WHEAT RIDGE, COLO. – A 6,512-square-foot, dual-tenant shopping center in Wheat Ridge has sold to a private investment group from Illinois for $2.7 million. The center is located off I-70. It is fully occupied by Starbucks and Pet Club. The buyer was represented by Chad Firsel of Quantum Real Estate Advisors. The seller was a Denver development company.
ST. AUGUSTINE, FLA. — Marcus & Millichap has brokered the sale of a Walgreens in St. Augustine for $6 million. Located at 5445 State Road 16, the 14,820-square-foot property is situated across from a Flagler Hospital satellite campus and is shadow-anchored by a newly constructed Publix shopping center. Craig Lewis of Marcus & Millichap’s Jacksonville office represented the seller, a Jacksonville-based REIT. The buyer was an undisclosed party from San Francisco.
WHEAT RIDGE, COLO. – A 6,512-square-foot, dual-tenant shopping center in Wheat Ridge has sold to a private investment group from Illinois for $2.7 million. The center is located off I-70. It is fully occupied by Starbucks and Pet Club. The buyer was represented by Chad Firsel of Quantum Real Estate Advisors. The seller was a Denver development company.
MANTECA, CALIF. — Stadium Center Shopping Center, a 421,126-square-foot community shopping center in Manteca, has sold to Excel Trust for $41.1 million. The center is located at the northwest quadrant of State Route 120 and Airport Way just southeast of Stockton. It is currently 96.3 percent leased. Notable tenants include Costco, Kohl’s, Ross Dress for Less, OfficeMax, Old Navy and Jo-Ann Fabrics. Costco and Kohl’s, which occupy about 154,000 square feet and 88,800 square feet, respectively, were not part of the sale. The acquisition did include four graded land parcels that are entitled for an additional 17,600 square feet of leasable space. Lucescu Realty represented the seller, Kitchell Development Company, and secured the buyer in this transaction.
GOODYEAR, ARIZ. – A 14,820-square-foot building in Goodyear that is net leased to Walgreens has sold to an individual/personal trust for $9 million. The property is located at 9800 South Estrella Parkway. It is the first Walgreens store in Arizona to feature the new Wellness Experience prototype. It is the second Walgreens in the country to receive LEED certification. The buyer was represented by Kirk Trammell of Marcus & Millichap’s Palo Alto office. The seller, a limited liability company, was represented by Mark Ruble and Jamie Medress of the firm’s Phoenix office.
MIAMI BEACH, FLA. — Marcus & Millichap has completed the sale of a Miami Beach retail property for approximately $12.3 million. The building is located at 1441 Washington Ave. and totals 18,750 square feet. Its primary tenants include American Apparel and nightclub Score, the latter of which recently signed a new 10-year lease. Drew Kristol and Kirk Olson of Marcus & Millchap’s Miami office represented the buyer, a New York-based private investment group, as well as the seller, a locally based owner/developer.
CORAL GABLES, FLA. — Agave Holdings has delivered 17,800 square feet of street-level retail and restaurant space at its 396 Ahambra office development in Coral Gables. The newly completed space fronts Coral Gables’ Restaurant Row and is one block away from the city’s Miracle Mile. Danet Linares and Andres del Corral of Blanca Commercial Real Estate have been named leasing agents of the space. 396 Alhambra is a $140 million development that comprises two office towers totaling 282,000 square feet and 34,000 square feet of ground-floor retail space. The Class A towers are currently 78 percent leased.
STAFFORD COUNTY, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of approximately 1.52 acres of land located at the intersection of Deacon Road and Cleremont Drive in Stafford County. The buyer, VADG LLC, plans to develop a Dollar General retail store on the site. Mike Degan of Thalhimer represented the seller, Degen-Gallahan LLC. The parcel traded for $445,000.
BROOKLYN, OHIO — Marcus & Millichap has arranged the sale of a 147,771-square-foot, triple-net leased Sam’s Club building in suburban Cleveland for $21.4 million. A Sam’s Club Fuel Center outparcel was also included in the sale. Scott Wiles, vice president of investments, and Craig Fuller, a senior associate in Marcus & Millichap’s Cleveland office, along with Erin Patton, a vice president of investments in the firm’s Columbus office, represented the seller, a northeast Ohio-based limited liability company. Sam’s Club has 5.5 years remaining on its lease and a percentage rent clause tied to the store’s gross sales. The property is located at 10250 Brookpark Road in Brooklyn at the intersection of Tiedeman and Brookpark roads. The store was built in 1987 on 9.9 acres and has been periodically remodeled during the last decade.
EAST LONGMEADOW, MASS. — New York-based Katz Properties has acquired Heritage Plaza in East Longmeadow, Mass., and Golden Ring Plaza in Rosedale, Md., for approximately $52.5 million. Heritage Plaza is an 116,840-square-foot shopping center built in 1974. The shopping center, which is located at 470 N. Main St., was purchased for $28.4 million. The 55,330-square-foot Golden Ring Plaza, located at the intersection of Philadelphia Road and Rossville Boulevard, was purchased for $24 million. Mortgage financing for both deals was arranged by Tim Breda of Goedecke & Co. Dallas-based Sentinel Investments, on behalf of Vermont-based National Life, financed Heritage Plaza. New York City-based AIG Global provided financing for Golden Ring Plaza. For Heritage Plaza, Cushman & Wakefield’s Capital Markets Group, led by Geoff Millerd, Justin Smith and Rob Griffin, represented Katz Properties and the seller in the transaction. For the Golden Ring Plaza transaction, the CBRE team of R. William Kent and Gary Lawrence represented the buyer and seller. Winslow Property Management will provide leasing and property management services for both shopping centers.