SHREWBURY, MASS. — A joint venture between Charter Realty & Development Corp. and Acadia Realty Trust has acquired two Shrewbury shopping centers for $56 million. White City Shopping Center is a grocery-anchored property located on Route 9, and White City East is located nearby on Quinsigamond Avenue. The centers total approximately 280,000 square feet and were 95 percent leased at the time of closing by a tenant roster that includes Shaw's Supermarkets, World Gym, Dress Barn, iParty, Austin's Liquors and Michaels. The centers were constructed in the early 1960s and were owned by their original developer prior to the sale. The CB Richard Ellis team of Chris Angelone, Jim Koury, Bill Moylan and Nat Heald represented the seller and secured the buyers. Sovereign Bank provided acquisition financing. Acadia's interest in the property will be held by Acadia Strategic Opportunity Fund III.
Retail
AUSTIN — Whit Hanks Properties' 500 Lamar, a multi-tenant Class A retail property that sits on one acre of land directly across Lamar Boulevard from Whole Foods Market headquarters at the intersection of North Lamar Boulevard and West Fifth Street in Austin, has sold to a Houston-based institutional investor. CB Richard Ellis' Walter Saad and Cathy Nabours represented the seller. The property is 100 percent leased.
LAS VEGAS — The PENTA Building Group has completed work on the 13,000-square-foot PBR Rock Bar & Grill, located inside Planet Hollywood’s Miracle Mile shops on Las Vegas Blvd. The general contractor completed the project in 6 weeks. Serving fare categorized as “modern comfort food,” the new facility features a 30-foot bull that busts through the exterior façade, approximately 100 televisions, a custom patio with fire pits overlooking the Las Vegas Strip, a DJ booth, a concert stage and a mechanical bull.
MEDFORD, ORE. — Marcus & Millichap has brokered the nearly $6.69 million purchase of a 14,820-square-foot Walgreens, a single-tenant, net-leased property located in Medford. With assistance from Tony Cassie, the brokerage firm’s Lior Regenstreif represented the limited-liability-company buyer in the transaction.
MILWAUKEE AND WEST MILWAUKEE, WIS. — Auto Zone, Auto Zone Development Corp., has acquired a 2.53-acre land parcel at 4227 W. Orchard St. in Milwaukee/1552 Miller Parkway in West Milwaukee. Wisconsin-based Hometown Inc. sold the property for $1.45 million. Auto Zone plans to develop a 20,000-square-foot, HUB store on the site. Mark Wussow of Commercial Property Associates represented Auto Zone in the transaction.
SALINA, KAN. — Coyote Management and Garrison Investment Group, through their affiliates, have acquired Central Mall in Salina. The 486,444-square-foot regional mall is occupied by Dillard's, JCPenney, Sears, a 10-screen Showplex Cinema, Jo-Ann Fabrics and Old Navy, along with more than 60 speciality stores. Terms of the transaction were not released.
PARMA, OHIO — Phillips Edison-ARC Shopping Center REIT has acquired Snow View Plaza in Parma. The 100,460-square-foot shopping center is anchored by Giant Eagle. Additionally, Phillips Edison-ARC recently acquired Lakeside Plaza, an 82,033-square-foot retail center in Salem, Va. These two transactions are the first acquisitions for the REIT, which will focus on acquiring core and core plus, grocery-anchored assets in growth markets across the United States. Terms of the transactions were not disclosed.
PHILADELPHIA — Bryn Mawr, Pa.-based WP Realty has acquired Mayfair Shopping Center, a 115,411-square-foot community retail property located in Philadelphia. The center was 86 percent occupied at the time of closing by a tenant roster that included anchors Shop 'n Bag, Dollar Tree and Fashion Bug. Additional retailers included GameStop, Radio Shack, Foot Locker, Payless Shoesource, Hallmark and Wachovia. The seller's name and purchase price were not disclosed.
CHERRY HILL, N.J. — Marcus & Millichap has brokered the sale of a 13,965-square-foot Walgreens located in Cherry Hill. The property, which is located at the corner of North Kings Highway and Chapel Avenue, traded for $6.7 million at a 7.3 percent cap rate. Walgreens occupies the freestanding building on a 25-year absolute net lease that commenced in August. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, a Pennsylvania-based limited liability company. Alan Fruitman of 1031 Exchange Services represented the buyer, a Connecticut-based limited liability company completing a 1031 exchange.
BOTHELL, WASH. — Marcus & Millichap has brokered the $2.45 million sale of a 31,384-square-foot Rite Aid located at 9700 Northeast 198th Street in Bothell. The brokerage firm’s Dino Christophilis represented both the private-investor buyer and the limited-liability-company seller in the transaction.