MONROE, N.C. — Big V Property Group has acquired Poplin Place, a 227,669-square-foot shopping center located in the southern Charlotte suburb of Monroe, for $28.3 million. Poplin Place was 94 percent leased at the time of the sale to tenants including T.J. Maxx, Ross Dress for Less, Big Lots and PetSmart, and is shadow-anchored by Target. Charlotte-based Berkeley Capital Advisors represented the seller, InvenTrust Properties, in the transaction.
WOODRIDGE, ARLINGTON HEIGHTS AND O’FALLON, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant retail properties in Illinois for a combined $5.2 million. In Woodridge, Jeff Lefko and Bill Asher of Hanley brokered the sale of a Carrabba’s Italian Grill ground lease. The 6,500-square-foot building was constructed in 2002. Carabba’s has 6.5 years remaining on the original lease term. Lefko and Asher represented the seller, a Schaumburg, Illinois-based private development company. Jeff Gates of The Kase Group represented the Dallas-based buyer. The asset sold for $2 million. In Arlington Heights, a 5,995-square-foot building net leased to Chili’s sold for $1.7 million. Chili’s has seven years remaining on its lease. Lefko and Asher represented the Schaumburg, Illinois-based seller. Don Straub of NNN Property represented the buyer, a California-based private investor completing a 1031 tax-deferred exchange. Lastly, in O’Fallon, Illinois, a 4,700-square-foot MedExpress Urgent Care ground lease sold for $1.4 million. Built in 2016, the 4,700-square-foot building sits on one acre. MedExpress has eight years remaining on its original lease term. Lefko and Asher, with assistance from Alex Apter of L3 Corp., represented the Missouri-based seller. Helvetica Group represented the California-based buyer.
KENTWOOD, MICH. — Encore Real Estate Investment Services has arranged the $4.8 million sale of a single-tenant Ashley Furniture Homestore in Kentwood, about eight miles south of Grand Rapids. The 30,000-square-foot property is located on 28th Street. Ashley Furniture has approximately nine years remaining on its double net lease. Logan McAnallen of Encore represented the seller, a Michigan-based private partnership. A local real estate firm represented the undisclosed buyer.
HUNSTVILLE, ALA. — Mag Mile Capital has arranged financing for a single-tenant retail property in Huntsville. Rob Bernstein originated the $2 million, 10-year loan. The specific location of the property, its tenant and the lender were not disclosed. The borrower is an entity controlled by Ari Benmosche and Randall Briskin that owns a portfolio of assets in the Midwest and Northeast.
SOUTH DEERFIELD, MASS. — SRS Real Estate Partners has negotiated the $1.9 million sale of a retail property in South Deerfield. Located at 31 Elm St., the 4,786-square-foot property is triple-net leased to convenience store chain Cumberland Farms. Britt Raymond, Matthew Mousavi and Patrick Luther and Kyle Fant of SRS represented the seller, a local developer, in the transaction. The buyer was a private investor.
NORTH PLAINFIELD, N.J. — Marcus & Millichap has arranged the $1.6 million sale of a retail property net-leased to Dunkin’ Donuts in North Plainfield. The 1,800-square-foot property is located at 885 US Highway 22. Alan Cafiero, Ben Sgambati, Brent Hyldahl, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the undisclosed seller in the transaction. The buyer was a personal trust.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the sale of Scottsdale Design District, a boutique showroom located on the corner of East Thomas Road and North 66th Street in Scottsdale. Chris Toci, Chad Littell and Brent Mallonee of Cushman & Wakefield represented the seller. The buyers were introduced to the asset by Brandon Holdings, the sponsor, and IX Advisors LLC, a real estate advisory based in Seattle. Local and nationally recognized interior designers, art dealers and retailers occupy the 109,652-square-foot property. Tenants include John Brooks, Pindler & Pindler, Century, Tower and Kravet.
EDWARDSVILLE, ILL. — Contegra Construction is underway on a $6 million retail property in Edwardsville near St. Louis. Known as IronWorks, the property will connect to the Madison County Transit Trail. The first phase of the property will include a two-building, 22,000-square-foot retail and restaurant space that is currently 60 percent leased to Sugarfire Barbecue, Global Brew and Strange Donuts. A third building is planned at a later date. Completion of the first two buildings is slated for March 2019. Gray Design Group, civil engineer Thouvenot, Wade & Moerchen and structural engineer Alper Audi make up the project team.
DOUGLASVILLE, GA. — Site Centers Corp. has sold Douglasville Pavilion, a 266,247-square-foot shopping center in Douglasville. The Ainbinder Co. bought the property, which is located about 20 miles west of downtown Atlanta. The property’s anchors include Marshalls, Ross Dress for Less, Michaels, PetSmart, Big Lots and Office Max. Target is a shadow anchor. The center was 97 percent leased at the time of the sale. The sales price was not disclosed. CBRE represented Beachwood, Ohio-based Site Centers in the transaction.
FARMERS BRANCH, TEXAS — The Retail Connection (TRC) has negotiated an 18,023-square-foot lease at 4141 LBJ Freeway in Farmers Branch, a northern suburb of Dallas. David Levinson and Kathleen Nash of TRC represented the undisclosed landlord in the lease negotiations. Jimmy Pham of Concept Commercial Realty represented the tenant, Elite Gymnastics.
