HAWTHORNE, CALIF. — Hodgdon-Miank Construction has completed a major renovation of a former Circuit City location for a new 33,952-square-foot Ashley Furniture HomeStore located at 14600 Ocean Gate Ave. in Hawthorne. Hodgdon-Miank Construction was the full-service, design-build contractor, and Irvine, Calif.-based KTGY Group, Architecture and Planning, was the project architect. Hodgdon Group Realty represented Ashley Furniture Industries in the acquisition of the Circuit City building.
Retail
MIAMI — An affiliate of Phillips Edison and Co. has sold the 99,864-square-foot West Bird Plaza shopping center to an affiliate of Equity One for an undisclosed amount. The property, which is located at the intersection of Bird Road and Southwest 117th Avenue, is anchored by Publix and CVS/pharmacy. West Bird Plaza is 94 percent leased. Anthony Blanco, Jim Michalak and Lenard Williams of Plaza Advisors represented the seller.
RICHMOND, VA. — Ty Underwood and Fain Hicks of NAI Brannen Goddard have represented both parties in the sale of Short Pump Station, a 91,369-square-foot shopping center. The property was listed at $32.5 million. Located at 11301 W. Broad St. in Richmond, the center houses Trader Joes, Ulta, PetCo, Verizon Wireless and Jimmy Johns. Short Pump Station was completed in 2008.
CORAL SPRINGS, FLA. — Lara Design Row has sold the 90,476-square-foot Design Row Shopping Center to Design Row LLC for $7.25 million. The property is located at 7365-7679 Sample Road in Coral Springs. CB Richard Ellis' Dave Donnellan, Bill Strauss, and Todd Weintraub brokered the sale.
DUNCAN, S.C. — Sikes Properties has purchased a 25,000-square-foot retail building from First Citizens Bank and Trust for an undisclosed amount. The recently completed property is located at 309 Tucapau Road in Duncan. NAI Earle Furman's Greg Koch represented the seller. P. Randall Bentley of Bentley Commercial represented the buyer.
WASHINGTON, PA. — Marcus & Millichap has brokered the sale of a net-leased bank branch building in Washington for $1.92 million. The 14,000-square-foot property is located at 200 W. Beau St. Its occupant is First Niagara Bank, which is under a new 10-year, 8-month lease. Thomas Gorman, Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller, a locally based developer. Judson Kauffman and Glen Kunofsky of Marcus & Millichap's Manhattan office secured the buyer, a limited liability company.
LILBURN AND DOUGLASVILLE, GA. — Sean Attaway Molloy of Franklin Real Estate Services has represented a private seller in the $11.2 million sale of two Walgreens stores to a private party. One store is located at 4235 Lawrenceville Highway in Lilburn; the other is located at 3851 Chapel Hill Road in Douglasville.
WAUCONDA, ILL., SPRINGBORO, OHIO, AND SHELBY TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sales of three shopping centers in the Midwest. In the first transaction, Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust acquired Liberty Square, a 107,369-square-foot retail center in Wauconda, for $15.2 million. Ben Wineman, Joe Girardi and Stan Nitzberg of Mid-America represented the seller, Dallas-based Fritz Duda Co., in the transaction. In the second deal, Indiana-based Equity Investment Group, dba EIG Springboro Plaza LLC, purchased Springboro Plaza, a 154,034-square-foot shopping center in Springboro, for $7.1 million. Wineman and Rick Drogosz, also of Mid-America, and Amy Holter of Anchor Associates represented the seller, Inland Real Estate Corp. In the final transaction, a private investor acquired the 92,515-square-foot Roseland Shopping Center in Shelby Township for $3.5 million. Wineman, along with Daniel Stern and Richard Kerwin of Lormax Properties, represented the seller of the lender-owned property.
HONOLULU — Glimcher Realty Trust has entered into an agreement with an affiliate of Blackstone Real Estate Advisors to purchase the Pearlridge Center in Honolulu for $245 million. Built in 1972 and renovated extensively in 1995-1996, Pearlridge is the second largest mall in Hawaii with a total rentable area exceeding 1 million square feet. Located in the community of Aiea within the Honolulu metro area, the property boasts an occupancy rate of 99 percent. The joint venture, which will consist of an 80 percent ownership share by the Blackstone Real Estate Advisors affiliate and 20 percent by the Glimcher affiliate, anticipates closing on the property in fourth quarter 2010. Glimcher will lease and manage the property.
ARVADA, COLO. — Partnering with a private family investment trust, NewMark Merrill Mountain States has purchased the 164,611-square-foot Arvada Marketplace East, located in the northeast quadrant of Interstate 70 and Wadsworth Boulevard in Arvada, from CapMark Bank for $3.35 million. Built in 1987 and 52 percent vacant at the time of sale, the shopping center will be repositioned by NMMS, a move that will include the addition of at least two major anchors. Cushman & Wakefield’s Timothy Richey represented NMMS’s acquisition team in the transaction.