Retail

South Hills Plaza in West Covina Sells for $20.6M

by Nellie Day December 24, 2014

WEST COVINA, CALIF. – South Hills Plaza, a 120,589-square-foot community shopping center in West Covina, has sold to LT Global for $20.6 million. The center is located at the corner of Azusa Avenue and East Aroma Drive. Notable tenants include Marukai Market, 24 Hour Fitness, Taco Bell, Subway, USPS and Charter Communication. CBRE’s Philip D. Voorhees, Jimmy Slusher, Megan Read, Matt Burson, Brad Rable and John Read represented both the buyer and seller, a Los Angeles-based partnership, in this transaction.

December 24, 2014

Midwest Ohio Retail

Namdar Realty Group Acquires 200,000 SF Shopping Center in Lorain, Ohio

by Danielle Everson December 23, 2014

LORAIN, OHIO — Namdar Realty Group has acquired a 200,000-square-foot shopping center in Lorain, approximately 29 miles west of Cleveland. The Center of Sheffield features national and regional tenants including Apple’s Market, Marc’s and H&R Block. The property is located at 400 Sheffield Center. Joel Gorjian led the Namdar Realty Group team in the transaction. Namdar’s portfolio consists of 16 million square feet of commercial real estate nationwide.

December 23, 2014

Michigan Midwest Retail

AT&T Opens New Location in Mount Pleasant, Mich.

by Danielle Everson December 23, 2014

MOUNT PLEASANT, MICH. — AT&T has signed a 1,920-square-foot retail lease in Mount Pleasant. The mobile provider will occupy space within the Pickard Square shopping center located at Pickard Road, is just east of Mission Street. This will be the second AT&T location in Mount Pleasant. Larry Siedell and Tjader Gerdom of Gerdom Realty and Investment represented the landlord. Steve Millman of Northstar Commercial Real Estate represented the tenant in the lease.

December 23, 2014

Midwest Retail Wisconsin

Aspen Physical Therapy Signs 3,000 SF Lease in Brookfield, Wis.

by Danielle Everson December 23, 2014

BROOKFIELD, WIS. — Aspen Physical Therapy has leased 3,000 square feet of space at Ruby Isle. The shopping center is located at 2205 N. Calhoun Road in Brookfield, 12 miles west of Milwaukee. Teresa Shemitis of Mid-America Real Estate –Wisconsin LLC represented the landlord in the transaction.

December 23, 2014

Alabama Retail Southeast

Marcus & Millichap Brokers $2.7M Sale of Shopping Center in Alabama

by John Nelson December 23, 2014

ADAMSVILLE, ALA. — Marcus & Millichap has brokered the $2.7 million sale of Adamsville Town Center, a 26,026-square-foot strip retail center in Adamsville. Built in 2006, the property’s tenant roster includes Dollar General, Advance America, 1st Franklin, Papa John’s Pizza, Alfa Insurance and Alabama Power. Andrew Chason of Marcus & Millichap’s Mobile office represented the seller, a limited liability company based in Birmingham, in the transaction. The buyer was a private investment firm based in Birmingham.

December 23, 2014

Colorado Retail Western

Greenbriar Plaza Shopping Center in Denver Sells for $8.2M

by Nellie Day December 23, 2014

DENVER – Greenbriar Plaza Shopping Center in Denver has sold to JS Western Retail Investments for $8.2 million. The center is located at 7041-7181 Pecos Street. It is fully occupied by 21 tenants, including Family Dollar, Ace Hardware, Pizza Hut and Grease Monkey. Acquisition financing was arranged by Bryan Gortikov of George Elkins Mortgage Banking Company. This is JS Western’s first acquisition in Colorado. The firm was represented by Chris Wiedenmeyer of Legacy Retail Group. The seller, Real Capital Solutions, was represented by Barry Higgins of Marcus and Millichap.

December 23, 2014

Loans Midwest Ohio Retail

Mission Capital Advisors Arranges $14.3M Loan for Two Shopping Centers

by Danielle Everson December 22, 2014

CUYAHOGA FALLS, OHIO — Mission Capital Advisors has arranged non-recourse financing totaling $14.3 million on behalf of PEBB Enterprises for two shopping centers. The properties include the Shoppes at Chapel Hill, a regional shopping center in Cuyahoga Falls, Ohio, and Walden Park Shopping Center in Austin, Texas. Jordan Ray, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital Advisors represented PEBB Enterprises in arranging the 10-year loans for both deals. The Shoppes at Chapel Hill is an 85,229-square-foot shopping center. Staples and Michael’s anchor the shopping center, which also includes Panera Bread and Brick House Tavern. The 57,569-square-foot Walden Park Shopping Center includes a mix of national and local retailers.

December 22, 2014

Midwest Missouri Retail

Baum Realty Brokers $5.3M Sale of Walgreens Property in Northwest Missouri

by Danielle Everson December 22, 2014

MARYVILLE, MO. — Chicago-based Baum Realty Group LLC has brokered the $5.3 million sale of a single-tenant property in Maryville net-leased to Walgreens. The property, located in northwest Missouri, was sold at 99 percent of its asking price. Walgreens has 20 years remaining on the triple-net lease. Patrick Forkin and Brad Teitelbaum of Baum represented the seller, a Missouri-based private developer, in the transaction. A West Coast-based private investor purchased the property in a 1031 tax-deferred exchange.

December 22, 2014

Florida Retail Southeast

BishopBeale to Break Ground on Shopping Center in Melbourne

by John Nelson December 22, 2014

MELBOURNE, FLA. — BishopBeale plans to construct Pineda Landings, a 50,000-square-foot, 17.5-acre retail development at the corner of Wickham Road and Jordan Blass Drive in Melbourne. The shopping center will be anchored by The Fresh Market, the first location for the specialty grocer in Brevard County. The shopping center is expected to open for business by the fall of 2015. BishopBeale will handle all leasing and development management for the project.

December 22, 2014

New York Northeast Retail

DLC Management Corp. Buys 518,000 SF Power Center in New York

by Amy Works December 22, 2014

POUGHKEEPSIE, N.Y. — DLC Management Corp. has acquired The Shoppes at South Hills, a retail power center located in Poughkeepsie. The 518,000-square-foot center was purchased for an undisclosed price. The Shoppes at South Hills is occupied by a variety of tenants, including ShopRite, Burlington Coat Factory, Christmas Tree Shop, Hobby Lobby, Kmart, Ashley Furniture HomeStore, Bob’s Discount Furniture and Chuck E. Cheese. Jose Cruz and Marc Duvall of HFF represented the undisclosed seller in the transaction.

December 22, 2014

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