NEW YORK CITY — Marcus & Millichap has arranged the $7.5 million sale of a 21,000-square-foot Walgreens property in Brooklyn. Walgreens Corp. is leasing the property, located at 1282 Fulton St., for 20 years. The property traded at a 5 percent cap rate. Glen Kunofsky and James Ventura of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Kunofsky, Russell Wachtler and John Stewart represented the buyer, also a limited liability company.
SAN DIEGO — Kimco Realty Corp. has acquired its institutional partner’s 50 percent ownership interest in San Diego’s Santee Trolley Square. The acquisition was based on a gross purchase price of $98 million. The 311,000-square-foot power center is encumbered by a $48.5-million mortgage. It is anchored by T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target.
SMITHFIELD, VA. — Calkain Cos. has facilitated an approximately $3.4 million sale of a Tractor Supply Co. store in Smithfield. A private 1031 investor acquired the retail property. A full-service commercial real estate development firm based in the mid-Atlantic region sold the property. Andrew Fallon of Calkain Cos. represented the buyer.
YPSILANTI, MICH. — Agree Realty Corp. has closed on the $5.6 million sale of the 13,650-square-foot Walgreens on Michigan Avenue in Ypsilanti. The store was developed by Walgreens in 2008 and was sold by Farmington Hills, Mich.-based Agree Limited Partnership. The buyer was undisclosed.
MONTGOMERY, ILL. — Quantum Real Estate Advisors Inc has arranged the sale of a 7,964-square-foot National Tire & Battery Auto Center located on Hill Road in Montgomery for $3.4 million. Quantum represented the buyer, an institutional investor from the West Coast, and the seller, a private individual.
GRAFTON, WIS. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the 9,000-square-foot Milwaukee Ale House in Grafton for $1.6 million. Located at 1208 13th Ave, the restaurant is in the heart of downtown Grafton. Marcus & Millichap’s Jeff Rowlett and Jason Ladner represented the seller, a private investor.
SALEM, N.H. — Linear Retail Properties has acquired Salem Park Plaza, a 37,933-square-foot shopping center at 125 S. Broadway in Salem, for $8 million. Tenants include Pier 1 Imports, Jos. A. Bank and T-Mobile. Barnes & Noble anchors the property. The acquisition marks Linear's third purchase in New Hampshire in the last month.
THE WOODLANDS, TEXAS — The Woodlands Development Co. (TWDC), a subsidiary of The Howard Hughes Corp., has signed an agreement with H-E-B to be the anchor grocery store for the new Creekside Park Village Center, a 100-acre mixed-use development located on Kuykendahl Road between Creekside Forest Drive and Creekside Green Drive in The Woodlands. The neighborhood center will include a tree-lined park with a water feature, a 4,300-square-foot glass-walled restaurant, 52,000 square feet of retail space and 28,000 square feet of office space. Pad sites will also be available for a drug store anchor and other retail and office tenants. Jake Baker of Riverway Retail represented H-E-B in the lease transaction. Todd Edmonds and Bob Parsley of Colliers International represented TWDC. The Creekside store will be H-E-B's fourth location in The Woodlands.
FLORIDA AND ALABAMA — CBRE Capital Markets has arranged approximately $60.1 million in financing for the acquisition of seven shopping centers in Florida and the refinance of a 135,000-square-foot Lowe’s Home Improvement in Opelika, Ala. on behalf of H&R REIT. The Florida properties include: The Shops at Mission Trace in St. Augustine, Fla. Corridors at Ponte Vedra in Ponte Vedra Beach, Fla. First Merritt Center in Merritt Island, Fla. Mandarin Oaks in Jacksonville, Fla. Publix at Holly Hill in Daytona, Fla. Publix at Summer Bay in Clermont, Fla. Regency Village in Orlando, Fla. The purchase price for the seven Florida shopping centers totals $80.4 million. Six of the seven shopping centers are anchored by Publix. Corridors at Ponte Vedra is anchored by Fresh Market. H&R REIT is a Toronto Stock Exchange listed, open-ended real estate investment trust.
CHICAGO — Marcus & Millichap has arranged the sale of a net-leased Whole Foods store in Chicago for $11.58 million. The 41,148-square-foot building, located at 6020 N. Cicero Ave., sits at ground level in a multi-story condominium complex. Marcus & Millichap’s Sean Sharko and Austin Weisenbeck represented the seller, a local partnership in this deal. Juan DeAngulo of Transwestern Investment Management represented the buyer.
