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.
HOUSTON AND MISSOURI CITY, TEXAS — Marcus & Millichap has arranged the sale of two shopping centers in Texas totaling 89,720 square feet. The properties include the 42,435-square-foot Missouri City Corners in Missouri City and the 47,285-square-foot Desoto Shopping Center in Houston. Jerry Goldstein of Marcus & Millichap's Houston office represented the sellers in both transactions.
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.
FAYETTEVILLE, N.C. — Construction is advancing for Glensford Way, a new 183,000-square-foot shopping center located in Fayetteville. Anchor BJ’s Wholesale Club has already opened its doors within the center, which is located at the intersection of Glensford Drive and Campground Church Road. When complete in spring 2014, the center will contain two junior anchor spaces, approximately 20,000 square feet of small-shop space and three outparcels, one of which has already been leased to Bonefish Grill. The Shopping Center Group is handling leasing for the project. The owner is Armstrong Ventures 2 LLC.
ADDISON, ILL. — Discount grocer Aldi has leased 28,048 square feet at the former Best Buy building in Addison, a suburb of Chicago. The building is located at 1038 N. Rohlwing Road at the I-355 and West Lake Street interchange. The Addison store will be Aldi’s 140th store in the Chicago area. Craig Lillibridge, first vice president at CBRE, represented Aldi in the transaction. CBRE also represented the landlord.
CINCINNATI, OHIO — Phillips Edison-ARC Shopping Center REIT Inc. has acquired four grocery-anchored shopping centers for a total purchase price of approximately $117 million. The properties include Northcross, a 280,243-square-foot shopping center located in Austin. A 98,800-square-foot Walmart Supercenter anchors the property and is leased through March 2029. Other tenants include Walgreens, GameStop, GNC, Guitar Center, Great Clips and Weight Watchers. The other properties included in the announcement are Shiloh Square in metro Atlanta, Glenwood Crossings in metro Milwaukee and The Pavilions at San Mateo in Albuquerque, N.M. The four acquisitions bring the REIT's total portfolio to 46 properties in 18 states totaling $650.7 million.
EL PASO, TEXAS — Kite Realty Group Trust has executed a 31,541-square-foot lease with Sprouts Farmers Market at Sunland Towne Centre in El Paso. The shopping center includes tenants such as Bed Bath & Beyond, Ross Dress for Less, PetSmart and Party City. Sprouts will occupy the former Roomstore space.