JACKSON, N.J. — Marcus & Millichap has completed the $8.5 million sale of a strip shopping center in Jackson. The newly constructed strip center features 32,068 square feet with tenants such as The Learning Experience. Paul Hewitt of Marcus & Millichap represented the seller, Diversified Developers, and Mark Gjonbalaj of Marcus & Millichap represented the buyer, Jackson Square Equities.
Retail
LAS VEGAS — South Korea-based Shinhan E&C America has acquired Durango Commons in Las Vegas for $6.97 million from PVD Charleston Stone Mart. The 14,030-square-foot retail center is located at 950 S. Durango Dr. and is anchored by Starbucks Coffee. Charles Moore, Christina Roush and Marlene Fujita of CB Richard Ellis’ Las Vegas office represented the seller in the transaction.
LAS VEGAS — Las Vegas-based LM Construction Co. has broken ground on Wagon Trail Village in Las Vegas. The 29,120-square-foot, three-pad retail center is located at the northwest corner of Decatur Boulevard and Interstate 215. The project is estimated to cost $3.2 million and is being developed by San Francisco-based J3 Properties.
NEWPORT NEWS, VA. — Chicago-based Inland Western Retail has acquired Jefferson Commons, a 306,249-square-foot shopping center in Newport News, from an affiliate of West Palm Beach, Fla.-based The Goodman Company, for $79.6 million. The center is located at the intersection of Jefferson Avenue and Bland Boulevard. Tenants include Ross Dress For Less, T.J. Maxx, Off Broadway Shoe Warehouse, Trader Joe’s, Petco and Starbucks. The property is also anchored by a Kohl’s, which was not included in the sale. Casey Rosen and Dennis Carson of CB Richard Ellis’ Miami office and Debra Ramey of The Shopping Center Group’s Norfolk, Va., office represented the seller.
GREENSBORO, N.C. — Sacramento, Calif.-based Tower Investments has purchased 30 acres in Greensboro, formerly the site of the Guilford Mills plant, for future retail development. The property is located along Hornaday Road near Interstate 40 and I-840. The current 300,000-square-foot industrial building on the property will be leased until an anchor retail tenant has been secured. Don Moss of Charlotte, N.C.-based Hart Corporation represented the buyer, and the seller was represented by Tom Townes of Greensboro-based Triad Commercial Properties.
YUMA, ARIZ. — Yuma-based Fury Lane LLC has acquired a 37,100-square-foot retail center, which is located at 2816-2820 S. 4th Ave. in Yuma, for $6 million. The six-tenant property is anchored by Hastings Entertainment. Other tenants include Papa John’s Pizza, FACI Fashion Specialists, Sharkley’s Backpacks & Luggage, Elite Tanning and Elegant Nails & Spa. The center is also anchored by a CVS/pharmacy, which was not included in the sale. John Conover of Irvine, Calif.-based Faris Lee Investments represented the buyer and the seller, Indiana-based Hastings Development LLC, in the transaction.
CHICAGO AND CHESTERFIELD, MO. — Colliers Bennett & Kahnweiler (CBK) has represented Evanston, Ill.-based Davis Street Land Co. in the sale of two Midwest shopping centers for a total of $22.9 million. In Chicago, the company disposed of Clybourn Galleria, a 25,054-square-foot retail center located at 1845 N. Clybourn Ave. The center is fully occupied by tenants including Ann Taylor Loft, Chico’s, Jos. A. Bank, Gymboree, Talbot’s and Nine West. The property was sold to Greenstreet Real Estate Partners for $13.5 million. In Chesterfield, CBK disposed of The Shops at Clarkson Corner, a 20,432-square-foot lifestyle center located at 1540 Clarkson Rd. The center is also fully leased and includes tenants Talbot’s, White House/Black Market, Chico’s and Venetian Nail Spa. The property was acquired for $9.4 million by a private St. Louis-based investor, which was represented by Jane Hollo of Colliers Turley Martin Tucker. Kevin Gazley of CBK represented Davis Street Land Co. in both transactions.
ELKHART, IND. — Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. has arranged the sale of North Pointe Plaza, a 179,602-square-foot community shopping center located at the corner of Cassopolis Street and the Indiana Tollway in Elkhart. The center is anchored by Martin’s Super Market and Kmart; other tenants include CVS/pharmacy, Beneficial Finance, GNC and Fashion Bug. The property is currently 93 percent occupied. Ben Wineman and Joe Girardi of Mid-America represented the seller, West Bloomfield, Mich.-based NP Associates, which is an affiliate of First Holding Management Co. The buyer, Fort Wayne, Ind.-based Equity Investment Group, negotiated the transaction in-house. The acquisition price was not disclosed.
ROCHESTER, N.Y. — The Rose Hill Group of WNY LTD has arranged $3.25 million in permanent financing for Webster Parc Retail Center in Rochester. The 14,000-square-foot retail facility is located along Route 404 and includes tenants such as Metro Mattress, AT&T, and Aspen Dental. The borrower was undisclosed.
ROCHESTER, N.Y. — The Rose Hill Group of WNY LTD has arranged $3.25 million in permanent financing for Webster Parc Retail Center in Rochester. The 14,000-square-foot retail facility is located along Route 404 and includes tenants such as Metro Mattress, AT&T, and Aspen Dental. The borrower was undisclosed.