ANDERSON, S.C. — Greenville, S.C.-based RealtyLink has sold the 167,341-square-foot Midtowne Park Shopping Center, located at 3520 Clemson Blvd. in Anderson, to Pheonix-based Cole Capital for $25.6 million. Tenants include Kohl's, Dick's Sporting Goods, Staples and ULTA. The seller was self-represented in the transaction by Tyson Glasser.
HOFFMAN ESTATES, ILL. — Hoffman Estates-based Sears Holding Corp. plans to close as many as 120 Sears and Kmart stores following poor sales during the holidays. The company expects the closures to generate $140 to $170 million in cash from inventory sales. Sears Holding also expects the sale or sublease of real estate holdings to add more cash. The company predicts adjusted earnings for the fourth quarter of 2011 will be less than half the $933 million it reported for the fourth quarter of 2010. The retailer has yet to determine which stores will be closed. The price of Sears stock (Nasdaq: SHLD) closed at $31.78 per share on Dec. 30, 2011, down from $73.69 per share a year earlier.
HUNTINGTON BEACH, CALIF. — A new 34,000-square-foot Nordstrom Rack is set to open at Edinger Plaza in Huntington Beach. The store is scheduled to open in fall 2012. Edinger Plaza’s other anchor tenants include Dick’s Sporting Goods, Michaels and PetSmart. The plaza is managed and leased by Watt Companies.
VIRGINIA BEACH, VA. — The 12,814-square-foot Buckner Boulevard Retail Center, located at the intersection of Buckner Boulevard and Independence Boulevard in Virginia Beach, has sold for $2.7 million. Chris Zarpas of S. L. Nusbaum Realty Co.'s Norfolk, Va., office represented 130 London Bridge, the buyer, in the transaction and Timothy Finn, also of the firm's Norfolk office, represented Buckner 3545 Associates, the seller.
PHOENIX — Phoenix-based Cole Real Estate Investments has acquired five CVS assets, including three properties in Ohio, for a total of $11 million. The locations include Mansfield, Ohio; Warren, Ohio; Bellevue, Ohio; Titusville, Pa.; and Erie, Pa. Tom Lagos, Shawn Bakke and El Warner of the Los Angles office of Colliers International represented the seller, a private investor in Ohio.
HOUSTON — Fallas Discount Stores will open a new 22,000-square-foot store at Steeplechase Shopping Center, located at the northwest corner of FM 1960 and Jones Road. The store will be Fallas' 25th location in the greater Houston area. Shawn Ackerman of the Henry S. Miller Brokerage's Houston office represented the tenant in the lease transaction. Jason Du of the firm's Houston office represented the landlord, Jones 1960 Crossroads. Steeplechase is currently 90 percent leased to tenants such as Citi-Trends, Palais Royal, 99 Cent Only, Dollar Tree and Anna's Linens.
MURRIETA, CALIF. – The 60,390-square-foot Margarita Center in Murrieta has sold to Mon Mon, LLC for $8.5 million. Mon Mon plans to lease the center’s remaining vacant space. The company was represented by Todd Holley in Voit’s San Diego office. CBRE’s John Read, Patrick Toomey and Phillip Voorhees represented the seller, MS Kearny CPB 3 LLC.
BELLEVUE, WASH. – The Avalon Meydenbauer Shopping Center in Bellevue has received $6.8 million in financing. The mixed-use development was built in 2007 and contains a North Building and a South Building. The North Building features 9,601 square feet of retail, while the South Building boasts 9,837 square feet of retail for a total of 19,438 square feet. The center also features a 55,000-square-foot Safeway and five levels of apartments atop the retail. Neither was included in this collateral. Financing was arranged by John M. Stewart and Brock Yaffe out of NorthMarq’s Denver office for the California-based borrower.
SPRING HILL, TENN. — San Diego-based Excel Trust has purchased the 496,604-square-foot Crossings of Spring Hill, located at the intersection of U.S. Highway 31 and Saturn Parkway, from Brentwood, Tenn.-based GBT Realty Corp. for $31 million. Tenants include SuperTarget, Kohl's, Bed Bath & Beyond, PetSmart, Ross Dress For Less, Books-A-Million, Dollar Tree, maurices, Hibbett Sports, Moe's Southwest Grill, Kirkland's, O'Charley's, Olive Garden, Logan's Roadhouse and Cracker Barrel. Doug Hazelbaker and Ryan Shore of HFF's Dallas office represented the seller in the transaction.
WAKE FOREST, N.C. — Marcus & Millichap has negotiated the $3.62 million sale of the 21,860-square-foot Shoppes of Heritage, located at 3325 Rogers Rd. in Wake Forest. The center is fully leased to tenants including Little Caesar's, O'Dwyer's Pub, Triangle Dry Cleaning, Davinci's Pork Store, Wine 101, State Farm Insurance, Sunset Rayz, Wine & Design, Amy Nails and Hair 180. Andrew Margulies of Marcus & Millichap's Raleigh, N.C., office represented the seller, a Raleigh, N.C.-based private partnership, in the transaction. The buyer was a Chapel Hill, N.C.-based private investor.