BEACHWOOD, OHIO — A former Hummer auto dealership located at 25975 Central Pkwy. in Beachwood has traded for $4.1 million. The buyer was M4 Realty and the seller was Central Hummer East Limited. Terry Coyne of Grubb & Ellis represented the buyer in the deal and Greg West of Ostendorf Morris represented the seller.
FORT LAUDERDALE, FLA. — Miami-based Colliers International South Florida has completed the sale of the 3.67-acre Las Olas Riverfront, located at 300 SW 1st Ave. in Fort Lauderdale, for $16.7 million. The property contains a 244,667-square-foot, open-air retail center. John Crotty, Mia Stierheim and Michael Fay of Colliers International South Florida represented Las Olas Riverfront, L.P., the buyer. Achikam Yogev, also of Colliers International South Florida, represented CRE Las Olas Riverfront, the seller. The buyer plans to reposition the property, which offers potential opportunity to develop up to 1.3 million square feet of residential, office, retail and hotel accommodations, with the right to apply for additional square footage and use rights through the City of Fort Lauderdale and Broward County.
ADAMSVILLE & JASPER, ALA. — The Shopping Center Group facilitated the sale of two former Food World buildings, located in Adamsville and Jasper, on behalf of INSOUTH Bank to Yazoo City, Miss.-based Action Properties. The two REO properties total 105,000 square feet. In Adamsville, the 45,720-square-foot property is located at the 4.4-acre West County Marketplace. Tenants include Goody's, Cato, Dollar Tree, Hibbett Sports and Anytime Fitness. In Jasper, the 60,000-square-foot property is situated on approximately 6 acres at the southeast quadrant of US Highway 78 and Airport Road, across from Jasper Square Shopping Center. Tenants include Ashley Home Furniture, Pet Depot, CVS/pharmacy and Burger King. Will Akin and Neal Owens of the Birmingham, Ala., office orchestrated the transactions.
CHICAGO — The Boulder Group has completed the sale of a 16,290-square-foot Save-A-Lot located at the intersection of 63rd Street and South Calumet Avenue in Chicago for $2.29 million. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local developer. The buyer was a New Jersey-based high net-worth investor.
LAND O' LAKES, FLA. — Collier Commons of Pasco has sold the 187,132-square-foot Collier Commons Shopping Center, located at the intersection of State Road 54 and Collier Parkway in Land O' Lakes, to Lakeland, Fla.-based Publix Supermarkets for $28 million. The center is anchored by a 60,667-square-foot Publix and a 66,355-square-foot Belk. Other tenants include Walgreens, Chili's and Verizon. Karl Johnston of The Capital Markets Group of Cushman & Wakefield's Jacksonville, Fla., office and Patrick Berman of the Tampa, Fla., office represented the seller and the buyer was self-represented.
BISMARCK, N.D. — TNP Strategic Retail Trust has acquired Pinehurst Square East, a 114,292-square-foot retail center located in Bismarck. Constructed in 2005, the center is anchored by T.J. Maxx, Old Navy and Shoe Carnival. Occupancy was more than 90 percent at the time of closing, and the tenant leases have staggered expirations through 2017. The seller was a tenant-in-common investor group, which maintains an ownership interest in the property. The acquisition price was not disclosed.
CINCO RANCH — Grandbridge Real Estate Capital's Houston office has closed a $5.3 million first mortgage loan for a 22,400-square-foot retail center in Cinco Ranch, near Katy. The property is 100 percent leased to tenants such as First Community Bank, FedEx Kinko's, Mooyah Burgers & Fries and Potbelly Sandwich. The loan was secured by Arcadia and funded through Grandbridge's CMBS relationship with Morgan Stanley. The non-recourse, fixed-rate loan features a 10-year term and a 25-year amortization and a 75 percent loan-to-value rate. The retail property is owned by HRC Partners Ranch, Ltd., and Excel Commercial Real Estate and New Regional Planning partnership.
CHARLOTTE, N.C., AND GREENWOOD, S.C. — Berkeley Capital Advisors has brokered two neighborhood shopping center sales. The first property is Independence Square, a 139,361-square-foot neighborhood center located in Charlotte. Major tenants include Super Global Mart, Rugged Warehouse, Harbor Freight Tools, Dollar General, Dots, Bank of America and Ruby Tuesday. Occupancy was 95 percent at the time of closing. The second property was Food Lion Plaza, a 48,466-square-foot neighborhood center located in Greenwood. Anchored by Food Lion, the property was 85 percent occupied at closing. The Berkeley team of Rob Carter, David Webb and Alex Quarrier arranged both deals.
ALPHARETTA, GA. — Addison Place, a 44,293-square-foot retail center, has sold for $2.6 million. Located on Jones Bridge Road in John's Creek, the shopping center is positioned adjacent to a CVS/pharmacy and its lead tenant is Bonefish Grille. Craig Taylor of CB Richard Ellis' private client group represented the seller, P.I. Holdings, Inc., a division of BBVA Compass Bank. The buyer was Addison Place Ventures LLC.
FOX LAKE, ILL. — Dollar Tree has opened a new 9,000-square-foot location within Fox Lake Crossing, located at the intersection of State Routes 59 and 134 in Fox Lake. Jeff Wright of Kite Realty Group represented the landlord, KRG Fox Lake Crossing LLC, in lease negotiations. Kyle Mayberry of Zifkin Realty Group represented Dollar Tree.