MORROW, GA. — Asherian Properties has acquired Southlake II, a 117,081-square-foot retail center in Morrow. Located at 1294 Mt. Zion Blvd., the property is occupied by K&G Fashion Superstone, Farmers Home Furniture, Citi Trends and D&K Suit City. Stafford Properties sold the retail center for $4.7 million. Watson Bryant of Carter & Associates represented the buyer; CB Richard Ellis' Atlanta Private Client Group, led by Craig Taylor, represented the seller in the transaction.
WILMINGTON, N.C. — Agree Realty Corp. has acquired a retail property, which is leased to AT&T, in Wilmington. Located at the corner of New Centre Drive and South College Road, the property sold for approximately $3.3 million. Additional terms of the transaction were not released.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a triple net-leased Walgreens pharmacy located in Brooklyn's Flatbush neighborhood for $7 million. The building is situated at 2307 Flatbush Ave. Walgreens occupies it inder a 20-year term with four 5-year options and 10 percent rent increases every 5 years. The sale price equates to a 5.42 percent cap rate. The Massey Knakal team of Edward Gevinski and Brian Hanson arranged the deal between the two undisclosed parties.
HOUSTON — Christian Brothers Automotive, a 4,921-square-foot property located at 9130 West Rd. in Houston, has traded. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, a Houston-based limited partnership. The buyer, a Tennessee-based private investor, was represented by Harrison Truex of Marcus & Millichap's Atlanta office. Built in 2008, the investment has a 15-year primary term net lease which provides for zero landlord responsibility.
ISLAND OF OAHU, HAWAII — BlackSand Capital LLC has acquired Pearlridge Uptown II, a 9.3-acre portion of Pearlridge Center on the island of Oahu, from INspiration International LLC. Terms of the deal were not disclosed. Anchored by Borders Books & Music on the second floor and Price Busters Hawaii on the ground floor, Pearlridge Uptown II comprises the eastern wing of the Uptown component of Pearlridge Center, the largest enclosed shopping center in Hawaii. The property is currently 96 percent leased. Colliers Monroe Friedlander’s Mark Bratton represented the seller in the transaction.
ST. PETERSBURG, FLA. — CB Richard Ellis' Capital Markets Debt & Equity Finance has procured a $5.5 million permanent mortgage for the refinancing of Gateway Crossing in St. Petersburg. Located at 10410-10490 Roosevelt Blvd., the grocer-anchored property offers 87,000 square feet of retail space. James Gunning and Donna Falzarano of CBRE secured the long-term loan through New England-based insurance company at a competitive interest rate for a 10-year, fixed-rate term. The borrower is New York-based FWI 8 LLC.
WYCKOFF, N.J. — Mahwah, N.J.-based Inserra Supermarkets is proceeding with the redevelopment of a site located at the intersection of Greenwood and Wyckoff avenues into a new ShopRite grocery store. The 7.6-acre parcel has been vacant for more than 10 years. Development will include razing the 53,000-square-foot existing building and constructing a 62,174-square-foot grocery store. Environmental remediation is currently under way. The construction timetable was not released.
LAS VEGAS — MIG Real Estate has acquired the 99,000-square-foot Vista Commons, a neighborhood retail center located along Charleston Boulevard immediately west of the Interstate 215 loop in the western Las Vegas community of Summerlin. Terms of the deal were not disclosed. Built in 2007, the property is anchored by a 56,000-square-foot Albertsons supermarket and includes Wells Fargo and Bank of America locations. CB Richard Ellis’ Charles Moore, Michael Newman, Marlene Fujita and George Good represented the seller in the transaction; MIG did not have broker representation.
NORTH HAMPTON, N.H. — EagleBridge Capital has arranged $2.48 million in acquisition financing for a New Hampshire shopping center. Dollar Tree Plaza is located at 26 Lafayette Road in North Hampton. It contains 21,000 square feet, which consists of a 10,000-square-foot Dollar Tree, an 8,000-square-foot AutoZone, and a 3,000-square-foot, freestanding building occupied by Optima Bank & Trust. Ted Sidel and Brian Sheehan of EagleBridge arranged the permanent financing on behalf of the undisclosed borrower through a regional financial institution.
TULSA, OKLA. — Farmington Hills, Mich.-based Agree Realty Corp. has sold two single-tenant properties in Tulsa leased to Borders, Inc. containing approximately 50,000 square feet for close to $6.7 million. Agree Realty owns, manages and develops properties that are primarily single-tenant properties leased to major retail tenants and neighborhood community shopping centers. It has a portfolio of 79 properties in 17 states with 3.5 million square feet of space.