PICKERINGTON, OHIO — Marcus & Millichap Real Estate Investment Services has brokered the sale of Cross Creek Shopping Center, a retail center located on Crosscreeks Boulevard in Pickerington. Tenants at the 9,785-square-foot development, which is 100 percent occupied, include Graeter’s, W.g. Grinders and Skyline Chili. The strip center was acquired by an undisclosed buyer for $1.85 million, based off of a cap rate of 7.92 percent. Erin Wiles-Patton and Scott Wiles of Marcus & Millichap’s Wiles Group represented the seller Arsh Investments in the transaction.
WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of Pyramid Center, a 39,991-square-foot retail property located at 2924 Kemp Blvd. in Wichita Falls. Situated on approximately 3 acres, the two-story facility is 85 percent occupied by a tenant roster that includes Blockbuster Video, Quizno’s, Sprint and Papa John’s Pizza. A freestanding Starbucks Coffee also is located on the property. Jason Vitorino and Philip Levy of Marcus & Millichap’s Dallas office, along with Chris Keenan of the firm’s Phoenix office, represented the undisclosed seller. The property was acquired by a Texas-based limited partnership participating in a 1031 exchange.
NAPLES, FLA. — Clint Frease of Wells Fargo’s Commercial Mortgage Group has originated a $26 million loan to refinance the 111,403-square-foot boutique retail center Village on Venetian Bay, located at the intersection of Park Shore Drive and Gulf Shore Boulevard in Naples. The 5-year loan carries a 30-year amortization.
MADISON, WIS. — Minneapolis-based Upland Real Estate Group has arranged the sale of a Camping World net-leased investment property located in Madison. The facility was acquired by a 1031 exchange buyer for $4.4 million at an 8.5 percent cap rate. Keith Sturm and Deborah Vannelli of Upland Real Estate Group are representing the developer in the sale of 15 Camping World properties located throughout the United States. FreedomRoads, which owns 60 stores in 30 states, and Camping World, which owns 77 stores in 30 states, have merged, providing a national network of local dealerships and retail parts and accessories stores.
WATERBURY, CONN. — R. Calabrese Agency has completed the sale of Fair Oaks Center, a 47,000-square-foot inline retail center located at 708 Wolcott St. in Waterbury, for $4.57 million. The property is anchored by Aaron’s Rents Furniture Store; additional tenants include Hertz Rent-A-Car, American Automobile of Connecticut, FYE and Play It Again Sports. Bob Bowden of R Calabrese Agency negotiated the transaction between the seller, Waterbury-based Deeken Associates, and the buyer, Long Island, N.Y.-based Malachite Group Ltd.
OGDEN, UTAH — Ogden Utah Holding Co. LLC has purchased Three Tenant Shopping Center, a 60,220-square-foot retail center in Ogden. Robertson Family Trust sold the property for $2.8 million. Barry Higgins and Danny Bahng of Marcus & Millichap represented the seller; the buyer was self-represented in the transaction.
BENBROOK, TEXAS — The Dallas office of Marcus & Millichap has arranged the sale of a 7,250-square-foot retail strip center located at the intersection of Interstate 20, Loop 820 and Benbrook Boulevard in the Fort Worth suburb of Benbrook. Situated on more than a half acre, the property is tenanted by Blockbuster Video and Trendsetters. It is surrounded by several national retailers, including Wal-Mart Supercenter and The Home Depot. Philip Levy of Marcus & Millichap represented the Texas-based seller and brought the Dallas-based buyer to the table. The acquisition price was not disclosed.
FORT MYERS, FLA. — Cincinnati-based North American Properties has opened its 480,000-square-foot power center at The Forum at Fort Myers, a 706-acre site located between Colonial Boulevard and State Route 82 in Fort Myers. Anchor tenants include Target, Best Buy, Ross Dress For Less, Bed Bath & Beyond, Staples, Books-A-Million, Petco, Rack Room Shoes, The Home Depot and Mattress Giant. An additional five tenants will open shop in the next few months, and SunTrust Bank will move into an outparcel in early 2009. The master-planned Forum at Fort Myers, which features 850,000 square feet of office space and 1,300 residential units, will deliver in 2010.
RICHMOND, VA. — James Ashby, IV, of Thalhimer’s Richmond office handled the negotiations in The Salvation Army’s purchase of a 15,600-square-foot store from Washington, D.C.-based LZB Furniture Galleries for $2 million. The building, located at 11000 Midlothian Turnpike in Richmond, will be converted from a La-Z-Boy retailer to a Salvation Army.
OAK PARK, ILL. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the Eleven 20 Club, a 63,256-square-foot retail center located at 1120 Lake St. in Oak Park. The sales price for the property was $15.8 million. Tenants at the center include Bar Louie and Lane Bryant, as well as a Fitness Formula Gym, which occupies the second and third floors. Situated directly above the development are 44 residential condos. Evan Halkias and Michael Marks of Marcus & Millichap’s Chicago Downtown Office represented both parties in the transaction.