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.
Retail
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.
LOUISA AND LYNCHBURG, VA. — Fort Lauderdale, Fla.-based Morgan Real Estate has arranged 1031 exchanges for two Walgreens drugstores in Louisa and Lynchburg. GAC Lousia acquired a single-tenant Walgreens, situated on 2.3 acres at 1102 N. Main St. in Louisa, from Louisa Main Street Realty. GAC Lynchburg VA acquired a single-tenant Walgreens, situated on 1.4 acres at 5006 Boonsboro Rd., from Boonsboro Road Realty. Stan Johnson Company’s Tulsa, Okla., office and Net Lease Capital Advisers’ Nashua, N.H., office represented the buyers, and the sellers were represented by Morgan Real Estate in both transactions.
LOUISA AND LYNCHBURG, VA. — Fort Lauderdale, Fla.-based Morgan Real Estate has arranged 1031 exchanges for two Walgreens drugstores in Louisa and Lynchburg. GAC Lousia acquired a single-tenant Walgreens, situated on 2.3 acres at 1102 N. Main St. in Louisa, from Louisa Main Street Realty. GAC Lynchburg VA acquired a single-tenant Walgreens, situated on 1.4 acres at 5006 Boonsboro Rd., from Boonsboro Road Realty. Stan Johnson Company’s Tulsa, Okla., office and Net Lease Capital Advisers’ Nashua, N.H., office represented the buyers, and the sellers were represented by Morgan Real Estate in both transactions.
CRESTWOOD, MO. — The St. Louis office of Q10 | Triad Capital Advisors has arranged $14.9 million in financing for Big Bend Crossing, a 16-acre retail project located at the interchange of Interstate 44 and Big Bend Road in Crestwood. Joe Monteleone of Q10 arranged the loan with State Farm Bank on behalf of the undisclosed borrower. Terms of the loan were also not disclosed.
WHITEHALL, PA. — Marcus & Millichap has completed the $13.21 million sale of a 14.28-acre, 20-year absolute triple-net ground lease in Whitehall. The parcel, which is located at 2650 MacArthur Rd., will house a 166,609-square-foot Lowe’s Home Improvement store. Brand Nathanson and Jordan Muchnick of Marcus & Millichap represented the seller and the buyer in the negotiations.