CLIFTON, N.J. — ARC Properties has sold 26 retail properties that were held in ARC Corporate Realty Trust for $212 million. The properties were located in 10 states and included retailers such as Walgreen’s, Barnes & Noble, Bed Bath & Beyond, AT&T, CaraMont Health Systems, OfficeMax and United Technologies. ARC plans to pursue acquisitions and development in the New York to Washington, D.C. corridor with a focus on New Jersey.
Retail
NEW YORK CITY — Naomi Shu of Marcus & Millichap has completed the $6.4 million sale of a 13,515-square-foot retail property in Queens, New York City. The six-story property is situated on a 6,947-square-foot lot in Queen’s Elmhurst neighborhood between Roosevelt Avenue and 40th Road. Shu represented the seller, Slope Realty Co., and the buyer, 53-55 Hester LLC, in the 1031 exchange transaction.
DENTON, TEXAS — Marcus & Millichap Real Estate Investment Services has completed the sale of Denton Square, a 125,225-square-foot shopping center situated on 10 acres in Denton. 717 Stemmons Partners LP purchased the property, which is located at 717 Stemmons Fwy,, from Commercial Property Services LLC for an undisclosed amount. The center is anchored by Brookshire’s, Powerhouse Gym and Applebee’s, and also includes Blockbuster Entertainment, Subway, Little Caesar’s, Pro Cuts, Golden China and Nail Attraction among its tenants. Tim Speck of Marcus & Millichap’s Dallas office and Alvin Mansour and Philip Sambazis of Marcus & Millichap’s San Diego office represented the seller in the transaction. The company also represented the buyer.
GREENVILLE, S.C. — The Shops of Greenridge is adding three retailers to its lineup. J. Jill will open a 3,399-square-foot store in June, White House | Black Market will relocate from its current location to an expanded 3,501-square-foot store in May and Diamond’s Choice will open a 2,234-square-foot store in September. The Shops of Greenridge is a $64 million retail center developed by Charlotte, N.C.-based Crosland. Anchor tenants include Lowe’s Home Improvement Warehouse, Marshalls, PetSmart and Dick’s Sporting Goods.
OSCEOLA, FLA. — Lowe’s Home Improvement Warehouse has opened an $18.5 million, 148,000-square-foot store in The Pointe at Poinciana, one of six retail centers in the Poinciana master-planned community in Osceola. The store is situated on a 19-acre site, located at 4420 Pleasant Hill Rd., and features 117,000 square feet of retail sales space and a 31,000-square-foot outdoor garden center. The project began construction in September 2007 and completed in March. Poinciana is being developed by Avatar Properties.
BROOKHAVEN, PA. — Time Equities has acquired Cambridge Square in Brookhaven for $8 million. The 60,000-square-foot retail facility is located at 4801-4811 Edgemont Ave. across from Colonial Mall Macon. The property is currently 92 percent occupied. Luis Cozza of Time Equities represented the firm in-house, and Sperry Van Ness and Mark Berk of Millhaven LLC represented the seller in the transaction.
AUSTIN, TEXAS — Grubb & Ellis Realty Investors has finalized the purchase of a Walgreens building located at 5011 W. Slaughter Ln. in Austin. The buyer, a private investor involved in the Grubb & Ellis Wealth Management Program, purchased the 15,000-square-foot property from Maddaro Ltd. for an undisclosed amount. The property, which is built on approximately 2.5 acres of land and includes 74 parking spaces and a drive-thru pharmacy window, is 100 percent leased to Walgreens Co. Grubb & Ellis Realty Investors represented the buyer in the transaction, and Hunington Properties represented the seller.
UNION CITY, GA. — Greg Maloney, Kristin Mueller and Ed Seikus of Jones Lang LaSalle have been retained by the new owners of Shannon Mall, Shannon Mall Investments, to provide advisory services on the repositioning of the retail property in Union City. Jones Lang LaSalle is responsible for the strategic oversight of repositioning the mall, including identifying a new name; identifying and retaining new merchants, entertainment venues and restaurants; and collaborating with Union City officials in creating a new town center.
WATERLOO, ILL. — Swansea, Ill.-based Holland Construction Services has completed construction of Waterloo Commons, a 67,000-square-foot retail center located in Waterloo. The $7.9 million project comprises a 58,000-square-foot Schnucks grocery store, as well as 9,000 square feet of retail space, which is occupied by Harrison Telephone Communications, Lily’s Nail Spa, Custom Cuts and Wilson’s Corner Grill & Pub. The project was designed by St. Louis-based Kuhlmann Design Group. The DESCO Group, the owner and developer of Waterloo Commons, also has selected Holland to construct a 63,000-square-foot grocery store in Evansville, Ind.
WATERLOO, ILL. — Swansea, Ill.-based Holland Construction Services has completed construction of Waterloo Commons, a 67,000-square-foot retail center located in Waterloo. The $7.9 million project comprises a 58,000-square-foot Schnucks grocery store, as well as 9,000 square feet of retail space, which is occupied by Harrison Telephone Communications, Lily’s Nail Spa, Custom Cuts and Wilson’s Corner Grill & Pub. The project was designed by St. Louis-based Kuhlmann Design Group. The DESCO Group, the owner and developer of Waterloo Commons, also has selected Holland to construct a 63,000-square-foot grocery store in Evansville, Ind.