NEW SMYRNA BEACH AND TALLAHASSEE, FLA. — HFF has arranged the $23 million sale of two Publix-anchored shopping centers in Florida. The properties include the 118,451-square-foot New Smyrna Beach Regional in New Smyrna Beach and the 71,526-square-foot Forest Village in Tallahassee. Publix Super Markets Inc. purchased New Smyrna Beach Regional (90 percent leased) for $16 million and Forest Village (79 percent leased) for $7 million. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Equity One Inc., in the transaction.
Retail
MORRIS PLAINS, N.J. — A joint venture between Baltimore-based MCB Real Estate and ARC Property Trust has acquired a freestanding retail building in Morris Plains, which is approximately 30 miles east of New York City. The 32,450-square-foot asset was purchased for $2.6 million and is currently leased to ACME Supermarkets. Lawrence Anderson of Anderson Realty Services represented the seller in the transaction.
HOUSTON — NorthMarq Capital’s Houston office secured acquisition financing for Lakewood Town Square, a 32,000-square-foot retail property in northwest Houston. The bridge loan was secured with a 10-year term fully amortizing and was arranged for the borrower, a local private buyer, through NorthMarq’s relationship with, Symetra, a life insurance company. The interest rate was 4 percent. Warren Hitchcock, vice president of NorthMarq’s Houston office, secured acquisition financing in the transaction.
EL CAMPO, TEXAS — Marcus & Millichap has arranged the sale of El Campo Town Center, a 25,100-square-foot retail property located in El Campo. The asset had a list price of $3.6 million. Watt Harrison and James Bell with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. The buyer, a limited liability company, was represented by Ahmed Kabani with Marcus & Millichap’s Miami office.
ROUND ROCK, TEXAS — CBRE has arranged the sale of Boardwalk Shopping Center in Round Rock on behalf of Greenwood Village, a Colorado-based capital management firm. A private real estate fund advised by Crow Holdings Capital Real Estate of Dallas purchased the center for an undisclosed price. The 184,598-square-foot center, built in 1996, is 98.6 percent occupied with tenants including Ross Dress for Less, PetSmart, OfficeMax, Party City, Walmart and The Home Depot. The center is located near the intersection of Interstate 35 and State Highway 45. Chris Cozby, Chris Gerard and Kevin Holland with CBRE listed the asset on behalf of the seller.
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.
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.