SEAFORD, DEL. — Stan Johnson Co. (SJC) has brokered the sale of a 19,086-square-foot Tractor Supply Co. located in Seaford for $3.04 million. Gill Warner of SJC represented the seller, a private retail developer. Robert Rubin of NAI James E. Hanson represented the buyer, an individual investor.
Retail
COOPER CITY, FLA. — Prince of Cooper City has purchased the 53,857-square-foot Stirling Town Center from Stirling Associates for $15.33 million. The property is located at 8637 Stirling Road in Cooper City. Starbucks, Coldstone Creamery and Beef O'Brady's are housed in the center. Dave Donnellan, Bill Strauss and Todd Weintraub of CB Richard Ellis brokered the sale.
SANDUSKY, OHIO — Hoty Enterprises has plans to construct a heated storage facility at Sandusky Bay in Sandusky. Located on First Street at Son Rise Marina, the 24,000-square-foot building will be able to accommodate boats up to 66 feet. Construction is scheduled to begin in March, with completion slated for July. Hoty Builders, a Hoty affiliate, will serve as general contractor for the project.
BLOOMINGTON, MINN. — Welsh Capital has arranged a $6.67 million loan for the refinancing of a Park ‘N’ Go facility in Minnesota. The property is located at 7901 International Drive in Bloomington. The fixed-rate financing includes net proceeds to the undisclosed borrower.
ROANOKE, VA. — Kroger LP has sold a 39,980-square-foot Kroger store to Branch Management Corp. for an undisclosed amount. The property is located on 4.82 acres at 3419 Orange Ave. in Roanoke. The buyer plans to redevelop and lease the store, which Kroger has occupied since 1984. Tommy Drew of S.L. Nusbaum Realty Co. represented Kroger in the transaction.
NORTON SHORES, MICH. — Norton Shores-based Horizon Group Properties has completed the disposition of minority interests in the entities that own five of its outlet centers to Bright Horizons of South Florida. The buyer acquired a 22.5 percent interest in the entities that own outlet centers in Burlington, Wash., Fremont, Ind., Gettysburg, Pa., and Oshkosh, Wis., and a 19.6 percent preferred interest and a 17.8 percent common interest in a center in El Paso, Texas. Bright Horizons has agreed to acquire an additional 26.5 percent interest in the properties in Burlington, Fremont, Gettysburg and Oshkosh, and an additional 23.6 percent preferred interest and an additional 21.8 percent common interest in the El Paso property on or before March 31, 2010. Bright Horizons is an entity controlled by Somerset Outlet Center.
LAKEWOOD, OHIO — Ian Harrison of Marcus & Millichap has arranged a $4.6 million loan for the acquisition of a Walgreens drugstore in Lakewood. Built in 2007, the 14,000-square-foot property has 23 years remaining on the initial lease term. The loan has a loan-to-value of 83.1 percent and a 6.57 percent fixed-interest rate for 23 years. The borrower was not disclosed.
LAKEWOOD, OHIO — Ian Harrison of Marcus & Millichap has arranged a $4.6 million loan for the acquisition of a Walgreens drugstore in Lakewood. Built in 2007, the 14,000-square-foot property has 23 years remaining on the initial lease term. The loan has a loan-to-value of 83.1 percent and a 6.57 percent fixed-interest rate for 23 years. The borrower was not disclosed.
ARKANSAS AND TENNESSEE — New York City-based New York Life Insurance has sold two former Circuit City buildings in Arkansas and Tennessee for $1.45 million and $1.14 million, respectively. Little Rock, Ark.-based Starlite Hotel Group purchased the North Little Rock, Ark., property for use as a hotel. Cross Point Community Church bought the Franklin, Tenn., store and will convert it into a church. Including a Texas building, which was also part of the sale, the properties span a total of 89,838 square feet. Richard Frolik and Derrick Almassy of CB Richard Ellis represented the seller.
KENT, OHIO — Cleveland-based Cooper Commercial Investment Group has brokered the sale of the ownership interest of Gabriel Brothers Plaza, which is located at 1820 E. Main St. in Kent. The 83,740-square-foot retail center is anchored by Gabriel Brothers. Cooper’s Bob Havasi and Dan Cooper represented the seller, Cedar Shopping Centers, and the buyer, an independent California-based investor, in the transaction. The acquisition price was $4.5 million.