SHAKER HEIGHTS AND PARMA, OHIO — Fort Wayne, Ind.-based Equity Investment Group has acquired two shopping centers totaling 223,657 square feet from Edens & Avant. The assets are the Heinen’s Fine Foods-anchored Shaker Towne Centre in Shaker Heights and the Giant Eagle-anchored Snow View Plaza in Parma. At the time of closing, Shaker Towne was 85 percent occupied and Snow View was 90 percent occupied. The acquisition price was not disclosed.
HARRISBURG AND DICKSON CITY, PA. — Cedar Shopping Centers has transferred the ownership of two of its Pennsylvania shopping centers to a joint venture between itself and RioCan Real Estate Investment Trust. RioCan will own an 80 percent interest and Cedar will own a 20 percent interest in Blue Mountain Shopping Commons in Harrisburg and Sunset Crossing in Dickson City. Blue Mountain Commons totals 121,000 square feet and Sunset Crossing totals 74,000 square feet. Both shopping centers are anchored by Giant Food Stores. Cedar realized a $32 million profit from the transfer, which is being used to reduce the balance of the company's credit facilities. The deal represents two of seven properties that will be transferred to the joint venture. The remaining five properties will close during the first quarter of next year.
PHOENIX — Grubb & Ellis|BRE Commercial has negotiated Financial Trading and Transacting Corp.’s $38.175 million acquisition of three Phoenix retail centers totaling 362,965 square feet. Represented by Grubb & Ellis’ Ryan Schubert and Michael Hackett, Financial Trading purchased Village Fair North, a 201,800-square-foot center located on the northeast corner of Tatum Boulevard and Cactus Road, for $20.6 million; Village Square II, a 138,788-square-foot center located on the southwest corner of Tatum and Cactus, for $14.5 million; and the 22,377-square-foot Village Square I, which is home to Party City and T.J. Maxx, for $3.075 million. The three centers were a combined 95 percent leased at the time of sale.
KNOXVILLE, TENN. — Centro Properties Group has sold the 127,000-square-foot Suburban Plaza shopping center to Baker Storey McDonald Properties for an undisclosed amount. The center, located on Kingston Pike in Knoxville, is 88 percent leased and is anchored by Toys “R” Us and Barnes & Noble. Stephen Brink of First Southern Mortgage arranged acquisition financing, which was provided by Oak Ridge, Tenn.-based ORNL Federal Credit Union. Tony D'Ambrosio and Joe Montgomery of Colliers Spectrum Cauble represented Centro, and Baker Storey represented itself in the transaction.
CALEXICO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered Calexico Retail Associates LLC’s $5.2 million sale of the fee-simple ownership in the land leased to a single-tenant building occupied by Forever 21 at 1113 Imperial Highway West in Calexico. Represented by Ace Realty’s Bryan Sung, the buyer, John Choi of Los Angeles, purchased the property in an all-cash transaction to fulfill a 1031-exchange requirement. Carlos J. Lopez of Hanley Investment Group represented the seller in the transaction.
ASHBURN, VA. — Global Foods Market will open a 57,030-square-foot store Friday in the 88,897-square-foot Ashburn Farm Village shopping center. The property is located at 43761 Parkhurst Plaza in Ashburn and also houses Hair Cuttery, Pizza Hut and Buffalo Wings Factory. Goodyear, Wachovia and Exxon sit on two outparcels. Jessica Hurst of Regency Centers secured the lease.
MANCHESTER, MO. — Swansea, Ill.-based Holland Construction Services has completed the construction of Dave Mungenast Lexus of St. Louis. Located at 13700 Manchester Road in Manchester, the two-story, 70,000-square-foot building features a showroom and service lounge, a café, a delivery area and a 32-bay service area. Additionally, the facility is LEED-New Construction certified. The building will reduce potable water by more than 40 percent and use more than 15 percent less energy. Chesterfield, Mo.-based HDA Architects designed the property, while Vertegy served as the LEED consultant on the project.
DOVER, OHIO — New York-based Cedar Shopping Centers has completed the disposition of Discount Drug Mart Plaza in Dover. Located at 3015 N. Wooster Ave., the 38,409-square-foot property sold for $3.23 million. The fully leased center is anchored by Medina, Ohio-based Discount Drug Mart. Dan Cooper of The Cooper Commercial Investment Group represented the seller and undisclosed buyer in the transaction.
DALLAS — Dallas-based Henry S. Miller Brokerage has completed the sale of a 2.12-acre land parcel located at 2630 Royal Lane in Dallas. Currently used as parking and an ATM for the adjacent Bank of Texas, the site will be redeveloped into retail space by the new owner. Jim Turano of Henry S. Miller Brokerage represented the seller, Bank of Texas, N.A. Bobby Rollings of RBR Properties represented the buyer, Texas Forest Properties. The acquisition price was not disclosed.
GULFPORT, MISS. — H. Gordon Myrick Inc. has started construction on a 12,500-square-foot Citi Trends family apparel discount store in the Centre at Courthouse shopping center. The COMVEST Properties project is located at the intersection of Courthouse and Pass roads in Gulfport. Myrick also is constructing 4,700 square feet of additional shop space. Delivery is slated for February.