JACKSONVILLE, FLA. — The Jacksonville office of Cushman & Wakefield has arranged the sale of Monument Pointe Shopping Center, a 76,628-square-foot shopping center located at 1531 Monument Rd. in Jacksonville, for $6 million. The center is anchored by Winn-Dixie and CVS/pharmacy, and was 95 percent occupied at the time of closing. Karl Johnson of Cushman & Wakefield represented the seller, Miami-based Equity One. The property was acquired by Hallandale, Fla.-based Isram Realty & Management.
Retail
TAMPA, FLA. — Florida-based RMC Property Group has acquired The Tampa Commons Shopping Center, a 56,423-square-foot shopping center located at the intersection of Dale Mabry Highway and Kennedy Boulevard in Tampa. The shopping center is occupied by Barnes & Noble, Office Depot, Ruby Tuesday and Leather Express. The seller, as well as the acquisition price, was undisclosed. Bank of America provided financing for the transaction.
COLUMBUS, OHIO, AND GLEN ELLYN, ILL. — The Tampa office of CBRE Melody has arranged $73.7 million in financing for three retail properties located in Ohio and Illinois. Michael Strober of CBRE Melody arranged the financing on behalf of Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust. Principal Real Estate Investors was the lender in each transaction. In Columbus, a $27.6 million loan was arranged for the Shops on Lane Avenue, a 177,092-square-foot retail center located at 1555-1735 W. Lane Ave. The loan has a fixed rate of 5.95 percent, interest only, with a 5-year term. Also in Columbus, a $21.6 million loan was arranged for Olentangy Plaza, a 253,330-square-foot community shopping center located at 734-889 Bethel Rd. The loan has a 5.88 percent fixed rate with a 10-year term, and the initial 5 years interest only. Finally, in Glen Ellyn, a $24.5 million loan was arranged for Market Plaza, a 162,705-square-foot retail center located at 535-613 Roosevelt Rd. The loan carries a 5.88 percent interest rate over a 10-year term with the first 5 years interest only.
HANOVER, PA. — South Hanover Partners, an affiliate of Blackford Development, has purchased the South Hanover Shopping Center in Hanover for an undisclosed price from South Hanover Associates, LP. Located at 743-845 Baltimore St., the approximately 180,000-square-foot center is situated on 20.73 acres. The new owner plans to redevelop the property, which will include a new 68,000-square-foot Giant Food supermarket and fuel center. LMS Commercial Real Estate is the exclusive leasing agent for the center.
HOT SPRINGS, ARK. — Savannah, Ga.-based David Garfunkel & Co. has purchased Cornerstone Market Place, a 149,802-square-foot retail center in Hot Springs, for $18.4 million. Located at 200-500 Cornerstone Blvd., the property is anchored by Office Depot, Goody’s Family Clothing, Shoe Carnival, Books-A-Million, Pier 1 Imports, Kirkland’s and T.J. Maxx.
GLEN ELLYN, ILL. — The Chicago and Dallas offices of Holliday Fenoglio Fowler (HFF) have brokered the sale of Market Plaza, a 162,705-square-foot shopping center located at 525 Roosevelt Rd. in Glen Ellyn. The property is anchored by Jewel-Osco, and features Panera Bread, Blockbuster and Dollar Tree. Paul Barile, Janice Sellis, Jim Batjer and Barry Brown of HFF represented the undisclosed seller. The property was acquired by Ramco-Gershenson Properties Trust as part of a joint venture. The acquisition price was undisclosed.
SCHAUMBURG, ILL. — IPic Entertainment is developing a new location for its entertainment venue in Schaumberg. The 55,000-square-foot facility will feature an eight-screen movie theater, a 250-seat restaurant and bar, and 16 upscale bowling lanes with plush couches and a 65-foot high definition video wall. Completion is anticipated to occur this year. IPic recently opened its first location at Bayshore Town Center in Glendale, Wis., and has two more locations under development in Arlington and Plano, Texas.
NEW YORK CITY — Eastern Consolidated has completed the $21 million sale of a 35,287-square-foot retail and loft building in Manhattan, New York City. The six-story building is located on the corner at 167-177 Lafayette St. in between SoHo and Little Italy. The new owner plans to renovate the building for both retail and office use. Samuel Schneider, Daniel Glaser, Eric Anton and Ronald Solarz of Eastern Consolidated represented the seller, Edwin Bass, and procured the buyer, The Eretz Group. David Greene of Murray Hill Properties also aided in securing the buyer for the property.
MIDDLEBOROUGH, MASS. — WP Realty has acquired Middleborough Crossing, a 132,158-square-foot, grocery-anchored shopping center in Middleborough, for $13.6 million. Situated on 26.17 acres on Route 28, the property comprises a 24.84-acre parcel that contains the existing shopping center and an adjacent 1.33-acre parcel that features a vacant office building. The second parcel will allow the owner to add a 5,000-square-foot retail pad. Currently, the property is 93 percent leased to tenants such as a 35,340-square-foot Hannaford and a 25,000-square-foot Ocean State Job Lot. Robert Griffin, Geoffrey Millerd and Michael d’Hemecourt of Cushman & Wakefield procured the buyer and represented the undisclosed seller.
FORT OGLETHORPE AND DALLAS, GA. — Joe Montgomery and Tony D’Ambrosio of Colliers Spectrum Cauble have completed the disposition of two retail centers in two separate transactions. The company represented the seller, AIG Baker, in the $12.5 million sale of Battlefield Centre, a 214,889-square-foot shopping center located in Fort Oglethorpe, to an undisclosed private investor. Developed in 1991 and currently 93 percent leased, the center is anchored by Bi-Lo Supermarket, Tractor Supply and Hamricks Department store. Additionally, the company represented a private investor in the $8.25 million sale of Merchants Square, a 107,050-square-foot shopping center located in Dallas, to an undisclosed buyer. Fully renovated in 1997, the 100-percent occupied property is anchored by Ingles Supermarkets and Big Lots.