JOLIET, ILL. — May Center Advisors has brokered the sale of Southfield Retail Center located north of Interstate 80 along Houbolt Road in Joliet. The fully leased property houses 13,200 square feet of retail space. Tenants at the center include Subway and Dunkin’ Donuts. May Center Advisors represented the undisclosed seller in the transaction. The acquisition price was not disclosed.
TAMPA AND OCALA, FLA. — A California-based realty firm has purchased two Florida facilities from U-Store-It for a combined $5.06 million. The 60,900-square-foot U-Store-It Tampa sold for $2.81 million, and the 42,091-square-foot U-Store-It Ocala sold for $2.25 million. Michael A. Mele and Chico LeClaire of Marcus & Millichap’s Tampa and Denver offices, respectively, represented both parties in the transaction.
GROVE CITY, OHIO, AND HILLSBORO, MO. — Marcus & Millichap has arranged the sale of a 10,325-square-foot retail property located at 4108 Buckeye Pkwy. in the Columbus suburb of Grove City. The Parkway Centre East Outlot is part of the larger Parkway Centre, which houses Wal-Mart, Target, Best Buy and The Home Depot. Tenants at the fully leased Parkway Centre East include AT&T, Casual Male, My Family Dentistry and Jersey Mike’s Subs. A private investor has purchased the outlot from a local developer for $3.5 million. John Reehil in the Columbus, Ohio, office of Marcus & Millichap represented the seller; Christopher Sands in the Encino, Calif., office of Marcus & Millichap represented the buyer in the transaction. Additionally, the St. Louis office of Marcus & Millichap has brokered the sale of Hillsboro Plaza, an 11,930-square-foot retail center located at 10650 Highway 21 in Hillsboro. A local private investor has purchased the center from a Chicago-based developer for $950,000. Tenants at the center include Movie Gallery, Quick Cash Financial and Happy China. Christopher Pollnow and Gregory Tobben of Marcus & Millichap represented both parties in the transaction.
HARTFORD, CONN. — Lakewood, N.J.-based Paramount Realty has acquired Charter Oak Marketplace, a 300,000-square-foot shopping center located on Flatbush Avenue in Hartford. Constructed in 2005, the shopping center is anchored by a 150,000-square-foot Wal-Mart. Additional tenants include Marshall’s, PCX, Expressions, Dollar Tree, Payless Shoe Source, Sally’s Beauty Supply, Radio Shack, Sleepy’s, GameStop, AT&T Mobility, Dunkin Donuts, McDonald’s, Taco Bell, and recently opened stores Rainbow and Pollo Tropical. Charter Oak Marketplace is fully occupied except for a 5,000-square-foot pad site. Paramount acquired the property from Centro Properties, which was represented by Marcus & Millichap. The acquisition price was not disclosed.
CAMDEN, N.J. — The grand opening has been held for Market Street Pizzeria & Italian Bistro, a new restaurant located at One Market St. in Camden. The restaurant, which is owned by Jeff Anastasi and Joe Cavalieri, is situated on the ground floor of The Victor Lofts, a 341-unit luxury loft apartment building owned by Philadelphia-based Dranoff Properties. The Victor is located on the Camden waterfront, and consists of the adaptive reuse of the historic RCA Victor cabinet manufacturing building. Market Street features seating for 34, as well as take-out and delivery service for residents of The Victor. Other retailers at The Victor Lofts include The Victor’s Pub, Susquehanna Bank, Miss G’s, Park ‘N Clean Dry Cleaners, Symphony in C and Rita’s Water Ice.
TYLER, TEXAS — Henry S. Miller Brokerage (HSMB) has arranged the sale of a 19.8-acre development site located at the intersection of Interstate 20 and FM 14 in Tyler. Knoxville, Tenn.-based Pilot Travel Centers acquired the parcel and plans to construct a new, full-service travel center on the site. Jerry Yoder of HSMB’s Dallas retail division was the sole broker in the transaction between Pilot and the seller, Yoder Partners, Ltd. The acquisition price was not disclosed.
EVANS, GA. — Crosland has begun construction on the 100,000-square-foot Riverwood Town Center in a joint venture project between the company and Meybohm Commercial Properties of Augusta, Ga. The center will serve as the retail side of the master-planned Riverwood Plantation golf community. Located at the intersection of Washington Road and William Few Parkway in Evans, the retail space is anchored by a 45,600-square-foot Publix. The grocery store, which will be joined by an 11,745-square-foot CVS/pharmacy, will open this fall. A bank, restaurants and service-oriented retailers are being targeted for the remaining space.
KANSAS CITY, MO. — A 135,000-square-foot Lowe’s Home Improvement Warehouse has opened at Blue Ridge Crossing, which is located at Interstate 70 and Highway 40 in Kansas City. The center is a redevelopment of the former Blue Ridge Mall that was demolished in 2005. Additional tenants at Blue Ridge Crossing include Applebee’s, Foxy Nails, McDonald’s, Royal Buffet, Sports Clips, Starbuck’s Coffee, T-Mobile, Vintage Stock, GNC, Mattress Firm, Verizon and a Wal-Mart Supercenter. In addition to the Lowe’s opening, developer LANE 4 Property Group has plans to open two new phases at the center. The former Blue Ridge Cinema will be demolished to make room for pad sites. A bank, a convenience store, restaurants, shops and a hotel are proposed for the site. Additionally, a vacant parcel west of Lowe’s will be opened for development. Plans for the site call for restaurants and other retailers.
WAUKESHA, WIS. — Lee & Associates has brokered the $5.5 million sale of a retail building located at 2700 N. Grandview Blvd. in Waukesha. The 14,650-square-foot building is fully occupied by Walgreen’s, which has 19 years remaining on its lease. A California-based family trust has purchased the building from a Milwaukee-based investor. Steve Doran and John Walsh of Lee & Associates represented the seller; Allen Dehnke of Peninsula Real Estate represented the buyer in the transaction.
NORTH READING AND HUDSON, MASS., HATBORO, PA., AND NUTLEY, N.J.— Marcus & Millichap has brokered three Northeast real estate transactions. First, Bob Horvath and Todd Tremblay of the firm’s Boston office were the sole brokers in the $16.2 million sale of two newly constructed Walgreens in Massachusetts. The first property, located in North Reading, traded at a 6.38 percent cap rate, and the second property, located in Hudson, traded at a 6.5 percent cap rate. The buyer was a regional investor, and the seller was a regional developer. In Hatboro, Marcus & Millichap brokered the $3 million sale of Wynfair House Apartments, a 48-unit multifamily community located at 250 N. York Rd. Mark Thompson of Marcus & Millichap’s Philadelphia office represented the seller, a private investor, and procured the buyer, a local family partnership. Finally, Kevin McCrann, Thomas McConnell and Natale Gambuzza of Marcus & Millichap’s New Jersey office represented both parties in the disposition of The Miriam Apartments, a 26-unit property located in Nutley. The property traded for $2.75 million.
