REX, GA. — Marcus & Millichap has brokered an undisclosed company’s sale of a 9,180-square-foot Family Dollar store in Rex to an undisclosed firm for $1.45 million. The property is located in a grocery-anchored shopping center at 6502 Dale Rd. Robby Pfeiffer of the firm’s Atlanta office and Pete Paule and Jesse Roberts of the firm’s Charlotte, N.C., office represented the seller.
Retail
NORTHFIELD, MINN. — Minneapolis-based Upland Real Estate Group has completed the sale of a triple-net leased Arby’s investment property that is located in Northfield. A private investor acquired the restaurant, which has 16 years remaining on its ground lease, for approximately $1.75 million, at a 7.75 percent cap rate. Keith Sturm and Deborah Vannelli of Upland represented the developer in the disposition.
DANVERS AND PLYMOUTH, MASS. — White Plains, N.Y.-based Northeast Community Bancorp has expanded its retail banking operations into Massachusetts. The company recently opened full-service branch offices at 87 Elm St. in Danvers, and 8 N. Park Ave. in Plymouth. Northeast Community Bancorp is the holding company for Northeast Community Bank, which operates seven full-service offices.
LOS ANGELES — Randy Poli, an independent real estate agent, represented a private investor in the acquisition of Fetterly Plaza, an 18,404-square-foot retail center located at 753-761 S. Fetterly Ave. in Los Angeles. The two-story property sold for $2.95 million. At the time of acquisition, the property was 95 percent occupied. Mehran Foroughi of Colliers International represented the seller, a private investor, in the transaction.
JONESBORO, ARK. — Hobby Lobby has signed a 13-year lease renewal for 52,000 square feet and leased an extra 10,000 square feet at Bernard Court Shopping Center in Jonesboro. Hobby Lobby’s original lease was set to expire in 2011, but the company signed an early lease renewal for a per-year rent agreement concession. The company’s expansion will take up a portion of space vacated by Goody’s Family Clothing. New York-based Stonemar Properties owns and operates the shopping center.
MADISON, WIS. — Lee & Associates of Madison has brokered the sale of the World Dairy Center, a 65,544-square-foot property located on Dairy Drive in Madison. Jared Flesch and John Walsh of Lee & Associates represented the undisclosed seller. The buyer, Charal Wisconsin Properties, purchased the property for an undisclosed amount.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of 121 Ludlow Street, a three-story commercial building located in Manhattan’s Lower East Side, for $3.45 million. The building consists of a vacant ground-floor unit equipped for a restaurant, a second-floor art studio with 12-foot ceilings and a third-floor hair salon with 10-foot ceilings. Massey Knakal’s Michael DeCheser negotiated the transaction. The property was acquired by a local investor at a 4.35 percent capitalization rate.
IRVING, TEXAS — Marcus & Millichap Real Estate Investment Services has closed the sale of MacArthur Plaza, a 54,543-square-foot retail property in Irving. Todd Carlson of the firm’s Houston office marketed the property on behalf of the seller, Silvestri Investments. An out-of-state investor purchased the fully occupied property, which is located at 2802 N. MacArthur Blvd. just north of Highway 183. Tenants at the center include Family Dollar, Ace Cash Express and 12 others.
WINDSOR, COLO. — Johnson Investments Inc. has purchased Shops at Westwood, a retail center located at 1297 Main St. in Windsor. Everitt Companies sold the 26,276-square-foot property for $1.51 million. At the time of acquisition, the property was 56 percent occupied. Jason Ortiz of Marcus & Millichap’s Fort Collins, Colo., office represented both parties in the transaction.
OCALA, FLA. — Winter Park, Fla.-based Michael Collard Properties will break ground in August on the 78,380-square-foot Shops at Foxwood development in Ocala. The property, located at the corner of U.S. Highway 27 and 49th Avenue, will be anchored by a 54,000-square-foot Publix. Delivery of the $14 million project is expected in July 2010.