TAUNTON, MASS., AND NEW MILFORD, CONN. — Cedar Shopping Center has entered into a definitive agreement to acquire Northwoods Crossing in Taunton for $23.5 million. The purchase will be made on behalf of a joint venture between Cedar and Toronto-based RioCan Real Estate Investment Trust, in which Cedar owns a minority interest. Northwoods Crossing totals 160,000 square feet and is anchored by a 115,000-square-foot BJ's Wholesale Club. It was fully occupied at the time of closing. The property is subject to an existing $14.5 million, non-recourse loan that matures in 2016. In addition, Cedar disposed of Fairfield Plaza, a 72,000-square-foot retail center in new Milford, for $10.84 million. The buyer was Urstadt Biddle Properties. The deal includes the assumption of a $5 million loan held by KeyBank National Association.
DOVER, DEL. — Marcus & Millichap has represented developer Camden Town Center LLC in the sale of five ground-leased pad sites at the Camden Town Center shopping center in Dover. Texas Roadhouse sold for $1.53 million.Applebee's Neighborhood Bar & Grill sold for $1.25 million. Chick-fil-A sold for $1.24 million. WSFS Bank sold for $1.07 million. Finally, Dunkin' Donuts sold for $930,000. The properties traded at an average cap rate of 6.73 percent. The buyers were not released.
SNELLVILLE, GA. — The Lightstone Value Plus REIT has acquired Everson Pointe Shopping Center in Snellville. Anchored by Kroger, the 81,428-square-foot retail center is located at 3035 Centerville Highway. State Bank and Trust of Georgia provided long-term, non-recourse acquisition financing for the transaction. Richard Reid and Mike Cale of Holliday Fenoglio Fowler brokered the transaction. The seller and acquisition price were not released.
PALO ALTO, CALIF. — Marcus & Millichap has presided over the $2.5 million sale of a 4,400-square-foot restaurant property, located at 420 Ramona Street in downtown Palo Alto. The building is currently occupied by Mandarin Gourmet, which has been in operation for more than 18 years. Marcus & Millichap’s J.J. Taughinbaugh represented both the limited-liability-company buyer and the private-investor seller in the transaction.
ALGONQUIN, ILL. — Haddigan Capital has acquired the fee ground lease interest of a KFC restaurant site at 415 S. Randall Road in Algonquin. The acquisition includes the fee interest in a ground lease to YUM Brands with its KFC concept as a tenant. Bernard Haddigan, principal of Haggidan Capital, acquired the property as part of a dividend oriented fund, which he is managing. Terms of the transaction were not released.
LEXINGTON, KY. — The Boulder Group has brokered the sale of a single-tenant, ground-lease retail property in Lexington. The property sold for $2.65 million. The 2-acre property is occupied by CVS/pharmacy on a long-term lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the undisclosed buyer. The seller was not released.
CASA GRANDE, ARIZ. — Marcus & Millichap has managed the $5.26 million sale of a 14,738-square-foot Walgreens, located in Casa Grande. With help from David Guido, the brokerage firm’s Lior Regenstreif presided over the off-market transaction involving the single-tenant, net-leased property.
BELLEVILLE, ILL. — Marcus & Millichap has brokered the sale of a ground lease for an Arby's location in Belleville. The 3,300-square-foot single-tenant, net-leased property is situated on a 1-acre site at 5790 Belleville Crossing St. The property commanded a sales price of $780,000 and a cap rate of 7.5 percent. Judson Kauffman, Glen Kunofsky and John Przybyla of Marcus & Millichap represented the seller. The buyer was not released.
DEL MAR, CALIF. — On behalf of Mia Francesca Restaurant and its partner, Davanti Enoteca Wine Bar, Location Matters Brokerage Services has facilitated an approx. $2.88 million lease at 12955 El Camino Real within the newly renovated Del Mar Highlands Town Center. Represented by Location Matters’ Michael Spilky, the tenants signed a new 10-year lease for a combined 5,020 square feet of restaurant space, including approximately 2,540 square feet of outdoor seating. Phil Lyons of Cassidy Turley BRE Commercial represented the lessor in the transaction. Location Matters Development Services has been awarded the contract for the complete planning, design and construction of the restaurant property.
RALEIGH, N.C. — RCG Ventures has purchased Poyner Place in Raleigh for an undisclosed price. Situated across from Town Triangle Center, the 199,122-square-foot shopping center is anchored by Super Target, Office Max, Ross Dress For Less, Cost Plus World Market, Old Navy and Pier 1 Imports. Additional terms of the sale were not released.