ORLANDO, FLA. — Lexin Nona LLC has purchased Nona Commons, a retail center at 10727 Narcoossee Road in Orlando. The property sold for $9 million. Built in 2008, the 59,205-square-foot property is occupied by Outback Steakhouse, Great Clips, Papa John's and Anytime Fitness. Bill Strauss, Dave Donnellan, Todd Weintraub, Dan Baker and Mike Millard of CB Richard Ellis represented the seller, Moss Parc Commercial, in the transaction.
BANNOCKBURN, ILL. — AREA Property Partners has partnered with Dallas-based P.O'B. Montgomery & Co. to purchase Bannockburn Green, a 180,000-square-foot shopping center located at the intersection of Waukegan Road and Half Day Road in Bannockburn. The property was acquired for $29.3 million from an undisclosed institutional investor. Built in 1984 and renovated in 2008, the property is anchored by Dominick's and Walgreens. Additional tenants of the 85-percent leased center include Panera Bread, General Nutrition Center, Allstate Insurance, Subway and Sylvan Learning Center. Rick Drogosz, Ben Wineman and Stan Nitzberg of Mid-America Real Estate Corp. represented the seller in the transaction.
STAMFORD, CONN. — Urstadt Biddle Properties (UBP) has acquired the remaining ownership interest in the entity that owns The Ridgeway Shopping Center in Stamford for $7.4 million. Developed in the 1950s and renovated in the mid-1990s, the center totals 371,000 square feet. Its tenant roster includes Stop & Shop, Bed Bath & Beyond, CVS/pharmacy, Staples, Marshall's, Old Navy, Michaels and L.A. Fitness.
DALLAS — The Dallas office of Holliday Fenoglio Fowler has arranged a $63.5 million loan for three retail properties in the Northeast. The properties include Lincoln Plaza, a 536,141-square-foot center located in Worcester, Mass.; a 158,063-square-foot Lowe's Home Improvement Warehouse/Bed Bath & Beyond located in Butler, N.J.; and Quakertown Shopping Center, a 61,839-square-foot center located in Quakertown, Pa. The HFF team of Kevin MacKenzie, John Taylor and Anthony Cutone arranged the financing on behalf of the borrower, Inland Western Retail Real Estate Trust. HFF placed a 5-year blanket mortgage with New York Life Insurance Co.
MISSION VIEJO, CALIF. — Faris Lee Investments has negotiated the $7.2 million sale of a 24,240-square-foot Henry’s Marketplace, located at 27765 Santa Margarita Parkway in Mission Viejo. The single-tenant property is the anchor tenant at Trabuco Hills Shopping Center. Faris Lee’s Dennis Vaccaro and Richard Walter’s represented the Orange County, Calif.-based seller, Trabuco Hills O5 LLC, in the transaction, and Vaccaro and the brokerage firm’s Chris Tramontano represented the buyer, Burbank, Calif.-based DAP LLC.
CUYAHOGA FALLS, OHIO — The Luttner Retail Group has completed the sale of Trinity Square Shopping Center in Cuyahoga Falls. The 26,515-square-foot center, which is anchored by Walgreens, sold for $8 million. Built in 1993, the property is 93 percent occupied by tenants, including Five Guys Burgers and Penn Station. The seller was a Chicago-based private development group and the buyer was an out-of-town private investor.
BOSTON — Linear Retail Properties has acquired a single-story convenience store located at 62-66 Charles St. in Boston's Beacon Hill neighborhood for $4.1 million. The property was formerly a 7-Eleven before being converted into an independently run store names Charles Street Market. Adam Conviser of Dedham, Mass.-based Conviser Property Group represented the seller, 7-Eleven, and procured Linear.
DENVER — DePaul Real Estate Investment Group has arranged $19.15 million for the refinance of University Park Shopping Center, a Class A, transit-oriented, urban retail property located at the northwest corner of Colorado Boulevard and Evans Avenue in Denver. Approximately 96 percent occupied at the time of closing, the shopping center is anchored by Office Depot, Ultimate Electronics and Vitamin Cottage Natural Grocers. DePaul’s Paul DeCrescentis and Jarod Pate arranged the approximately 70 percent loan-to-value financing with a 30-year amortization and a 10-year term fixed rate of 5.83 percent.
LAKE ORION, MICH. — Friedman Real Estate Group has brokered the sale of a gas station facility located at 605 S. Lapeer Road in Lake Orion. The Kroger Co. of Michigan acquired the property from F & K Lake Orion Properties for an undisclosed price. Kroger plans to operate the facility as a Kroger-branded gas station. Larry Shultz of Friedman Real Estate Group represented the seller in the transaction.
BOSTON — Marcus & Millichap has brokered the sale of a Boston Walgreens pharmacy for $9.36 million. The 14,827-square-foot building is located at 465 Cambridge St. Walgreens' current lease has 23.5 years remaining on its base term with 50 one-year options. Robert Horvath and Todd Tremblay of Marcus & Millichap represented the seller, Stone Lion Allston LLC, as well as the buyer, GFL Group LLC. The property traded at a 7.21 percent cap rate.