STOCKBRIDGE, GA. — Wheeler Real Estate Investment Trust Inc. has assumed the contract to acquire Freeway Junction, a 156,834-square-foot shopping center in Atlanta suburb Stockbridge, for $10.5 million. Wheeler REIT (NASDAQ: WHLR) is assuming the contract from Wheeler Interests LLC, an affiliated company. The shopping center, located along Georgia Highway 138, is 95.5 percent leased to tenants such as Northern Tool + Equipment, Goodwill, Ollie’s, Farmer’s Furniture, Cato Fashion, Citi Trends and Jackson-Hewitt.
Retail
ALTOONA, IOWA — New England Development plans to build a 325,000-square-foot outlet center in Altoona, a suburb of Des Moines. The new facility will be located at the intersection of I-80 and U.S. Highway 65. The 32-acre Des Moines Outlets will feature approximately 75 retailers. The outlet center will be an integral part of The Shoppes at Prairie Crossing, a 174-acre, mixed-use site being developed by Heart of America Group. The Shoppes at Prairie Crossing will consist of more than 1.4 million square feet of leasable space. The Shoppes at Prairie Crossing site is adjacent to Prairie Meadows Racetrack & Casino, Adventureland Amusement Park, Bass Pro Shops and the Facebook Data Center. According to The Des Moines Register, construction on the project is expected to begin next year and will be completed in early 2016.
LAKEMOOR, ILL. — The Boulder Group has brokered the $6.7 million sale of a 14,820-square-foot Walgreens property in Lakemoor, a Chicago suburb approximately 25 miles north of Schaumburg. Walgreens is the sole occupant of the single-tenant, triple-net-leased property, located at 28895 W. Highway 120. Walgreens has 25 years remaining on the lease that began in November 2013. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, and buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.
McALLEN, TEXAS — Lockard Cos., a Cedar Falls, Iowa-based real estate firm, has sold a 7.2-acre land parcel in its Dove Town Square shopping center to Wal-Mart Stores Inc. The site, located at the northeast corner of North 23rd Street and West Dove Avenue in McAllen, will house a 41,117-square-foot Walmart Neighborhood Market.
TYSONS CORNER, VA. — Calkain Cos. has brokered the $24.7 million sale of a CVS/pharmacy store at 8117 Leesburg Pike in Tysons Corner, about 16 miles west of Washington, D.C. The asset sold for the lowest cap rate (4.97 percent) of any CVS/pharmacy sale in the United States, according to Calkain. Jonathan Hipp, Andrew Fallon and Jonathan Florin of Calkain represented the sellers, Regency Centers and J. Donegan Co., in the transaction. The buyer, an unnamed entity based in the Middle East, purchased the property in conjunction with The Rappaport Cos.
KENNESAW, GA. — Westwood Financial Corp. has executed a new 10-year lease agreement with Pep Boys for a 5,000-square-foot store at Orchard Square in Kennesaw. Orchard Square is a 94,212-square-foot, Publix-anchored shopping center located at 4290 Bells Ferry Road N.W. near I-575. Other Orchard Square tenants include Harbor Freight Tools, Super Clips, First Acceptance Insurance and Mail Boxes Etc. Pep Boys operates roughly 800 automotive stores in 35 states and Puerto Rico.
SCHNECKSVILLE, PA. — NAI Summit represented Krause Family Partnership LLC in the disposition of 4089 Route 309 and 4080 Independence Drive in Schnecksville. Star Auto Real Estate LLC purchased the more than four-acre property for an undisclosed price. The buyer, which is in association with Global Motor Trade LLC, plans to use the property for an exotic car dealership. Jay Haines of NAI Summit represented the seller in the transaction.
GLENDALE, CALIF. – A 33,699-square-foot retail building in Glendale that is net leased to Jo-Ann Fabric and Craft has sold to Aria Investments LLC for $17.7 million. The building is located at 1000 South Central Ave. It was built in 1966 and renovated last year. Aria was represented by Sheila Alimadadian of Marcus & Millichap’s National Retail Group in Newport Beach.
VENTURA, CALIF. – A 6,619-square-foot retail space in Venture that is occupied by Citibank has sold to Hull LQ Properties LLC for $4.5 million. The building is located at 1011 S. Victoria Ave. Hull was represented by Chuck Klein and Kevin Held of Cassidy Turley. The seller was CP Sunshine LLC.
SAN DIEGO – A 3,900-square-foot property in San Diego that is occupied by Coco’s Bakery restaurant has sold to Fairbanks Trail LLCfor $2.7 million. The property is located at 7398 Clairemont Mesa Blvd. Coco’s renewed its lease for 15 years in 2013. Justin Earley of Capital Real Estate Ventures, Inc. represented both parties, including the seller, USA Properties Inc., in this transaction.