BIG RAPIDS, MICH. — Agree Realty Corp. has sold Ferris Commons, a shopping center located in Big Rapids, about 60 miles north of Grand Rapids. The 173,557-square-foot center sold for $5.8 million to an undisclosed buyer. Agree Realty Corp. originally developed the property, which was 99.5 percent occupied, in 1990. The company has increased its 2015 disposition guidance to a range of $40 million to $50 million, with anticipated dispositions of both non-core shopping centers as well as select net-lease assets. Including this sale, Agree Realty has disposed of approximately $15 million year-to-date.
DELAVAN, WIS. — An undisclosed developer has acquired a 4,800-square-foot building net leased to Panera Bread in Delavan, approximately 49 miles west of Kenosha, Wis. The purchase price of the property, located at 1905 Geneva St., was $2.3 million. Dominic Sulo and Chad Lieber of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer in the transaction.
OKLAHOMA CITY — Mortgage banking firm Q10 | Professional Mortgage Co. has arranged a $7 million permanent loan for Chatenay Square, a shopping center in the southwest submarket of Oklahoma City. A life insurance company provided the capital. The borrower was not disclosed. Chatenay Square comprises 113,739 square feet and is anchored by a supermarket. Bryson G. Thomason, president, and Franklin “Trey” Warren III, vice president, led the transaction for Q10.
DULUTH, GA. — The Southeast investment sales team at SRS has brokered the $15.7 million sale of Venture Pointe, a 335,151-square-foot regional power center situated at the northwest corner of Venture Drive and Steve Reynolds Boulevard in Duluth, a northeast suburb of Atlanta. The power center is located at 3855 Venture Drive near Gwinnett Place Mall and I-85. Venture Pointe’s tenant roster includes anchors Kohl’s, Big Lots and Golfsmith. The seller, Situs Holdings LLC, sold the property via Auction.com. Kyle Stonis and Pierce Mayson of the SRS Atlanta office, along with Tony Bartlett and Chip Sipple of Lincoln Property Co., represented Situs in the sale. The undisclosed buyer was represented internally.
MAUI, HAWAII — Lowe’s has acquired an 11-acre site at Maui Business Park II in Kahului for $18.7 million. The property is situated in Maui’s retail and industrial core near Kahului Airport. Lowe’s plans to build a 167,000-square-foot store on the site. The new property will be 16 percent larger than its current store in Kahului, which is leased from a third party. Maui Business Park is anchored by Maui’s first Target store. Recent buyers within the park include the County of Maui, Servco Pacific, American Savings Bank, Pacific Pipe and Shelton Holdings (BMW). Maui Business Park I is home to Walmart, Home Depot, Costco, Sports Authority, Office Max, Kmart and Pier1 Imports. The seller was A&B Properties, the real estate subsidiary of Alexander & Baldwin.
PORTLAND, ORE. — National Health Investors has acquired Golden Age Senior Living in Portland for $6.7 million. Renovated in 2010 and expanded in 2013, the 40-bed memory care community was 88 percent occupied at the time of sale. The community will be leased to Chancellor Health Care for 15 years with renewal options at an initial lease rate of 7.75 percent plus annual escalators. The purchase was funded with cash on hand and borrowings from NHI’s revolving credit facility. NHI is a REIT specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.
LOS ANGELES — Westfield has announced that four new restaurants will open at Terminal One at LAX as part of a $508 million overhaul spearheaded by Southwest Airlines in partnership with Los Angeles World Airports. New venues will include Reilly’s Irish Pub, The Coffee Bean & Tea Lead, California Pizza Kitchen and Deli & Co. When complete, Terminal One will include 24 new dining and retail destinations. The new locations are expected to open later this year, with the total terminal redevelopment set for completion in 2018. Westfield’s new retail and dining collection will span 25,242 square feet, and will also be home to Rock & Brews, Be Relax, Quiksilver, Treat Me Sweet, I Love L.A. and Brookstone.
LA VERNE, CALIF. — NorthMarq Capital has arranged the $4.4 million refinance of a shopping center located at 1400, 1410 and 1480 Foothill Blvd. in La Verne. Michael Elmore and Ory Schwartz of NorthMarq secured financing through a national bank. The loan is structured with a 13-year term and 30-year amortization schedule and features a 4.46 percent fixed rate for 10 years with a floating tail. Tenants at the center include RiteAid, Auto Zone and Carl’s Jr.
MATTESON, ILL. — The Starbucks | T-Mobile Center in Matteson has sold for $6.1 million to an undisclosed buyer. Located at 4800 211th St., the 11,904-square-foot property was constructed in 2014. The property consists of a 4,504-square-foot stand-alone Sleepy’s mattress store and a three-tenant strip center, which is fully occupied by Starbucks Coffee, T-Mobile and Giordano’s Pizza. Austin Weisenbeck and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company, in the transaction.
FORT WAYNE, IND. — Bradley Co. has arranged two leases and one condominium sale across various property types in Fort Wayne. Kienan O’Rourke of Bradley Co. represented the tenant, Vintage Treasures LLC, in the lease of 21,600 square feet of retail space located at 265 Coliseum Blvd. In a separate transaction, O’Rourke represented the seller, B&R Real Estate, in the sale of a 2,077-square-foot office condo located at 515-519 Airport North Office Park in Fort Wayne to an undisclosed buyer. In a third transaction, O’Rourke represented the landlord, Kurt Mundinger, in the lease of 7,108 square feet of industrial space located at 224 E. Wallace St. to Three Rivers Distilling Co. Kelly Castle, also of Bradley Co., represented the tenant in the transaction. Terms and additional details of the transactions were not released.