for housing – median home values are up and homebuilders are acquiring more land to develop – ICSC attendees have taken a positive outlook on the market. Naturally, that outlook is tempered by …
SAN DIEGO – A joint venture between Clarion Partners and HP Investors has acquired an interest in the retail and commercial parking portion of the Gaslamp City Square condominium project. The purchase price was not disclosed. The property is located at 450 J Street in Downtown San Diego’s historic Gaslamp District. The property’s 54,773-square-foot retail component contains a mix of national and regional tenants like Quicksilver, Oceanaire and GStar. The acquisition also includes more than 250 dedicated parking stalls. Gaslamp City Square was developed in 2004. This is HP’s sixth Downtown San Diego acquisition in the past 18 months.
CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has arranged the $1.6 million sale of a 6,500-square-foot retail property located at 2400 Chesapeake Square Road in Chesapeake. The buyer, Parker Realty Group, purchased the center from Kelly's at Chesapeake Square LLC for redevelopment. Renovations are underway and should wrap up in January 2014. Starbucks Coffee, Hair Cuttery and Jersey Mikes have signed leases for space at the center. Eric Stanley of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.
NORTH KINGSTOWN, R.I. — New Boston Fund Inc. has celebrated the groundbreaking of BankNewport’s newest branch in North Kingstown, about 21 miles south of Providence. The 2,000-square-foot bank will be located at the front of The Shops at Quonset Point development. BankNewport signed a 15-year lease in April on a pad site to construct the new bank branch. The new building will feature two drive-thru lanes, one of which will have a drive-thru ATM. Inside, the branch offers an ATM for after-hours banking; a coin counting machine in the lobby; and a conference room available to small businesses that require a meeting space during banking hours. Construction of BankNewport’s new branch is slated for an early 2014 completion.
LAKELAND, FLA. — Lakeland-based Publix Super Markets Inc. has entered into an agreement with Bi-Lo Holdings LLC, parent company of the BI-LO and Winn-Dixie grocery store chains, to purchase seven BI-LO stores in North and South Carolina. The seven stores include 8120 S. Tryon St. in Charlotte, N.C.; 12810 York Road in Charlotte; 9815 Rose Commons Drive in Huntersville, N.C.; 158 Highway 274 in Lake Wylie, S.C.; 3110 Fincher Farm Road in Matthews, N.C.; 1735 Heckle Blvd. in Rock Hill, S.C.; and 2186 Cherry Road in Rock Hill. Grand opening dates for the locations will depend on the scope of the remodels, according to Publix.
BARBERTON, OHIO — Marcus & Millichap has arranged the $6.6 million sale of Barberton Shopping Center, a 101,688-square-foot retail property in Barberton, located about 40 miles south of Cleveland. Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a real estate investment firm based in New York. Patton, Wiles, Fuller and Christopher Jackson of Marcus & Millichap represented the buyer, a private REIT. Barberton Shopping Center is located at 15 5th St. S.E. and is anchored by Giant Eagle. The asset sold at 99 percent of its listing price, which equates to a 7.3 percent cap rate.
OTTAWA, ILL. — The Boulder Group has completed the $2.7 million sale of a single-tenant, net-leased Kroger property in Ottawa. Built in 1982, the 44,038-square-foot property is located at 2701 Columbus St., about 80 miles southwest of Chicago. Kroger has four years remaining on its current lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois-based limited partnership, in the transaction. A California-based limited liability company was the buyer.