SOMERSET, N.J. — Marcus & Millichap has brokered the sale of Nora Shopping Center in Somerset for $3.7 million. The strip center was fully occupied at the time of closing. Michael Lombardi of Marcus & Millichap's New Jersey office represented the undisclosed seller. Seth Pollack, also of the broker's New Jersey office, represented the buyer, a local investor.
Retail
PALESTINE, TEXAS — Graham Investments has sold the 209,197-square-foot Palestine Mall to the City of Palestine. The 30-year-old property, which is located at 2017 South Loop 256 in Palestine, was listed for $4.5 million. Upon renovation, the development will be the new home of the city's public library, Texas State Technical College and an early-start college program for high school students. The Woodmont Company's Brad Cruickshank represented the seller. Cody Harris of United Country-Southland Realty represented the buyer.
SACRAMENTO AND PLEASANT HILL, CALIF. — Retail Opportunity Investments Corp. has purchased two Northern California centers totaling in excess of $27 million. Located in Sacramento, the $13.46 million Norwood Center is an approximately 90,000-square-foot, fully leased property anchored by Viva Supermarket, Rite Aid and Citi Trends. Located at 3250 Buskirk Ave. in Pleasant Hill, an approximately 71,000-square-foot shopping center anchored by Office Depot and Basset Furniture was purchased for $13.65 million.
SOUTH ELGIN, ILL. — An entity of a Northbrook, Ill.-based development company has purchased the 260,000-square-foot South Elgin Crossings shopping center from a national bank for $24 million. Located at the intersection of Randall Road and McDonald Road in South Elgin, the property houses Home Depot, Best Buy, PetsMart, Staples and Buffalo Wild Wings. Wells Fargo Bank financed the transaction. Chad Firsel of Quantum Real Estate Advisors represented the buyer in the transaction.
MICHIGAN — NAI Farbman’s Paul DeBono represented Amherst Partners in the sale of a retail property to Residential Rental-Harry for an undisclosed amount. The 58,443-square-foot building is located at 34150 Gratiot Ave. in Clinton Township, Mich. DeBono and the firm’s Ronald Goldstone represented Bank of America National Association’s sale of a 36,336-square-foot retail property to a private party. The development is located at 35300 Central City Parkway in Westland, Mich.
ENCINO, CALIF. — NAI Capital has negotiated the more than $4.22 million sale of a retail center located at 17301 Ventura Blvd. in Encino. NAI’s Richard Leyner and Douglas Cole represented the seller, Encino Shoppes LLC, in the transaction, and the firm’s Sam Monempour, Chris Jackson and Todd Lorber represented the buyer, Encinvest VL Inc.
CASSELBERRY, FLA. — Deerfield Beach, Fla.-based SIKON Construction has completed a 46,000-square-foot Publix at Casselberry Commons. The $3 million store, which is located at the intersection of State Road 436 and Howell Brach Road in Casselberry, replaces a smaller adjacent Publix. Orlando-based Cuhaci & Peterson Architects designed the store.
SOUTHLAKE, TEXAS — Holliday Fenoglio Fowler has secured $90 million in financing for the first four phases of Inland Western REIT's 841,029-square-foot Southlake Town Square. The affected phases of the six-phase mixed-use project, which was completed during the past 10 years, total 507,500 square feet. MetLife Real Estate Investments financed the 7-year loan, which carries a 6.25 percent interest rate. The new financing replaces maturing bank and CMBS loans. More than 150 tenants call Southlake Town Square home.
SPRING, TEXAS — RCG Ventures has purchased the 180,000-square-foot Louetta Central shopping center from a private party for an undisclosed amount. Located at 20614 N. Freeway in Spring, the property had been listed for around $21 million. The center is anchored by Kohl's, Michaels and Ross Dress for Less and is adjacent to a Walmart Supercenter. Louetta Central is currently fully leased.
AUBURN, CALIF. — On behalf of a shopping center investment fund, North American Development Group (NADG) has acquired the 205,100-square-foot Rock Creek Plaza, a regional shopping center in the Sacramento suburb of Auburn, for $23.5 million. The firm’s first shopping center acquisition in California, the 100 percent-leased property is anchored by Kmart, Best Buy, Petco, Rite Aid and BevMo!. Sperry Van Ness’ Fouy Ly represented both NADG and the seller, a private investment trust, in the all-cash transaction.