QUAKERTOWN, PA. — EXP Realty Advisors has brokered the sale of a retail property located at 616 N. West End Blvd. in Quakertown. A New York City-based real estate investor acquired the property for $12.2 million in a 1031 exchange. BJ’s Wholesale Club occupies the 85,000-square-foot property. Andrew Greenberg and Daniel de Sa’ of EXP Realty Advisors brokered the transaction.
KANSAS CITY, MO. — Copaken Brooks has completed the lease-up of the retail space at its Town Pavilion office building in Kansas City. The property totals 840,642 square feet with 30,372 square feet of first-floor retail space. Three new tenants — Johnny C’s Deli & Pasta, Chick N Pie and Ruby Jean’s Juicery — have signed leases at the property. Johnny C’s is a local Italian deli that serves pastas, sandwiches and salads. Chick N Pie will occupy the space formerly home to Pizza Hut and KFC Express. The quick-service concept, from the same owners of Plowboys BBQ, serves chicken, burgers, pizza and salads. Ruby Jean’s Juicery specializes in smoothies, juices, performance shakes and snacks. The company has five other locations.
IRVING, TEXAS — 7-Eleven Inc. has closed on the acquisition of approximately 1,030 Sunoco (NYSE: SUN) convenience stores across 17 states. The sales price was $3.3 billion, according to local media reports. The acquisition brings 7-Eleven’s portfolio to approximately 9,700 convenience store locations in the United States and Canada. Japan-based Seven & i Holdings Co. Ltd., the parent company of Irving-based 7‑Eleven, operates more than 65,000 stores in 18 countries across the globe. Sunoco’s sub-brands — APlus, Laredo Taco, Ladson Grill and Stripes — will see no immediate changes during the ownership transition. Despite overall uncertainty on the performance of retail properties today, there seems to be a strong case for the success of single-tenant assets occupied by convenience stores. In a convenience store report issued by Quantum Real Estate Advisors Inc. at the close of 2017, the top 10 convenience stores accounted for nearly 64.3 percent of the top 100 ranked stores in the country. 7-Eleven and Alimentation Couche-Tard, the parent company of Circle-K and Kangaroo Express, dominated the rankings in the top two spots. Sunoco’s stock price closed at $31.97 per share on Thursday, Jan. 25, up from $28.37 per share one year ago. — Kristin Hiller
NORWALK, CONN. — Angel Commercial has arranged the sale of a retail and warehouse building located at 173 Main St. in Norwalk. Servpro acquired the property from Brandman Realty LP for $1.9 million. The property features 17,500 square feet of retail and warehouse space. Headsquartered in Gallatin, Tenn., Servpro is a franchisor of fire and water cleanup and restoration franchises in the United States and Canada. Lester Fradkoff of Angel Commercial represented the seller, while Brett Sherman, also of Angel Commercial, represented the buyer in the deal.
DORAL, FLA. — HFF has arranged the sale of Bed Bath & Beyond Plaza, a 97,456-square-foot shopping center in Doral, a city in South Florida’s Miami-Dade County. Daniel Finkle, Luis Castillo and Eric Williams of HFF arranged the transaction on behalf of the seller, Retail Properties of America Inc. A joint venture between Schmier Property Group and Independencia Asset Management acquired the center. The sales price was not disclosed, but the South Florida Business Journal reports the property sold for $38.3 million. Nat Scarmazzi of HFF arranged a 10-year, fixed-rate loan through Goldman Sachs Mortgage Co. on behalf of the new owners. At the time of sale, Bed Bath & Beyond Plaza was fully leased to tenants including Bed Bath & Beyond, Office Depot, Petco, Party City, Pier 1 Imports, Moe’s Southwest Grill, Doral Dental Partners and Starbucks Coffee.
BUFORD, GA. — Franklin Street has arranged the $13.6 million sale of Mill Creek Walk, a 36,358-square-foot retail center in Buford, roughly 35 miles north of Atlanta. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Mill Creek/Cooper LLC, as well as the buyer, Bond Street Advisors Group. Petco anchors the center, which was 96 percent leased at the time of sale.
HOUSTON — Davis Commercial Real Estate has arranged the sale of a 56,000-square-foot shopping center located at 1315 S. Dairy Ashford Road in west Houston. Lee Harwood and Ashley Casterlin of Davis Commercial represented the buyer, Dasford LLC, in the transaction. The seller, Grace Point Church, purchased the property in the 1980s and will remain its primary occupant, along with Marco’s Pizza and Kingdom Kids Daycare.
CINCINNATI — Rainier Realty Investments LP, along with a fund managed by Continuum Investments Limited and local operator Stark Enterprises, have acquired 32 East in Cincinnati for $29.1 million. The 192,000-square-foot shopping center is 100 percent leased to tenants such as HomeGoods, Burlington, Michaels and Ulta. Florida-based PEBB Enterprises sold the asset. Rainier and Continuum established a joint venture to acquire retail properties throughout the central and southern United States. Cleveland-based Stark Enterprises is a full-service real estate development company with more than 7 million square feet of retail, office, apartment and hotel properties in its portfolio.
VALLEY PARK, MO. AND LAKEWOOD, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of three properties occupied by 7-Eleven for $4.2 million. One of the properties, a 2,193-square-foot building and gas station located in Valley Park, Mo., sold for $1.9 million. The property was built in 1998. Jeremy McChesney of Hanley represented the seller, Equitas Investments. Matt Lemon and Suheil Sahouria of The Trafton Group represented the buyer, a private investor. Built in 1975, the second building features 2,410 square feet and is located in Lakewood, Ohio. The property sold for $885,000. McChesney again represented the seller, Equitas Investments. Matt Waterman of Pegasus Investments represented the buyer, a private investor based in California. The sales transaction also included a third property located in Florida.
LAS VEGAS — Brixton Capital has sold a 122,133-square-foot retail center in Las Vegas for an undisclosed price. Brixton, along with limited partner ALTO Real Estate Funds, originally acquired the former Target building in 2014 and subsequently subdivided the building, adding new tenants Burlington and InStyle Furniture. An affiliate of Tiberti Management Co. acquired the center, which was fully leased at the time of sale.