ATLANTA — An affiliate of Greensboro, N.C.-based Bell Partners has sold the 82,097-square-foot Park Place retail center to Coro Realty Advisors for $28.5 million. The property is located across the street from Perimeter Mall at 4505 Ashford-Dunwoody Rd. in Atlanta. Tenants include Talbot’s, Jared Galleria of Jewelry, Alon’s Bakery and McKendrick’s Steakhouse. Chris Decoufle and Kevin Reavey of CB Richard Ellis’ Atlanta office and Casey Rosen of the firm’s Miami office brokered the transaction.
Retail
MIAMI — Orlando, Fla.-based Keene Construction Co. has broken ground on the 74,031-square-foot Eureka Promenade shopping center for Orlando-based Brandon Structures. The property, located at the intersection of S.W. 184th St. and S.W. 147th Ave. in Miami, will be anchored by a 46,031-square-foot Publix. The project, which was designed by Coral Gables, Fla.-based Alleguez Architecture, is set to deliver in December.
COLUMBIA, MD. — DB Cardinal Mac has sold a 7,500-square-foot Romano’s Macaroni Grill to an undisclosed buyer for $2.6 million. The free-standing restaurant was built in 1998 and is located at 6181 Columbia Crossing Circle in Columbia. Gil Neuman and Todd Evans of Towson, Md.-based NAI KLNB brokered the sale.
GAHANNA, OHIO — Simon Jonna of Marcus & Millichap’s Southfield, Mich., office has arranged the sale of a CVS/pharmacy in Gahanna for $3.3 million. The store, which is located in the Columbus, Ohio, metro area, is a CVS prototype that was built in 2006 and has more than 20 years remaining on the lease term. Jonna represented the sellers and coordinated the loan assumption approval that was necessary to complete the transaction.
NEW CASTLE, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged a lease for a 10,800-square-foot warehouse, located at 4060 N. DuPont Highway in New Castle. The building will be occupied by Thunder Stix Baseball & Softball Academy, which plans to operate it as a baseball and softball training facility. It will feature four automated batting cages and four training tunnels. Greg Ellis of Patterson-Woods represented the tenant in lease negotiations. Paul Bryant and Tripp Way of Emory Hill Real Estate Services represented the undisclosed landlord.
FORT WORTH, TEXAS — Dallas-based RM Crowe has signed five leases at Ridglea Shopping Center, a 112,000-square-foot retail property located at 6040 Camp Bowie Blvd. in Fort Worth. French bistro and bakery La Madeline has renewed its lease for 4,910 square feet. The tenant was represented by Kim Jordan-Miller of Staubach Retail. Other leases include J. Clint Robertson renewing its lease for 848 square feet; New South Federal Savings Bank renewing its lease for 400 square feet; Dee Dee Herring signing a new lease for 316 square feet; and Maureen Nichol renewing its lease for 204 square feet. Matt Waldon and Kirby Cone provided in-house representation in each of the transactions for RM Crowe, the owner of Ridglea Shopping Center.
LONG BEACH, CALIF. — HI Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, has completed the disposition and acquisition of a street-front retail building, which is located at the corner of Third Street and Pine Avenue in Long Beach. The 24,925-square-foot REO building sold for $3.5 million or $140 per square foot. The property offers 23,050 square feet of ground-floor retail space and 1,875 square feet of second story office/loft space. At the time of acquisition, the property was 94 percent vacant. Carlos Lopez of HI Urban represented both undisclosed parties in the transaction.
SARASOTA, FLA. — Keene Construction Co. is eyeing an October completion date for its renovation and expansion of the Sarasota Crossings shopping center, located on Fruitville Road in Sarasota. The project, designed by Orlando-based Cuhaci & Peterson Architects, includes a 30,000-square-foot hhgregg store and a 20,898-square-foot Office Depot store. Key Biscayne, Fla.-based Commodore Realty owns the development.
PRAIRIE VILLAGE AND FAIRWAY, KAN. — Kansas City, Mo.-based LANE4 Property Group has acquired three shopping centers located in the Kansas City metropolitan area. The properties include: Prairie Village Shopping Center, located at the intersection of 71st Street and Mission Road in Prairie Village; Corinth Square North and Corinth Square South, located at the intersection of 83rd Street and Mission Road, also in Prairie Village; and Fairway Shopping Center, located at Shawnee Mission Parkway and Belinder Road in Fairway. The portfolio totals more than 416,000 square feet of space, along with 154,000 square feet in ground leases; all of the centers are anchored by grocery stores. Major tenants include Hen House Grocery, Westlake Hardware, Macy’s, CVS/pharmacy and Chico’s. The portfolio was sold by Raleigh, N.C.-based REIT Highwoods Properties, which acquired the shopping centers in 1998 from their original developer, JC Nichols Co. All three were constructed in the 1950s and 1960s. LANE4 will manage and lease all three centers. Financing for the purchase was provided by the Kansas City office of Bank of America, with permanent financing provided by the Kansas City office of Grandbridge Real Estate Capital. The purchase price was not released.
ROCKWALL, TEXAS — Stan Johnson Co. recently completed the sale of a 14,820-square-foot, freestanding Walgreens pharmacy location in Rockwall. Located on 1.97 acres on the southwest corner of State Highway 205 and Lakeshore Drive, the property sold to an individual investor for $4.93 million. Jeff Hughes and Brad Pepin of Stan Johnson Co. represented the investor. Gill Warner, Rod Pickney and Chad Byerly, also of Stan Johnson Co., represented the seller, a retail developer.