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.
MEMPHIS, TENN. — Arrow Operating Acquisitions has acquired Eastgate Shopping Center, a 445,907-square-foot regional community center located on Park Avenue in Memphis. Union Realty Co. GP and Belz Investco GP sold the property for $31.5 million or $71 per square foot. The center is occupied by Fresh Market, Michaels, TJ Maxx, Stein Market, Burlington Coat Factory and Walgreens. Brad Nathanson, Paul Kerber and Anne Williams of Marcus & Millichap brokered the transaction.
OLATHE, KAN. — Steve Ruff of Q10 | Daisley Ruff Financial has arranged a $1.57 million loan for an undisclosed borrower for the acquisition of a retail center in Olathe. The center offers 31,140 square feet of retail space. The non-recourse 10-year loan features a fixed rate.
SPRING GROVE, ILL. — Agree Realty Corp. has acquired a retail property, which is ground leased on a long-term basis to JPMorgan Chase Bank. The property is located on Route 12 near Spring Grove Road in Spring Grove. Agree purchased the building for $2.9 million from an undisclosed seller. Chase Bank has approximately 27 years remaining on the base term of the lease.
SALEM, OHIO — The Luttner Retail Group has brokered the sale of a freestanding Advance Auto Parts store in Salem. An undisclosed West Coast investment group acquired the property for $1.27 million, which represents an 8.25 percent capitalization rate. The property, which was built in 2008, is leased to Advance Auto Parts for an initial 15-year term. Matt Luttner of The Luttner Retail Group brokered the transaction. The seller was a private developer.
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.
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.