SOUTH LYON, MICH. — Marcus & Millichap has brokered the sale of Huntington Square Shopping Center, a 57,056-square-foot retail property located at 546-644 N. Lafayette Rd. in South Lyon, for $5 million, representing a 9.28 percent cap rate. Bill O’Connor and DeVon Jackson of Marcus & Millichap’s Detroit office represented the undisclosed seller. The property was acquired by undisclosed local investors.
Retail
SOUTH LYON, MICH. — Marcus & Millichap has brokered the sale of Huntington Square Shopping Center, a 57,056-square-foot retail property located at 546-644 N. Lafayette Rd. in South Lyon, for $5 million, representing a 9.28 percent cap rate. Bill O’Connor and DeVon Jackson of Marcus & Millichap’s Detroit office represented the undisclosed seller. The property was acquired by undisclosed local investors.
IRVING, TEXAS — Henry S. Miller Co. has finalized the purchase of a Tom Thumb store located at the Towne North Shopping Center in Irving. The 55,359-square-foot grocery store, which is located at the intersection of Beltline and Northgate roads, was the only portion of the center that Henry S. Miller Co. did not own. The store was purchased from EIGFW Irving LLC and increases the company’s total space owned at Towne North Shopping Center to approximately 123,606 square feet. Greg Miller represented his company, Henry S. Miller Co., in the transaction.
DOUGLASVILLE, GA. — New Haven, Conn.-based Block & Kahan Properties has acquired Douglasville Crossing, a 267,800-square foot shopping center in Douglasville, from Atlanta-based RCG Ventures, for $7.3 million. The property is located at 5983 Stewart Pkwy. Tim Giambrone of Marcus & Millichap’s Atlanta office represented the seller in the transaction, and the buyer was represented in-house.
DOUGLASVILLE, GA. — New Haven, Conn.-based Block & Kahan Properties has acquired Douglasville Crossing, a 267,800-square foot shopping center in Douglasville, from Atlanta-based RCG Ventures, for $7.3 million. The property is located at 5983 Stewart Pkwy. Tim Giambrone of Marcus & Millichap’s Atlanta office represented the seller in the transaction, and the buyer was represented in-house.
SUMTER, S.C. — Spartanburg, S.C.-based Hammond Development is building Sumter Town Centre, a $3 million, 8,000-square-foot retail center in Sumter. Tenants include Firehouse Subs and Bruster’s ice cream shop. The center is situated on 1.4 acres at 1293 Broad St. Construction began in March, and the project is scheduled to deliver in July.
MADISON, WIS. — Steve Doran of the Madison office of Lee & Associates has represented the buyer in the $6.7 million acquisition of East Prairie Commons, a 48,815-square-foot shopping center located at 4271-4275 Lien Rd. in Madison. Tenants at the property include Target, Ashley Furniture, Bed Bath & Beyond and Michaels. Shawnee Mission, Kan.-based Rubenstein Real Estate represented the seller.
MCKINNEY, TEXAS — Venture Development Group is developing a 69,000-square-foot Sprouts Farmers Market, which will be located on the northeast corner of Virginia Parkway and Hardin Road in McKinney. This will be Sprouts’ eighth location in the greater Dallas/Fort Worth area for the Phoenix-based grocer that specializes farm-fresh produce and other organic groceries. Sprouts will be housed in Venture Development Group’s shopping center project the company is building on 15 acres. Aside from Sprouts, the project will feature 25,000 square feet of retail space and three pads, totaling six buildings. Phase I of the project is scheduled to break ground in the first quarter of 2009 with completion slated for the third quarter of 2009.
SMYRNA, TENN. — St. Petersburg, Fla.-based Ballast Point Group is developing The Shoppes at Smyrna Commons, a $40 million, 275,000-square-foot retail center at Smyrna Commons, an 86-acre mixed-use development. The shopping center will be situated on 31 acres and is projected to begin construction in October. Initial occupancy is slated for fall 2009. The project is located along Nissan Drive, across from the Nissan manufacturing facility.
SMYRNA, TENN. — St. Petersburg, Fla.-based Ballast Point Group is developing The Shoppes at Smyrna Commons, a $40 million, 275,000-square-foot retail center at Smyrna Commons, an 86-acre mixed-use development. The shopping center will be situated on 31 acres and is projected to begin construction in October. Initial occupancy is slated for fall 2009. The project is located along Nissan Drive, across from the Nissan manufacturing facility.