ATLANTA — A private investor from West Virginia has purchased the 21,885-square-foot shopping center Wisdom Pointe, located at 277 Hwy. 74 North in Peachtree City, Ga., for $7.1 million. The seller, a private Idaho-based company, was represented by Patrick Nutt of Tampa, Fla.-based Calkain Companies.
Retail
SUN PRAIRIE, WIS. — Stan Johnson Co. has completed the sale of a 14,820-square-foot, free-standing retail store that is 100 percent leased to Walgreens. The drugstore is located within the SunTowne Shopping Center at 546 Grand Ave. in Sun Prairie. Tenants adjacent to the facility include Copps Grocery, Subway and a proposed SuperTarget. The building, which is situated on a 1.7-acre site, was acquired by Barsky Family Limited Partnership for $4.8 million. Joey Odom of the Hughes Team of Stan Johnson Co. represented the seller, a preferred Walgreens developer; Justin Earley of Capital Real Estate Investments represented the buyer in the transaction.
WICHITA, KAN. — Doug Malone and Christi Royse of J.P. Weigand & Sons have brokered the sale of the 225,000-square-foot Westway Plaza Center located in Wichita. Triple Net Properties sold the development to Raymond Plaza LLC for an undisclosed amount. The new owner plans to renovate and redevelop the center, which was built in 1968.
MILLSBORO, DEL. — Construction has commenced for Peninsula Crossing, a 600,000-square-foot power center located on U.S. Highway 113 in Millsboro. The retail property will comprise 400,000 square feet of big box and junior box space, 50,000 square feet of specialty store and restaurant space, and eight highway-fronted outparcels. Lowe’s Home Improvement Warehouse and BJ’s Wholesale Club will co-anchor the new center; additional tenants already signed include Royal Farms and WSFS Bank. Completion is scheduled for late 2008 or early 2009. The project is being developed by Millsboro Town Centre LLC.
HOUSTON — Marcus & Millichap has arranged the sale of Wilcrest at Lakeside Center, a 14,875-square-foot shopping center located in Houston. Situated on 1.3 acres at 700 Wilcrest, the property currently has an occupancy rate of 94 percent. James Bell of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company. The shopping center was acquired by a San Jose, Calif.-based limited liability company. The sale price was not disclosed, but the property listed for $3 million.
PHOENIX — Tanger Factory Outlet Centers Inc. has unveiled plans to develop an upscale outlet shopping center in the western suburb of Phoenix. Located at the South West quadrant of the 101 Loop and Camelback Road, the 330,000-square-foot center will be situated in one of the fastest growing sections of the Phoenix market and in close proximity to some of the highest household incomes in the metropolitan area. Tanger has entered into a purchase and sale agreement with HWWCC Development LLC for the center’s more than 30-acre site. The center will feature 80 upscale, brand-name and designer outlet stores. Designed as an open-air shopping center, the project will feature landscaped courtyards, unique architectural details and a park-like setting. Groundbreaking is slated for 2009, with completion scheduled for 2010.
CLEARWATER, FLA. — Pier Watch Properties has sold The Ulmerton, a 36,080-square-foot retail/industrial property located at 3899 Ulmerton Rd. in Clearwater, for $1.8 million. Elliott Ross of Clearwater-based Ross Realty Group represented the seller, and the unnamed buyer was represented by Arian Kushta of Charles Rutenberg Realty’s Clearwater office.
HOLIDAY, FLA. — A private buyer has purchased a 2,714-square-foot Popeye’s restaurant for $775,000. Located in Holiday on U.S. Highway 19, the restaurant was the last franchise in the portfolio of Deerfield, Ill.-based Southeastern Restaurant Properties. Michelle Seifert and Josh Tarkow of Grubb & Ellis|Commercial Florida represented the seller, and the buyer was represented by Florida Realty Centers.
WAUKESHA, WIS. — Rosemont, Ill.-based Opus North Corp. has broken ground on The Shoppes at Fox River, a redevelopment of the former Supervalu distribution facility located at 1200 W. Sunset Dr. in Waukesha. The 498,500-square-foot shopping center, which is situated on a 54-acre site, will provide approximately 273,000 square feet of space for up to three anchor tenants; 204,000 square feet for mid-box, junior, and small-space tenants; and 4.1 acres of outlots. Anchor tenants include a 132,000-square-foot Target and a 60,000-square-foot Pick ‘n Save grocery store, which will be pursuing LEED certification. Upon completion, the development will be the largest retail center in the city of Waukesha. Minneapolis-based KKE Architects is acting as designer for the project. The estimated cost of construction was not disclosed.
BROOKLYN PARK, MINN. — Marcus & Millichap has arranged the $10.45 million sale of the LA Fitness net-leased asset located at 6600 96th Lane in Brooklyn Park. The 45,000-square-foot facility is an anchor tenant within the 65-acre retail development, Park Place Promenade. LA Fitness will operate under a 15-year absolute triple-net lease, with rent escalations every 5 years. Additionally, there are three 5-year options to extend the lease with the same scheduled rent escalations. Solomon Poretsky of Marcus & Millichap’s Minneapolis office, in conjunction with Patrick Weibel and Robert Bender of the firm’s Detroit office represented the seller, Solomon Real Estate Group of Eden Prairie, Minn.; Marcus & Millichap also represented the buyer, Cole Capital of Phoenix, in the transaction.