WILMINGTON, N.C. — Coldwell Banker Commercial Sun Coast Partners has arranged the $13.9 million sale of Lumina Commons, an 84,000-square-foot grocery-anchored shopping center in Wilmington. The center’s tenant roster includes Harris Teeter, West Marine, Jersey Mikes, The Seasoned Gourmet, Crest Fitness and David’s Deli. Nicholas Silivanch of Coldwell Banker Commercial Sun Coast Partners represented the buyer, Phillips Edison-ARC Shopping Center REIT Inc., in the transaction.
Retail
WEST PALM BEACH, FLA. — Jamestown has purchased Village Commons, a 169,118-square-foot, Class A shopping center located at 701-971 Village Blvd. in West Palm Beach. The Publix-anchored shopping center was 92 percent leased at the time of the sale to tenants such as Panera Bread, Cold Stone Creamery, Massage Envy, Edible Arrangements, Weight Watchers and Duffy’s Sports Grill. Jamestown plans to implement a $4.5 million capital improvement program that will expand Publix to 45,600 square feet as part of a new 20-year lease.
ZEPHYRHILLS, FLA. — RCG Ventures has purchased Merchants Square, a 74,837-square-foot shopping located at the intersection of Gall Boulevard and Pretty Pond Road in Zephyrhills, a suburb of Tampa Bay. The property is anchored by Hobby Lobby, Hibbett Sporting Goods and Anytime Fitness. Anthony Blanco of The Shopping Center Group represented the unnamed seller in the transaction. RCG Ventures was represented internally by Scott Tarbet.
LOCKPORT AND TULLY, N.Y. — NorthMarq Capital has arranged financing totaling $1 million for two Dollar General stores in Lockport and Tully. The stores offer a combined total of 16,250 square feet of retail space. The 10-year loan features a 25-year amortization schedule. Scott DeVinney of NorthMarq Capital’s Rochester, N.Y., office arranged the financing for the borrower through NorthMarq’s relationship with a regional bank.
APPLE VALLEY, MINN. — Baceline Investments LLC has sold a 25,500-square-foot, multi-tenant retail center in Apple Valley to Wellington Management Inc. for $4.6 million. The Denver-based boutique real estate investment and management company purchased the property in 2009 for $3.16 million. Pinnacle Ridge Retail Centers, south of downtown Minneapolis, was acquired as part of Baceline’s No Debt Real Estate Fund III. The purchase also included a 1.24-acre land lease to Discount Tire. Other tenants at the property include T-Mobile and Anytime Fitness. Baceline’s strategic model is to purchase cash-flowing real estate without the use of debt in America’s Heartland, an approach that David Puchi, principal of Baceline Investments, says continues to yield rewards for investors.
DEER PARK, TEXAS — Marcus & Millichap has arranged the sale of Deer Park Storage, a 61,220-square-foot self-storage facility located in Deer Park. David Knobler of Marcus & Millichap marketed the property on behalf of the seller, a tenant-in-common entity. Knobler and LeClaire also represented the buyer, a limited liability company. Deer Park Storage is located at 4013 Center St. in Deer Park.
HOUSTON — HFF has closed the sale of Spring Cypress Village, a 101,371-square-foot, grocery-anchored retail center in northwest Houston. HFF marketed the property on behalf of the seller, Delaware Life Insurance Co., formerly kown as Sun Life Assurance Co. of Canada, through its adviser, Guggenheim Partners. Phillips Edison and Co. bought the asset for an undisclosed amount. Spring Cypress Village sits on 15.7 acres at the intersection of State Highway 249 and Spring Cypress Road. The grocery-anchored property was renovated in 2007 and is leased to tenants including Sprouts Farmers Market, Spec’s Liquor, YES Kids Fitness, Wolfies Restaurant & Sports Bar, State Farm Insurance and Earthwise Pet Supply. The HFF team representing the seller included Rusty Tamlyn, Ryan West and Matt Berry.
WESTON, FLA. — CBRE has arranged the $32.3 million sale of Weston Road Shopping Center, a 105,929-square-foot retail center located at 4410 Weston Road at the entrance of the city of Weston. An institutional investor purchased the asset from Coral Gables-based Game Properties. The property is roughly 98 percent leased to tenants such as Office Depot, AC Moore, Sprint, Dunkin’ Donuts, AT&T, Pinch-A-Penny, Honey Baked Ham and T-Mobile. Dennis Carson, David Donnellan and Casey Rosen of CBRE represented Game Properties in the transaction.
LIVINGSTON, N.J. — The Fresh Market plans to open a new location at The Village at Livingston, a 93,000-square-foot shopping center in Livingston. The upscale specialty grocer has signed a long-term lease for 23,000 square feet of retail space from Eastman Cos. for the new store, which is slated to open this fall. David Perlmutter of Perlmutter Properties represented the landlord, while Larry Anderson of Anderson Commercial Real Estate Services represented the tenant in the transaction.
MONROE, MICH. — Reichle Klein Group has brokered the $1.3 million sale of an 18,568-square-foot property in Monroe to an undisclosed buyer. The former Lincoln Mercury auto dealership is situated on a nearly five-acre site located at 15354 S. Dixie Highway. Duke Wheeler and Kurt Pollex of Reichle Klein Group represented the seller, Sarah Property LLC of Redford, Mich.