LAPEER, MICH. — Marcus & Millichap has arranged the $4.9 million sale of Kmart Plaza, a 131,033-square-foot retail property in Lapeer, located about 20 miles east of Flint. Rick O'Connor, a retail investment specialist in Marcus & Millichap’s Detroit office, marketed the property on behalf of the seller, a New York-based real estate investment firm. O'Connor also represented the buyer, Charlie Laurencelle of Laurencelle Properties, a Michigan-based private investor, in the transaction. Kmart Plaza is located at 863 S. Main St. and was 94 percent occupied at the time of sale. Anchored by Kmart, other tenants also include O’Reilly’s Auto Parts, Dollar Tree, Pet Supplies Plus, Rent A Center, Radio Shack and Maurice’s.
WAIMEA, HAWAII — KZ DevCo, LP has completed construction on a 23,008-square-foot Long’s Drugs in Waimea on behalf of CVS/pharmacy. The $10.3-million store was built on two land parcels totaling 2.27 acres. They are located at 65-1271 Kawaihae Road. The full-service pharmacy will replace a smaller, 1,424-square-foot Long’s Drugs that is located in an adjacent center. The store is expected to serve nearly 15,000 residents in the north Kohala upcountry coast of the Big Island. This is the ninth Long’s Drugs that KZ DevCo has completed in Hawaii in the past six years.
HEMET, CALIF. — Diamond Valley Plaza, a 58,034-square-foot shopping center in Hemet, has sold to Time Equities Inc. (TEI) for $5.8 million. The center is located on Diamond Valley Road. It is 94 percent leased to tenants like Crunch Fitness and Big Cheese Pizza. It is shadow anchored by Sprouts Farmers Market. This is TEI’s fourth shopping center purchase this year.
AUBURN, COLO. — Auburn Shopping Center, a 39,829-square-foot retail property, has sold to a limited liability company for an undisclosed amount. The center is located at 1801 Howard Road in Auburn. It is anchored by Jo-Ann Fabric and El Mercado Latino Grocery. The buyer was represented by Dino A. Christophilis of Marcus & Millichap’s Seattle office. The seller was also represented by Christophilis, along with Larry Corkins of the same office.
PARMA, OHIO — Marcus & Millichap has arranged the sale of State Hill Plaza, a 14,659 square-foot retail property in Parma, located about nine 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 local investment company. The buyer, a private investor, was secured and represented by Ryan Moore, an investment specialist in Marcus & Millichap’s Cleveland office. State Hill Plaza is located at 5566-5590 State Road and sold for $867,500.
AURORA, COLO. — HighPoint Marketplace, a 99,433-square-foot retail center, has received $15 million in refinancing. It is located at 18648-18860 E. Hampden Ave. and 3594 S. Tower Road. The center was built in 2001 and is anchored by a 55,580-square-foot Safeway. Other notable tenants include Great Clips, Wendy’s and H&R Block. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq Capital’s Denver regional office.
MIAMI — CB Richard Ellis (CBRE) has brokered the sale of a newly constructed Whole Foods Market in Miami for $19.8 million. Completed this past May, the 36,000-square-foot, freestanding building is located on a three-acre site at 12150 Biscayne Blvd. It is solely occupied by Whole Foods on a net lease. Happiness Inc. purchased the property from a Miami-based real estate development firm, which was represented by the CBRE team of Dennis Carson, Casey Rosen, David Donnellan and Todd Weintraub.
WINDERMERE, FLA. — Tavistock Development Co. has announced plans to develop Phase II of The Grove at Isleworth, an open-air, multi-use center located in Windermere. Construction will begin this summer for two buildings totaling 82,000 square feet that will feature street-level retail space with medical and professional office space above. The buildings will front a tree-lined plaza. Tenants already signed for Phase II include Dexter’s, Jeremiah’s Italian Ice, BurgerFi, Marilyn Monroe Spa, Cali Chic Boutique, Salt Scene and Soul Mates Boutique. Phase I of The Grove at Isleworth is anchored by Publix and LA Fitness. When complete, the center will contain more than 200,000 square feet of retail and office space.
INDIALANTIC, FLA. — Marcus & Millichap has brokered the sale of a 15,525-square-foot retail building net-leased to CVS/pharmacy in Indialantic for $5.1 million. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a developer based in the Northeast United States. Lombardi partnered with Preet Sabharwal of Marcus & Millichap’s Manhattan, New York, office to represented the buyer. Kirk Felici assisted with the transaction.
INDIANAPOLIS — The Boulder Group has completed the sale of a triple-net-leased property located at 9240 Rockville Road in Indianapolis for $5.7 million. Walgreens occupies the 14,820-square-foot building, which has 15 years left on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction. The buyer was a Texas-based private investment firm.