HELLERTOWN, PA., AND SOUTH PLAINFIELD, N.J. — Marcus & Millichap has completed the sales of two retail centers. The first transaction involved the Shoppes at Hellertown, a 55,480-square-foot property located at 21 Main St. in Hellertown. A Philadelphia-area partnership sold the property to a limited liability company for approximately $7 million. Tom Gorman, Matt Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller. Seth Pollack of Marcus & Millichap's New Jersey office represented the buyer. The second deal involved the $1.08 million sale of a 14,129-square-foot neighborhood shopping center in South Plainfield. Pollack partnered with Lauren Federgreen, also of Marcus & Millichap, to represent the seller, a New York investor. Federgreen also secured the local buyer.
ROCKY MOUNT, N.C. — RCG Ventures has purchased the 93,000-square-foot Tiffany Square shopping center from a private party for an undisclosed amount. Anchored by Ollie's Bargain Outlet and K&W Cafeterias, the property is located adjacent to Golden East Mall in Rocky Mount.
ST. LOUIS — MMG Acquisitions has purchased a 12,750-square-foot freestanding building in St. Louis. Located at 4645 Gravois, the retail property sold for $297,500. Dan Rossini and Chris McKanry of Grubb & Ellis|Gundaker Commercial represented the buyer; Michael Wolken of Coldwell Banker Commercial CRA represented the seller, East Grand Realty Co., in the transaction.
FRISCO, TEXAS — Teachers Insurance and Annuity Association of America has leased 32,746 square feet to buybuyBaby in South Frisco Village. The property is located at 2300 Preston Road in Frisco. Steve Lieberman and David Fazio of The Retail Connection represented buybuyBaby. CB Richard Ellis' Jeff Kittleson represented the landlord.
ATLANTA — Coro Realty Advisors has acquired the 256,712-square-foot Midtown Place shopping center on behalf of JH Holdings from a private buyer for an undisclosed amount. The property, which was built in 1999 by The Sembler Co., is located at the corner of Ponce de Leon and Lakeview avenues in Atlanta. Tenants housed in the center include Borders, Home Depot, Whole Foods, Staples and PetsMart.
GLEN BURNIE, MD. — NorthMarq Capital has arranged a $9.7 million loan for the 265,000-square-foot Arundel Plaza in Glen Burnie. The property houses Giant Food and Lowes Home Center. PPM Finance provided financing for the 5-year loan, which carries a 25-year amortization schedule. Gary McGlynn of NorthMarq's Washington, D.C., office and Joseph Burke of the firm's Baltimore office secured the loan.
ANN ARBOR, MICH. — Magellan Properties has completed the development of a 25,000-square-foot retail center at 500 N. Maple St. in Ann Arbor. The property includes a 17,000-square-foot anchor site and 8,000 square feet of additional retail space. ALDI recently purchased the anchor site for an undisclosed price. Newcombe Clark of Bluestone Realty Advisors represented ALDI; Rene Papo of Magellan Properties represented the owner, Chelsea Land Company. Michael Lippett of Landmark Real Estate Services is marketing the additional retail space.
HOUSTON — Regency Centers has sold the 103,000-square-foot Memorial Collection Shopping Center to Westwood Financial Corp. for an undisclosed amount. The 11-acre property is located at the intersection of Memorial Drive and Dairy Ashford Street in Houston. The center is 96 percent leased by tenants including Randalls and Walgreens. Grubb & Ellis represented Regency Centers in the deal. Westwood Financial Corp. represented itself.
HOUSTON — Asset Plus Cos. and the Fred and Mabel Parks Youth Ranch, a not-for-profit 501(c)3, has broken ground on the Youth Ranch Teenage Homeless Shelter in Houston. The property will deliver in September. The facility will offer shelter to children ages 12 to 17 who are looking for a temporary home. Funding for the project is being provided by a number of grants and private sources.
MORENO VALLEY, CALIF. — Grubb & Ellis has represented Bank of America N.A. in the $7.6 million sale of Moreno Beach Plaza Phase II, a 74,208-square-foot retail center located at the northwest corner of Eucalyptus Avenue and Moreno Beach Drive in Moreno Valley. Constructed in 2007, the REO property was purchased by MGP IX REIT LLC, a business unit of Merlone Geier Partners. Grubb & Ellis’ Michelle Schierberl and Roger Kinoshita represented the seller in the transaction.