ATLANTA — RREEF has tapped The Shopping Center Group to market its Southeast and Mid-Atlantic portfolio, which totals 2 million square feet. The assignment encompasses 10 retail centers located in the Carolinas, Florida, Georgia and Virginia. The centers have an average occupancy of 94 percent. Two significant Atlanta-area properties include the 207,000-square-foot Providence Square in Marietta, Ga., and the 186,058-square-foot Perimeter Square in Atlanta.
CROSSROADS, TEXAS — Two undisclosed parties have traded a parcel net-leased to AutoZone for $1.33 million. The 0.87-acre property is located at the intersection of U.S. Highway 380 and FM 424 in Crossroads. Stan Johnson Co.'s Ryan Butler and Brad Moulder represented the seller. CIB Real Estate's Russ Lockner and Bill Klippert represented the buyer.
CARY, N.C. — Marcus & Millichap has brokered the $2.41 million sale of Centrum Station Shopping Center between two undisclosed parties. The 18,001-square-foot retail property is located in Cary. The sale was part of a 1031 exchange. Andrew Margulies of Marcus & Millichap brokered the sale.
FAIRFIELD, CONN. — Construction is under way for Kings Crossing, an 86,000-square-foot retail center located in Fairfield. Developed by Summit Development, the retail center is situated at the interchange of Kings Highway and Interstate 95. Tenants already signed on include a 45,000-square-foot Whole Foods Market and a 14,000-square-foot CVS/pharmacy. Completion is expected in spring 2011. Patrick Smith and Christa Minogue of SRS Real Estate Partners are handling leasing for the project.
ROYERSFORD, PA. — Marcus & Millichap has completed the sale of Lakeview Shopping Centre in Royersford for $23.5 million. The 194,451-square-foot retail property is situted on more than 30 acres at 947 S. Township Line Road. Tenants include Kohl's, Marshalls, KFC, TD Bank and Wawa. A majority of the center's tenants occupy their spaces on ground leases. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, Reitnour Investment Properties, and the buyer, OLP Lakeview LP. The sales price equates to a 7.7 percent cap rate.
AMARILLO, TEXAS — Two undisclosed parties have traded a 9,014-square-foot Dollar General for $1.05 million. The property, located at 4308 Washington St. in Amarillo, is triple-net leased to the tenant. Andy Gallas, Gino Lollio and William Bennett of Marcus & Millichap's Chicago office represented the seller in the transaction. The firm's Timothy Speck also helped close the deal.
BROOKFIELD AND MADISON, WIS. — Milwaukee-based Inland Construction has completed two tenant improvement (T.I.) projects for Perfect Mattress Inc. Inland completed a 4,500-square-foot project for a Perfect Mattress store, which is located at 19165 Bluemound Road in Brookfield. Additionally, the company completed a 9,412-square-foot project for a Perfect Mattress location at 2101 Beltline Highway in Madison. Both projects were completed in February and the stores held separate grand openings on March 1.
NORTH ANDOVER, MASS., AND COATESVILLE, PA. — The Boston and Philadelphia offices of Marcus & Millichap have completed two retail sales for a total of $4.84 million. In the first transaction, a 15,134-square-foot Rite Aid pharmacy located at 525 Turnpike St. in North Andover traded for $3.4 million. The tenant currently has 18 years remaining on its lease with eight 5-year extension options. Robert Horvath and Todd Tremblay of Marcus & Millichap's Boston office procured the foreign buyer, REEB LLC. The seller was San Francisco-based Skyline Pacific Properties. In the second transaction, Mark Taylor and Dean Zang of Marcus & Millichap's Philadelphia office represented Pennsylvania-based BR Branches LP in the acquisition of a retail bank branch located in Coatesville. The property, which is situated at the intersection of routes 30 and 82, is occupied by Harleysville National Bank on a 20-year bonded absolute-net lease with rent increases every 5 years. Daniel Seltzer of Richard J. Seltzer Inc. Realtors procured the buyer, Lucia Spaventa.
UNION, N.J. — Meridian Capital Group has arranged $3 million in non-recourse funds for the refinancing of The Flagship, a 40,000-square-foot retail property in Union. Located along Route 22, the single-tenant property is occupied by P.C. Richard & Son. Terms of the loan include a 10-year term, a 30-year amortization schedule and a 6 percent fixed rate. Jay Bidnick of Meridian's New Jersey office negotiated the loan on behalf of the borrower, Flagship Associates LLC. The lender was not disclosed.
ORLANDO, FLA. — MCP Retail has sold the Pleasant Hill Commons shopping center to an undisclosed party for $12.37 million. The property is located at the intersection of US Highway 17-92 and Pleasant Hill Road in Orlando. Pleasant Hill Commons, which is anchored by Publix, opened in 2008 and also houses Subway, Pizza Hut, 7-Eleven and Wendy's. CB Richard Ellis brokered the sale.