GROVELAND, FLA. — Marcus & Millichap has arranged the $9.1 million sale of the 65,751-square-foot Eagle Ridge Shoppes, located at 7975 State Road 50 in Groveland. Sonny Molloy of Marcus & Millichap's Atlanta office represented Groveland Associates, the seller, in the transaction and Kirk Olson and Drew Kristol of the firm's Miami office represented the buyer, a Miami-based private equity group. Publix anchors the center, which is approximately 80 percent leased.
Retail
HOUMA, LA. — Jones Lang LaSalle has negotiated the $8.5 million sale of the 98,586-square-foot Houma Power Center, located at 1550 Martin Luther King Blvd. in Houma. Old Navy, Michaels and Burke's anchor the center, which is fully leased. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle's Atlanta office represented Kimco Realty Corp., the seller, in the transaction. The buyer was New Orleans-based Property Management Group.
CHESAPEAKE, VA. — Cushman & Wakefield — Thalhimer has brokered the $1.12 million sale of a 9,000-square-foot retail property, located at 4124 Chesapeake Square Blvd. in Chesapeake, which was formerly Paradocks Restaurant. Andy Stein of Cushman & Wakefield — Thalhimer's Virginia Beach, Va., office represented Bank of the Commonwealth, the seller, in the transaction, and Troy Parker of the same off represented the buyer, T2 Chesapeake Square, who is redeveloping the property for retail use.
ROYAL OAK, MICH. — Marcus & Millichap has arranged the $12.3 million sale of a 45,000-square-foot LA Fitness, located at 25352 Woodward Ave. in Royal Oak. Mark Thiel of Marcus & Millichap's San Diego office represented the buyer, a Southern California-based private family trust. LA Fitness' triple-net lease extends through September 2030.
YONKERS, N.Y. — New York City-based Time Equities has purchased the 10,000-square-foot 180 McLean Avenue, a retail property in Yonkers (currently leased to Duane Reade) for $3.45 million. Time Equities was self-represented by Amy Ziff, and Gelcor Real Estate and CB Richard Ellis represented the undisclosed seller.
KENT, WASH. – The 28,512-square-foot Old Orchard Shopping Center has sold to a limited liability company for $5.4 million. The center is anchored by Value Village, O’Reilly Auto Parts and Washington Federal Savings Bank. The property was marketed exclusively by Dino A. Christophilis, an investment specialist in Marcus & Millichap’s Seattle office on behalf of the seller, which was also a limited liability company. Christophilis represented the buyer, as well.
MARIN CITY, NAPA, CALIF. — Cassidy Turley Northern California has sold two area shopping centers for a total of $55.8 million. The first is the Marin Gateway Shopping Center in Marin City, which sold for $36 million. The buyer was an affiliate of the Gerrity Group. The seller was the Bay Area Smart Growth Fund, an affiliate of PCCP, LLC in partnership with the Marin County Community Development Corporation. The second was Kohl’s Parkway Plaza Shopping Center in Napa, which sold for $19,825,000. The buyer was an affiliate of Cole Real Estate Investments. Cole was represented in-house by Scott Holmes, vice president of acquisitions. The seller was an affiliate of Lubert Adler Partners. Cassidy Turley’s Dan Wald and Dave Nord led the marketing team for both properties. Mark Koenig and John Schaefer of Cassidy Turley Northern California’s retail leasing division, Terranomics Retail Services, also participated in the marketing effort as leasing market specialists.
NEWHALL, CALIF. – A 2,700-square-foot property that is currently occupied by Carls Jr. has sold for $2,015,000. The single-tenant, NNN leased property was purchased by PBKL, LLC. Though the sales sum was not disclosed, Faris Lee, which represented the buyer, said the property sold above list price. Matt Mousavi, a director with Faris Lee Investments, executed this all-cash transaction on behalf of PBKL. John Glass of Marcus and Millichap represented the seller, Carl Karcher Enterprises. The deal was a corporate sale-leaseback with Carls Jr. Corporate.
DOUGLASVILLE, GA. — Marcus & Millichap has arranged the $32.8 million sale of a 352,073-square-foot Wal-Mart Supercenter and Sam's Club, located at 7001 Concourse Pkwy. in Douglasville. Craig Johnson of Marcus & Millichap's Atlanta office represented the seller, a California-based investor, and procured the buyer, a private REIT. The base triple-net lease term for the buildings goes through November 2019 with six 5-year options.
CHICAGO — Marcus & Millichap has brokered the $10.8 million sale of a 13,738-square-foot retail property, located at the corner of West Chicago Avenue and North Orleans Street in Chicago. Walgreens anchors the property, which also includes Verizon Wireless and Bank of America. Austin Weisenbeck and Sean Sharko of Marcus & Millichap's Oak Brook, Ill., office represented the seller, a local developer, in the transaction.