ATLANTA — Hendon Properties has sold the 807,697-square-foot Greenbriar Mall to a foreign investor for an undisclosed amount. Located across the street from Tyler Perry's studios at 841 Greenbriar Parkway in Atlanta, the property is 94.3 percent occupied. Margaret Caldwell and Kris Cooper of Jones Lang LaSalle represented Hendon Properties in the transaction.
Retail
SOUTH BARRINGTON AND JOLIET, ILL. — Marcus & Millichap’s Oak Brook, Ill., office has brokered the sale of two CVS/pharmacy locations in South Barrington and Joliet. A limited liability company organized by Chicagoland Trust acquired the properties for $12.6 million. The properties, which both have 25-year triple-net leases in place, are located at 100 W. Higgins Road in South Barrington and 2375 Drauden Road in Joliet. Austin Weisenbeck of Marcus & Millichap represented the buyer; Sean Sharko and Clinton Mitchell, also of Marcus & Millichap, represented the seller, a limited partnership.
HOUSTON — A limited partnership has sold Cinco Ranch Shopping Center to an undisclosed buyer for $1.43 million. The 6,629-square-foot property, located at 6848 Mason Road in Houston, was built on 31,601 square feet of land in 2006. James Bell of Marcus & Millichap's Houston office represented the seller.
MANALAPAN, N.J. — ARC Property Trust, through a joint venture with one of its affiliates, is developing a new Walgreens in Manalapan. The pharmacy will be located at the intersection of Route 33 and Woodward Road and is slated for a fall completion. The joint venture is part of a plan ARC has to invest $100 million in net-lease properties over the next 12 months.
WINSTON-SALEM, N.C. — Winston-Salem-based Krispy Kreme Doughnut Corp. has announced plans to expand its presence in the greater Philadelphia market. Under an agreement signed with Dough Nut LLC, 21 new Krispy Kreme locations will open over the next 7 years in southeastern Pennsylvania, southern New Jersey and northern Delaware. The first store is expected to open later this year. Dough Nut LLC is owned and operated by Keith Morgan, the former CEO of AAMCO Transmissions. Brian Zaslow, who most recently served as vice president of marketing for a division of ARAMARK Corp., will serve as managing director.
POMPANO BEACH, FLA. — A court-appointed receiver has sold the 104-unit Fairview Apartments to a private LLC based in Hollywood, Fla., for $3.2 million. The 2.92-acre property is located at 740-770 SW 8th St. in Pompano Beach. Evan Kristol and Still Hunter, III, of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller. The firm's Joseph Thomas represented the buyer.
OLATHE, KAN. — McShane Construction Co. is constructing a 13,255-square-foot CVS/pharmacy location for CDI Development. Located in Olathe, the property will offer retail space, a walk-in cooler and a pharmacy with a customer drive-thru window. Cedarwood Architectural Inc. is providing architectural services for the project, which is scheduled for completion in July.
FARMERS BRANCH, TEXAS — Greenway Investment Co. has acquired the 26,418-square-foot Parkside Center retail property from a special servicer for an undisclosed amount. Located at 13881-13901 Midway Road in Farmers Branch, the two-building property houses UPS, Sport Clips and Schlotzky's Deli. Brandon Beeson, Barney McAuley, Tom Salanty and Will Walters of Cushman & Wakefield of Texas represented the seller.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of the 7,302-square-foot Campbell Road Center between two undisclosed parties. The property, located at 281 W. Campbell Road in Richardson, is fully occupied by Jimmy John's, Comet Cleaners, Chipotle and Silver Art's Jewelry. Philip Levy and Jason Vitorino represented the seller.
GWINNETT, GA. — Benning Construction Co. has broken ground in Gwinnett on the 150,000-square-foot Mega Mart, a Korean grocery and retail discount store. The store will be located in a former Macy's site in Gwinnett Place Mall that has stood vacant since 2003. Wakefield Beasley & Associates designed the store, which will open this fall. The property will include 75,000 square feet of grocery space; the other half of the store will be reserved for retail and specialty goods.