YPSILANTI, MICH. — Agree Realty Corp. has closed on the $5.6 million sale of the 13,650-square-foot Walgreens on Michigan Avenue in Ypsilanti. The store was developed by Walgreens in 2008 and was sold by Farmington Hills, Mich.-based Agree Limited Partnership. The buyer was undisclosed.
MONTGOMERY, ILL. — Quantum Real Estate Advisors Inc has arranged the sale of a 7,964-square-foot National Tire & Battery Auto Center located on Hill Road in Montgomery for $3.4 million. Quantum represented the buyer, an institutional investor from the West Coast, and the seller, a private individual.
GRAFTON, WIS. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the 9,000-square-foot Milwaukee Ale House in Grafton for $1.6 million. Located at 1208 13th Ave, the restaurant is in the heart of downtown Grafton. Marcus & Millichap’s Jeff Rowlett and Jason Ladner represented the seller, a private investor.
SALEM, N.H. — Linear Retail Properties has acquired Salem Park Plaza, a 37,933-square-foot shopping center at 125 S. Broadway in Salem, for $8 million. Tenants include Pier 1 Imports, Jos. A. Bank and T-Mobile. Barnes & Noble anchors the property. The acquisition marks Linear's third purchase in New Hampshire in the last month.
THE WOODLANDS, TEXAS — The Woodlands Development Co. (TWDC), a subsidiary of The Howard Hughes Corp., has signed an agreement with H-E-B to be the anchor grocery store for the new Creekside Park Village Center, a 100-acre mixed-use development located on Kuykendahl Road between Creekside Forest Drive and Creekside Green Drive in The Woodlands. The neighborhood center will include a tree-lined park with a water feature, a 4,300-square-foot glass-walled restaurant, 52,000 square feet of retail space and 28,000 square feet of office space. Pad sites will also be available for a drug store anchor and other retail and office tenants. Jake Baker of Riverway Retail represented H-E-B in the lease transaction. Todd Edmonds and Bob Parsley of Colliers International represented TWDC. The Creekside store will be H-E-B's fourth location in The Woodlands.
FLORIDA AND ALABAMA — CBRE Capital Markets has arranged approximately $60.1 million in financing for the acquisition of seven shopping centers in Florida and the refinance of a 135,000-square-foot Lowe’s Home Improvement in Opelika, Ala. on behalf of H&R REIT. The Florida properties include: The Shops at Mission Trace in St. Augustine, Fla. Corridors at Ponte Vedra in Ponte Vedra Beach, Fla. First Merritt Center in Merritt Island, Fla. Mandarin Oaks in Jacksonville, Fla. Publix at Holly Hill in Daytona, Fla. Publix at Summer Bay in Clermont, Fla. Regency Village in Orlando, Fla. The purchase price for the seven Florida shopping centers totals $80.4 million. Six of the seven shopping centers are anchored by Publix. Corridors at Ponte Vedra is anchored by Fresh Market. H&R REIT is a Toronto Stock Exchange listed, open-ended real estate investment trust.
CHICAGO — Marcus & Millichap has arranged the sale of a net-leased Whole Foods store in Chicago for $11.58 million. The 41,148-square-foot building, located at 6020 N. Cicero Ave., sits at ground level in a multi-story condominium complex. Marcus & Millichap’s Sean Sharko and Austin Weisenbeck represented the seller, a local partnership in this deal. Juan DeAngulo of Transwestern Investment Management represented the buyer.
OXORD, MICH. — Mid-America Real Estate has arranged the lease of a 1,402-square-foot retail space in Oxford at Oxford Crossing, north of Detroit. Adam Goodman and Gabe Schuchman of Mid-America represented the tenant, Achatz Handmade Pie Co. Larry Siedell of Walled Lake, Mich.-based Gerdom Realty & Investment represented the landlord in the deal.
GRAND PRAIRIE AND FORT WORTH, TEXAS — UCR Investment Sales has arranged the sale of Carrier Towne Crossing in Grand Prairie and Southwest Crossing in Fort Worth for $36.9 million. Carrier Towne Crossing is an 89,873-square-foot center that includes Target, Home Depot, Party City, Chase Bank, Chick-fil-A and Starbucks on its tenant roster. Southwest Crossing spans 113,528 square feet and includes tenants such as Lowe's, Kohl's, Best Buy, Garden Ridge, PetSmart, Cavender's and Lifeway Christian Store. The two shopping centers were part of a five-property portfolio sold on behalf of Retail Properties of America.
SLIDELL, LA. — Stirling Properties and CBL & Associates Properties Inc. have formed a 35/65 joint venture to develop Fremaux Town Center in two phases at Interstate 10 and Fremaux Avenue in Slidell. Phase I will include approximately 295,000 square feet with anchors Dick’s Sporting Goods, Michaels, TJ Maxx and Kohl’s. Additionally, Phase II will include up to 300,000 square feet of retail space. Construction on Phase I will begin in March and the grand opening is scheduled for the second quarter of 2014. Fremaux Town Center is more than 70 percent leased.
