Retail

NEW BOSTON FUND WELCOMES BANKNEWPORT TO THE SHOPS AT QUONSET

by admin September 19, 2013

NORTH KINGSTOWN, R.I. — New Boston Fund Inc. has celebrated the groundbreaking of BankNewport’s newest branch in North Kingstown, about 21 miles south of Providence. The 2,000-square-foot bank will be located at the front of The Shops at Quonset Point development. BankNewport signed a 15-year lease in April on a pad site to construct the new bank branch. The new building will feature two drive-thru lanes, one of which will have a drive-thru ATM. Inside, the branch offers an ATM for after-hours banking; a coin counting machine in the lobby; and a conference room available to small businesses that require a meeting space during banking hours. Construction of BankNewport’s new branch is slated for an early 2014 completion.

September 19, 2013

PUBLIX TO BUY SEVEN BI-LO STORES IN THE CAROLINAS

by admin September 18, 2013

LAKELAND, FLA. — Lakeland-based Publix Super Markets Inc. has entered into an agreement with Bi-Lo Holdings LLC, parent company of the BI-LO and Winn-Dixie grocery store chains, to purchase seven BI-LO stores in North and South Carolina. The seven stores include 8120 S. Tryon St. in Charlotte, N.C.; 12810 York Road in Charlotte; 9815 Rose Commons Drive in Huntersville, N.C.; 158 Highway 274 in Lake Wylie, S.C.; 3110 Fincher Farm Road in Matthews, N.C.; 1735 Heckle Blvd. in Rock Hill, S.C.; and 2186 Cherry Road in Rock Hill. Grand opening dates for the locations will depend on the scope of the remodels, according to Publix.

September 18, 2013

Midwest Retail

M&M ARRANGES $6.6M SALE OF RETAIL PROPERTY IN OHIO

by admin September 18, 2013

BARBERTON, OHIO — Marcus & Millichap has arranged the $6.6 million sale of Barberton Shopping Center, a 101,688-square-foot retail property in Barberton, located about 40 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 real estate investment firm based in New York. Patton, Wiles, Fuller and Christopher Jackson of Marcus & Millichap represented the buyer, a private REIT. Barberton Shopping Center is located at 15 5th St. S.E. and is anchored by Giant Eagle. The asset sold at 99 percent of its listing price, which equates to a 7.3 percent cap rate.

September 18, 2013

Midwest Retail

NET-LEASED KROGER PROPERTY SELLS FOR $2.7M

by admin September 18, 2013

OTTAWA, ILL. — The Boulder Group has completed the $2.7 million sale of a single-tenant, net-leased Kroger property in Ottawa. Built in 1982, the 44,038-square-foot property is located at 2701 Columbus St., about 80 miles southwest of Chicago. Kroger has four years remaining on its current lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois-based limited partnership, in the transaction. A California-based limited liability company was the buyer.

September 18, 2013

Northeast Retail

PREIT SELLS TWO POWER CENTERS FOR $87.3M

by admin September 18, 2013

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.

September 18, 2013

Retail Texas

MANSOUR GROUP BROKERS $4.5M SALE OF COPPELL SHOPPING CENTER

by admin September 18, 2013

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.

September 18, 2013

Retail Western

IT’SUGAR LEASES SPACE FOR $312 PSF ON THIRD STREET IN SANTA MONICA

by admin September 17, 2013

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.

September 17, 2013

Retail Southeast

COLLIERS CLOSES $16.1M SALE OF TWO SHOPPINGS CENTER IN ACWORTH, GA.

by admin September 17, 2013

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.

September 17, 2013

Retail Southeast

MIRAMAR PLAZA SHOPPING CENTER IN MARYLAND SELLS

by admin September 17, 2013

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.

September 17, 2013

Retail Western

IT’SUGAR LEASES SPACE FOR $312 PSF ON THIRD STREET IN SANTA MONICA

by admin September 17, 2013

September 17, 2013

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