MESA, ARIZ. — Marcus & Millichap has negotiated the $2.05 million sale of a ground lease for a 6,483-square-foot P.F. Chang's China Bistro located at 6610 E. Superstition Springs Blvd. in Mesa. The single-tenant, net-leased property is situated near the 1.2 million-square-foot Superstition Springs Mall. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the private-investor seller in the transaction.
TACOMA, WASH. — Marcus & Millichap has facilitated the nearly $1.87 million sale of a 3,723-square-foot Burger King, located at 1420 72nd Street East in Tacoma. Constructed in 2002, the single-tenant, net-leased property sits on a 0.69-acre parcel. Marcus & Millichap’s Peter Nisbet represented the private-investor seller in the transaction.
ALPHARETTTA, GA. — New York-based Marathon Asset Management, a corporate, structured and real estate credit investment manager, has closed on East Village Shopping Center, located on Holcomb Bridge Road in Alpharetta, through its real estate lending and distressed debt program. The acquisition involved the purchase of a distressed senior mortgage and simultaneous transfer of ownership through a pre-negotiated deed in lieu of foreclosure. The former borrower, Concordia Properties, will remain the property manager and developer of the shopping center, and Atlanta-based Synergy Resolution Services, a real estate asset manager and co-investor with Marathon, will oversee the on-site business plan implementation. Built in 2008, East Village Shopping Center includes 83,319 square feet of existing retail space with 112,296 square feet of planned development for which much of the infrastructure, planning and pre-development work has been completed. The retail property is shadow anchored by Super Target.
SMYRNA, GA. — Westchester, Ill.-based Tri-Land Properties has broken ground for the redevelopment of The Crossings at Four Corners in Smyrna. Situated on 8 acres, the project will be anchored by a 96,000-square-foot Kroger. The redevelopment project includes the installation of a traffic light at the north property line and South Cobb Drive, the renovation of 60,000 square feet of retail space and the development of eight outparcels and a 25,000-square-foot pad. The project is slated for completion in November.
FORT MYERS, FLA. — CR South has purchased the Shops at Verandah in Fort Myers. Located at the intersection of Palm Beach Blvd. and State Route 31, the 72,795-square-foot retail property is occupied by Publix, Beef 'O Brady's, Pinch a Penny, Allstate and H&R Block. Freestanding tenants at the center include Regions Bank, Exxon Mobil and Wachovia/Wells Fargo. Constructed in 2006, the property was 92 percent leased at the time of acquisition. The Shops at Verandah Ltd. sold the property for an undisclosed price. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors represented the buyer in the transaction.
AUSTIN — A joint venture between Investcorp, a global investment manager, and Global Fund Investments has acquired The Shops at Tech Ridge, a 332,845-square-foot shopping center in Austin. Located at the northeast corner of Interstate 35 and Parmer Lane, the retail property was built in 2003 and is shadow-anchored by SuperTarget. Tenants include Best Buy, Toys “R” Us, Ross Dress For Less, PetSmart, Hobby Lobby, Party City and Pier 1 Imports. Global Fund Investments will manage the property, while Austin-based Endeavor Real Estate Group will lease it.
PALM BAY, FLA. — Edens & Avant has completed the disposition of Palm Bay West in Palm Bay. Located at the intersection of Malabar and Minton roads, the property offers 263,356 square feet of retail space. Current tenants include Winn Dixie, Beall's Department Store, Ace Hardware, Dollar Tree and a 10-screen theatre. Constructed in 1989, the property was 91 percent occupied at the time of closing. The buyer was a New York-based limited liability company. Terms of the sale were not released. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors brokered the transaction.
TAUNTON, MASS., AND NEW MILFORD, CONN. — Cedar Shopping Center has entered into a definitive agreement to acquire Northwoods Crossing in Taunton for $23.5 million. The purchase will be made on behalf of a joint venture between Cedar and Toronto-based RioCan Real Estate Investment Trust, in which Cedar owns a minority interest. Northwoods Crossing totals 160,000 square feet and is anchored by a 115,000-square-foot BJ's Wholesale Club. It was fully occupied at the time of closing. The property is subject to an existing $14.5 million, non-recourse loan that matures in 2016. In addition, Cedar disposed of Fairfield Plaza, a 72,000-square-foot retail center in new Milford, for $10.84 million. The buyer was Urstadt Biddle Properties. The deal includes the assumption of a $5 million loan held by KeyBank National Association.
DOVER, DEL. — Marcus & Millichap has represented developer Camden Town Center LLC in the sale of five ground-leased pad sites at the Camden Town Center shopping center in Dover. Texas Roadhouse sold for $1.53 million.Applebee's Neighborhood Bar & Grill sold for $1.25 million. Chick-fil-A sold for $1.24 million. WSFS Bank sold for $1.07 million. Finally, Dunkin' Donuts sold for $930,000. The properties traded at an average cap rate of 6.73 percent. The buyers were not released.
SNELLVILLE, GA. — The Lightstone Value Plus REIT has acquired Everson Pointe Shopping Center in Snellville. Anchored by Kroger, the 81,428-square-foot retail center is located at 3035 Centerville Highway. State Bank and Trust of Georgia provided long-term, non-recourse acquisition financing for the transaction. Richard Reid and Mike Cale of Holliday Fenoglio Fowler brokered the transaction. The seller and acquisition price were not released.