MARGATE, FLA. — North American Development Group (NADG) has acquired the 236,679-square-foot Lakewood Shopping Center, located on West Atlantic Boulevard in Margate, for $31.5 million. Marshalls, Ross Dress For Less and Staples anchor the center. Also included in the sale were outparcels occupied by Walgreens, Burger King, Applebee's and Bank of America. A Walmart Supercenter, TD Bank, Boston Market, Denny's and a McDonald's on the property are separately owned and were not included as part of the sale. Casey Rosen, Dennis Carson and Nikolas Kozy of CBRE Group's Atlanta office represented the seller, a wholly owned subsidiary of Inland American Real Estate Trust, in the transaction.
OAK LAWN, ILL. — The Boulder Group has arranged the $1.1 million sale of a single-tenant Budget Rent A Car property at 8940 S. Cicero Ave. in Oak Lawn. The 2,500-square-foot retail building was developed in 1985 and is fully leased to Budget, which has four years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based partnership, in the transaction. The buyer was a high-net-worth individual in Canada.
EDGEWATER, N.J. — HomeGoods has inked a 24,000-square-foot lease to anchor the 100,000-square-foot retail component of Edgewater Harbor on River Road in Edgewater. The mixed-use development sits on 21 acres near the Hudson River. Already, CVS/pharmacy, Moe's Southwest Grill and AT&T have opened in existing buildings on the site. At build-out, Edgewater Harbor will also include 480 loft and townhouse residences. Development is nearly complete on the property's first two residential buildings, which will feature ground-level retail space along Main Street. HomeGoods was the first tenant committed to that portion of the project. Jerry Welkis of Welco Realty represented HomeGoods in the transaction. Jake Frantzman of Levine Management represented National RE/sources.
CORPUS CHRISTI — Wal-Mart Stores Inc. has awarded a contract to Satterfield & Pontikes Construction (S&P) to construct a $10.5 million, 139,000-square-foot Sam's Club store, located on South Padre Island Drive in Corpus Christi. Construction is under way and the project is slated for a spring 2013 completion. The construction includes the demolition of an existing Walmart store, asphalt paving and storm water requirements with erosion controls. Raymond Harris & Associates designed the facility. S&P has constructed more than 6 million square feet totaling more than $250 million on behalf of Wal-Mart Stores Inc.
CORPUS CHRISTI — Wal-Mart Stores Inc. has awarded a contract to Satterfield & Pontikes Construction (S&P) to construct a $10.5 million, 139,000-square-foot Sam's Club store, located on South Padre Island Drive in Corpus Christi. Construction is under way and the project is slated for a spring 2013 completion. The construction includes the demolition of an existing Walmart store, asphalt paving and storm water requirements with erosion controls. Raymond Harris & Associates designed the facility. S&P has constructed more than 6 million square feet totaling more than $250 million on behalf of Wal-Mart Stores Inc.
VANCOUVER, WASH. – The Riverstone Marketplace, a 95,774-square-foot retail space in Vancouver, has received $20.15 million in financing. The 10-year CMBS loan was provided by a life insurance company. It features a fixed interest rate that is less than 5 percent for the entire term. Funding was arranged by Geoffery Arrobio of Johnson Capital’s Downtown Los Angeles office.
VICTORVILLE, CALIF. — Goodwill Industries of Southern California will open a 12,000-square-foot store at Hi-Desert Plaza in Victorville during the third quarter of 2012. Goodwill signed a 10-year lease for the space. The company was represented by Jon Friesen of Lee & Associates. The landlord, Victor Valley Plaza Co., LLC, was represented by Brad Umansky and Pablo Velasco of Progressive Real Estate Partners and Rob Kurth of Kursch Group.
JACKSONVILLE, FLA. — Cushman & Wakefield has finalized the $11.7 million sale of the 75,906-square-foot Reedy Branch Commons Shopping Center, located at 10920 Baymeadows Road in Jacksonville. A 44,270-square-foot Publix anchors the center, which features a high-quality roster of in-line tenants. The property is 96 percent leased. Karl Johnston of Cushman & Wakefield represented Blackrock, the seller, in the transaction. Publix Supermarkets was the buyer.
COCHRAN, GA. — Agree Realty has acquired a newly constructed store leased to Dollar General Market, which is located in Cochran. The company has also purchased the fee interest in the land underlying its Walgreens store in Ann Arbor, Mich. Dollar General Market has the full term of 15 years remaining on its lease. The total cost for both properties was approximately $6 million. Agree Realty currently operates a portfolio of 87 properties in 23 states.
MACHESNEY PARK, ILL. — A private investor from California has purchased a 6,124-square-foot Advance Auto Parts property, located at 1535 West Lane Road in Machesney Park, for $1.5 million. Advance Auto Parts is the sole occupant of the building, which was developed by Orput Cos. Inc. in 2011. Advance Auto has 14 years remaining on its lease. The Boulder Group represented Orput Cos. in the transaction, while SAR Enterprises represented the tenant.