SOUTHLAKE — Southlake-based N3 Real Estate has partnered with Atlanta, Ga.-based JPS Investment Co. to focus on the acquisition of grocery-anchored shopping centers. JPS is sourcing the shopping center acquisitions, the first of which will close next month and be anchored by Publix, with capital coming from a $200 million real estate investment and development fund that N3 Real Estate advises and directs. The goal of the partnership it to take the portfolio to $100 million by the end of 2012.
PELHAM, ALA. — The 74,008-square-foot Pelham Towne Center in Pelham has sold to Dallas-based Encore Retail. The center is anchored by a 45,600-square-foot Publix. Neal Pringle and Mark Cooley of Atlanta-based The Shopping Center Group's Investment Sales Team represented Sharp Realty & Management, the seller.
GAYLORD, MICH. — Cleveland-based Cooper Commercial Investment Group has brokered the sale of a 188,219-square-foot shopping center located in Gaylord for $4 million. Pine Ridge Square is located at 1401 W. Main St. Its anchors include Hobby Lobby, Dunham's Sports, Big Lots, and Family Farm & Home. Dan Cooper of Cooper Commercial represented the seller, Beachwood, Ohio-based DDR Michigan LLC, and procured the buyer, a private group from Birmingham, Mich. The property traded at a 10.25 percent cap rate.
LEE'S SUMMIT, MO. — Faris Lee Investments has completed the sale of a 35,600-square-foot retail building triple-net leased to 24 Hour Fitness for $7.1 million. Constructed in 2007, the property is located on 3.53 acres at 900 NE Deerbrook St. Matthew Mousavi of Faris Lee represented the buyer, a Hawaii-based family trust. Chicago-based Baum Realty represented the Omaha, Neb.-based seller. The property closed at a 9.45 percent cap rate, which will increase to 10.65 percent in 2013 and increase 12 percent every five years thereafter. The buyer is also working with Faris Lee's Capital Markets Group to refinance the property.
WESTCHESTER COUNTY & BRONX, N.Y. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has recently secured $25.1 million in two transactions in New York. A 10-year, $20.5 million loan was arranged for a 160,000-square-foot, Class A office complex in Westchester County by Meyer Perlman, Mark Silbersher and Abe Katz of Deerwood. Also, a 10-year, $4.65 million loan was closed for A 33,300-square-foot grocery-anchored shopping center in the Bronx. Deerwood's Igor Goldenberg negotiated the financing.
HENRICO COUNTY, VA. — Cushman & Wakefield | Thalhimer has secured four new tenants for The Corner at Short Pump, located at West Broad Street and Lauderdale Drive in Henrico County. Toys “R” Us has leased 58,075 square feet, Bassett Furniture Direct leased 14,422 square feet, Olive Garden leased 7,441 square feet and Select Comfort leased 2,400 square feet. Connie Jordan Nielsen, Lindsey Floyd and Loretta Cataldi of Cushman & Wakefield | Thalhimer's Richmond, Va., office represented the landlord in all transactions, and James Ashby IV of the same office represented Bassett.
ORLANDO & ORMOND BEACH, FLA. — Robert Hernandez of NorthMarq Capital's Tampa, Fla., office has arranged first-mortgage financing totaling $2.39 million for two retail properties currently leased to Family Dollar. The stores are a 9,200-square-foot location at 14243 East Colonial Dr. in Orlando, and a 9,180-square-foot property at 780 South Nova Rd. in Ormond Beach. Financing was based on a 15-year term with a 25-year amortization schedule, and were secured through Columbian Mutual Life Insurance Co.
CHICAGO — The Boulder Group has assisted in the $7.03 million sale of a 13,650-square-foot Walgreens property located at 3220 W. 111th St. in Chicago. The property is leased to Walgreens for a 25-year lease term. The seller was a Chicago-based developer and the buyer was a California-based 1031 exchange investor. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.
MT. PLEASANT, WIS. — The Redmond Company has completed construction for a 15,870-square-foot Gordon Food Service Marketplace store located in Mt. Pleasant. Construction began in December and the grand opening in scheduled for June 28.
HOUSTON, HILLSBORO AND CARROLLTON — John Wall, Jr., Randall Tuller and Maury Bronstein of The Situs Companies represented Lexington Realty Trust in the individual sales of three Texas properties. These properties include a 54,571-square-foot building leased to Kroger located at 13133 Stuebner Ave. in Houston, a 25,396-square-foot building leased to Safeway located at 120 South Waco St. in Hillsboro and a 62,058-square-foot building leased to Ong’s Family located at 3040 North Josey Ln. in Carrollton. All three assets were acquired by various limited partnerships.