WAUCONDA, ILL., SPRINGBORO, OHIO, AND SHELBY TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sales of three shopping centers in the Midwest. In the first transaction, Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust acquired Liberty Square, a 107,369-square-foot retail center in Wauconda, for $15.2 million. Ben Wineman, Joe Girardi and Stan Nitzberg of Mid-America represented the seller, Dallas-based Fritz Duda Co., in the transaction. In the second deal, Indiana-based Equity Investment Group, dba EIG Springboro Plaza LLC, purchased Springboro Plaza, a 154,034-square-foot shopping center in Springboro, for $7.1 million. Wineman and Rick Drogosz, also of Mid-America, and Amy Holter of Anchor Associates represented the seller, Inland Real Estate Corp. In the final transaction, a private investor acquired the 92,515-square-foot Roseland Shopping Center in Shelby Township for $3.5 million. Wineman, along with Daniel Stern and Richard Kerwin of Lormax Properties, represented the seller of the lender-owned property.
Retail
HONOLULU — Glimcher Realty Trust has entered into an agreement with an affiliate of Blackstone Real Estate Advisors to purchase the Pearlridge Center in Honolulu for $245 million. Built in 1972 and renovated extensively in 1995-1996, Pearlridge is the second largest mall in Hawaii with a total rentable area exceeding 1 million square feet. Located in the community of Aiea within the Honolulu metro area, the property boasts an occupancy rate of 99 percent. The joint venture, which will consist of an 80 percent ownership share by the Blackstone Real Estate Advisors affiliate and 20 percent by the Glimcher affiliate, anticipates closing on the property in fourth quarter 2010. Glimcher will lease and manage the property.
ARVADA, COLO. — Partnering with a private family investment trust, NewMark Merrill Mountain States has purchased the 164,611-square-foot Arvada Marketplace East, located in the northeast quadrant of Interstate 70 and Wadsworth Boulevard in Arvada, from CapMark Bank for $3.35 million. Built in 1987 and 52 percent vacant at the time of sale, the shopping center will be repositioned by NMMS, a move that will include the addition of at least two major anchors. Cushman & Wakefield’s Timothy Richey represented NMMS’s acquisition team in the transaction.
UNION CITY, GA. — Developers Diversified Realty Corp. has sold the 100,002-square-foot Shannon Square shopping center to RCG Ventures of Atlanta for an undisclosed amount. The property, which is anchored by Citi Trends, is located on Jonesboro Road in Union City. Additional tenants include Dollar Tree and Farmer's Home Furniture. Kris Cooper, Margaret Caldwell and Christie Hawver of Jones Lang LaSalle represented the seller.
TRUSSVILLE, ALA. — NC/Trussville has sold the 67,325-square-foot Trussville Marketplace to a California-based private investor for an undisclosed amount. The property is located on 9.7 acres of land at 445-465 Main St. in Trussville. Winn Dixie, Dollar Tree, Domino's Pizza and Great Clips are housed in the center, which is 98 percent occupied. Hanley Investment Group Real Estate Advisors represented the seller.
NORTH READING, MASS. — Fantini & Gorga has secured a $6.21 million permanent loan for the refinancing of a North Reading shopping center. North Reading Plaza is a 155,000-square-foot retail center located along Route 28. Its anchors include Walmart and Marshalls, and additional tenants include Dollar Tree and Citizens Bank. John Gorga and Derek Coulombe of Fantini & Gorga arranged the loan on behalf of the borrower, North Reading Plaza LLC, through a regional commercial bank.
AMERICUS, GA. — Marcus & Millichap has brokered the $4.53 million sale of a Walgreens between two undisclosed parties. The 14,820-square-foot property is located in Americus. Marcus & Millichap's Joshua Lucas represented the buyer, and the firm's Lior Regenstreif represented the seller. John Leonard helped close the deal.
DORAL, FLA. — Bernando Manrique of Miami Partners Realty represented a private party in the purchase of the International Granite & Marble showroom in Doral from a private seller for $3.66 million. The 35,720-square-foot property is located at 3655 N.W. 115th Ave. Franklin Real Estate Services' Joel Kattan and Herman Prohaszka represented the seller.
GRAYSLAKE, ILL. — Marcus & Millichap brokers $1.25 million sale of Swanson Corners Retail Center, a multi-tenant retail center, located at 1276 N. Illinois Route 83 in Grayslake. Built in 1995, the 5,500-square-foot property is fully leased to 7-Eleven, Papa John's Pizza and Village II Cleaners. Demetrie Livaditis of Marcus & Millichap's Chicago office represented the undisclosed seller. The property traded at a cap rate of 8.34 percent. The buyer was not released.
HOUSTON — The Shops at Stone Creek LLC has purchased the 98,300-square-foot Shoppes at Stone Creek from a private buyer for an undisclosed price. The four-building property is located on FM 529 near Barker Cypress Road in Houston. Dollar City, Starlight Furniture, Fajita Rita and La Pasadita are some of the tenants housed in the center. Divergent Resources' Russ Krengel represented the buyer in the transaction. James Namken of The Weitzman Group represented the seller.