CELEBRATION, FLA. — The 120,000-square-foot Water Tower Shoppes, located at 6070 W. Irlo Bronson Memorial Hwy. in Celebration, has been sold for $18.3 million. Clarion Partners purchased the center, which currently includes SunTrust, Exxon and Chick-fil-A. Clarion, along with Crossman & Co., the development manager and leasing agent for the property, plans to redevelop the center, beginning with the addition of Publix as an anchor tenant.
RICHMOND, VA, — Morgan Property Group (MPG) has acquired two tracts of land totaling 1.6 acres, located at the intersection of Broad Street and Pouncey Tract Road in Richmond, for $4 million to build a 12,144-square-foot Walgreens. The sellers were Breez-In Associates and John J. and Ima M. Liesfeld Family LLC. Phillips-Hall represented John J. and Ima M. Liesfeld Family LLC, in the transaction. The buyer was represented by Mid-Atlantic Real Estate Partners, along with Jones Realty and Construction. Demolition of the current structures on the sites are scheduled to begin this month.
DECATUR, GA. — A 10,125-square-foot CVS/pharmacy, located at 4037 Glenwood Dr. in Decatur, has sold for $2.84 million. CVS/pharmacy recently extended its lease on the property for 25 years. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the seller, a Texas-based investment firm, in the transaction and procured the buyer, an East Coast-based investor.
MUNCIE, IND. — Viking Partners, a private equity firm, has acquired a non-performing note secured by McGalliard Mall Shops in Muncie. Tenants at the 54,090-square-foot shopping center include Panera Bread, Buffalo Wild Wings and Rent-A-Center. McGalliard is situated on an outparcel to Muncie Mall, which is owned by Simon Properties. Viking plans to increase property occupancy, extend short-term tenant leases and reduce overall operating expenses.
SAN ANTONIO — PCCP has closed a $22.55 million senior loan to refinance a 230,000-square-foot portion of Westover Marketplace, a retail center located at 8203 State Hwy. 151 in San Antonio. The refinanced portion of the center is 71 percent leased to tenants including Ross Dress for Less, PetSmart and Office Depot. The majority of the vacancy is a result from a 48,000-square-foot retail property that once was leased by Sportsman's Warehouse. PCCP provided the loan on behalf of the owner, Coventry Real Estate Advisors.
PASADENA — Houston-based Net Realty Advisors has brokered the sale of the 13,200-square-foot Dollar General, located at 6422 Spencer Hwy. in Pasadena. Gavin Kam and Brad Kam of Net Realty represented the undisclosed seller in the transaction. Jon Rue of Sperry Van Ness' Houston office represented the buyer, a Houston-based investor.
LITTLETON, COLO. – The 79,545-square-foot Broadridge Plaza has sold to Transmark Company, manager of Broadridge Plaza, LLC, for an undisclosed sum. The six-building neighborhood shopping center was 90.8 percent occupied at the time of sale. Transmark plans to renovate the center’s common areas and building exteriors.
LOUISVILLE, KY. — The 830,000-square-foot Springhurst Towne Center, located off Interstate 265 in Louisville, has been sold for $78 million. The center is nearly fully leased to tenants including Target, Meijer, Dick's Sporting Goods, Kohl's, Office Max, T.J. Maxx, HomeGoods, Old Navy and Cinemark Cinemas. Gerard Mason and John Williams of Savills' New York City office represented the seller, a partnership led by Talmage Hocker of Louisville-based The Hocker Group, in the transaction. The buyer was an institutional investor.
DENVER, N.C. — A 12,144-square-foot freestanding Walgreens, located at the northwest corner of Highways 16 and 73 in Denver, a suburb of Charlotte, has been sold to South Florida-based Evans Denver Drugstore for $6.5 million. General Realty Partners represented Denver I Realty, an affiliate of Morgan Property Group, the seller, in the transaction. Denver I Realty acquired the property in 2011 and oversaw all construction and development activities for both on- and off-site improvements. Walgreens opened in the fourth quarter of 2011.
YORK, PA. — Kingston Square Associates LLC has purchased the Kingston Square shopping center in York for $7.2 million. Tenants include UPS Store, Edward Jones, Subway and Baja Beach Tanning Club. Brad Rohrbaugh and Chad Stine of Bennett Williams Realty Inc. represented the seller, Kingston Fixed Income LP, in the transaction. They also represented the buyer.
