EMMAUS, PA. — Marcus & Millichap has brokered the sale of a CVS/pharmacy located at the corner of Chestnut and South Seventh streets in Emmaus. The tenant is in its second year of a 25-year, double-net lease, which contains five 5-year options with 8 percent rent increases each term. The property traded for $5.22 million at a 7.25 percent capitalization rate. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, GVH (Emmaus), LP. Christopher Hake of Thompson Thrift procured the buyer, Faroq Moonda LLC.
LAS VEGAS — NorthMarq Capital has arranged first-mortgage financing of $22.5 million for the 42,281-square-foot Showcase Mall, a retail property located at 3791 S. Las Vegas Blvd. in Las Vegas. Based on a 10-year term with 8 years interest only and a 30-year amortization schedule, the loan was arranged for the borrower by NorthMarq’s David Blum through its relationship with a CMBS lender.
SPOTSYLVANIA COUNTY AND ROCKY MOUNT, VA. — Affiliates of Florida-based Morgan Property Group have completed the disposition of two freestanding Walgreens locations in Spotsylvania County Rocky Mount. The two 14,820 square feet stores opened in November 2010. Evans Fredericksburg Drugstore LLC acquired the Spotsylvania County property, which is located at 10600 Rollingwood Dr., for $6.5 million. Casey Cummings of RAM Development Co. represented the buyer. AZ Rocky Mount LLC purchased the Rocky Mount store, which is located at 190 Old Franklin Turnpike, for $6.8 million. Trey Morgan of Morgan Real Estate represented the sellers in both transactions.
FRANKFORT, KY. — Phillips Edison & Co. has broken ground for the development of an 89,000-square-foot retail project in Frankfort. The project, which will be anchored by T.J. Maxx and Michaels, will be the second phase of the mixed-use Parkside development. Scheduled for completion this fall, the new project will also feature Maurices, Dress Barn, Aspen Dental and Sprint Wireless. The 51-acre Parkside project, which is located at Interstate 64 and U.S. 60, is a joint venture of Phillips Edison's Strategic Investment Fund and local developers Pat Madden and Jerry Woodall.
CHICAGO — Englewood, N.J.-based Bon Aviv Investments, a joint venture between Israel-based Aviv Arion and Bon Investments, has acquired The Century Shopping Centre in Chicago. Located in Chicago's Lakeview neighborhood, the six-level, 186,349-square-foot shopper center sold for $18.5 million. Current tenants include Bally Total Fitness, The Aveda Institute, Landmark Theatres and Victoria's Secret. Ben Wineman and Stan Nitzberg of Mid-America Real Estate Corp.'s Investment Sales Group represented the seller, Century Mall LLC, in the transaction.
WEST POTTSGROVE, PA. — Carmike Cinemas has signed a lease to open a new multi-screen movie theater in Pennsylvania. The 46,000-square-foot theater will be located within Upland Square Shopping Center, which is situated along Route 100 in West Pottsgrove. Construction will begin in March, with the grand opening expected in the fall. Adam Kohler of Fameco Real Estate represented the landlord, a joint venture between Cedar Shopping Centers and Tristate Ventures.
DENTON – The Shops at Colorado, a 70,310-square-foot retail property in Denton has sold. A California-based development company sold it to an unlisted investment fund based in the Southeast. The Shops at Colorado was a former Target building that was renovated in 2007 and was 94.5 occupied at close of escrow with three tenants – Staples, Conn’s and Party City. Two separately platted pad sites were included in the sale. Tommy Tucker of Marcus & Millichap’s Dallas office represented the seller and procured the buyer as well.
ELK GROVE, CALIF. — The 12,000-square-foot Laguna Corners Shopping Center, located at 4720 Laguna Blvd. in Elk Grove, has sold for $2.85 million. Situated between Franklin Boulevard and Interstate 5, the retail property includes Togo’s & Baskin Robbins, H&R Block and Great Clips. The Voit Real Estate Services team of Gary Gallelli represented the seller in the transaction.
FORT MYERS, FLA. — CR South, an affiliate of Baltimore-based Continental Realty Corp., has acquired The Shops at Verandah, a neighborhood shopping center in Fort Myers. Located at 11851 Palm Beach Blvd., the 73,000-square-foot center is currently 93 percent leased and occupied by 19 tenants, including Publix, Allstate Insurance, Beef O'Brady's, H&R Block and RE/MAX. The acquisition price and seller were not released.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $91 million in first mortgage financing for The Arboretum, a 562,662-square-foot shopping center in Charlotte. Located at the intersection of Highway 51 and Providence Road, the center is occupied by Walmart and Harris Teeter among others. Financing was based on a 10-year term with a 30-year amortization schedule. Bill Matone of NorthMarq's Charlotte office arranged the financing for the borrower through NorthMarq's relationship with Wells Fargo Bank National Association.