NEWARK, DEL. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has sold two power centers in Delaware and South Carolina for a combined total of $87.3 million. The properties include Christiana Center in Newark, about 13 miles southwest of Wilmington, Del., and Commons at Magnolia in Florence, S.C. The sales price represents an average cap rate of 6.8 percent and a profit of $45.4 million. PREIT intends to use the proceeds to make further reductions in debt and for general corporate purposes.
COPPELL, TEXAS — The Mansour Group of Marcus & Millichap has brokered the $4.5 million sale of Arbor Manor Shopping Center in Coppell, approximately 20 miles northwest of Dallas. The 10,049-square-foot retail strip center, located at the intersection of Denton Tap and Sandy Lake roads, is leased to Einstein Bros. Bagels, SmashBurger and Jersey Mike’s. Alvin Mansour of the Mansour Group represented the buyer, a private out-of-state investor, in the transaction. The seller was a local developer.
SANTA MONICA, CALIF. — It’Sugar has signed an eight-year lease for 2,250 square feet of space on Third Street in Downtown Santa Monica. The space is located at 1427 Third Street. The lease is valued at $6.2 million, or $312 per square foot, a record-breaking high in this shopping district. The global candy and gift retailer will occupy the space in March 2014. It’Sugar was represented by Jeremy Ezra of RKF. The landlord, Promenade Enterprises LP, was represented by Randy Starr of Avison Young.
ACWORTH, GA. — Colliers International has arranged the sale of Acworth Crossing and Acworth Avenue Shops in Acworth, a northwest suburb of Atlanta. Acworth Crossing sold for $12.5 million and Acworth Avenue Shops for $3.6 million. Acworth Crossing, a 118,829-square-foot center located at 3335 Cobb Parkway N.W., is 83 percent leased to tenants Best Buy, Michaels, PetSmart and Dollar Tree. Acworth Avenue Shops, a 16,130-square-foot, unanchored retail strip center, is fully leased to national and local tenants. Joseph Montgomery and Tony D'Ambrosio of Colliers International represented the sellers in the transactions. A CMBS bondholder was the seller of Acworth Crossing and a national shopping center owner was the seller of Acworth Avenue Shops.
MIDDLE RIVER, MD. — Washington, D.C.-based Greysteel has arranged the sale of Miramar Plaza Shopping Center, a 37,000-square-foot, unanchored retail center located at 901-915 Middle River Road in Middle River, about 12 miles outside Baltimore. Gil Neuman of Greysteel represented the seller, Vanguard Equities, and procured the buyer, Aasan Investment LLC, in the transaction. The property is currently 92 percent leased.
SANTA MONICA, CALIF. — It’Sugar has signed an eight-year lease for 2,250 square feet of space on Third Street in Downtown Santa Monica. The space is located at 1427 Third Street. The lease is valued at $6.2 million, or $312 per square foot, a record-breaking high in this shopping district. The global candy and gift retailer will occupy the space in March 2014. It’Sugar was represented by Jeremy Ezra of RKF. The landlord, Promenade Enterprises LP, was represented by Randy Starr of Avison Young.
LOS ANGELES — Passco Companies has announced that the Promenade at Howard Hughes Center in Los Angeles will undergo a repositioning. The Promenade is located at 6081 Center Drive in the Silicon Beach area of West Los Angeles. Dave & Buster’s and Buffalo Wild Wings are set to open at the center later this year, while Cinemark plans to enhance its recently purchased Rave Cinemas.
ROCK HILL, S.C. — Morgan Property Group (MPG) has sold a freestanding Walgreens drugstore at the intersection of Heckle and Herlong boulevards in Rock Hill, part of the Charlotte MSA. MPG sold the store for about $6.4 million to Zosime LLC. MPG, through its affiliate Rock Hill I Realty LLC, developed the drugstore, which opened in July. The store is MPG's third Walgreens development in the Carolinas. Stream Capital Partners represented the buyer in the transaction. General Realty Partners LLC, the brokerage arm of MPG, and Paisley Gordon of CPG Real Estate Inc. represented the seller.
MIAMI — Marcus & Millichap has arranged the $6 million sale of Shoppes of Tamiami, a 12,909-square-foot retail strip center located at 14200 S.W. 8th St. in Miami. The center, which was developed in 2007, is 90 percent leased to Starbucks Coffee, Smoothie King, Mattress Firm, Massage Envy and T-Mobile. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. The buyer is also a Miami-based limited liability company.
CARY, N.C. — CBRE | Raleigh has brokered the sale of a 97,707-square-foot big box retail property, located at 960 Kildaire Farm Road in Cary. March Pottery LLC purchased the former Kmart from Liberty Bankers Life Insurance Co. for approximately $3.3 million. Barry Bowling and Charlie Coyne of CBRE | Raleigh represented the seller in the transaction. Rich Roy of Casto represented the buyer.