MEMPHIS, TENN. — The Shopping Center Group has brokered the sale of Countryside Center, a 35,500-square-foot shopping center in Memphis. The property is 75 percent leased to tenants such as Dollar General, Subway, Auto Radio, Math Made Simple and Continental Tire. Gary Shanks of The Shopping Center Group represented the seller, a Midwest-based life insurance company, in the transaction. John Reed of The Shopping Center Group represented the buyer, a private investor based in California.
Retail
EDEN PRAIRIE, MINN. — NorthMarq Capital has arranged an $11 million loan for an undisclosed borrower to refinance Prairieview Shopping Center, a 114,646-square-foot retail property in Eden Prairie, approximately 17 miles southwest of Minneapolis. Patrick Minea of NorthMarq Capital’s Minneapolis office structured the loan with a 25-year term and 25-year amortization schedule. NorthMarq arranged financing through its correspondent relationship with Thrivent Financial.
JACKSON, TENN. — Phillips Edison & Co. has purchased Lynnwood Place, a 96,666-square-foot, Kroger-anchored shopping center located at 941 N. Parkway in Jackson, for an undisclosed price. The asset is 89 percent leased to Kroger, Charter Communications Inc., Cato Fashions and Youfit Health Clubs. Greg Hausfeld represented Phillips Edison & Co. internally in the transaction, and Fred Victor of Transwestern represented the Columbia, S.C.-based seller, EDENS.
APEX, N.C. — The Boulder Group has brokered the $2.3 million sale of a two-tenant strip center located at 720 W. Williams St. in Apex, part of the Raleigh MSA. The property is fully leased to Verizon Wireless and Yong-In Martial Arts. Both tenants have roughly five years remaining on their lease terms. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller, a North Carolina-based partnership, and the buyer, an East Coast-based private investment firm, in the transaction.
EAGAN, MINN. — A joint venture between Simon and Paragon Outlet Partners has opened Twin Cities Premium Outlets in Eagan, a suburb of Minneapolis-St. Paul. The center offers 409,000 square feet of retail and is located at the intersection of U.S. Highway 13 and U.S. Highway 77. The center includes more than 100 outlet stores featuring high-quality designer and name brands. Some stores include Armani Outlets, Asics Outlet, Express Factory Store, J Crew Factory Store, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Michael Kors and more. A grand opening celebration event for the new outlet center took place Aug. 14-17.
LITTLETON, COLO. — Phillips Edison-ARC Grocery Center REIT II has acquired Kipling Marketplace, a 90,124-square-foot shopping center in Littleton, for an undisclosed sum. The center is located at 5005 – 5075 South Kipling Street. Kipling Marketplace is anchored by Safeway. Other notable tenants include Sylvan Learning, Dairy Queen, Cost Cutters and H&R Block.
EDMOND, OKLA. — Disney Investment Group (DIG) has arranged the sale of Bryant Square shopping center in Edmond, Okla., just north of Oklahoma City. Bryant Square spans more than 275,000 square feet and tenants include Bed Bath & Beyond, Ross Dress for Less, Old Navy, Stein Mart, Famous Footwear and Petco. The center is located at the southeast corner of Bryant Avenue and Second Street in Edmond. David Disney of DIG brokered the sale of Bryant Square to an undisclosed institutional buyer and worked with representatives of CBRE’s office in Conshohocken, Pa.
BERWYN, ILL. — Summit Design + Build LLC has been selected as general contractor for the reconstruction of a 6,500-square-foot microbrewery building in Berwyn, a suburb 10 miles west of Chicago. Big Hurt Brewhouse will be located at 6801 W. Cermak Road. The project involves the redevelopment of an existing two-story limestone building, which was originally occupied by American State Bank and most recently Berwyn National Bank, into the flagship brewhouse for Chicago White Sox legend Frank Thomas. The baseball Hall of Famer launched his line of specialty brew — Big Hurt Beer — in the fall of 2011. Construction plans call for a complete gutting of the existing building, plus an interior renovation. The new microbrewery, sports bar and grill will feature an outdoor beer garden and include 2,200 square feet of second-floor offices and a private suite. Kisarau Architect Ltd. is providing architectural services for the project, which is slated for completion this fall.
CANTON, MICH. — Nelson Properties Inc. has arranged the lease of a 12,000-square-foot retail building at Coventry Commons Shopping Center in Canton, 10 miles southwest of Livonia. Locally owned franchises Aqua-Tots Swim Schools will occupy 8,400 square feet and Funtastic Play Center Inc. will occupy the remaining 3,600 square feet at the building. Brian Tomina is the real estate developer for Aqua Tots. Terry Bixler of ROC Real Estate represented Funtastic Play Center. Matthew Schoch of Nelson Properties represented the landlord in both transactions.
SAN DIEGO – A 22,000-square-foot property in San Diego that is triple-net leased to Rite Aid Pharmacy has sold to an unnamed buyer for $7.1 million. The building is located at 13167 Black Mountain Road in the Rancho Penasquitos neighborhood. It sits adjacent to a Vons-anchored shopping center. The private seller was represented by CBRE’s Ian Schroeder and Maurice Nieman.