FRUITA, COLO. — Stan Johnson Co. has brokered the sale of a Walgreens store in Fruita, located along Interstate 70, just 15 miles west of Grand Junction. An individual investor purchased the 14,490-square-foot store in a tax-deferred 1031 exchange. Stan Johnson Co.’s Ken Hedrick and Jerry Hopkins represented the seller, a merchant Walgreens developer, and the firm’s Jim Gibson represented the buyer. This constitutes the 17th drugstore transaction for the brokerage firm in 2009.
SAN CLEMENTE, CALIF. — A 1,300-square-foot The Flame Broiler restaurant recently opened at Centro Properties Group’s Ocean View Plaza, located between Camino de los Mares and Interstate 5 in San Clemente. NAI Capital’s Les Yamamoto represented The Flame Broiler, and Centro Properties Group was represented in house by Matthew Berger and Gavin Gray.
BOGART, GA. — Stelf LLC has purchased a 28,575-square-foot retail building from Capmark Finance for $1.15 million. The former Circuit City store is located on 3 acres at 4110 Atlanta Highway in Bogart. Kyle Stonis and Rob Whitmire of Bull Realty, the sole brokers involved in the transaction, represented the seller.
NAZARETH, PA. — Marcus & Millichap has competed the sale of a Tractor Supply Co. located in Nazareth for $3.5 million. The 19,097-square-foot store is situated on 3.69 acres on Jandy Boulevard. It is subject to a new 15-year, double-net lease with a 10 percent rent increase every 5 years. The seller is a North Carolina-based limited liability company. The buyer is a Pennsylvania-based limited partnership. The property was purchased as part of a 1031 exchange and will be managed as a passive investment. Mark Taylor and Dean Zang of Marcus & Millichap's Philadelphia office represented the seller. Seth Pollack of Marcus & Millichap's New Jersey office represented the buyer.
BARSTOW, CALIF. — Revolutions has purchased the more than 35,000-square-foot Barstow Bowling Alley, located at 750-760 East Main Street in Barstow. Dr. Ronald J. Barbieri of the Inland Empire North office of Lee & Associates represented both the buyer and undisclosed seller in the transaction.
LOS ANGELES — Restaurateur James Li has opened a new 1880 Café on the ground floor of Held Properties’ 1880 Century Park East office building, located in the Century City submarket of Los Angeles. The restaurant’s 1,100-square-foot interior incorporates green building materials such as low VOC paint.
AUBURN, WASH. — Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million, 10-year fixed-rate loan to refinance the Auburn Center, a 45,402-square-foot neighborhood retail center located in Auburn. Arranged by Glenn Gioseffi, a director in MMCC’s Seattle office, the refinancing package was provided by a local bank. Built in 1991, the Auburn Center was refinanced at a loan-to-value of 50 percent with a 30-year term.
JACKSONVILLE, FLA. — Calkain Companies has procured the $1.1 million sale of a Chick-fil-A ground-lease investment property in Jacksonville. The property at 4461 Southside Blvd. was corporately leased by Chick-fil-A and consisted of approximately 1 acre of land and a 4,202-square-foot building constructed specifically for the fast-food location. Patrick Nutt of Calkain Companies represented the purchaser for the transaction.
DEVON, PA. — Bryn Mawr, Pa.-based WP Realty has acquired Devon Village, a shopping center located in Devon. The property is situated on Lancaster Ave. and comprises an approximately 70,000-square-foot shopping center anchored by Whole Foods Market. WP also owns a 2.2-acre parcel adjacent to Devon Village that is zoned for commercial use. The seller and the acquisition price were not disclosed.
PHILADELPHIA — Onyx Equities has completed two leases at Red Lion Plaza, a 224,269-square-foot shopping center located at Red Lion Road and Roosevelt Boulevard in Philadelphia. Planet Fitness and Wit or Witout Cheesesteaks will occupy a total of 30,258 square feet, bringing the center to 100 percent occupancy. Jed Masloff and Jim Creed of Fameco Real Estate represented Onyx in both lease transactions. Randy Hope of Metro Commercial represented Rhino Red Lion dba Planet Fitness. Additional tenants at Red Lion Plaza include American Signature Furniture, Best Buy, Staples and Pep Boys.