HAZLET TOWNSHIP, N.J. — Short Hills, N.J.-based Garden Commercial Properties is nearing completion for renovations to Bayshore Plaza, a 163,000-square-foot, open-air retail center located at the intersection of Route 35 and Hazlet Avenue in Hazlet Township. The renovation will be capped with the opening of a new 56,000-square-foot Super Foodtown grocery store, which is scheduled for completion soon. In addition, two tenants have signed leases at the center. Pet Supplies Plus signed a 9,200-square-foot lease and Bethany Wines & Liquors signed a 4,800-square-foot lease. Current tenants at the center include Staples, Party City, McDonald’s, STS Tire & Auto Center and Childrenswear Centre.
Retail
THE WOODLANDS, TEXAS — Overland Park, Kan.-based Henzlik-Oliver Real Estate Cos. has acquired a 63,000-square-foot portion of Wood Winds Shopping Center, located at 425 Sawdust Rd. in The Woodlands. The parcel is currently leased to Big Lots for one of its retail locations and HEB, which maintains offices in the space. The seller, as well as the sale price, was not disclosed.
DOUGLASVILLE AND RIVERDALE, GA. — Mac McCall of Marcus & Millichap’s Atlanta office has represented an Atlanta-based developer in the sale of two Advance Auto Parts stores for a total of $3.98 million. An Advanced Auto Parts store in Douglasville was sold to an out-of-state private investor in a 1031 exchange for $2.01 million. The property is located at 8350 Duncan St. Bank of the West financed the purchase. John Glassmoyer of CB Richard Ellis’ Phoenix office represented the buyer. An Advanced Auto Parts store at 6905 Highway 85 in Riverdale also was sold by the preferred developer to an out-of-state private investor for $1.97 million. The purchase, part of a 1031 exchange, was financed by the Tennessee Valley Credit Union. Oliver Smith of Knoxville-based Oliver Smith Realty represented the buyer.
HOPKINSVILLE, KY. — A Cleveland-based party has sold an 11,157-square-foot Rite Aid to a private buyer from Miami for $3.67 million. The store is located on Fort Campbell Boulevard in Hopkinsville and is triple-net leased until 2027. Dan Cooper and Bob Havasi of Cleveland-based The Cooper Group represented the seller.
OCEAN PINES, MD. — Investors from Rehoboth Beach, Del., have purchase six bank-owned retail units totaling 9,322 square feet for $850,000. The contiguous units are located in the Village Square Shopping Center in Ocean Pines. The buyers plan to sell the units, which range in size from 1,190 square feet to 8,000 square feet, for $13.50 per square foot. Brent Miller and Rick Tilghman of Salisbury, Md.-based Sperry Van Ness-Miller Commercial Real Estate brokered the transaction.
BIRMINGHAM, MICH. — Birmingham-based Sachse Construction has completed five new Walgreens pharmacies in Michigan. Each of the stores is freestanding, totals approximately 14,000 square feet, and was developed by Farmington Hills, Mich.-based Agree Realty. The locations include: Old Land Drive and Old U.S. 23 in Brighton; M-66 and U.S. 131 in Charlevoix; 21775 Card Rd. in Macomb Township; Van Dyke and 26 Mile Road in Shelby Township; and 419 E. Michigan Ave. in Ypsilanti. Sachse has built more than 20 Walgreens locations in Michigan.
INDIANAPOLIS — Sandor Development Co. has leased space to three different tenants in two of its Indianapolis shopping centers. In the first transaction, Indiana Discount Mall signed a lease for 88,000 square feet within Lafayette Place Shopping Center, located at the intersection of 38th Street and Lafayette Road. Sandor’s Jamison Downs and John Holloway provided in-house representation for the landlord. In addition, Lady Joy Fashion signed a lease for 7,400 square feet within Eagledale Plaza, located at the intersection of Lafayette Road and Tibbs Avenue. Finally, Health & Hospitals Inc. dba Wishard Hospital Family Planning Center signed a lease for 5,300 square feet at Eagledale Shopping Center. Downs and Holloway again provided in-house representation for Sandor in negotiations with Wishard Hospital, which was represented by George Crawford of Meridian Real Estate. Terms of all three leases were not disclosed.
BEE CAVE, TEXAS — Hill Country Galleria, a 1.3 million-square-foot lifestyle center located at the intersection of FM 620 and Texas Highway 71 in Bee Cave, has been posted for foreclosure. The property is set to go to auction on May 5. Originally completed in 2007, the retail center is more than 70 percent leased; according to Opus West, it maintains a positive cash flow and has met all of its debt obligations. Trouble arose when Opus was unable to refinance the property’s existing construction loan, which was financed through 10 separate lenders. Opus has stated that it is seeking to resolve the situation before the foreclosure auction and maintain control of the property. Situated on 152 acres, Hill Country Galleria features a retail component that is anchored by Dillard’s, Cinemark Theatre, Barnes & Noble and Dick’s Sporting Goods. The project also contains office and residential components. Normal day-to-day operations at the property will not be interrupted.
LAKELAND, FLA. — Odyssey (IX) Commercial DP IV has purchased the 132,000-square-foot Palm Center shopping center from Lakepalm Shopping Center for an undisclosed amount. The property, which is anchored by Beall’s Department Store, Beall’s Outlet and Tuesday Morning, is located at the intersection of Highlands Drive and S. Florida Avenue. RMC Property Group represented the seller, and Century Retail represented the buyer.
CONCORD, N.C. — Louisville-based Lexington Realty Advisors has purchased a 23,670-square-foot Food Lion from Cornelius, N.C.-based Chen Development for $1.8 million. The property is located at 734 Cabarrus Ave. West in Concord. Richard Frolik of CB Richard Ellis’s Oak Brook, Ill., office and Sterling Champ and Mike Kimball of the firm’s University City, Calif., offices represented the seller.