INDEPENDENCE, MO. — Phillips Edison Group LLC has acquired a 241,682-square-foot retail strip center, located at 14330 East 42nd St. in Independence. Centro Properties Group sold the property for $10 million. Ingrid Long of Grubb & Ellis|Gundaker Commercial and Drew Quinn of Grubb & Ellis|Winbury Group represented the seller in the transaction.
BAYVILLE, N.J. — Morgan Real Estate has brokered the sale of a freestanding Walgreens located in Bayville. The firm's George Morgan, Jr., and Greg Woulfe represented the buyer, Bayville Triess. Morgan Real Estate joined with Marabella Commercial Finance to obtain acquisition financing, which consisted of a $4.6 million, non-recourse, CMBS loan. The property traded at a 7.37 percent cap rate.
HIGHLAND VILLAGE — The Shops at Highland Village, located at the intersection of FM 2499 and FM 407 in Highland Village, has leased more than 11,000 square feet of retail space plus an outparcel to six new merchants. Buffalo Wild Wings is currently under construction at the corner of FM 407 and Chinn Chapel Road, and Jack's Outfitters, Sprint, Brookstone, Calendar Club and Inspired Yoga Studio have all taken space in The Shops at Highland Village. Regency Centers leased the property.
HIGHLANDS RANCH, COLO. — NorthMarq Capital has arranged a permanent loan of $6.2 million for Village Center West, a four-building, 30,397-square-foot neighborhood retail center located at 3620-3626 Highlands Ranch Pkwy. in Highlands Ranch. Tenants include Radio Shack, Supercuts, Baskin Robbins and King Soopers (the latter, grocery tenant not being a part of the collateral). John Stewart and Brock Yaffe of Minneapolis-based NorthMarq arranged the financing for the borrower.
DALLAS — HSM Equity Partners, the real estate financial equity services entity of Henry S. Miller Co., has arranged non-recourse, fixed-rate, permanent financing for two shopping centers owned by entities of the Henry S. Miller family of companies. Pepper Square and Central Forest shopping centers in Dallas each carry 10-year terms with a 5.5 percent fixed rate. HSM secured financing through Wells Fargo's New York CMBS group. Pepper Square contains 277,609 square feet of retail space and Central Forest contains 94,879 square feet of retail space. Chance Johnson of HSM arranged the retail loans.
LOUISVILLE, KY. — A Pittsburgh-based private investment group has acquired the ownership interest of Dixie Depot Plaza, which is located at 6810-6812 Dixie Highway in Louisville. Developed in 2009, the retail plaza is occupied by Qdoba Mexican Grill, Gaddie Eye Center and Aspen Dental. A private group of local investors sold the property for $2 million. Dan Cooper of The Cooper Commercial Investment Group represented the sellers in the transaction.
MILFORD, CONN. — P.C. Richard & Son has acquired a 35,000-square-foot retail building located at 1575 Boston Post Road in Milford for $5.5 million. The electronics retailer has been occupying the building since May under a lease-to-purchase contract agreement. Steven Spector of Interstate Realty Advisors and Bruce Wettenstein of Vidal/Wettenstein arranged the deal. The brokers also helped arranged P.C. Richard's recent purchase of a Danbury, Conn., retail center.
LAKE WORTH — Star Village Commons, a 40,549-square-foot retail property located at 3980 Boat Club Rd. in Lake Worth, has sold. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, Doug Archer, in his capacity as a receiver with POB Montgomery & Co. The property is 54 percent occupied with tenants such as Whataburger, State Farm Insurance, Sesame Grill and Great Clips.
MESQUITE — A former Hollywood Video store, located at 1600 Beltline Rd. in Mesquite, has sold to Springfield, Mo.-based O'Reilly Automotive, which is expanding by 150 stores nationwide this year. The 7,280-square-foot retail property sits on the corner of Beltline and Cartwright roads on a 49,702 square foot parcel of land. Jeff Brand of Brand Capital Partners represented the property's seller, Barton Investments, in the transaction. Hollywood Video's parent company, Movie Gallery, filed for Chapter 11 bankruptcy protection in February.
SANTA CLARITA, CALIF. — Colliers International has directed the sale of an 8,189-square-foot retail building, located at 23360 Cinema Dr. in the Valencia area of Santa Clarita, to Performance Cyclery for an undisclosed amount. The private bicycle retailer plans to open by December 1 in the property previously occupied by Trader Joe’s approximately 2 years ago. Colliers International’s Zeke Patterson and John Erickson represented the buyer in the transaction, and the brokerage firm’s Kevin Fenenbock, along with NAI Capital’s John Cserkuti and Bert Abel, represented the seller, MDI Cinema Drive LLC.