WEATHERFORD — Roseville, Calif.-based TRI Commercial/CORFAC has arranged the $3 million sale of a 4,098-square-foot IHOP restaurant, located at 2005 S. Main St. in Weatherford. Dine Equity Inc., owner of IHOP, guarantees the lease with 15 years remaining. Bob King of TRI Commercial/CORFAC represented the seller, WB Equities, in the transaction. The buyer was Nevada-based Floken
Retail
MIAMI — Marcus & Millichap has arranged the $5.96 million sale of a 4,159-square-foot Chase Bank, located at 801 SW 27th Ave. in Miami. The new lease is a 20-year, triple-net corporate ground lease. Tim Giambrone of Marcus & Millichap represented the seller, a Florida-based limited liability company, in the transaction and procured the buyer, a Long Island, N.Y.-based private investor.
NEW YORK CITY — American Realty Capital Trust (ARCT) has acquired 10 retail properties in five states, including Minnesota and Missouri, for $16.3 million. Family Dollar is leasing three of the properties, while seven are occupied by Ruby Tuesday. The buildings total 60,000 square feet. The acquisition is in line with New York City-based ARCT's strategy of developing a diversified portfolio with a 60 percent concentration in the retail sector. In addition to the Midwest, some of the properties are located in Georgia, Texas and Florida.
TRAVERSE CITY, MICH. — Aldi Foods has purchased a 22,331-square-foot retail building in Traverse City. The former Circuit City property is located across from Grand Traverse Mall. Rick Vida of RSV&P Inc. represented the seller, Inland Real Estate of Chicago. Michael Lippet of Lormax Stern represented Aldi. The discount supermarket chain is expected to open at the location in December or January.
PLYMOUTH AND SHAWANO, WIS. — Agree Realty Corp. has sold the Plymouth Commons shopping center and the Shawano Plaza shopping center in Wisconsin for $7.4 million. The 161,000-square-foot Plymouth Commons in Plymouth is anchored by an 86,479-square-foot Kmart and a 39,352-square-foot Pick'n Save. The 193,000-square-foot Shawano Plaza in Shawano is anchored by a 86,479-square-foot Kmart and a 47,047-square-foot Pick'n Save. Agree plans to redeploy the capital into acquiring and developing single-tenant properties, net leased to leading retailers.
HOUSTON — Marcus & Millichap has arranged the sale of a 2,854-square-foot Wendy's, located at 12486 NW Freeway in Houston, for $1.15 million. Edward Benton of Marcus & Millichap's Houston office represented the buyer, a private investor, in the transaction.
DALLAS — JPMorgan Chase Bank has renewed its 7,374-square-foot lease at Parkway Plaza II, an office building located in Dallas' Quorum/Bent Tree submarket. The location serves as a retail branch and offers a drive-thru service. Bob Buell, Louis Weber and Rena Chappell of Fults Commercial Real Estate represented the landlord, Merit Texas Properties, in the lease renewal transaction. Larry Denisoff of The Weitzman Group represented the tenant.
IMPERIAL BEACH, CALIF. – A 14,884-square-foot retail property occupied by CVS in Imperial Beach has sold to Drooz Trust for $7 million. It is located at 800 Palm. Drooz was represented by Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company. The seller, Imperial Beach Promenade, LLC was represented by Alvin Mansour and Sam Hanna of Marcus & Millichap.
COLMA, CALIF. – Office Depot has leased 14,446 square feet of space at the 280 Metro Center in Colma. The space was previously occupied by Magnolia Hi-Fi. Other tenants at the center include Bed, Bath & Beyond, Best Buy, Home Depot Pro, Marshall’s, Nordstrom Rack, Old Navy and Ulta. Office Depot was represented by Todd Oliver with Terranomics Retail Services. The center is owned by Kimco Realty Corporation.
ANDALUSIA, ALA. — SRS Real Estate Partners has negotiated the $3.92 million sale of the 97,000-square-foot Andalusia Marketplace, a shopping center located in Andalusia. The center is fully leased to Tractor Supply Co., Marvin's Building Materials and Food Giant. Josh Burmeister and Buff Teague of SRS represented the seller.