GERMANTOWN, WIS. — Marcus & Millichap has negotiated the $3.8 million sale of a 10,782-square-foot property occupied by KinderCare in Germantown, a northern suburb of Milwaukee. Under corporate guarantor KinderCare Education, the childcare provider has just under 11 years remaining on its net lease. Dominic Sulo of Marcus & Millichap represented the seller, a Michigan-based limited liability company, while Sean Delaney and Jeffrey Herrmann of Marcus & Millichap represented the buyer, a California-based limited liability company. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. originated acquisition financing.
CUMMING, GA. — Franklin Street has arranged a 20,388-square-foot lease with Burlington at Cumming Town Center, a 311,396-square-foot shopping center in Cumming, about 35 miles north of Atlanta. Sam Kreuger and Kaitlyn Theriot of Franklin Street represented the landlord, Beachwood, Ohio-based Site Centers. The publicly traded REIT focuses on investing in well-positioned shopping centers such as Cumming Town Center, which is now fully leased. The space that Burlington is backfilling was formerly occupied by Staples. Other tenants at the property include T.J. Maxx, Dick’s Sporting Goods, Ulta Beauty, Best Buy, Old Navy, Five Below, Petco and Ashley Furniture Homestore. Located at 2475 Marketplace Blvd., the property is situated 39 miles from downtown Atlanta and about 20 miles from Lake Lanier.
DALLAS — Weitzman has completed the renovation of Meadow Central Market, a 107,778-square-foot shopping center in North Dallas. The project centered on the remodeling of the store of the anchor tenant, grocer Tom Thumb, which now features an expanded beer and wine selection, a full-service seafood department, expanded bakery and remodeled produce, dairy and meat departments. Weitzman also upgraded the center’s façade, signage, landscaping, parking and security. Other tenants at Meadow Center Market include CVS, Edible Arrangements, The UPS Store and Sylvan Learning Center.
MOUNT VERNON, WASH. — Bridge33 Capital has completed the disposition of Skagit Valley Square, a retail power center located at 102-310 E. College Way in Mount Vernon. Transnational Management acquired the asset for $18.4 million. Dino Christophilis and Daniel Tibeau of CBRE’s Seattle office brokered the transaction. Formerly anchored by Albertsons, G.I. Joe’s and Rite Aid, the property was backfilled with a new tenant roster: Hobby Lobby, Tractor Supply, Goodwill and Dollar Tree. More than 140,000 square feet was leased up in an 18-month period.
PHOENIX — Newmark has arranged the sale of Phoenix West Plaza, a retail center located at 4344 W. Indian School Road in Phoenix. Aetna West sold the property to Gale Commerce Center for $16.4 million. At the time of sale, the 163,233-square-foot property was 93 percent occupied by 25 tenants. The seller originally purchased the property in 2012 and invested approximately $5 million in renovations and repairs. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in transaction.
YUCCA VALLEY AND LUCERNE VALLEY, CALIF. — Masagana Properties has completed the sale of a two-property retail portfolio near San Bernardino. An undisclosed buyer acquired the portfolio for $6.5 million. The 9,100-square-foot Dollar General, located at 1059 Old Woman Springs Road in Yucca Valley, sold for $3 million. The second 9,100-square-foot Dollar General, located at 32510 CA-18 in Lucerne Valley, sold for $3.4 million. Jaime Salazar and Daniel Hurd of Marcus & Millichap’s Tampa office represented the seller and buyer in the deal. Garrett Fierstein of Marcus & Millichap secured a 10-year, fixed-rate loan with a 30-year amortization for the buyer.
RICHMOND, VA. — JLL Capital Markets has arranged the sale of Stony Point Fashion Park, a 396,961-square-foot, open-air shopping center in Richmond. David Monahan, Cameron Pittman, Jordan Lex, Jimmy Appich and Spotty Robins of JLL represented the seller, a receiver acting pursuant to a receivership order entered by the Circuit Court of the City of Richmond. Second Horizon Capital acquired the asset for an undisclosed price. Opened in 2003, Stony Point Fashion Park is anchored by Dillard’s and an 83,600-square-foot Saks Fifth Avenue. The center is also home to RH, Tiffany & Co., Brooks Brothers, Anthropologie, Latitude Seafood, P.F. Chang’s, CMX CineBistro, Vineyard Vines, Talbots, Fleming’s Steakhouse, Eggspectation and LensCrafters. Located on 45 acres at 9200 Stony Point Parkway, the property is situated 10 miles from downtown Richmond and 22.4 miles from Richmond International Airport.
ROUND ROCK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of La Frontera Village, a 534,566-square-foot regional power center located in the northern Austin suburb of Round Rock. Built on 62 acres in 1980, the center is situated within the 330-acre La Frontera master-planned community. At the time of sale, the property was 92 percent leased to tenants such as Kohl’s, Hobby Lobby, Burlington, Marshalls, Barnes & Noble and Cost Plus. Andrew Margulies, Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sale included two ground-leased restaurant outparcels and a 0.8-acre undeveloped parcel.
WATERBURY, CONN. — Newmark has brokered the sale of Brass Mill Commons, a 204,447-square-foot shopping center located in Waterbury, about 25 miles north of New Haven. Anchored by grocer Save A Lot, Brass Mill Commons is also home to retailers such as Dick’s Sporting Goods, T.J. Maxx, Michaels, Petco, Barnes & Noble, Ulta Beauty and Buffalo Wild Wings. The center includes three restaurant pad sites that are leased to McDonald’s, TGI Fridays and Chili’s. Geoffrey Millerd, Mathew Adler and Coley Cannon of Newmark represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
LAKE GROVE, N.Y. —Wegmans will open a 100,000-square-foot store in Lake Grove, the regional grocer’s first on Long Island. Wegmans has entered into an agreement to purchase 8.5 acres of the 28-acre DSW Plaza, which is owned by Prestige Properties & Development. A timeline for construction and opening has not yet been determined. Founded in 1916, Wegmans operates 106 stores in seven states, with new stores planned to open in Virginia, Delaware and Manhattan within the next two years.