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.
SUGAR LAND — Rubicon Realty has sold 15.3 acres to San Antonio-based grocery chain H-E-B to be developed within Rubicon's The Crossing at Telfair, a mixed-use property located at the corner of Highways 6 and 90 in Sugar Land that will feature 125,000 to 150,000 square feet of retail space. A 104,000-square-foot H-E-B will open in August to anchor the retail portion. Rubicon originally purchased 112 acres of land from Newland Communities in 2006, and plans to develop the remaining land to include a hotel, a performing arts center and a family entertainment center with construction set to begin in June and commence in 2012.
WEST PALM BEACH, FLA. — BlackRock has acquired Village Commons, a shopping center located at the intersection of Village Boulevard and Brandywine Road in West Palm Beach. A venture between Regency Centers, First Washington Realty and the California Public Employees' Retirement System sold the property for $25.7 million or $152.02 per square foot. The 169,053-square-foot center is currently 73.2 percent leased to tenants, including Publix, CVS/pharmacy, Panera Bread and Starbucks Coffee. CB Richard Ellis' National Retail Investment Group Florida Team represented the seller in the transaction.
ONALASKA, WIS., ORLAND PARK, ILL., AND INDIANAPOLIS — Mid-America Real Estate Corp. has completed three sales in Wisconsin, Illinois and Indianapolis totaling $13.99 million. In the first transaction, Mid-America's Mark Goldberg and Tom Fritz represented a Wisconsin-based developer in the sale of an 86,432-square-foot, Kohl's building in Onalaska. An out-of-state investment fund acquired the property for $7.25 million. In the second transaction, Goldberg and Fritz represented a Chicago-based seller in the disposition of a Fifth Third Bank ground lease in Orland Park. Fifth Third Bank acquired the 58,806-square-foot bank pad for $3.46 million. In the final transaction, Mid-America brokered the sale of a Social Security office building in Indianapolis to a Chicago-based investment fund for $3.28 million. Goldberg and Fritz represented the seller, a Davenport, Iowa-based developer, in the transaction.
AUSTIN — Four Corners Shopping Center, a 31,556-square-foot retail property located at 111 W. William Cannon Dr. in Austin, has sold. James Bell of Marcus & Millichap's Houston office represented both the buyer and seller, both undisclosed partnerships, in the transaction. Four Corners Shopping Center is 100 percent occupied.
MISSION VIEJO, CALIF. — Watt Commercial Properties has committed more than $6 million for a complete renovation of the 150,000-square-foot Alicia Towne Plaza located at 24391-24491 Alicia Parkway in Mission Viejo. The phased redevelopment will include converting an existing Mervyns building into a smaller anchor space for L.A. Fitness and updating the façade treatment for the remainder of the south Orange County neighborhood center. Pursuant to the 15-year lease agreement with the privately owned health club chain facilitated by Wilson Commercial Real Estate, Watt Commercial will update the two-level, 83,857-square-foot former department store. L.A. Fitness will primarily occupy the lower floor when it opens in May. Architects Orange is bringing new life to Alicia Towne Plaza’s façade structure, and S.D. Deacon is serving as general contractor for the redevelopment project. All 22 retailers, including Dollar Tree, Subway and Wells Fargo, will remain open during construction.
GLENDALE, ARIZ. — Omni American LLC has brokered the $1.8 million acquisition of a 14,800-square-foot retail building, located at 8160 W. Union Hills in Glendale. Omni’s Matt Schrauth represented the buyer, PV Union Hills LLC, in the transaction, and Dan Schaefer and Eric Schaefer of Schaefer + Associates LLC represented the seller, East West Bank.