VISALIA, CALIF. – A 57,254-square-foot shopping center in Visalia has sold to a family trust for $4 million. It is located at 3230-3298 S. Mooney Blvd. The center was 60 percent occupied by tenants like King Buffet and Tuesday Morning at the time of sale. The seller, Trion Properties, acquired a non-performing note on the asset through an all-cash transaction from a regional bank. The bank needed to remove the center from its books by the end of the year. CBRE’s Nick Whitstone handled the note sale. The latest sale was executed by Mark Denholm of CORE Commercial.
PARKERSBURG, W. VA. — Ackerman & Co. has negotiated the sale of a net-leased retail property in Parkersburg for approximately $2.4 million. CVS/pharmacy occupies the 10,125-square-foot building, which was constructed in 2000. Jason Powell of Ackerman arranged the deal between the seller, a Pennsylvania-based trust, and the buyer, New Jersey-based Arctrust Equities.
GLEN ELLYN, ILL. — The Opus Group has started construction on a new 31,175-square-foot retail center in Glen Ellyn, located about 25 miles west of Chicago. The Fresh Market plans to occupy 20,300 square feet of space. The project will transform a vacated car dealership into a new grocery-anchored center serving the Glen Ellyn and North Wheaton communities. The center will include patio seating and 186 customer parking spaces. Other tenants include Great Clips and Tide Dry Cleaners, occupying 1,075 and 2,800 square feet, respectively. Opus Development Company LLC is the developer and Opus Design Build LLC will serve as the general contractor for the project. OKW Architects provided design services. The project is slated for completion later this year, with The Fresh Market expected to open in late 2013 or early 2014.
CHICAGO — Finesa Real Estate Group has acquired a 41,148-square-foot retail property in Chicago. The retail grocery space is located at 6020 North Cicero Ave. and is leased to Whole Foods under a 15-year agreement. The ground-floor retail space is part of a multi-story, 136-unit condominium building, which includes a 167-space parking garage. Almost 300,000 people live within a three-mile radius of the property and the average household income within a one-mile radius is more than $122,000. The purchase price was undisclosed.
WESLACO, TEXAS — Marcus & Millichap Real Estate Investment Services has sold three Burger King restaurants in Texas. These net-leased properties include two Weslaco restaurants totaling 7,775 square feet and a 4,330-square-foot restaurant in San Benito. Philip Levy of Marcus & Millichap’s Fort Worth office represented the sellers, all private investors, as well as the buyer, Coastal King Ltd., in the transactions. All three properties have zero landlord responsibilities and a franchise guarantee from Hart Enterprises.
HIALEAH, FLA. — Marcus & Millichap has completed the sale of a shopping center located in the Miami suburb of Hialeah for $11.75 million. Constructed in 1948, Essex Shopping Center is situated on 5.23 acres at 435 Hialeah Drive. Major tenants at the 75,592-square-foot center include Payless ShoeSource, GNC, Advance America and Sunshine Citgo. Alex Zylberglait, Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a Miami-based private investment group. Arthur Porosoff and Jorge Ruiz, also of Marcus & Millichap’s Miami office, represented the buyer, another Miami-based investment group.
MARIETTA, GA. — Hanley Investment Group Real Estate Advisors has completed the sale of a metro Atlanta shopping center for $7.79 million. Barrett Creek Plaza is located at 125 Ernest Barrett Parkway in Marietta. Constructed in 2003, the property contains 28,481 square feet of space that was 89 percent occupied at the time of the sale. Tenants include Axiom Staffing, Buffalo Wild Wings Grill & Bar, Chase Bank, Cheeseburger Bobby’s, Moe’s Southwest Grill and T-Mobile. The Hanley team of Kevin Fryman, William Asher and Edward Hanley represented the buyer, a Miami Beach-based private investor, as well as the seller, Los Angeles-based Westwood Financial. The property traded at a 7.78 percent cap rate.
DURHAM, N.C. — Berkeley Capital Advisors has brokered the sale of Hope Valley Square, a 40,383-square-foot shopping center located in Durham. The U.S. Postal Service anchors the property. The Berkeley team of Rob Carter, Alex Quarrier and David Webb represented the seller, Hawthorne Shannon Plaza. DNA Partners purchased the property for an undisclosed amount.
HOMESTEAD, FLA. — The Miami office of Grandbridge Real Estate Capital has originated $14.38 million in permanent financing for Oasis Plaza Shopping Center, a 68,000-square-foot retail property located in the Miami suburb of Homestead. The non-recourse loan carries a 10-year term and a 30-year amortization schedule. Grandbridge’s Philip Carroll and Michael Balan arranged the deal on behalf of the undisclosed borrower through a life insurance company.
WINDHAM, MAINE — A triple-net ground lease on a 138,134-square-foot Lowe’s in Windham has sold for $12.4 million or, $90 per square foot. Robert Horvath, vice president of investments, and Todd Tremblay, associate vice president of investments, at Marcus & Millichap’s Boston office, represented the seller, a regional owner and developer. The buyer is an institutional investor specializing in net-lease properties. The original 20-year lease was signed in March 2005 and includes six five-year options. The building is located at 64 Manchester Drive, about 20 miles north of Portland.