TAYLOR, MICH. — Metro South Church has acquired a 43,112-square-foot retail space in Taylor. TSA Stores Inc. sold the property, which is located at 21080 Penn Road, for an undisclosed price. The buyer plans to relocate its nondenominational independent church to the new facility, which is a former Sports Authority location. Greg Hornby of Friedman Real Estate Group represented the buyer in the transaction. Terms of the deal were not released.
Retail
MARYLAND, PENNSYLVANIA AND VIRGINIA — A joint venture between Cedar Shopping Center and RioCan Real Estate Investment Trust has closed on its previously announced acquisition of a five-property retail portfolio for approximately $91 million. The portfolio totals 678,000 square feet; four of the centers are anchored by Giant Food Stores. The properties include Marlboro Crossroads in Upper Marlboro, Md.; Gettysburg Marketplace in Gettysburg, Pa.; Northland Center in State College, Pa.; York Marketplace in York, Pa.; and Towne Crossing in Midlothian, Va.
ERIE, COLO — Marcus & Millichap has brokered the $5.34 million sale of a 14,490-square-foot Walgreens located at 490 Erie Parkway in Erie. Marcus & Millichap’s Kirk Trammell represented both the private-investor buyer and the limited-liability-company seller in the deal; the firm’s Michael Hoffman assisted in the transaction involving the single-tenant, net-leased property.
YORK, PA. — The grand opening has been held for a new Kohl's located within West Manchester Mall in York. The department store occupied 87,000 square feet of space and joins a tenant roster that includes Walmart Supercenter, Regal 13 Cinemas and Macy's. The Lightstone Malls is the owner and operator of the shopping center.
HOUSTON — Northchase Plaza II, an 11,407-square-foot retail center in Houston, has sold for $1.3 million. Located at 13630 Veterans Memorial Dr., the property was built in 2004 and is 100 percent leased to five tenants. James Bell of Marcus & Millichap represented the seller, a Texas partnership, while Justin Miller of Marcus & Millichap represented the buyer, a limited liability company.
AZUSA, CALIF. — A CVS/pharmacy situated along Arrow Highway in Azusa has sold for $3.35 million. The Royston Group’s Rob Sutton and Greg Cortese represented the seller of the property, which was constructed in 2003, in the all-cash transaction; Capital Pacific’s Zeb Ripple represented the buyer. The 22-year fee-simple ground lease on the property has 16 years remaining on the initial term.
ALTAMONTE SPRINGS, FLA. — Marcus & Millichap has brokered the sale of Assured Self Storage, which is located at 510 Douglas Ave. in Altamonte Springs. Built in 1998, the 84,471-square-foot facility sold for $5.38 million. Michael Mele of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
CEDAR HILL AND AUSTIN — Toys R Us leased 34,521 square feet of retail space at 1382 S FM 362 in Cedar Hill from KRG Cedar Hill Plaza LP. David Copeland and Jeff Kittleson of CB Richard Ellis (CBRE) represented the landlord in the transaction. In addition, World Wide Technology has renewed its 68,040-square-foot industrial lease at 4616 W. Howard Ln. in Austin from NorthTech 5 & 6, Ltd. Ryan Keiser of CBRE represented the tenant in the transaction.
CHANDLER, ARIZ. —Charles Dunn Co. has closed OSSA TRUST’s $3.1 million purchase of a 10,000-square-foot retail building, located at 3100 Gilbert Road in Chandler, from Glenwood Development. The property is 100 percent occupied by La Petite Academy on a long-term lease. Charles Dunn’s Paul Kenworthy represented the buyer of the NNN-leased investment property.
DOTHAN, ALA. — Montgomery, Ala.-based Aronov Realty Management has opened two shopping centers in Dothan. The company simultaneously opened the 76,740-square-foot Westway Shopping Center and the 63,800-square-foot Cottonwood Corners Shopping Center. Both centers are anchored by Publix and are fully leased with all stores opening in the next 30 to 90 days. Aronov currently owns more than 150 properties in the Southeast.