ERIE, PA. — Marcus & Millichap has brokered the sale of the Sheetz building, a 4,500-square-foot, net-leased retail building located in Erie. Situated at 4816 Buffalo Road, the property traded for $1.81 million. The team of Thomas Gorman, Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller, a limited liability company. The team of Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap's Cleveland office represented the buyer, an undisclosed partnership.
Retail
AUSTIN — An Austin-based investor, represented by SRS Real Estate Partners, has purchased Austin's Westcreek Crossing Shopping Center from Dallas-based developer Crestview Real Estate. The 10,000-square-foot, Class A retail property was 100 percent occupied at the time of the transaction. It is located at 4220 W. William Cannon Dr.
SANTA CLARITA, CALIF. — Marcus & Millichap has presided over the $4.5 million sale of Do-it Center, a 45,400-square-foot retail property located in the Valencia area of Santa Clarita. The brokerage firm’s Lior Regenstreif and Brandon Michaels represented the buyer and seller, respectively. Both parties were private investors.
VESTAVIA HILLS, ALA. — Tampa, Fla.-based Arcis Investments has completed the disposition of Dolly Creek Station, a retail center in Vestavia Hills. Birmingham, Ala.-based The Barber Companies acquired the 25,200-square-foot center for $4.61 million. Located at 2409 Acton Road and built in 1997, the property was 100 percent leased to a variety of tenants, including Realty South, Richard's BBQ and Acton Road Pediatrics, at the time of closing. Mark Shellabarger of CB Richard Ellis represented the buyer; Dan Anderson of Birmingham-based Engel Realty represented the seller in the transaction.
ANDERSON, S.C. — A joint venture between Baltimore-based MCB Real Estate and Morristown, N.J.-based The Hampshire Company has acquired two adjoining single-tenant retail properties within North Hill Commons on Clemson Boulevard in Anderson. The two properties, which total 43,149 square feet, are occupied by Michaels and PetSmart. Mike Bukard, Chris Decoufle and Steve Shields of CB Richard Ellis brokered the transaction. Terms of the sale were not released.
KANSAS CITY, MO. — A partnership between Jasper Stone Partners and Agman Partners has purchased Stateline Station Shopping Center in Kansas City. Located at the intersection of 135th Street and State Line Road, the 163,000-square-foot property sold for $10.75 million. The property was 78 percent occupied at the time of acquisition. Ember Grummons of Investors Realty represented Jasper Stone Partners, and Jon Pesce and Kevin Rhodes of Seldin Co. represented Agman Partners in the transaction. The seller, M&I Bank, was represented by Paul Mulligan of Cormac Co. and Rob Luellen of Quantum Development.
WEST DUNDEE, ILL. — JLM Financial Investments has acquired a $7.9 million commercial real estate loan, which is secured by Springhill Fashion Corner Shopping center in West Dundee. JLM purchased the non-performing note through a sealed-bid purchase. Built in the mid-1980s and renovated in 2008, the 123,217-square-foot retail center was 44 percent occupied at the time of closing.
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.