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.
Retail
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.
CLIFTON, N.J. — Dollar General Corp. has signed a lease to open a new retail location in Clifton. The company will lease an 11,556-square-foot, freestanding building located at 449 Lakeview Ave. that was formerly occupied by Drug Fair. Barry Greenberg of Levin Management Corp. represented the landlord, a third-generation family owner. Tim Kelley of Julius Feinblum Realty represented Dollar General. The new Clifton location marks the second Dollar General in northern New Jersey and the 22nd store in the state; the company plans to expand aggressively in the New Jersey market in the near future.
LEWISVILLE AND HOUSTON, TEXAS — Stan Johnson Co. (SJC) has brokered two retail sales and one industrial sale in Texas. First, a private investor purchased a 46,998-square-foot retail store located in Lewisville that is currently leased to Haverty's Furniture. Gill Warner, Rod Pickney and Chad Byerly of SJC represented the seller, another private investor. Barry Wolfe of Marcus & Millichap represented the buyer. The property traded for $3 million. In the second deal, a private investor purchased an industrial property located in Houston that is currently leased to Carrier Sales & Distribution for $2.7 million. Warner, Pickney and Byerly represented the seller, a developer. William Janis represented the buyer. Finally, an individual investor purchased a 7,000-square-foot retail property located at 9670 N. Sam Houston Pkwy. in Houston that is currently leased to Sherwin-Williams. SJC's Jim Gibson represented the seller, a local retail developer. Donald E. Dennis Inc. represented the buyer, an individual investor participating in a 1031 exchange.
HOUSTON — CB Richard Ellis (CBRE) has arranged a lease renewal on behalf of apparel retailer Marshalls in Houston. The company renewed its lease for 27,000 square feet at The Commons at Willowbrook, a shopping center located at 7700 FM 1960 West in Houston. Matt Keener and Alex Makris of CBRE represented the landlord, The Commons at Willowbrook, Inc. Terms of the lease were not disclosed.
HONOLULU, HAWAII — Los Angeles-based fashion chain Forever 21 has announced plans to open a three-story flagship location within Honolulu's Royal Hawaiian Center. The 42,580-square-foot store will be located within Building C and will have a major entrance on Kalakaua Avenue. With this new lease, Forever 21 is the shopping center's largest tenant. Developed and managed by The Festival Companies, Royal Hawaiian Center is a 310,000-square-foot shopping center located in Honolulu's Waikiki district. It is owned by Kamehameha Schools.
BELLFLOWER, CALIF. — Lee & Associates – Orange, Inc. has brokered the sale of a 9,171-square-foot retail strip center located in Bellflower. The property, which is situated at 9345-9361 Alondra Blvd., traded for $1.97 million. John Son of Lee & Associates represented the buyer, Mahn Properties. Eric Wohl and Kevin Fryman of Hanley Investment represented the seller, PB Investments I, Ltd. The acquisition price was not disclosed.