WINTER HAVEN, FLA. — Shelby Properties has sold a 12,000-square-foot retail building to The Gardens Center for $1.43 million. The multi-tenant building is located at 3023 Cypress Gardens Rd. in Winter Haven. Maitland, Fla.-based Coldwell Banker Commercial NRT’s Tim Spencer represented the seller, and Maria Mahoney of Lakeland, Fla.-based The Mahoney Group represented the buyer.
CALIFORNIA AND NEVADA — Menomonee Falls, Wis.-based Kohl’s Corp. has closed on the acquisition of five former Mervyns stores in California and Nevada. Sold by Developers Diversified Realty, the properties are located at Northridge Plaza in Northridge, Calif.; College Grove Shopping Center in San Diego; Nellis Crossing in Las Vegas; Pear Tree Center in Ukiah, Calif.; and Grand Canyon Shopping Center in Las Vegas. Details of the transaction were not disclosed. The locations are part of the 31 Mervyns store leases that Kohl’s purchased in a bankruptcy court auction. Hayward, Calif.-based Mervyns LLC is liquidating after filing bankruptcy in July 2008.
WESTPORT, CONN. — Westport-based Vidal Wettenstein has brokered the sale of an approximately 4,000-square-foot retail building, located at 139-141 Main St. in Westport, for $4.34 million. Robert Lewis of Vidal Wettenstein represented the seller, D&J Main Street LLC. The buyer, United Realty of Connecticut, was represented by Stephen Westerberg of First Service Williams.
HARKER HEIGHTS, TEXAS — Marcus & Millichap has brokered the sale of Heights Corner, a 12,000-square-foot retail property located at 300 E. FM 2410 in Harker Heights. Jason Middlebrook of Marcus & Millichap’s Austin, Texas, office represented the undisclosed seller. The buyer, as well as the acquisition price, were also undisclosed.
CALIFORNIA AND ARIZONA — Marcus & Millichap has brokered the sale of two retail properties in California and Arizona. In the first transaction, Brandon Michaels of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of 7227 Owensmouth Avenue, a 16,000-square-foot retail property in Canoga, Calif. The property sold for $2 million. In the second transaction, an undisclosed buyer purchased a 14,841-square-foot Wal-Mart property, which is located in Gilbert, Ariz., for $4.5 million. David Wetta of Marcus & Millichap represented the buyer; Kevin Boeve and Lior Regenstreif, also of Marcus & Millichap, represented the undisclosed seller in the transaction.
GOLDSBORO, N.C. — Marcus & Millichap has represented two undisclosed parties in the sale of the 136,827-square-foot Berkeley Commons shopping center for $19 million. The center, located at 1201-1303 Berkeley Boulevard in Goldsboro, is anchored by Bed Bath & Beyond, Old Navy, Ross Dress For Less and T.J. Maxx. Alvin Mansour of the firm’s San Diego office represented the seller, and Steven Siegel of the company’s New York City office represented the buyer. Brokers in the company’s Charlotte, N.C., office also assisted with the transaction.
FORT WAYNE, IND. — Locally based CB Richard Ellis|Sturges has arranged the sale of a 73,865-square-foot retail building located at 2300 West Jefferson Blvd. in Fort Wayne. The building is situated on an approximately 23.4-acre site that formerly housed Dimension Ford. The City of Fort Wayne Redevelopment Commission has purchased the property from Bowlin Trust for the City of Fort Wayne Parks Department. Barry Sturges and Brad Sturges of CB Richard Ellis|Sturges represented both parties in the transaction. The acquisition price was not disclosed.
OMAHA, NEB. — Grubb & Ellis|Pacific Realty has brokered the sale of Eagle Run Square II retail center located at 3661-3677 North 129th St. in Omaha. Eagle Run Center 129 LLC has purchased the 15,000-square-foot center for approximately $1.43 million. Kyle Peterson and Bill Balak of Grubb & Ellis|Pacific Realty represented the undisclosed sellers in the transaction.
NEW LONDON, CONN. — New York-based Savills has brokered the sale of New London Shopping Center, a 260,000-square-foot retail property located in New London, for $40.7 million. The center was 99 percent occupied a the time of closing. It is anchored by ShopRite Supermarket, Marshalls, HomeGoods, PetSmart and A.C. Moore. Additional tenants include Guitar Center, West Marine, Famous Footwear, Hallmark, Sally Beauty Supply and Chili’s Grill & Bar. Savills represented the seller, a joint venture between JPMorgan Investment Management and Centro Properties. The buyer was Cedar Shopping Centers. The shopping center traded at a 7.7 percent cap rate.
NEW YORK CITY — CB Richard Ellis Capital Markets Group (CBRE) has secured $1.4 million in acquisition for a 14,000-square-foot gas station located at 456-60 Bushwick Ave. in New York City. The loan carries an 8.5 percent fixed rate, a 5-year term with a 25-year amortization schedule and a 67 percent loan-to-value ratio. The borrower, 456 Bushwick LLC, used the proceeds to help acquire the property at a price of $2.1 million and a 9.1 percent cap rate. The property is currently subject to a 15-year lease, with BP as the fuel provider. CBRE’s Efrat Sharon originated the loan on behalf of the borrower through a local credit union.