PORT HURON, MICH. — Mid-America Real Estate Corp. has arranged the $3.96 million sale of a 15,120-square-foot, freestanding Walgreens in Port Huron. Bill Wright and Ben Wineman of Mid-America Real Estate Corp., along with Daniel Stern of Mid-America Real Estate Michigan Inc. represented the seller, Beachwood, Ohio-based DDR. The buyer was a private Michigan-based company headed by an investor in China.
CHICAGO — A Chicago-based investment company has purchased a retail building located at 6440 W. 95th St. in Chicago for an undisclosed amount. The property is leased to Party City, a party supplies store, which has occupied the building since 1996. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer and seller in the transaction.
HAMDEN, CONN. — True Athletics has signed a 10,000-square-foot lease at 850 Sherman Ave. in Hamden. True Athletics is a strength and conditioning facility that specializes in sports performance. The facility is undergoing a complete renovation and plans are to open in early winter. Stephen Press and Albert Scafati represented the tenant in the transaction. Scafati also represented the landlord, Louis M. Landino Family Trust.
NORMAN, OKLA. — A 24,641-square-foot retail property, located at 300 Norman Center Ct. in Norman, which was once leased to Borders has been sold for $1.6 million. The seller was Farmington Hills, Mich.-based Agree Realty Corp.
LAKE ELSINORE, CALIF. — A single-tenant Walgreens location in Lake Elsinore has sold to a private investor from Palm Desert, Calif., for $8,086,409. It sold at a 6.48 percent cap rate. The 13,678-square-foot building was constructed in 2011 on a 1.57-acre parcel at 31781 Mission Trail Road. It is leased to Walgreens for 75 years. Hanley Investment Group Real Estate Advisors’ William B. Asher and Jeremy S. McChesney represented both the buyer and the seller, a private investor from Seal Beach, Calif., in this transaction.
AURORA, COLO. — Arapahoe Crossings is adding two more retailers to its roster. Gordmans is set to open a 55,000-square-foot store at the Aurora shopping center in fall 2012, while Chuck and Don’s Pet Food Outlet will debut a 7,000-square-foot location in early 2012. The center will boast an occupancy rate of more than 90 percent with the addition of these two tenants. Gordmans was represented by Allan Murow of Noddle Companies. Chuck and Don’s was represented by Carl Luppens of Nordic Land Company. Brixmor’s Paul Sheppard represented Arapahoe Crossings in these transactions.
GOLDSBORO, N.C. — The 57,000-square-foot Five Points Plaza, located at 102-118 Five Points Rd. in Goldsboro, has been sold for $6 million. Food Lion anchors the center, which is 97 percent leased. Drew Fleming and Mark Joines of Cassidy Turley's Atlanta office represented the buyer, a North Carolina-based private equity group, in the transaction. Marlene Spritzer of CresaPartners' Cary, N.C., office represented the seller, a North Carolina-based developer.
CHICAGO, BROOKFIELD, WIS. — Real estate investment trust Inland Real Estate Corp. and Dutch pension fund manager PGGM purchased two Midwest retail properties for $43 million. Inland and PGGM, operating in a joint venture, paid $18.9 million for Elston Plaza, an 88,213-square-foot, grocery-anchored center in Chicago. The entity also acquired Brownstones Shopping Center, a 137,800-square-foot, grocery-anchored located in Brookfield, Wis., for $24.1 million. Elston Plaza is 95 percent occupied. Brownstones is about 93 percent leased. The venture plans to invest $270 million in retail centers in select Midwest markets. To date, the venture has purchased seven assets valued at $141.3 million.
HARTFORD, CONN. —Washington Trust's Commercial Real Estate Group has provided a $2.7 million loan to West Hartford Associates for the refinancing and renovation of Shield Street Plaza Shopping Center in West Hartford. The two-building, 77,852-square-foot center is located at 132-162 Shield St.
ABILENE — First Financial Bank, N.A., Abilene, a subsidiary of Abilene-based First Financial Bankshares, will break ground on its new 5,530-square-foot branch today at 2 p.m. CT., located at 1801 Antilley Rd. in Abilene. The bank will feature five drive-thru lanes and a deposit-taking ATM and is slated to open in mid-2012.
