GILBERT, ARIZ. — An undisclosed Southern California-based limited liability company has acquired a Wal-Mart Marketside Grocery Store, which is located at 838 W. Elliot Rd. in Gilbert. The 14,841-square-foot property sold for $4.59 million or $310 per square foot. Dave Wetta of Marcus & Millichap’s Phoenix office represented the buyer; Kevin Boeve and Lior Regenstreif, also of Marcus & Millichap, represented the undisclosed seller in the transaction.
ORLANDO, FLA. — Tinwood, a joint venture between Regency Centers and Publix, has sold the 83,167-square-foot Regency Village to Regency Village Associates for $13.75 million. The Publix-anchored center, located at the intersection of International Drive South and Vineland Avenue in Orlando, is 88 percent occupied. Tenants in the property include Subway, The UPS Store amd Sony JVC Superstore. Jim Michalak of Tampa, Fla.-based Plaza Advisors brokered the sale.
CORTLANDT, N.Y. — White Plains, N.Y.-based Acadia Realty Trust has purchased Cortlandt Towne Center, a 640,000-square-foot regional shopping center located within the town of Cortlandt in Westchester County. The property was purchased through Acadia Strategic Opportunity Fund III LLC, which is Acadia Realty Trust’s third discretionary investment fund. Anchors at the center include Wal-Mart, A&P Food Market, Marshalls, Barnes & Noble, Regal Entertainment Group and Best Buy. The cost of the all-cash acquisition was $78 million.
SEAGOVILLE, TEXAS — A Dallas-based development group has sold the 51,835-square-foot Seagoville Corners shopping center to a Texas-based limited partnership for an undisclosed amount. The 2-year-old center, which is located on North Highway 175 in Seagoville, is populated by Bealls, Dollar Tree, CATO, Sally Beauty and Hibbett Sports. Brad and Gavin Kam of Dallas-based TKG represented the seller, and the buyer was represented by Quine & Associates of Richardson, Texas.
SAN DIEGO — ATTIQ Investments LLC has acquired Sweetwater Village, a 43,400-square-foot retail center located at 3505-3515 Sweetwater Springs Blvd. in San Diego’s Spring Valley area. Gladstone LLC and West Palm Blackpoint Associates LP, dba Westcore Properties, sold the asset for $6.2 million. The new owner will occupy a 28,000-square-foot space, which was formerly occupied by Frog’s Club One. The center is currently leased to a variety of tenants, including Help-U-Sell, Baskin Robbins, Nail Express and Shear Talent Salon. Brad Ihde of USA Realty and Loans represented the buyer; Pete Bethea, John Jennings and David Bradley of Cushman & Wakefield represented the seller in the transaction.
CALIFORNIA — Newmark has arranged financing totaling $14 million for four properties located in California. The first two loans totaling $10 million were secured for two single-tenant big box retail buildings in Southern California. The third loan totaling $1.32 million was arranged for a 20,000-square-foot office/warehouse facility located in San Francisco. The final loan totaling $2.75 million was secured for a 56,850-square-foot industrial building located in Stockton, Calif. Eric Von Berg of Newmark arranged the financing.
ANAHEIM, CALIF. — Ron Duong of Marcus & Millichap has brokered the sale and acquisition of Lincoln Brookhurst Shopping Strip in Anaheim. Located at 2175 W. Lincoln Ave., the 10,300-square-foot property sold for $1.32 million. Built in 1956, the asset was 100 percent occupied with four tenants at close of escrow. The seller and buyer were not disclosed.
POINCIANA, FLA. — With an eye toward building a 15,400-square-foot retail building, Boca Raton, Fla.-based Realcap Associates has purchased 3.71 acres of land from Avatar Properties for an undisclosed amount. The property, located at the intersection of Pleasant Hill Road and Southport Road in Poinciana, will serve as the second phase of Poinciana’s Southport Plaza retail development. The first phase was completed in 2006 and includes the tenants Domino’s Pizza, CORA Health and Rehabilitative Services, Extreme Art of Tang Soo Do karate studio and My Angel’s Dream Day Care. Realcap will break ground on the second phase in the next 90 to 120 days, with a delivery planned for the late summer or fall.
SHAKOPEE, MINN. — AEI Capital Corp. has purchased a 30,243-square-foot Best Buy property located at 8100 Old Carriage Court in the Minneapolis suburb of Shakopee. The approximately $7.7 million acquisition was purchased as part of AEI’s long-term investment strategy — using all-cash, without debt — to develop and acquire commercial real estate net leased to major credit tenants in prime locations. The store is situated in a recently completed retail property, adjacent to a Wal-Mart Supercenter, a Sam’s Club, a Home Depot and a Michael’s.
BETHLEHEM, PA. — Allentown, Pa.-based Summit Management & Realty Co. has completed the sale of the former Kospiah’s Nursery located at 2897 Easton Ave. in Bethlehem. The undisclosed buyer plans to raze the building and construct a 20,000-square-foot neighborhood shopping center on the property. It will contain 12 stores, and the grand opening has been scheduled for October. Jennifer Gold of Summit negotiated the transaction between the buyer and the sellers, Marion and Barry Kospiah. The acquisition price was not disclosed.