ACWORTH, GA. — New Jersey-based JPJ Equity II LLC has purchased The Learning Experience, a 12,500-square-foot daycare facility located in Acworth. Harmony Grove Partners LLC sold the property for $3.05 million. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the buyer; Robert Pfeiffer of Marcus & Millichap’s Atlanta office represented the seller in the transaction.
ELYRIA, OHIO — Cleveland, Ohio-based NAI Daus has brokered the sale of a 45,743-square-foot retail property, located in Elyria, for $7.2 million. The property, which was built in 2007, is anchored by Discount Drug Mart; additional tenants include GameStop, Burger King, Great Clips, Rent-a-Center and CitiFinancial. NAI’s Mark Luttner represented the seller, a private developer, and procured the buyer, Carl Goudas & Associates. The property traded at an 8.16 percent capitalization rate.
EXETER, PA. — Construction is advancing ahead of schedule on Exeter Commons, a 490,000-square-foot retail center in Exeter. Located at the intersection of Business Route 422, Bypass Route 422 and 47th street, Exeter Commons will feature a 132,000-square-foot Target and an 81,000-square-foot Giant Foods, which are both slated to open in late July, as well as a 171,000-square-foot Lowe’s Home Improvement Store, which is slated to open its doors in August. Other tenants include Wells Fargo/Wachovia, Red Robin, Chick-Fil-A, Affinity Bank and a 1,600-square-foot SONIC Drive-In, which will open in late August. Upon completion, the project will be the largest shopping center in Exeter Township. The new center is being developed by Exeter JV Associates, LP, a partnership of The Goldenberg Group and Ironwood Property Group.
BEAUMONT, TEXAS — Mark One Capital has arranged $3.22 million in acquisition financing for Beaumont Fountain Plaza, a 23,524-square-foot, multi-tenant retail center located at 3050 N. Dowlen Rd. in Beaumont. Financing was provided by a commercial bank. Terms of the loan include a 6.04 percent fixed interest rate for the first 5 years, then an adjustable rate. The loan carries a 25-year term with a 25-year amortization schedule, and the loan-to-value ratio was 65 percent. Geoffrey Harris with Mark One’s Phoenix office and Farhan Kabani with the firm’s Dallas office arranged the loan on behalf of the undisclosed borrower.
HUNTLEY, ILL. — The grand opening has been held for an approximately 176,400-square-foot Walmart Supercenter, located in Huntley. The store is located within Huntley Grove, a 350,000-square-foot shopping center situated at the intersection of Route 47 and Kreutzer Road. Other retailers at Huntley Grove include Jimano’s Pizzeria, The UPS Store, Chiro One and Fone Zone. The Walmart, as well as the rest of Huntley Grove, was developed by Tucker Development Corp.
LOWELL, IND. — Marcus & Millichap has brokered the sale of a 7,250-square-foot Advance Auto Parts, located at 1729 E. Commercial Ave. in Lowell. Advance currently has approximately 8.5 years remaining on the corporately guaranteed net lease it signed when the store opened in November 2007. Michael Wernke of Marcus & Millichap’s Chicago Downtown office represented the seller, a private developer, as well as the buyer, a private investor.
FORNEY, TEXAS — Stan Johnson Co. (SJC) has brokered the sale of a 12,900-square-foot CVS/pharmacy, located at 775 E. U.S. Highway 80 in Forney. The pharmacy is currently subject to a 25-year, absolute net lease. It is situated on a 14-acre property that will soon be home to Forney Regional Medical Center. SJC’s David Clary represented the seller, a Chicago-based institutional client. The buyer was a private investor completing a 1031 exchange. The acquisition price was not disclosed, but the property listed for $5.43 million.
LOMA LINDA, CALIF. — Los Angeles-based Downtown Gallery has acquired a single-tenant Fresh & Easy Neighborhood Market in Loma Linda. The 15,000-square-foot property, which is located at 25694 Redlands Blvd., sold for $2.86 million, representing a 6.6 percent cap rate. Built in 2009, the property is situated on a 2.1-acre land parcel. Fresh & Easy is a subsidiary of United Kingdom-based Tesco. The seller was Los Angeles-based MV Investors Inc. Edward Hanley of Hanley Investment Group Real Estate Advisors represented both parties in the transaction.
JACKSONVILLE, FLA. — Grand Rapids, Mich.-based Meritage Hospitality Group has acquired 20 Wendy’s restaurants in Jacksonville from undisclosed sellers. The fast food properties represent 35 percent of the city’s Wendy’s restaurants. Meritage will undertake exterior and interior renovations to the properties and will also install operating and accounting systems.
MEDINA, OHIO — Cedar Shopping Center has disposed of a two-building retail property for $1.3 million. The property comprises two buildings situated on approximately 3 acres in Medina. The buildings are triple-net leased to McDonald’s and Waffle House. The buyer was not disclosed. Cedar Shopping Centers originally acquired the property in 2005 as part of a 25-property portfolio of primarily drugstore-anchored retail stores located in Ohio.