LOUISVILLE, KY. — Quantum Real Estate Advisors Inc. has brokered the $7.8 million sale of a 14,820-square-foot, freestanding Walgreens in Louisville. Walgreens has more than 24 years remaining on its lease. The buyer, a private individual from New York, purchased the asset from an unnamed Louisville-based developer. Jordan Kaufman and Dan Waszak of Quantum Real Estate represented the buyer in the transaction.
Retail
CONCORD, N.C. — Franklin Street Real Estate Services has arranged the sale of a freestanding 9,200-square-foot property housing AT&T and Denny’s for $5.6 million, or $603 per square foot. The asset is located at 8031 Concord Mill Blvd. in Concord, a northern suburb of Charlotte. Bryan Belk of Franklin Street represented the seller, a private investor based in California. The buyer is a private investor based in North Carolina who plans to hold the asset long-term.
OSHKOSH, WIS. — Marcus & Millichap has arranged the $3.2 million sale of a CVS/pharmacy ground lease in Oshkosh. The 13,225-square foot net-leased property is located at 1736 W. 9th Ave. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company. An outside brokerage firm represented the buyer, a trustee. Matthew Fitzgerald also of Marcus & Millichap assisted in closing this transaction.
LEVITTOWN, PA. — Levittown Partners LLC has purchased the former Giant supermarket at 4595 New Falls Road in Levittown. The 40,045-square-foot building was sold by Levittown – ARC L.P. for an undisclosed price. Situated on 4.6 acres, the property is being redeveloped into a new shopping center that will be anchored by Retro Fitness and Dollar Tree. The property has a 12,000-square-foot end-cap space and a 5,000-square-foot future pad site available for lease. Retro Fitness signed a 10-year lease to occupy a 13,000-square-foot space and Dollar Tree signed a 10-year lease for 12,000 square feet in the redeveloped building. Richard Soloff and David Dunkelman of Soloff Realty & Development represented the buyer and seller in the transaction.
ERIE, PA. — Cooper Commercial Investment Group has brokered the leasehold interest sale of a Rite Aid store located along Peach Street in Erie. A Cleveland-based private investment group purchased the 10,908-square-foot property for $1.14 million. The property is on an absolute triple-net lease structure that leaves ownership with no daily management responsibilities. Dan Cooper of Cooper Commercial represented the buyer in the transaction.
REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Mountain Grove at Citrus Plaza, a 670,000-square-foot retail, dining and entertainment district in Redlands. The project will be located at the intersection San Bernardino Avenue and Citrus Plaza Drive, just off the 210 Freeway. The first phase will include 468,000 square feet. The completed project will feature tenants like Nordstrom Rack, buybuy Baby, T.J. Maxx/HomeGoods, Hobby Lobby, h.h. gregg, Tilly’s and 24-Hour Fitness. Mountain Grove is the sister project to Citrus Plaza. The two centers will eventually offer a total of 1.2 million square feet of retail, hospitality and entertainment uses. Mountain Grove is scheduled to open next summer.
LAHAINA, HI — The Outlets of Maui has undergone a $28-million redevelopment. The 10-building, 147,000-square-foot center received new storefronts, expanded walkway overhangs, outdoor seating areas, and significant improvements to common areas and site signage. It is located on 12 acres at 900 Front Street. The outlet center is currently 91 percent leased to tenants like Michael Kors, Guess, Tommy Hilfiger, Calvin Klein, Coach, Izod, Lucky Brand, Brooks Brothers, Carter’s, Banana Republic, Gap, Adidas and Sketchers. It also includes restaurants like Hard Rock Café and Ruth’s Chris Steak House. Notable Hawaiian retailers, including Hilo Hattie, ABC Stores and Warren & Annabelle’s, also reside at the center. Watt Advisors, the commercial investment arm of Watt Companies, joined with local development partners in April 2013 to convert the aging, traditional shopping center into Maui’s first outlet center. The Outlets of Maui is one of only two outlet centers in Hawaii. Watt and its partners plan to add 50,000 square feet to the center by the end of next year.
STAUNTON, VA. — Phillips Edison-ARC Grocery Center REIT II Inc. has acquired its second grocery-anchored shopping center, the 80,265-square-foot Staunton Plaza in Staunton. Martin’s grocery store anchors the center, which also includes a Five Guys Burgers and Fries, Fantastic Sams and a gas station.
UNION CITY, N.J. — Moonachie, N.J.-based Weiss Realty Co. has brokered the sale of a Walgreens property in Union City. Located at 3333 Park Ave., the 11,000-square-foot property sold for $5.25 million. Jaime Weiss and Arnold Litt of Weiss Realty represented both the seller and the 1031 buyer in the transaction.
MIDDLETOWN, N.Y. — Colliers International has brokered the sale of The Plaza at Crystal Run at 400 North Galleria Dr. in Middletown. NorthEnd Equities purchased the 95,000-square-foot shopping center for $3.95 million. Built in 1994, the property comprises a two-story, 86,000-square-foot building tenanted by Petco and Off Track Betting; a 9,000-square-foot, free-standing building occupied by Pier 1 Imports; and a shadow-anchor Olive Garden. Jacklene Chesler of Colliers International’s Parsippany, N.J., office represented the undisclosed seller in the transaction.