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.
Retail
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.
NAPLES, FLA. — Carlisle/Wilson Plaza LLC has purchased the 36,000-square-foot Wilson Plaza shopping center from Gulfstream Retail Investments for $6.5 million. The property is located at 50 Wilson Blvd. in Naples. Larry Foster and Bill Young of CB Richard Ellis' Naples office brokered the transaction.
VIRGINIA BEACH, VA. — Restaurant Depot has purchased an 89,000-square-foot building formerly occupied by Value City Department Store for $6 million. The property, which is located at 5112 Virginia Beach Blvd. in Virginia Beach, will serve as a new Restaurant Depot location when the tenant moves in during the third quarter of next year. The company will invest $3 million in the property and hire 38 employees. Restaurant Depot will open five additional stores throughout the country next year.
CALDWELL, N.J. — Marcus & Millichap has negotiated the sale of a 6,175-square-foot retail property located in Caldwell for $1.25 million. Seth Pollack of Marcus & Millichap's New Jersey office represented the seller, a local retail developer. David Thurston, also of Marcus & Millichap, represented the buyer, a local investor participating in a 1031 exchange.
PORTERVILLE, CALIF. — Retail West has negotiated the sale of the 81,000-square-foot Eastridge Plaza in Porterville to Vallarta Properties. The retail center includes a recently opened Vallarta Supermarket. Retail West’s John DuBois, Jon Gianulias and Mark Denholm represented the seller, a partnership including New York-based Kimco and Prudential.
COLUMBIA, S.C. — RCG-Northway has sold the 79,413-square-foot North Columbia Square shopping center to CRP II North Columbia Square for $4.6 million. Located at 5110 Fairfield Road in Columbia, the Food Lion-anchored property is 95 percent occupied. Additional center tenants include Rent-A-Center, Family Dollar, Rainbow Fashions and Shoe Time. Tim Giambrone of Marcus & Millichap's Atlanta office represented the seller.