ELIZABETH, N.J. — Marcus & Millichap has arranged the sale of a 7,000-square-foot Advance Auto Parts location for $3.13 million. The property is located at 619 Newark Ave. in Elizabeth. It is occupied by Advance under a 15-year, triple-net lease with three 5-year options. Brad Nathanson of Marcus & Millichap brokered the deal on behalf of the seller, a limited liability company. Jimmy Slusher and Jack Hopkins of Marcus & Millichap's Newport Beach, Calif., office represented the buyer, a private investor participating in a 1031 exchange.
STRONGSVILLE, AND CLEVELAND, OHIO — Dollar Tree has announced plans to open three new locations in the Cleveland area. The first location is a 10,540-square-foot store located within the Greens of Strongsville shopping center on Royalton Rd. in Strongsville. The second location is a 12,725-square-foot store located within Severance Town Center at Taylor and Mayfield roads in Cleveland. The final location is a 10,000-square-foot store located within the Cedar Center South shopping center at Warrensville Center and Cedar roads, also in Cleveland. Tori Nook of Kowit & Passov Real Estate Group represented Dollar Tree in lease negotiations.
READING, MASS. — Construction is complete for the new Honda Gallery auto dealership located in Reading. Construction included the brownfield remediation of a former auto dealership to accommodate the new facility. The existing service building was demolished to make way for a new two-story, 31,000-square-foot service center that features 32 service bays, a parts area, and customer areas. The site's existing two-story, 20,000-square-foot showroom was renovated to current Honda specifications. The project architect was Brockton, Mass.-based BKA Architects and the general contractor was Shirley, Mass.-based Senate Construction Corp.
SADDLE BROOK, N.J. — Moonachie, N.J.-based Weiss Realty Co. has arranged a retail lease in Saddle Brook on behalf of Dollar General. The retailer will occupy 15,593 square feet at 419 Market St., a space formerly occupied by Drug Fair. Jaime Weiss and Matthew Weiss of Weiss Realty, along with consultant Tim Keeley, negotiated the deal between Dollar General and the landlord, Paljer Company LLC.
IRVINE, CALIF. — Irvine-based Faris Lee Investments has completed the sale of a portfolio of five Kohl's department stores. The properties are located in Redondo Beach, Monrovia, Rancho Cordova and Eureka, Calif.; and Henderson, Nev. All of the properties anchor shopping centers and all have new triple-net leases that expire in 2028. Richard Walter and Donald MacLellan of Faris Lee represented the seller, Macerich. Los Angeles-based ING Clarion purchased the Redondo Beach property; Phoenix-based Cole Real Estate Investments purchased the Monrovia and Rancho Cordova properties; Los Angeles-based Stearns Trust purchased the Eureka property; and Nevada-based Williamson Trust purchased the Henderson property. Faris Lee also represented the buyers in each of the transactions except for the Eureka property, in which Phase One Realty represented the buyer. The sale price was not disclosed.
TAYLORS, S.C., AND KNOXVILLE, TENN. — Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust has sold two Wal-Mart stores in the Taylors Square shopping center in Taylors and the Northwest Crossing development in Knoxville to an undisclosed buyer for $27.4 million. A Home Depot store in Michigan was also included in the transaction. Ramco-Gershenson still owns 125,000 square feet of the Knoxville property and 35,000 square feet of the Taylors property. The firm will use proceeds from the sale to pay down a credit facility.
TAMPA, FLA. — Charles LeClaire and Michael Mele of Marcus & Millichap’s National Self Storage Group brokered the sale of a U-Store-It property between two undisclosed parties for $2.8 million. The 56,197-square-foot facility is located on North Dale Mabry Highway in Tampa. Built in 1985, the property encompasses 474 units.
SOUTHAVEN, MISS. — Three retailers will move into spaces vacated by previous tenants in the Southaven Towne Center during the end of this year and early 2010. The 530,000-square-foot center will welcome a 34,000-square-foot hhgregg in a previous Circuit City location; a 25,000-square-foot Bed, Bath & Beyond in a former Linens ’N Things location; and an 18,000-square-foot Jo-Ann Fabric and Craft in a space vacated by Cost Plus World Market. The property, which is anchored by Dillard’s and JC Penney, is located in Southaven.
CHARLESTON, S.C. — Boater’s World Properties has sold a 6,950-square-foot retail property to Palmetto Land Buyers for $1.08 million. The building is located at 1863 Sam Rittenberg Blvd. in Charleston. Blair Belk and Trey Lucy of Grubb & Ellis|WRS of Mount Pleasant, S.C., brokered the sale.
SAGINAW, MICH. — Stan Johnson Co. (SJC) has brokered the sale of a Tractor Supply Co. retail location in Saginaw for $2.98 million. Gill Warner, Rod Pickney and Chad Byerly of SJC represented the seller, a retail developer, as well as the buyer, an individual investor. This most recent transaction marks the 42nd Tractor Supply location the SJC team has sold.