SHORT HILLS, N.J. — Woodbridge, N.J.-based The Kislak Company has completed the sale of a 15,027-square-foot retail property, located at 36-46 Chatham Rd. in Short Hills, for $3.78 million. The property, which is almost fully occupied, includes the primary retail space for downtown Short Hills, as well as additional office and other commercial space. Kislak’s Jeffrey Wiener represented the seller and Matt Weilheimer, also of Kislak, represented the buyer. Both parties were undisclosed.
BEDFORD, TEXAS — NAI ReStore, the retail unit of NAI Global, has brokered the sale of Harwood Central Village, a 119,742-square-foot neighborhood shopping center located in Bedford. NAI represented the seller, Centro Properties Group. The shopping center was acquired by Miami-based Gator Investments for an undisclosed amount.
TENNESSEE — Atlanta-based HT Group has purchased five Tennessee shopping centers from Centro Properties Group for an undisclosed amount. The sales included the 92,499-square-foot West Towne Square, located in Elizabethton; the 79,048-square-foot Apison Crossing in Ooltewah; the 56,766-square-foot Madison Street Station, located in Shelbyville; and the 45,800-square-foot Saddletree Village, located in Columbia. NAI ReStore brokered the sale.
WEST VIRGINIA, GEORGIA AND TENNESSEE — Jones Lang LaSalle has taken on receivership duties for malls in Martinsburg, W. Va., Rome, Ga., and Cleveland, Tenn. The firm is responsible for leasing and managing the malls while the lenders and borrowers achieve resolutions concerning outstanding loans on the properties. The malls include the 556,000-square-foot Martinsburg Mall in Martinsburg, and the 478,000-square-foot Mount Berry Square Mall in Rome. The receivership duties also include the 335,000-square-foot Bradley Square Mall in Cleveland.
NEW BRUNSWICK, N.J. — Tekton Development Corp. is advancing construction for a new two-story, approximately 18,000-square-foot location for New Jersey Books in New Brunswick. New Jersey Books, which serves the Rutgers University community, will be moving to a new $3.6 million store at 39 Easton Ave., which is just one-half black north of its present location at 108 Somerset St. Completion is scheduled for late February or early March. The new facility will be more than four times the size of New Jersey Books present location. The relocation came as a result of the of The Gateway, a high-density, mixed-use redevelopment project that is being developed, in part, at the book store’s old location.
TULSA, OKLA. — Tulsa-based Stan Johnson Co. has completed the sale of a 12-property NAPA Auto Parts portfolio. The properties are located Florida, Georgia, Illinois, Minnesota, Mississippi, Texas, Virginia and Washington. David Clary of Stan Johnson Co. represented the seller, a private investor. The buyer, a New York-based investor participating in three separate 1031 exchanges, was represented by Eric Dochter of Uniondale, N.Y.-based Excel Realty Advisors. The acquisition price was not disclosed, but the portfolio listed for $19.2 million.
LA JOLLA, CALIF. — KTR Family Trust LLC has acquired a retail building, which is located at 7836-7838 Herschel Ave. in La Jolla, for $2.5 million. The 6,000-square-foot single-story building is currently occupied by Toys Etc. The buyer plans to renovate the property, however the current tenant will remain. The seller was The Martha Lynn Smith Revocable Trust. Mike Slattery of Grubb & EllisBRE Commercial represented the buyer in the transaction.
ORMOND BEACH, FLA. — Beachwood, Ohio-based Developers Diversified Realty has sold the 234,045-square-foot Ormond Towne Square to The Jaffe Co. for $20 million. The shopping center, located at 1458 W. Granada Blvd. in Ormond Beach, is anchored by Ross Dress For Less, Publix and Bealls. Additional tenants include Dollar Tree, GNC, Hallmark Gold Crown and Jackson Hewitt. New York City-based Cohen and Co.’s Michael Cleeman and Rick Kaiser represented the buyer.
ATLANTA — Selig Enterprises has purchased a 6,500-square-foot former nightclub from B.I.G. Holdings for $2.1 million. The club, Fever, is located on a 19,166-square-foot site at 1789 Cheshire Bridge Rd. in Atlanta. Kyle Stonis of Atlanta-based Bull Realty brokered the transaction.
TULSA, OKLA. — Tulsa-based Stan Johnson Co. has completed the sale of three Michigan retail stores fully leased to Tractor Supply Co. An undisclosed investor has purchased the properties from retail developers for approximately $9.5 million. Gill Warner, Rod Pickney and Chad Byerly of Stan Johnson Co. represented both parties in the transaction. The team has sold a total of 38 Tractor Supply Co. properties to date.
