MIDLOTHIAN, ILL. — An Illinois-based private investor has purchased a 3,000-square-foot retail property in Midlothian for $685,000. The property, which is situated on a 35,619-square-foot parcel, is fully leased to Wendys. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and the undisclosed seller in the transaction.
BOSTON — Linear Retail Properties has acquired four retail condominium units in Boston for approximately $6 million. The condos total 5,716 square feet of space and are located on the first two floors of 292-296 Newbury Street. Tenants include MiniLuxe Back Bay spa, Michael Labrecque Salon, Audrey's Pet Supply & Services and Vibram USA footwear, which will open in the spring. Lisa Campoli and Nick Herz of Colliers International represented the undisclosed seller.
DEDHAM, MASS. — CMI Properties has broken ground for the construction of a 5,000-square-foot addition to a 45,000-square-foot retail center located at 780 Providence Highway in Dedham. The project is scheduled for completion this summer; Elliot & Co. is marketing the space. Existing tenants at the two-building retail center include Bed Bath & Beyond, Verizon Wireless, The Vitamin Shoppe and Massage Envy.
ALLENDALE, N.J. — Construction is complete for the renovation of Allendale Town Center, a 90,000-square-foot shopping center located at 35-63 W. Allendale Ave. in Allendale. The project, which was overseen by Hollister Construction Services, consisted of the renovation of 20 individual retail stores, a façade replacement, the reconfiguration of the parking lot, and new entry features, lighting, sidwalks, curbing, paving and landscaping. Ives, Schier & Lesser designed the project. The Azarian Group owns Allendale Town Center.
HENDERSON, NEV. — Gatski Commercial Real Estate Services has closed the $1.39 million sale of a 14,936-square-foot retail property located at 249 N. Stephanie St. in Henderson. Gatski’s Rob Lujan represented Fischer Family Trust in its disposition of the pad building to Stephanie 249 LLC, which plans to convert the former furniture showroom space into a home-improvement/flooring store.
FAIRFIELD, CALIF. — The Silver Group has arranged the almost $1.26 million sale of a Wendy’s restaurant in Fairfield. Greg Cunha of the San Rafael, Calif.-based firm handled the off-market transaction involving a local private investor seeking a Bay Area addition to his portfolio. The new tenant at the fast-food property is a multi-unit franchisee with several Bay Area Wendy’s locations.
RALEIGH AND WAKE FOREST, N.C. — Regency Centers has opened two retail centers totaling 122,653 square feet in North Carolina. In Raleigh, Regency Centers opened Market at Colonade, a 57,503-square-foot neighborhood center, which is anchored by a 40,000-square-foot Whole Foods Market. Additionally, the company has opened the 651,150-square-foot Harris Crossing in Wake Forest. The center is anchored by a 53,282-square-foot Harris Teeter and includes 12,000 square feet of retail space in the first phase, plus three outparcels.
GLEN ALLEN, VA. — Dallas-based Westdale Real Estate Investment & Management has acquired Westpark Shopping Center in Glen Allen for $23.3 million. Situated on 14.7 acres at 9645 W. Broad St., the 176,973-square-foot retail center is 74 percent leased to tenants, including Martin's (former Ukrop's) and The Tile Shop. Richard Reid and Jim Hamilton and Mark Remington of Holliday Fenoglio Fowler represented the seller, a commingled fund managed by J.P. Morgan Investment Management, in the transaction.
FOLKSTON, GA. — Rich Murphy of Calkain Companies represented a private investor in the acquisition of a Dollar General store in Folkston. The 9,014-square-foot retail property is leased to Dollar General on a long-term, double-net basis. The asset traded at an 8.9 percent CAP rate. Bill Weitzenkorn of Tri-Oak Commercial represented the undisclosed seller.
SOUTH LEBANON, OHIO — San Diego-based USA Properties has acquired a 117,000-square-foot, freestanding retail building in South Lebanon. The building, which is occupied by Lowe's Home Improvement Warehouse, sold for $5.1 million. Lowe's is one of the anchor tenants for the 450,000-square-foot Pavilion at Rivers Crossing, an under construction shopping center in South Lebanon. Ben Wineman, Tom Fritz and Mark Goldberg of Mid-America Real Estate Corp., along with Tracy Green of Ohio Realty Advisors, represented the seller, Rivers Power Crossing LLC, in the transaction.