PETERSBURG, VA. — Virginia Beach, Va.-based Wheeler Properties has acquired Walnut Hill Plaza in Petersburg. Save-a-Lot, Family Dollar, Maxway and Citi Trends anchor the 89,907-square-foot shopping center. Nathan Jones and Robby Brownfield of CB Richard Ellis represented Wheeler in the transaction.
Retail
MOBILE, ALA. — Tarrytown-based DLC Management Corp. has acquired a portfolio consisting of 16 shopping centers throughout the Southeast and the Mid-Atlantic. The acquisition spans seven states and represents 1.5 million square feet of retail space. The properties include Gulfdale Plaza in Mobile, Ala.; Shields Plaza in Huntsville, Ala.; Marketplace at Ocala in Ocala, Fla.; Marketplace at Palm Bay in Palm Bay, Fla.; Crossroads South in Jonesboro, Ga.; Fulton Crossing in Corinth, Miss.; South Square Marketplace in Charlotte, N.C.; Swift Creek Plaza in Garner, N.C.; Armstrong Plaza in Fountain Inn, S.C.; Broad River Centre in Columbia, S.C.; Butler Square in Maudlin, S.C.; Cypress Point in Virginia Beach, Va.; Ridgewood Farm in Salem, Va.; The Village Courts in Lynchburg, Va.; Southwest Plaza in Roanoke, Va.; and West Broad Commons in Richmond, Va.
MILTON, GA. — Sembler has begun construction on Phase II of its 430,000-square-foot Deerfield Place development in Milton. Completion of Phase I is expected by mid-summer of 2008 and will include major tenants such as PETCO, Staples and SuperTarget, while completion of Phase II is expected by late 2008 or early 2009. Phase II will feature Kohl’s, some smaller retailers and several restaurants.
MILTON, FLA. — Mel Moss of NAI Capital’s Los Angeles office has represented Milton-based AESTRUST in the purchase of a 94,841-square-foot K-Mart situated on 10 acres in Milton. The transaction was to complete a 1031 Exchange and was valued at $5.9 million. Milton Associations, represented by Drew Fleming of Shane Investments, sold the retail property.
ATLANTA — Paul Kenworthy with Los Angeles-based Charles Dunn Co. has brokered the sale of a Sonic Drive-In in Atlanta for $1.59 million. The deal featured a cap rate of 7.8 percent. Los Angeles-based Khougaz Trust acquired the property, located at 2380 Sheriff Rd., from SS Fast Food.
ATLANTA — Paul Kenworthy with Los Angeles-based Charles Dunn Co. has brokered the sale of a Sonic Drive-In in Atlanta for $1.59 million. The deal featured a cap rate of 7.8 percent. Los Angeles-based Khougaz Trust acquired the property, located at 2380 Sheriff Rd., from SS Fast Food.
VIRGINIA BEACH, VA. — Lowe’s Home Centers has acquired Giant Square Shopping Center in Virginia Beach, a 155,130-square-foot property, from Giant Square Shopping Center Corp. for an undisclosed amount. The owner plans a new Lowe’s Home Improvement Store, situated on 12.15 acres at 717 Independence Blvd. Gerald Divaris, Alex Divaris and Jason Oliver of Virginia Beach-based Divaris Real Estate represented the buyer in the transaction.
HENRICO COUNTY, VA. — Lee Warfield and Pete Waldbauer of Thalhimer, a member of the Cushman & Wakefield Alliance, have represented Sam’s Club in its purchase of 16.3 acres of land at the intersection of Interstate 64 and Laburnum Avenue in Henrico County. Sam’s East purchased the acreage from Laburnum Associates for $3 million for the development of a Sam’s Club within White Oak Village.
PORT CHARLOTTE, FLA. — Owen-Ames-Kimball Co. has completed construction of Phase I of the Harbor Nissan car dealership building in Port Charlotte. The 36,000-square-foot project includes a showroom with offices and a vehicle service area with 20 work bays. The project is being completed in two phases, which allows the dealership to remain open during construction. Phase II will begin soon and include the demolition of the old building.
WINSTON-SALEM, N.C. — DBR & Associates has represented DIM Vastgoed, N.V., a Dutch publicly traded real estate fund, in the $12.8 million acquisition of Whitaker Shopping Center in Winston-Salem. Anchored by a 51,890-square-foot Harris Teeter grocery store, the 82,741-square-foot Whitaker Shopping Center is 100 percent occupied. Whitwood, LLC, represented by Berkeley Capital Advisors, sold the retail property. DBR will manage the property for DIM Vastgoed, N.V.