WILMINGTON, N.C. — Marcus & Millichap has arranged the sale of The Forum, a 105,000-square-foot boutique retail center located at 1125 Military Cutoff Road in Wilmington, for $24.7 million. Lori Schneider of Marcus & Millichap’s Fort Lauderdale office represented the seller, Swain & Associates, the developer of The Forum. Schneider also represented the buyer, L&B Realty Advisors LLP, a Texas-based pension fund advisor.
LILBURN, GA. — Kimco Realty Corp. has purchased Five Forks Crossing, a 73,910-square-foot, grocery-anchored retail center located at 3050 Five Forks Trickum Road in Lilburn, a suburb of Atlanta. Kimco acquired the fully leased center for $10 million. Kroger anchors the center, which also includes Coast Dental, The UPS Store, Wood Eye Care and Great Clips on its tenant roster. Fred Victor of Transwestern represented the seller, SWA Investment, in the transaction. Kimco was represented internally by Ross Cooper.
MIAMI GARDENS, FLA. — The owners of Palmetto Gardens Plaza, a planned 63,000-square-foot retail center located at 3799 N.W. 167th St. in Miami Gardens, have avoided the property’s foreclosure by reaching a settlement with lender PNC Bank. The owners have since secured a new $4.5 million loan with Hudson Financial Services and signed a 41,000-square-foot lease with Walmart to have a Neighborhood Market Store anchor the property. David Larson of Newmark Grubb Knight Frank secured the financing from Hudson Financial Services. Richard Schermer of Pathman Lewis LLP served as legal counsel during the lease negotiations and assisted in the final closing of the loan. Ravi Batta of Rosenfeld Stein Batta PA and The Law Firm of Michael L Feinstein PA represented the owners during the litigation and final settlement negotiations with PNC Bank.
ADRIAN, MICH. — Landmark Commercial Real Estate Services Inc. has arranged the $8 million sale of a 108,000-square-foot building occupied by Lowe’s in southern Michigan. Daniel Kukes and Kevin Baker of Landmark represented the buyer, a non-traded REIT. Trio Commercial Group represented the seller, a Kentucky-based private family office, in the transaction. Lowe’s is located at 1369 Division St. in Adrian.
REVERE, MASS. — Marcus & Millichap has arranged the $16.4 million sale of the ground lease on a 120,224-square foot BJ’s Wholesale Club retail store in suburban Boston. The sales prices equates to $136 per square foot. Robert Horvath and Todd Tremblay, both vice presidents of investments in Marcus & Millichap’s Boston office, represented the seller, William Thibeault, owner of Rumney Marshview LLC. The buyer is a local private investor. BJ’s Wholesale Club signed its original 15-year ground lease in March 2008. Built in 2009 on a 13.8-acre parcel, the property is located approximately six miles from downtown Boston at 5 Ward St. in Revere.
NORWOOD, MASS. — CMI Property Inc. has purchased two retail buildings totaling 80,208 square feet, located on an 8.5-acre-site in Norwood, about 20 miles south of Boston. Elliot & Co. LLC represented the buyer, as well as the seller, the Zoppo family, in the transaction. The details of the transactions were not disclosed. The properties are located at 560 – 570 Boston Providence Highway.
LAFAYETTE, LA. — The Ainbinder Co. has broken ground on Ambassador Crossing Shopping Center, located at the intersection of Ambassador Caffery Parkway and Settlers Trace Boulevard in Lafayette. A 36,200-square-foot Whole Foods Market will anchor the 108,000-square-foot neighborhood center. Other tenants will include J. Crew, Carter’s Babies & Kids/Osh Kosh B’Gosh, Lee Michaels Jewelers, Massage Envy, Chipotle Mexican Grill, Which Wich and Superior Nails. The Ainbinder Co. acquired the development site from the Saloom Family of Lafayette. Chris Campion of Houston-based CAC Realty represented Ainbinder, and Jack Castle of Lafayette represented the Saloom Family. Rick Kirschman of New Orleans-based Kirschman Realty represented Whole Foods in the lease transaction. Ruben Alvarez of Sovereign Bank in Houston provided construction financing for the development. The design team includes architect Boucher Design Group of Houston, project engineer Paul Miers Engineering of Lafayette and general contractor Parkes Construction of Nashville. Shaw MacIntyre and Ed James of UCR Moody Rambin Page in Houston are handling the property’s leasing.
CENTREVILLE, VA. — Lotte Plaza International Grocer has leased approximately 47,000 square feet at Centreville Square II, a 200,366-square-foot neighborhood center located in Centreville. Centreville Square II is located at the intersection of Centrewood Drive and Lee Highway and is tenanted by Party Depot, Sleepy’s Mattress Professionals, Five Guys Burgers and Fries, Wells Fargo, Hair Cuttery and the UPS Store. The new grocery store will offer fresh produce, hard-to-find international food brands, a meat shop and a food court with Japanese, Korean and Chinese eateries. Lotte Plaza is slated to open in spring 2014.
UNIVERSITY HEIGHTS, OHIO — Inland Real Estate Corp. has acquired Cedar Center South, a 139,000-square-foot shopping center in suburban Cleveland, for $24.9 million through Dutch pension fund advisor PGGM, its joint venture partner. A 45,300-square-foot Whole Foods grocery store and a 12,100-square-foot CVS/pharmacy, both on long-term leases, anchor Cedar Center South. The 83 percent-leased center also includes a mix of other national and local retailers. Cedar Center South is situated approximately eight miles east of downtown Cleveland in the inner ring suburb of University Heights. Including Cedar Center South, Inland currently has an ownership interest in four retail centers totaling more than 592,000 square feet of leasable area within the Cleveland metro area.
UNION GROVE, WIS. — Marcus & Millichap has arranged the $1.1 million sale of McDonald's ground lease, a 3,500-square-foot, net-leased property located in Union Grove, about 30 miles south of Milwaukee. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook, Ill. office, marketed the property on behalf of the seller, a private developer. Weisenbeck and Sharko also represented the buyer, an East Coast-based individual/personal trust, in the transaction. The property, located at 835 15th Ave., sold at 97.3 percent of its original list price. McDonald’s is under a 20-year lease, which includes eight five-year options to renew. Matthew Fitzgerald, a broker at Marcus & Millichap, assisted in closing the transaction.