MILFORD, CONN. — Press/Cuozzo Commercial Services has arranged the sale of two contiguous retail sites located on Boston Post Road in Milford. Shemitz Associates LP sold the assets to 1501 Boston Post Road LLC for $1.5 million. Totaling 1.6 acres, the 1469 Boston Post Road consists of a 9,000-square-foot retail building and 1501 Boston Post Road features a two-story, 10,440-square-foot retail and office building. Press/Cuozzo represented the seller and procured the buyer in the deal.
PLANO, TEXAS — Retail giant J.C. Penney Co. Inc. has announced plans to close 130 to 140 stores, as well as a distribution center in Lakeland, Fla., over the next several months. The company is also in the process of selling its supply chain facility in Buena Park, Calif. The total store closures represent between 13 and 14 percent of the company’s current store portfolio. A list of locations to be shut down will be released in mid-March.
ORLANDO, FLA. — Stan Johnson Co. has arranged the $28 million sale of 14 restaurants in Central Florida leased to Ker’s WingHouse, now known as WingHouse Bar & Grill. STORE Capital, a single-tenant, net-lease real estate investment firm, purchased the 89,282-square-foot portfolio. Joshua Pardue of Stan Johnson’s New York City office led the brokerage team in the transaction.
SHREVEPORT, LA. — Transwestern has arranged the $9 million sale of East Side Plaza, a 78,761-square-foot shopping center located at 7460 Youree Drive in Shreveport. Dalton Street Properties purchased the shopping center from Eastside Dunhill. Built in 2004, the property’s tenant roster includes Michael’s, Guitar Center, Dollar Tree and Cato. Fred Victor of Transwestern represented Eastside Dunhill in the transaction.
TUALATIN, ORE. — NAI Elliott has arranged the $16.3 million sale of Martinazzi Square, a 51,060-square-foot shopping center located in Tualatin. Joe Sandahl of NAI represented the seller, Martinazzi Square LLC, in the disposition of the property to CH Retail/Acquisitions LLC. The property is home to tenants including Starbucks Coffee, Nothing Bundt Cakes and H&R Block.
MERCED, CALIF. — Envoy Net Lease Partners has closed on a $4.5 million ground lease acquisition and development loan for a CVS/pharmacy property in Merced. Envoy financed 100 percent of the total cost of the project, allowing the undisclosed developer to retain full control and ownership of the property. The 2.2-acre site is located on Olive Avenue near highways 59 and 99.
GARDENA, CALIF. — Marcus & Millichap has arranged the sale a retail property located at 14600 S. Broadway in Gardena. A limited liability company sold the 37,088-square-foot property for $5.4 million. Twin Dragon Marketing Inc. occupies the property. Brandon Michaels of Marcus & Millichap represented the seller in the deal. The name of the buyer was not released.
EDISON, N.J. — Marcus & Millichap has arranged the sale of Galleria 27, a retail property located in Edison. A private investor acquired the property for $2.4 million. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, and the buyer in the all-cash transaction.
PEACHTREE CITY, GA. — The $9.5 billion MEPT Fund, along with its affiliated funds, has purchased Kedron Village II, a 157,185-square-foot shopping center located in Peachtree City, about 30 miles southwest of downtown Atlanta. MEPT also owns the adjacent Kedron Village I, a 97,000-square-foot, grocery-anchored retail center. Built in 2006, Kedron Village II was 90 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond and Petco. The weighted average remaining lease term for all tenants is nearly five years and 80 percent of the tenant base has been at the center for seven or more years. Bentall Kennedy, a Sun Life Investment Management company, advised MEPT in the transaction.
GARLAND, TEXAS — Marcus & Millichap has brokered the sale of Northstar Crossing Shopping Center, a 67,509-square-foot retail center in Garland. Located at 1120-1332 Belt Line Road near North Garland Avenue, the property was 82 percent leased at the time of sale. Lisa Estrada of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer’s name and brokerage representation were not disclosed.