MIAMI — LKS Associates has leased an 8,000-square-foot property to an undisclosed party for a new CVS/pharmacy location. The tenant will demolish the existing Roadhouse Grill to make way for the 13,000-square-foot drug store. Located in the Kendall Value Center on Sunset Drive in Miami, the property will contain two drive-thru lanes. Continental Real Estate Cos.’ Carlos Guzman represented the landlord. Kendall Value Center is now fully leased.
TUCSON, ARIZ. — QuickTrip Corp. has purchased 2.6 acres of land at 5154 E. Speedway in Tucson for the development of a new store. The property sold for $1.32 million. Doug Wright of Commercial Investors Realty represented the purchaser; Steve Cohen of PICOR Commercial Real Estate Services, a Cushman & Wakefield Alliance Member, represented the seller, Don Medoff, in the transaction.
SALISBURY, MD. — Chicago-based Mayfair MDCC has sold a 25,000-square-foot former Circuit City store to an undisclosed party for $2.58 million. The property is spread across 2.24 acres at 2640 N. Salisbury Blvd. in Salisbury. Spirit Halloween is currently occupying the space through October. Henry Hanna and Wesley Cox of Sperry Van Ness – Miller Commercial Real Estate in Salisbury represented Mayfair in the transaction. Blair Rinnier of Salisbury-based Rinnier Development represented the buyer.
BERLIN, N.J. — Marcus & Millichap has brokered the sale of Cherry Plaza Shopping Center, a 19,425-square-foot neighborhood retail property located in Berlin, for $1.5 million. The center is situated at the intersection of Route 73 and Berlin Circle and was 73 percent occupied at the time of closing. Christopher Munley, Dean Zang and Mark Taylor of Marcus & Millichap’s Philadelphia office represented both parties in the transaction. The seller was New Jersey-based The Joseph Gulli, Blair Parking & Anthony Gulli Partnership. The buyer was Cherry Plaza LLC, a local construction company owner.
ERIE, PA. — Levin Management Corp. has launched a new program at Liberty Center in Erie that will provide retail business incubator space for retail and professional services startups. Approximately 20,000 square feet is being set aside for the program in various size increments. Flexible, short-term leases will also be offered. The program is part of the ongoing repositioning of Liberty Center that is being undertaken by Levin, the center’s leasing and management agent. Liberty Center totals 227,000 square feet and is located at 3407-3728 Liberty St. Existing tenants at the center include Peebles, Quality Market, Radio Shack, Payless Shoesource, Harbor Freight Tools, Dollar Tree and Blockbuster.
ST. PETERSBURG, FLA. — California-based Makabe & Makabe has purchased the 80,703-square-foot Tyrone Corners Shopping Center from an undisclosed seller for $10.5 million. The property is located across the street from Tyrone Square Mall at 2500 66th St. N. in St. Petersburg. Tyrone Corners is anchored by JoAnn Fabrics, HomeGoods, Panera Bread, AT&T Wireless, Keva Juice and Chick-fil-A. Richard Tarquinio and Christina Monacelli of CB Richard Ellis’ Boca Raton, Fla., office and Mark Shellabarger of the firm’s Tampa office represented the seller.
MINNEAPOLIS — Minneapolis-based Upland Real Estate Group has reached an agreement with Food Shacks Inc. to assist the company in the expansion of its Burger Time brand throughout Minnesota. Burger Time plans to open 40 stores in the next 4 years, which will cost an estimated $32 million. The company is seeking, build-to-suit, freestanding and direct lease deals. A typical Burger Time restaurant totals 620 square feet with a double drive thru and no indoor seating. The company currently has a presence in Minnesota, North Dakota and South Dakota. Two restaurants in St. Cloud, Minn., and the southern Twin Cities suburbs are currently under way. Upland’s Josh Huempfner and Brian Metz are leading the leasing team.
CHICAGO — CB Richard Ellis (CBRE) has brokered the sale of three land parcels located at 5345, 5515 and 5555 W. Irving Park Rd. in Chicago. The parcels total 78,931 square feet and also contain a 24,377-square-foot building. Keely Polczynski of CBRE represented the undisclosed owner. Car dealership Perillo BMW acquired the parcels for an undisclosed amount.
NEPTUNE AND ALLENDALE, N.J. — Midland Park, N.J.-based The Azarian Group has acquired Neptune Plaza Shopping Center, a 220,000-square-foot retail property located in Neptune. Situated at 2200 Route 66, the shopping center is occupied by a tenant roster that includes Shop Rite, Marshalls, Home Goods, TD Bank, IHOP and Sally Beauty Supply. The acquisition price and the seller were undisclosed. In addition, The Azarian Group has commenced the renovation and expansion of Allendale Shopping Plaza, located in Allendale. Improvements include 5,000 square feet of new store space, a new parking lot, and exterior, signage and landscape improvements. The center is also being renamed Allendale Town Center. Completion is scheduled for this fall.
FREDERICK, MD. — Clemson Corner LLC has purchased 37 acres of land for $6.5 million to develop the 380,00-square-foot Clemson Corner Shopping Center. The property will be located at the intersection of U.S. Route 15 and Maryland Routes 26 and 355 in Frederick. PNC Real Estate Finance provided an acquisition loan and will fund construction of the $29.5 million project. Projected anchors include Wegmans, Lowe’s Home Improvement Warehouse and Marshalls. Delivery is expected in spring 2011.