WESTHAMPTON, N.J. — Marcus & Millichap has brokered the sale of a 14,820-square-foot, freestanding Walgreens pharmacy, located at 800 Woodlane Rd. in Westhampton. The property, which traded for $7.2 million at a 7.25 percent cap rate, was constructed in 2008 and is subject to a 25-year triple-net lease. Brad Nathanson and Jordan Muchnick of Marcus & Millichap’s Philadelphia office represented the seller, Mark Investments, and procured the buyer, a New York-based partnership participating in a 1031 exchange. The acquisition financing was arranged by James Conley of Marcus & Millichap Capital Corp. In addition, Nathanson and Muchnick arranged the sale of a 3,500-square-foot McDonald’s ground lease, located at 2752 MacArthur Blvd. in Whitehall, Pa. The property, which traded for $1.48 million at a 5.25 percent cap rate, is shadow-anchored by a Lowe’s Home Improvement Warehouse. Nathanson and Muchnick represented the undisclosed seller. The buyer, a New Jersey-based partnership participating in a 1031 exchange, was represented by Thierry Smith with First Commercial Business Brokerage.
KATY, TEXAS — Stan Johnson Co. (SJC) has completed the sale of the ground lease to a 5,000-square-foot, freestanding bank branch building located in Katy. The building, which is situated at 8027 W. Grand Parkway South within a newly developed, Kroger-anchored shopping center, is currently leased to JPMorgan Chase. Hunter Jaggard and Daniel Herrold of SJC’s Houston office represented the seller, Houston-based Read King Commercial Real Estate. The buyer, a Washington-based individual investor, was represented by Chad Carper of Spokane, Wash.-based Kiemle & Hagood Co. The acquisition price was not disclosed.
NEW YORK CITY — BCD has represented Five Guys Burgers and Fries in a new lease transaction. Located at 690 Third Ave. in Manhattan, New York City, the 1,700-square-foot property is the restaurant’s fourth Manhattan location. The chain plans to aggressively expand throughout 2010. Alexandra Turboff of BCD represented Five Guys, and Ron Longstreet represented the landlord, Solil Management.
ATLANTA — Agile Pursuits Franchising has opened 13 Mr. Clean Car Wash and Oil Change stores in the metro Atlanta area, rebranding locations formerly operated under the Carnett’s Car Wash chain. This transformation was put into place when Agile purchased Atlanta-based Carnett’s in February. The stores are located in Austell, Canton, Conyers, Cumming, Gainesville, Grayson, Jonesboro, Lawrenceville, Lilburn, Marietta and Norcross, Ga. Each car wash recycles its water and sends waste water to chemical treatment plants. Three additional Mr. Clean franchise agreements have also been signed in Atlanta.
LA PORTE, TEXAS — The grand opening has been held for Somerton Plaza, a 25,000-square-foot retail strip center located at 8610 Spencer Highway in La Porte. The project was developed by Dallas-based Myers Commercial. Tenants at the center include Chili’s Grill & Bar, which opened a 5,500-square-foot restaurant, as well as Verizon Wireless and Lovely Nail Salon.
SOUTH GATE, CALIF. — A private investor has purchased Independence Square in South Gate for $3.45 million. Located at 8530 Long Beach Blvd., the property offers 21,290 square feet of retail space. Michael Woolbright of Marcus & Millichap represented the buyer in the acquisition. The seller was not disclosed.
DURHAM, N.C. — Ram Realty Partners II, a fund sponsored by Palm Beach Gardens, Fla.-based Ram, has acquired the 134,295-square-foot Durham Festival Shopping Center from an undisclosed party for an undisclosed amount. The shopping center is located on Hillsborough Road in Durham. Kroger anchors the property, which is also occupied by Millennium Sports Club, Dollar General and SunTrust Bank. Ram Realty Partners II currently holds $175 million in assets.
MT. PLEASANT, S.C. — Greenville, S.C.-based Fox Capital Partners is developing Rivertowne Place, a grocery-anchored shopping center, to LEED specifications. The property is located on Highway 41 in Mt. Pleasant. Rivertowne will spotlight a new Harris Teeter prototype in addition to providing space for restaurants and retail tenants.
KANSAS CITY, MO. — The city of Kansas City and T-L Brywood LLC, which owns Brywood Centre, have entered into a redevelopment agreement for the shopping center. Located at the intersection of 63rd Street and Blue Ridge Cut Off in Kansas City, the 183,464-square-foot retail project will receive a new building façade, as well as an expansion dedicated for a grocery store anchor and new outlots along 63rd Street. Additional new elements include enhanced lighting features, new signage and landscaping upgrades. The redevelopment has been made possible through Tax Increment Financing and a Community Investment District approved by the city. Construction is expected to begin in July or August; an end-date for the redevelopment has not been announced.
ANDERSON, IND. — The Silver Group, as the sole broker, has negotiated the sale of a McDonald’s restaurant ground lease in Anderson for $540,000. The restaurant has more than 12 years remaining on the lease, which features 10 percent rent increases every 5 years. The buyer and seller were not disclosed. Anderson is located approximately 40 miles northeast of Indianapolis.