TOCCOA, GA. — A 14,673-square-foot, triple-net leased Rite Aid Pharmacy in Toccoa has sold for $3.79 million. Lori Schneider of Marcus & Millichap's Fort Lauderdale office represented the seller, a company from Alpharetta, Ga., and John E. Brigel of Marcus & Millichap's Tampa, Fla., office secured the buyer, a Whitestone, N.Y.-based private investor.
Retail
ALGONQUIN, ILL. — Marcus & Millichap has sold Harlem Furniture, a 34,950-square-foot, single-tenant, net-leased property, located at 2471 Randall Rd. in Algonquin, for $3.55 million. The buyer, a private investor, secured insurance debt on the property with 60 percent LTV and a 6 percent interest rate.
PRINCETON, N.J. — Marcus & Millichap has facilitated the sale of the 21,095-square-foot Clifftown Center in Princeton for $3.75 million. Christopher Munley, Mark Taylor and Dean Zang of the firm's Philadelphia office represented the seller, New Jersey-based Xanadu Associates, and procured the buyer, New York-based Jemstone Acquisitions Corp.
HOUSTON — Westheimer Crossing Shopping Center, a 94,053-square-foot retail center located at the northwest corner of Westheimer and Voss roads in Houston, has sold. Gulf Coast Commercial Group sold the property to Delta Troy Interests Ltd. for an undisclosed price. It was approximately 90 percent occupied at the time of sale to multiple tenants such as DSW Inc., REI and Michaels. Westheimer Crossing Shopping Center is situated approximately 2 miles west of the Galleria submarket and Loop 610 in Houston.
BEVERLY HILLS, CALIF. — Cardinal Equities has purchased a 50,000-square-foot retail and office complex in Thousand Oaks through its affiliate, Paradise Capital Group. The complex is located inside the master-planned community of Dos Vientos Ranch. It includes 40,000 square feet of ground-level retail and restaurant space with outdoor dining, as well as 10,000 square feet of office space. Paraiso Town Center was built in 2008 and foreclosed on by the construction lender in late 2009. It is currently 20 percent occupied.
PALMDALE, CALIF. — AutoZone has leased the 6,300-square-foot retail space at 5022 W Avenue N in Palmdale. The value of the 10-year lease was not disclosed. NAI’s John Cserkutiand Bert Abel represented the landlord, Division K Properties, in the transaction. AutoZone was represented by independent broker, Mike Lundin.
MIAMI — Marcus & Millichap has arranged the sale of a 60,497-square-foot shopping center anchored by Babies “R” Us, located at 15625-45 North Kendall Dr. in Miami, for $10.2 million. The Babies “R” Us had a mortgage from Principal Life Insurance Co., which had to be assumed. Drew Kristol and Kirk Olson represented the seller, a Miami-based company, and the buyer, a Miami Beach-based company. Adam Lustig, Serge Pavluk and Andy Mendoza of Bilzin Sumberg were the buyer's lawyers.
HAINES CITY, FLA. — The 65,000-square-foot St. Charles Plaza, located at the intersection of Holly Hill Road and US Route 27, has sold for $10.1 million to Phllips Edison – ARC Shopping Center REIT. The center is anchored by a 45,600-square-foot Publix, which has a lease through October 2027. Other tenants include Verizon Wireless, Crispers, Publix Liquor and Hair Cuttery.
CHATTANOOGA, TENN. — The 52,625-square-foot shopping center Shoppes at StoneBrook in Chattanooga has sold for $6.77 million. The center is anchored by a BI-LO. Dail Londaker of Columbia, S.C.-based NAI Avant represented the seller, Shoppes at StoneBrook, LLC.
TOMBALL – Houston-based Baker Katz, a full-service commercial real estate brokerage firm, has acquired the Four Corners Shopping Center in Tomball. Located at FM 2920 and State Highway 249, the 120,000-square-foot retail center contains a 45,000-square-foot big box vacancy, a former Kroger. Baker Katz plans a major renovation on the center later this year and will seek to re-lease the space. The center is currently 35 percent occupied by tenants Tuesday Morning, Rent-A-Center, Firestone and Domino’s Pizza. James Namken of The Weitzman Group, Inc. represented the seller, LNR Property LLC, which obtained the property in foreclosure in 2010.