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.
Retail
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.
MYRTLE BEACH, FLA. — Greenville, S.C.-based RealtyLink has brokered the $2.23 million sale of an 8,142-square-foot Bridgestone tire store between two private companies. The building, which was completed in February, is located 5 miles from the Myrtle Beach International Airport in Myrtle Beach. The tenant's 15-year lease carries 10 percent rent increases every 5 years.
MAUMELLE, ARK. — Marcus & Millichap has brokered the sale of a 1,750-square-foot Starbucks between two private investors for $1.11 million. The tenant has leased the space, which is located at 105 Commons Drive in Maumelle, through 2017. Gino Lollio, William Bennett and Andy Gallas of Marcus & Millichap's Chicago office represented the seller. Peter James of the firm's Los Angeles office represented the buyer. Clarence Cropper of the Montgomery, Ala., office also assisted in the deal.