CHICAGO — George Ghattas and John Abuja of Marcus & Millichap have brokered the sale of the MCL Center, a 16,804-square-foot retail property located in Chicago’s Lincoln Park neighborhood. The multi-tenant property, which was 100 percent occupied, consists of two buildings situated on five land parcels. An undisclosed buyer acquired the property for $5.65 million at a 7.48 percent cap rate. Ghattas and Abuja represented the seller, a local private real estate developer, in the transaction.
FAIRLAWN, OHIO — Bryn Mawr, Pa.-based WP Realty has acquired Fairlawn Town Centre in Fairlawn for an undisclosed price. The five-building, 447,0037-square-foot retail center is occupied by Giant Eagle, Target, Home Goods, Pet Supplies Plus, Marc’s, U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and Radio Shack. The acquisition also included a vacant 39,840-square-foot junior anchor box, which was formerly occupied by Circuit City. Angelo, Gordon & Co. brokered the transaction. The seller was not released.
BROCKTON, MASS. — Newton, Mass.-based New England Development has acquired Westgate Mall in Brockton for $31.75 million. The shopping center is situated on approximately 50 acres at 200 Westgate Drive. Its anchors include Macy's, Sear's, Best Buy and Marshalls. The CB Richard Ellis team of Bill Moylan, Chris Angelone and Josh Klimkiewicz represented the undisclosed seller and procured New England Development.
ST. JAMES, N.Y. — NAI Long Island has brokered the sale of the former Mitsubishi and Mazda auto dealerships located at 920-926 Middle Country Road in St. James for $5.5 million. The buyer, North Shore Motors, plans to turn the buildings into a Chevrolet dealership. NAI's Al Centrella and Dennis McCoy represented the seller, Mitsubishi Motors of America. Joseph Bellavia & Sons represented the buyer.
KNOXVILLE, TENN. — An undisclosed Mississippi company has acquired Papermill Self Storage, a 55,067-square-foot self-storage facility in Knoxville. Located at 3980 Papermill Road, the property sold for $2.02 million. Michael Mele and Anne Williams of Marcus & Millichap represented the Texas-based seller in the transaction. Terms of the transaction were not disclosed.
BRIDGEVILLE, PA. — Construction is complete for Phase I of Bursca Frontgate, a retail center located at the entrance to Bursca Business Park in Bridgeville. Phase I consists of a 7,800-square-foot building, of which the New Dragon Express restaurant and Sudsy's Beer Distributor have already leased a combined 4,400 square feet. Future plans call for an additional building totaling 6,000 square feet. Burns & Scalo Real Estate Services is leasing the property.
SOUTHOLD, N.Y. — Stalco Construction has completed the $1.5 million expansion and renovation of the IGA Supermarket located at 54566 Route 25 in Southold. The project included the demolition and reconstruction of the building exterior, a new roof, the reconfiguration of the interior space and other improvements. John A. Grillo, Architect PC served as project architect. The building is owned by Thomas and Charles Reichert.
CHERRY HILL, N.J. — Colliers International has brokered the sale of a single-story, 4,000-square-foot retail building located at 1734 Route 70 in Cherry Hill. The buyer, Dr. Evan Sorokin, plans to relocate his practice to the building from its current location in Marlton, N.J. David Reibstein and David Dunkelman of Colliers' Philadelphia office represented the seller, 1734 Route 70 East LLC. Evan Zweben of Colliers' Mount Laurel, N.J., office represented the buyer.
AUSTIN, TEXAS — An Austin-based investment partnership has purchased the 69,336-square-foot Rivertowne Mall from a private party for an undisclosed amount. The property is located on 5.58 acres at 2003-2017 Riverside Drive in Austin. The buyer is planning to redevelop the project into traditional retail space. Walter Saad, Cathy Nabours and Eric DeJernett of CB Richard Ellis' Austin office represented the seller.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has closed the sale of The Commons at Presidio Square, a 189,340-square-foot shopping center located at the intersection of Highway 6 and Bellaire Boulevard in Houston. The shopping center, which sits on 22.5 acres, is anchored by H-E-B and is currently 89.9 percent leased with major tenants such as RadioShack, IHOP and JPMorgan Chase. HFF's Rusty Tamlyn and Trent Agnew lead the investment sales team on behalf of the seller, Camden Securities. Canadian-based North American Development Group purchased the property and assumed the in-place financing.