DUNDEE, MICH. — The Reichle | Klein Group has arranged the $2.7 million sale of a single-tenant property in Dundee, located about 50 miles southwest of Detroit. Applebee’s occupies the 5,466-square-foot, net-leased property. Perrysburg, Ohio-based HIZ Properties II LLC sold the building, located at 119 Whitetail Drive. Joe Belinske and Marty Gallagher of Reichle | Klein Group represented the seller in the transaction.
OCEANSIDE AND STONY BROOK, N.Y. — Cronheim Mortgage has arranged $94.5 million in long-term, permanent financing for a three-property retail portfolio in Long Island. The three loans were placed with two of Cronheim's life insurance company lenders. The 15-year, fixed rate loans include 25-year amortization schedules and an average interest rate of 3.6 percent. Situated on Long Beach Road, Oceanside Plaza is a 292,000-square-foot power center anchored by Waldbaum's, Marshalls, Kohl's, Michael's and Bed Bath & Beyond. Brooktown I, II and III are located adjacent to one another on Nesconset Highway across from the Smithtown Mall in central Suffolk County. Anchors include Lowes Home Improvement, Walbaum's, Marshalls/HomeGoods, Michael’s, AMC Loews Cinemas and Staples. David Turley, Anna Westhoff and Janet Proscia of Cronheim Mortgage arranged the financing on behalf of the borrower, a family investment company.
ROCHESTER, N.Y. — Agree Realty Corp. has acquired a 45,000-square-foot LA Fitness located on East Ridge Road in Rochester for $10.3 million. The recently opened LA Fitness has approximately 15 years remaining on its initial lease. With this acquisition, Agree Realty Corp. owns two properties occupied by LA Fitness. “LA Fitness is the premier operator in the fast-growing health and fitness sector. We continue to execute on high-quality, accretive opportunities that complement our portfolio of net-lease assets,” says Joey Agree, president and CEO of Agree Realty.
LOS ANGELES — Paragon Commercial Group, LLC, has purchased the 112,649-square-foot Woodland Hills Shopping Center for an undisclosed sum. It was purchased through PCG Woodland Hills Topanga LLC, an affiliate of Paragon. The center is located at 6201-6263 Topanga Canyon Blvd. in the Los Angeles submarket of Woodland Hills. It sits across from Westfield’s two existing Warner Center malls, as well as the proposed Village at Westfield Topanga, which is designed to be a 1-million-square-foot retail and entertainment complex. The center was fully occupied at the time of sale. Notable tenants include Toys “R” Us, Office Depot and Off Broadway Shoes. This is Paragon’s second acquisition in the San Fernando Valley. Both the company and the seller, Woodland Hills Retail, LLC, were represented by Bill Bauman and Kyle Miller of Studley’s National Retail Services Group.
RIVERSIDE, CALIF. — Michaels Plaza, a 62,834-square-foot community shopping center in Riverside, has sold to The Krausz Companies for $15 million. The center is located at 10321-10357 Magnolia Ave. It was 97 percent leased at the time of sale. Notable tenants at the center include Michaels, David’s Bridal, Lamps Plus, AAA Gold Exchange, Armed Forces, GameStop and The Flame Broiler. Edward B. Hanley, William B. Asher and Kevin T. Fryman of Hanley Investment Group represented both the buyer and the seller, an Orange County, Calif.-based private partnership, in this transaction.
OGDEN, UTAH — An entity sponsored by LBG Real Estate Companies, LLC has purchased The Family Center at Ogden Five Points, a 161,795-square-foot community shopping center. The purchase price was not disclosed. The center is located at 129 N. Harrisville Road just north of Salt Lake City. The acquisition also includes about six acres of adjacent land that could accommodate retail and residential development.The Family Center was 95 percent leased at the time of sale. Notable tenants include Planet Fitness, Dollar Tree, Harbor Freight Tools, Key Bank and Radio Shack. It is anchored by Harmons grocery store, which is currently undergoing a major renovation at the center. The shopping center is also set to undergo a significant redevelopment.
RIVERSIDE, CALIF. — Stater Bros. Plaza, a 59,790-square-foot, grocery-anchored center in Riverside, has sold to a Los Angeles-area private investor for $5.2 million. The plaza is located at 6160 Arlington Ave. It was built in 1980, remodeled in 1991. The center is currently 82 percent occupied. It is leased to O’Reilly Auto Parts, Subway, Arlington Animal Hospital and D’Caesaro Pizza & Italian Restaurant. The buyer was represented by Nilufar Alemozaffar of CARETS Commercial. The seller, an Orange County, Calif., private partnership, was represented by Edward B. Hanley and William B. Asher of Hanley Investment Group.
CHARLOTTE, N.C. — Kite Realty Group Trust has purchased Toringdon Market, a 60,000-square-foot grocery-anchored shopping center in Charlotte, for $15.9 million. The property is located near the intersection of Interstate 485 and Johnston Road. Earth Fare, a specialty grocer, anchors the center, which is 97 percent leased.
FORT MILL, S.C. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Stockbridge Commons, a 99,473-square-foot shopping center located in Fort Mill, about 18 miles south of Charlotte, N.C., for $15.3 million. Harris Teeter anchors the center, which is 96 percent leased. Harris Teeter is the No.1 grocer by market share in Charlotte, according to Phillips Edison-ARC Shopping Center REIT Inc. The Stockbridge Commons acquisition, along with the public non-traded REIT's purchase of the Dyer Crossing shopping center in Dyer, Ind., brings the REIT's portfolio to 55 properties in 20 states totaling about $801.5 million.
LEXINGTON, S.C. — CBRE's national retail investment group has brokered the sale of Hendrix Crossing, a 61,712-square-foot, Publix-anchored shopping center in Lexington, a suburb of Columbia. Additional tenants of the center include Subway, Great Clips, Yogen Fruz and Bella Nails and Spa. Mike Burkard, Chris DeCoufle, Kevin Reavey and Steve Shields of CBRE represented the seller, Columbia-based EDENS, in the transaction. The buyer was Raleigh, N.C.-based Centrex Properties.
