READING, PA. — Marcus & Millichap has brokered the sale of the Towne Square Plaza located in at 441 Fifth Street Highway in Reading for $18.85 million. The property is anchored by Target and Giant Food. Junior anchors of the center include A.C. Moore and PetSmart. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, Newman Development Group, and the buyer, a joint venture between Cedar Shopping Centers and RioCan Real Estate Investment Trust. The property traded at a 8.02 percent capitalization rate.
FAYETTEVILLE AND GREENVILLE, N.C. — Carlie C's IGA has leased a 44,000-square-foot retail space from an undisclosed landlord in Cliffdale Corners. The property, located at the intersection of Cliffdale and Reilly roads in Fayetteville, formerly housed a Winn-Dixie. Drew Logan and David Allen of the Shopping Center Group's Raleigh, N.C., office represented the landlord in the 10-year lease. Logan and Allen represented both parties in Ollie's Bargain Outlet's 30,160-square-foot lease from an undisclosed landlord. Located in the Rivergate Shopping Center at the intersection of Greenville Boulevard and 10th Avenue, the space was formerly occupied by a Piggly Wiggly.
PINELLAS PARK, FLA. — Marcus & Millichap has brokered the sale of a 1,425-square-foot Church's Chicken between two undisclosed parties for $615,000. The Pinellas Park restaurant is used as a training location. Ron Schultz and John Brigel of Marcus & Millichap's Tampa, Fla., office represented the seller. Paul Bitonti and Brenton Baskin of the firm's Newport Beach, Calif., office represented the California-based buyer.
AURORA, ILL. — Phillips Edison & Co.’s Fund IV has acquired Prairie Point, a 93,000-square-foot shopping center located in Aurora. The purchase price of the all-cash transaction was not disclosed. Located at the corner of Eola Road and East New York Street, the property is anchored by Dominick’s Finer Foods, a Chicago-based supermarket chain that is part of Safeway Inc. Prairie Point is the company’s first acquisition in the Greater Chicago area and the seventh property in the $300 million Phillips Edison Opportunity Fund IV portfolio. Additional terms of the transaction were not released.
ST. CHARLES AND SOUTH ELGIN, ILL. — An Arizona-based institutional investor has purchased two retail properties in St. Charles and South Elgin for $8.5 million. Both properties offer 14,490 square feet and are fully occupied by Walgreens. Gill Warner of Stan Johnson Co. represented the buyer and the seller, an Illinois-based retail developer, in the transaction.
MANSFIELD, TEXAS — The Shops at Mansfield LLC has announced that Kroger Marketplace will anchor Broad Street Commons, a shopping center currently under development at the corner of East Broad Street and Highway 360 in Mansfield. The new concept from Kroger will feature 68,000 square feet of grocery items and 55,000 square feet of general home merchandise, including a kitchenware section, a Fred Meyer jewelry store and a home furnishings section. The opening is expected in summer. Karla Smith and Jean Smith of United Commercial Realty represented The Shops at Mansfield in lease negotiations. In addition to the Kroger Marketplace, Broad Street Commons will include a 16,000 square feet of inline retail space, pad sites and a Kroger fuel station. Conifer Real Estate is developing the project.
LITTLETON, COLO. — Marcus & Millichap has handled Westwood Financial Corp.’s more than $10 million sale of the 122,446-square-foot Coalmine Shopping Center, a grocery-anchored neighborhood center located at West Coal Mine Ave. and South Pierce St. in Littleton. Built in 1976 and renovated in 2006, the property is 92 percent occupied, including anchor tenant King Soopers, Ace Hardware and Goodwill. Marcus & Millichap’s Garrette Matlock and Jon Hendrickson represented Westwood in its sale of the center to New York-based partnership Rothenberg and Rosenfield Inc.
RIO RANCHO, N.M — Tallen & Keshen Holdings has acquired a newly opened Walgreens, located adjacent to an approximately 340,000-square-foot hospital complex currently under construction in Rio Rancho. The store’s sales will benefit from a drive-through pharmacy, a full liquor department and eventually fresh-food selections.
EDGEWATER, MD. — Regency Centers has broken ground on the 271,803-square-foot Village at Lee Airport, a mixed-use center anchored by a 62,911-square-foot Giant Food. Located on Maryland Avenue in Edgewater, the property will also house Panera Bread, Hong Kong Express and Subway. A 75,000-square-foot residential area is also part of the plans. Completion is expected late this year.
RALEIGH, N.C. — Regency Centers and Cary, N.C.-based WelCor Development will break ground Wednesday on the $20 million Market at Colonnade, located at the intersection of Six Forks Road and Colonnade Center Drive in Raleigh. The project will include a 40,000-square-foot Whole Foods Market and 17,000 square feet of additional retail space. Market at Colonnade was designed to LEED standards and is expected to generate 120 construction jobs and 160 permanent jobs. Delivery is slated for 2011.