WEST COLUMBIA, S.C. — Three Fountains Plaza – Columbia LLC has acquired Three Fountains Plaza, a 41,450-square-foot, 4.2-acre shopping center in West Columbia, from Greensboro, N.C.-based T. Cooper James & Associates, for $3.2 million. The center is anchored by Food Lion and Family Dollar. Victor John of Columbia-based NAI Avant brokered the sales transaction. The property is located at the intersection of Platt Springs and Emmanuel Church roads.
CHICAGO — AMB Property Corp. has leased approximately 126,000 square feet of industrial space in Chicago to Ashley Furniture. The furniture manufacturer will occupy AMB Remington Lakes Distribution Center, which is located adjacent to Interstate 55. The company will use the facility as its new Midwest distribution center. Details of the lease were not disclosed.
DES MOINES, WASH. — The Port of Seattle has selected Majestic Realty Co. for the development of Des Moines Creek Business Park. Located just south of Seattle-Tacoma International Airport, the 89-acre park will include a big-box retail center as well as flexible-use business park buildings able to accommodate airport-adjacent tenants. Majestic plans to use the LEED Green Building Rating System as a performance standard for designing the $90 million project. Build-out of the project is expected to occur in three phases over 5 years, with groundbreaking for the first phase slated for summer 2009.
PORT ORANGE, FLA. — Prime Equities has purchased Port Orange Gateway Center, a 14,094-square-foot shopping center in Port Orange, from Port Orange Gateway Center, Inc., for $3.8 million. The center is 100 percent occupied, and tenants include Panera Bread, Cingular Wireless and Tropical Smoothie. Kevin Yaryan and Patrick Skinner of Marcus & Millichap’s Orlando, Fla., office represented the buyer and the seller. The property is located at 1781 Dunlawton Ave.
SAVAGE, MINN. — Milwaukee-based Wanguard Advisors has acquired Savage Town Square, an 87,181-square-foot retail center located at the intersection of Egan Drive and State Highway 13, on behalf of tenant-in-common investors for approximately $14 million. The property was developed by Opus Corp. in 2003 and is 98 percent occupied. It is anchored by a 68,860-square-foot Cub Foods, and sold for a price of $161 per square foot. Opus Northwest will retain property management responsibilities, with United Properties handling leasing for the center.
ARLINGTON HEIGHTS, ILL. — CB Richard Ellis (CBRE) has brokered the sale of Terramere Plaza, a 40,965-square-foot in-line retail center located at 4204-4244 N. Arlington Heights Rd. in Arlington Heights. The property is anchored 7-Eleven, with additional tenants including UPS Store, LA Tan and Dunkin’ Donuts. CBRE’s Bob Mahoney, George Good, Richard Frolik, Christian William and Derrick Almassy represented the seller, Inland Real Estate Corp. The property was purchase by a Buffalo Grove, Ill.-based buyer for an undisclosed amount.
ROCHESTER, N.Y. — Sam Bearns of NorthMarq Capital has closed a $2.7 million loan for a PriceRite Grocery Store in Rochester. The non-recourse, 10-year loan has a 25-year amortization schedule and exceeded 80 percent loan-to-value. The fixed-rate loan was locked in at the low 7 percent range. The loan was placed through the firm’s relationship with a national real estate commercial credit company. The borrower was undisclosed.
PLYMOUTH, MASS. — Equibase Capital Group has arranged a $1.35 million bridge loan for Abbot Real Estate Development. The company plans to use the funds for the acquisition, zoning and redevelopment of a vacant Wal-Mart in Plymouth. The 5.8-acre property will be redeveloped into Abbott Residences at Cordage Park, a 150-unit apartment complex.
LUBBOCK, TEXAS — Portland, Ore.-based NBS Real Estate Capital has acquired a $4 million note from a national conduit lender secured by a grocery distribution facility in Lubbock. The 494,142-square-foot property is leased on a long-term basis to a strong credit tenant. The first mortgage is composed of a senior A note and a junior B note.
PRINCE WILLIAM COUNTY, VA. — Regency Centers is developing The Shops at Stonewall, a $52 million, 318,000-square-foot retail center in Prince William County, located at the intersection of Lee Highway and Old Carolina Road. The center is situated on 40 acres and will be anchored by a 140,000-square-foot Wegman’s supermarket, slated to open this fall. Other tenants include Staples, Ross Dress For Less, Bed Bath & Beyond and Suntrust Bank. Construction began last May and is projected to complete this summer.