AMARILLO, TEXAS — Two undisclosed parties have traded a 9,014-square-foot Dollar General for $1.05 million. The property, located at 4308 Washington St. in Amarillo, is triple-net leased to the tenant. Andy Gallas, Gino Lollio and William Bennett of Marcus & Millichap's Chicago office represented the seller in the transaction. The firm's Timothy Speck also helped close the deal.
BROOKFIELD AND MADISON, WIS. — Milwaukee-based Inland Construction has completed two tenant improvement (T.I.) projects for Perfect Mattress Inc. Inland completed a 4,500-square-foot project for a Perfect Mattress store, which is located at 19165 Bluemound Road in Brookfield. Additionally, the company completed a 9,412-square-foot project for a Perfect Mattress location at 2101 Beltline Highway in Madison. Both projects were completed in February and the stores held separate grand openings on March 1.
NORTH ANDOVER, MASS., AND COATESVILLE, PA. — The Boston and Philadelphia offices of Marcus & Millichap have completed two retail sales for a total of $4.84 million. In the first transaction, a 15,134-square-foot Rite Aid pharmacy located at 525 Turnpike St. in North Andover traded for $3.4 million. The tenant currently has 18 years remaining on its lease with eight 5-year extension options. Robert Horvath and Todd Tremblay of Marcus & Millichap's Boston office procured the foreign buyer, REEB LLC. The seller was San Francisco-based Skyline Pacific Properties. In the second transaction, Mark Taylor and Dean Zang of Marcus & Millichap's Philadelphia office represented Pennsylvania-based BR Branches LP in the acquisition of a retail bank branch located in Coatesville. The property, which is situated at the intersection of routes 30 and 82, is occupied by Harleysville National Bank on a 20-year bonded absolute-net lease with rent increases every 5 years. Daniel Seltzer of Richard J. Seltzer Inc. Realtors procured the buyer, Lucia Spaventa.
UNION, N.J. — Meridian Capital Group has arranged $3 million in non-recourse funds for the refinancing of The Flagship, a 40,000-square-foot retail property in Union. Located along Route 22, the single-tenant property is occupied by P.C. Richard & Son. Terms of the loan include a 10-year term, a 30-year amortization schedule and a 6 percent fixed rate. Jay Bidnick of Meridian's New Jersey office negotiated the loan on behalf of the borrower, Flagship Associates LLC. The lender was not disclosed.
ORLANDO, FLA. — MCP Retail has sold the Pleasant Hill Commons shopping center to an undisclosed party for $12.37 million. The property is located at the intersection of US Highway 17-92 and Pleasant Hill Road in Orlando. Pleasant Hill Commons, which is anchored by Publix, opened in 2008 and also houses Subway, Pizza Hut, 7-Eleven and Wendy's. CB Richard Ellis brokered the sale.
WESTON, FLA. — Strategic Storage Trust has purchased two storage facilities in Weston and New Jersey from Chicago Five Properties for a combined $23 million. The 651-unit Florida property is located at 16400 State Road 84 and is currently 86.1 percent occpuied. CB Richard Ellis represented the seller.
ZANESVILLE, OHIO — A Cincinnati-based private investor has acquired the ownership interest of a freestanding Family Dollar retail store in Zanesville. Family Dollar recently renewed its 5-year lease at the property, which is located at 1236 Maple Ave. New York-based Cedar Shopping Centers sold the 6,900-square-foot building for $575,000 at an 8.97 percent cap rate. Dan Cooper of Cooper Commercial Investment Group represented the seller in the transaction.
CRANSTON, R.I. — Boston-based NAI Hunneman has brokered the sale of a 113,000-square-foot shopping center in Cranston for $3.2 million. The building is situated on 9.6 acres at 1441 Elmwood Ave. The anchor tenant is a 35,800-square-foot PriceRite supermarket. The remaining space is vacant following the closing of National Wholesale Liquidators, which recently filed for bankruptcy. Robert Tito of NAI Hunneman and Jonathan Aron, formerly of NAI Hunneman, represented the seller, Cardinal Properties, and procured the buyer, OSJ of Cranston LLC.
RUSTON, LA. — Stan Johnson Co. has brokered the $4.94 million sale of a 14,550-square-foot Walgreens in Ruston between two private parties. The property, which sits on 1.6 acres, is fully leased to the retailer. Gill Warner of Stan Johnson Co. represented the seller. The firm's Rod Pickney and Chad Byerly represented the buyer.
ORMOND BEACH, FLA. — Century Retail has finished a 45,600-square-foot Publix and 20,000 square feet of retail space at Ormond Beach Mall. The property is located on Ocean Shore Drive in Ormond Beach. The two-phase project commenced in April 2009, and Publix will open on March 12.
