FAYETTEVILLE, GA. — Morristown, N.J.-based Lamar Companies has acquired Banks Crossing Shopping Center, a 256,930-square-foot property in Fayetteville, from Birmingham, Ala.-based AIG Baker, for $23 million. Tenants include Kroger, JC Penney, Guitar Center and Farmer’s Home Furniture. Joe Montgomery and Tony D’Ambrosio of Colliers Spectrum Cauble’s Atlanta office represented the buyer in the transaction.
Retail
CHICAGO — The investment sales group of Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. has completed the sale of Elston Logan Plaza, a 159,800-square-foot retail center located in Chicago. The three-tenant property is anchored by a two-story XSport Fitness Center, with Panera Bread and Enterprise Rent-A-Car rounding out the tenant roster. Stanley Nitzberg and Bonnie Ferguson of Mid-America represented the seller, a joint venture involving Palatine, Ill.-based Joseph Freed & Associates and Wynn & Associates. The property was acquired by Zurich, Switzerland-based AFIAA for an undisclosed amount.
BALDWIN TOWNSHIP, PA. — Burns & Scalo Real Estate, through a related entity, has acquired a 43,000-square-foot retail center in Baldwin Township. The neighborhood center is situated on Curry Hollow Road in the center of the Baldwin Township school district. The firm plans to commence a $2 million capital improvement program in second quarter 2008. The purchase price of the center was undisclosed.
WALDWICK AND WASHINGTON TOWNSHIP, N.J. — Seth Pollack of Marcus & Millichap has completed the $6.9 million sale of a strip shopping center in Waldwick. The 27,000-square-foot strip center is anchored by a Stop & Shop Supermarket and includes four other tenants. The center was 100 percent leased at the time of the sale. Pollack represented the seller, Waldwick Realty Investments #1, and the buyer, DRC Development, in the transaction. Ben Sgambati and Michael Lombardi of Marcus & Millichap’s New Jersey office have closed the $6.83 million sale of a net leased drug store in Washington Township. The 14,000-square-foot store is located at Gantown Road and Egg Harbor Road. Sgambati and Lombardi represented the undisclosed buyer and seller in the disposition.
SOUTHPORT, IND. — Spectrus Real Estate has arranged the 1031 exchange of Southport Pavilion, a 16,369-square-foot retail strip center located at the interchange of Southport Road and Interstate 65 in Southport. The property is shadow-anchored by Meijer Supercenter, and has a tenant roster that includes Panera Bread, Game Stop, Great Clips, Azteca Mexican Restaurant and Domino’s Pizza. Tom Georges of Spectrus’s northeast regional office represented the seller. Stuart Singer of NAI Eric Bram & Co. represented the buyer. Both parties, as well as the acquisition price, were undisclosed.
WINSTON-SALEM, N.C. — Ionian Investments is developing The Shops at St. George Square, a $10 million, 120,000-square-foot retail center in Winston-Salem, located along Hanes Mall Boulevard near Interstate 40 and South Stratford Road. The project consists of 60,000 square feet of Class A retail and office space, 40,000 square feet of retail shops and an interior boulevard of 20,000 square feet of office space. Two restaurants are expected to open in June and late this year, respectively. The Meridian Realty Group of Winston-Salem is exclusively leasing the property.
LOMBARD, ILL. — Midwest Real Estate Equities has sold a 66,000-square-foot shopping center condominium located in the company’s Landings of Lombard shopping center at the interchange of North Avenue and Interstate 355 in Lombard. The condo was acquired by Restaurant Depot, which was represented in the transaction by Glen Ellyn, Ill.-based Spartan Real Estate & Development. Midwest Real Estate Equities was represented by Buffalo Grove, Ill.-based Horizon Realty Services. Midwest is in the process of redeveloping the 204,000-square-foot Landings of Lombard, which was formerly anchored by Menards. The center is currently shadow-anchored by an 11,000-square-foot Harlem Furniture. The sale price was not disclosed.
MADISON, WIS. — The Madison office of Lee & Associates has arranged the sale of Pewaukee Commons, a 33,555-square-foot retail property located at the corner of Pewaukee and Capitol drives in Madison. The shopping center is occupied by Office Max and Rec Room Plus. Steve Doran and John Walsh of Lee represented the undisclosed buyer. The Milwaukee office of CB Richard Ellis represented the undisclosed seller.
DANBURY, CONN. — I.C.A Realty Corp. has brokered the sale of a triple net leased Borders Books & Music in Danbury. Located at 110 Federal Rd., the store encompasses 27,594 square feet of space. James Dwoskin of I.C.A Realty Corp. represented the undisclosed buyer and seller in the transaction. The sale price was also undisclosed.
AURORA, ILL. — CB Richard Ellis (CBRE) has arranged the sale of West Aurora Plaza, a 207,102-square-foot community shopping center located at 1901-1961 W. Galena Blvd. in Aurora. The property includes six buildings comprising 21 units. It is 88 percent occupied, and is anchored by Wal-Mart. Additional tenants include Auto Zone, Hallmark, Blockbuster Video and Sally Beauty Supply. George Good and Christian Williams of CBRE represented the seller, Arnold Lies Co.; the property was acquired by Northbrook, Ill.-based The Cloverleaf Group for an undisclosed amount.