NORTH RALEIGH, N.C. — A joint venture between Forge Real Estate Partners III (FREP) and East Coast Acquisitions has purchased Tarrymore Square for an undisclosed purchase price. FREP is an investment fund between The Sembler Co. and Forge Capital. Tarrymore Square is a 256,805-square-foot shopping center that was 65 percent occupied at the time of sale. Tenants at the center include Walgreens, Rugged Warehouse, Rent-A-Center and Miller-Motte Technical College. The joint venture plans to renovate the shopping center and is working with a regional grocer, as well as a fashion retailer. These leases will boost occupancy to about 85 percent by year-end. The Sembler Co. will serve as the property's manager and leasing agent. This is FREP's second acquisition and its first in North Carolina. The joint venture is seeking additional grocery-anchored shopping centers throughout the Southeast.
JOLIET, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged $10.6 million in debt for the acquisition of North Ridge Plaza, a 238,000-square-foot retail center in Joliet, located about 45 miles southwest of Chicago. Richard Lynn, a director in MMCC’s Oak Brook, Ill., office, arranged the four-year loan, which includes a fixed interest rate of 4.5 percent and a 25-year amortization schedule. Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. Scott Wiles, Craig Fuller, Sean Sharko, Erin Patton and Austin Weisenbeck, also of Marcus & Millichap, represented the seller in the transaction. Current tenants at the retail center include Ultra Foods, OfficeMax, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty and Supply.
NEW YORK CITY — ProHealth has signed a lease to occupy 10,913 square feet at the Glen Oaks Shopping Center, located at 259-27 Union Turnpike in Queens. The agreement brings the center to 99 percent occupancy. The medical services provider will lease space at the east endcap of the 187,650-square-foot center and is expected to open in March. ProHealth is renovating the façade and expanding the existing space to increase its frontage on Union Turnpike. Nicholas Forelli, director of leasing, represented the Feil Organization, the center’s owner and manager, in-house. Todd Cooper of Ripco Real Estate represented ProHealth.
HOUSTON — CBRE has brokered the sale of Atascocita Commons, a 316,395-square-foot power center in northeast Houston. Located at 7061 FM 1960 East, the Class A retail property was 99.2 percent leased at the time of the sale to tenants including Ross, Kohl’s, TJ Maxx, HomeGoods, Party City, Office Depot and Petco. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the buyer, New York-based Kimco Realty. Cole Real Estate Investments, based in Phoenix, sold the asset.
RANCHO CUCAMONGA, CALIF. — Tivoli Square Apartments, LP, has purchased Foothill Crossing, a 312,307-square-foot regional power center in Rancho Cucamonga, for $54 million. The center is located at 12181-12357 Foothill Blvd., across from Victoria Gardens lifestyle mall. It is 90 percent occupied by tenants like Sears Grand, Total Wine & More and Office Depot. The 1031 Exchange buyer was represented by Dennis Vaccaro of Faris Lee Investments. The seller (and developer), Foothill Crossing, LLC, was represented by Jeff Conover of the same firm.
KISSIMMEE, FLA. — HFF has brokered the sale of LOOP West, a 295,100-square-foot retail center located at 2001 W. Osceola Parkway in Kissimmee, near Walt Disney World and Sea World. An affiliate of North American Development Group purchased the property from O’Connor Capital Partners. The retail center is fully leased to Babies “R” Us, Bealls, T.J. Maxx, Books-A-Million, DSW Shoe Warehouse, Party City and Ulta Beauty. Danny Finkle, Brad Peterson, Luis Castillo and Kim Flores of HFF represented the seller in the transaction.
CHICAGO — The Boulder Group has completed the $13 million sale of a single-tenant, triple-net leased Walgreens property at 6121 N. Broadway St. in Chicago. The property was sold at a 4.87 percent cap rate, the lowest cap rate ever recorded for a Walgreens property according to Real Capital Analytics. Walgreens is the sole occupant of the 14,820-square-foot retail building, which was developed by Crossroads Development Partners in 2013. The new build-to-suit Walgreens replaces an older store, which was previously located on the site under a 35-year lease that was expiring in August 2015. Walgreens’ new lease has more than 24 years remaining with 50 years of renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Crossroads Development Partners, in the transaction. The buyer was a Massachusetts-based limited partnership in a 1031 tax-deferred exchange.
CHICAGO — Quantum Real Estate Advisors Inc. has arranged the $1.8 million sale of a 2,280-square-foot Starbucks Coffee property in suburban Chicago. A Florida-based investor purchased the property. Starbucks has 14 years remaining on its initial 15-year lease. Jordan Kaufman and Daniel Waszak of Quantum Real Estate Advisors represented the seller, a New York-based investor.
NORTH BRUNSWICK, N.J. — Target has announced plans to open a new 140,000-square-foot store in North Brunswick, located about 30 miles southwest of Newark, in October. The store will be situated in the new development called Main Street North Brunswick. Target plans to open 10 stores in 2014. The store will include a selection of fresh produce, fresh-packaged meat and pre-packaged baked goods, as well as a Starbucks Coffee, a Target Pharmacy and Target Optical.
SUGAR LAND, TEXAS — Marcus & Millichap has brokered the sale of Bonaventure Plaza, an 18,702-square-foot shopping center in the Houston suburb of Sugar Land, for $5.9 million. Constructed in 2008, the property is located at 636 State Highway 6, sharing an intersection with HEB, Walmart, Sam’s Club and Chase Bank. Derek Hargrove and Justin Miller of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Hargrove and Miller also secured the buyer, a Houston-based private investor.