PORT ST. LUCIE, FLA. — Old Royal LLC, a West Palm Beach, Fla.-based private investment group, has purchased Parkway Plaza, a retail strip center in Port St. Lucie, for $1.8 million. The 42,739-square-foot retail property is located at 6500 Selvitz Rd. and was constructed in 2007. It was 39 percent occupied at the time of the transaction. William Strauss of CBRE represented the seller, Baltimore-based Quality Properties Asset Management Co.
FLINT, MICH. — Morris, Smith & Feyh Inc. (MS&F) has arranged a $1.4 million mortgage loan for a 40,000-square-foot Big Lots center in Flint. Chad Kiner of MS&F arranged the 10-year loan, which amortizes over 17 years, through a life insurance company. The borrower is Devonshire Fund, a commercial real estate company that owns and operates 1.4 million square feet of retail space in the Midwest and Southeast regions.
BRILLION, WIS. — Marcus & Millichap has arranged the $1 million sale of a 5,120-square-foot McDonald's property in Brillion. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company. The buyer was a private investor.
KILLEEN — Quantum Real Estate Advisors has brokered the $1.35 million sale of an 8,000-square-foot Family Dollar store in Killeen. Jordan Kaufman of Quantum represented the seller, a Houston-based private developer, in the transaction. Family Dollar has 10 years remaining on its lease.
HUNTINGTON BEACH, CALIF. – An auto dealership in Huntington Beach has sold to Huntington Beach Ford for $16.2 million. The dealership is located on a 6.3-acre lot at 18255 Beach Blvd. Huntington Beach Ford is the property’s current occupant. The dealership was represented by Todd LaPlante of Five Points Commercial Real Estate. The seller, the Howard L Abel Family Trust, was represented by Michael Abel of Lee & Associates.
ALPHARETTA, GA. — The 22,000-square-foot Grasslands Plaza shopping center at 5620 Commerce Blvd. in Alpharetta has traded for $1.8 million. PNC Bank sold the foreclosed property and three acres of land to TAC GrassLands LLC, a regional equity group. Grasslands Plaza was built in 2008 and is currently 69 percent occupied with tenants including Curves, Dollar Tree, Moe’s Southwest Grill and AT&T Cellular. The vacant parcels are approximately 1.32 and 1.73 acres. Grasslands Plaza and the vacant lots are outparcels to a Wal-Mart Supercenter. Ron Whitmire and Bob Kane of Bull Realty represented the bank in the disposition.
MIDDLEFIELD, OHIO — E&H Hardware Group has signed a lease for a 12,488-square-foot Ace Hardware store in Middlefield. The hardware store will take over the former Paul's Lumber space in the spring of 2013. Brad Kowit and Tori Nook of Kowit & Passov Real Estate Group represented the tenant, E&H Hardware Group, in the transaction.
MARIETTA, OHIO — The 109,856-square-foot Lafayette Center, a shopping center in Marietta, is on the market. Steven Siegel of Marcus & Millichap is spearheading the marketing efforts for the seller, and the property is listed at $10.1 million or $92 per square foot. The center is currently 91.5 percent occupied and tenants include Peebles, JoAnn Fabrics and Family Dollar. The property is situated off Interstate 77, also known as Vietnam Veterans Memorial Highway.
NEW YORK CITY — Besen & Associates has arranged the $3.1 million sale of 194 Orchard St., a 2,308-square-foot retail property between East Houston and Stanton streets. VIP Leather Gallery previously occupied the space, which is now vacant. The property is zoned for a mixed-use development with approximately 9,220 buildable square feet. Orchard Street, located on the Lower East Side, is lined with low-rise tenement brick buildings and many retail shops. Bobby Khurana of Bensen & Associates represented the seller in the transaction. Hilly Soleiman, also of Bensen, represented the buyer, a local private investor.
DALLAS — Bright Realty has arranged the sale of a 4,658-square-foot, three-tenant retail center, located at 4501 Maple Ave. in Dallas' Medical District. David Choe of Bright Realty represented the buyer in the transaction. Tommy Tucker of UCR Investments represented the seller.