HOUSTON — Marcus & Millichap has arranged the sale of a 9,180-square-foot, net leased Family Dollar located in Houston. Gus Lagos and Nik Kapetanakis of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. The unnamed buyer utilized a 1031 tax-deferred exchange. Family Dollar is located at 8303 Calhoun Road.
MORROW, GA. — U.S. Properties Group has completed an extensive makeover of the former Southlake Pavilion in Morrow, a suburb of south Atlanta roughly 10 miles down I-75 from Hartsfield-Jackson Atlanta International Airport. Now known as The Shoppes at Morrow Station, the 485,685-square-foot retail center will feature a Nam Dae Mun Farmers Market that will replace a vacant 100,000-square-foot Target this summer. Other tenants include a newly renovated Ashley Furniture store, Ross Dress for Less, Party City and Barnes & Noble.
PLANTATION, FLA. — Ram Realty Services has sold Jacaranda Plaza, a 173,044-square-foot, Publix-anchored shopping center, for $29.3 million. Epic Real Estate Partners purchased the property, which is located on 16.2 acres at 8249 W. Sunrise Blvd. in Plantation, a suburb of Fort Lauderdale. Jacaranda Plaza was 86 percent leased at the time of sale to tenants such as Planet Fitness, Dollar Tree, Stein Mart, Regions Bank, T-Mobile, GNC and Game Stop. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Ram Realty Services in the transaction. Additionally, Paul Stasaitis and Adam Herrin of HFF arranged a five-year, $19.9 million acquisition loan with a fixed interest rate through BankUnited on behalf of Epic Real Estate Partners.
ROCHESTER HILLS, MICH. — Bernard Financial Group has closed a $12.4 million refinancing loan for Hampton Plaza Shopping Center, a 122,484-square-foot retail property in Rochester Hills, approximately 27 miles north of Detroit. Hampton Plaza LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan through OneAmerica. Bernard Financial will service the loan and is a mortgage banking firm representing life insurance companies, CMBS lenders and Strategic Alliance Mortgage.
DRAPER, UTAH — Sears Holdings will close 68 Kmart and 10 Sears stores nationwide this summer. Among the affected stores are eight Kmarts based in Utah, California and Arizona. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. The following is a complete list of the Western-based impacted stores: Kmart: 300 W. Mariposa Road, Nogales, Ariz. Kmart: 2270 E. El Monte Way, Dinuba, Calif. Kmart: 520 S. Cherokee Lane, Lodi, Calif. Kmart: 1475 Hillman St., Tulare, Calif. Kmart: 2785 Highway 46, Wasco, Calif. Kmart: 1055 E. Draper Parkway, Draper, Utah Kmart: 610 W. Price River Drive, Price, Utah Kmart: …
CHICAGO — Sedgwick Properties has completed the development of a 43,000-square-foot LA Fitness in Chicago’s Gage Park neighborhood. The building is located at 55th Street and Kedzie Avenue. Other retailers in the surrounding area include Walgreens, Wendy’s, Marquette Bank, Pete’s Fresh Market, T-Mobile, McDonald’s and a Bank of America branch. This LA Fitness facility features free weights, a cardio center, swimming pool, basketball court, fitness studios, indoor cycling, a childcare service and locker rooms with saunas and whirlpool spas. The project is located near the Chicago Transit Authority’s Orange Line and is the retailer’s 13th location in Chicago. Sedgwick served as the designer, developer and general contractor for the facility.
DWIGHT, ILL. — The Boulder Group has arranged the $2.1 million sale of a building net leased to Shopko Hometown in Dwight, approximately 80 miles southwest of Chicago. A Midwest-based private investor sold the 26,254-square-foot property, located at 110 Watters Drive, to an individual based on the East Coast in a 1031 exchange. Shopko Hometown’s lease expires in May 2024 and features three five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. Shopko Hometown offers housewares, apparel, toys and electronics
ANN ARBOR, MICH. — Brixmor Property Group has added three new anchor tenants to Maple Village shopping center in Ann Arbor. Stein Mart, Sierra Trading Post and HomeGoods are set to occupy 76,232 square feet of space previously occupied by Kmart. Stein Mart will open a 33,582-square-foot location; Sierra Trading Post will open a 22,250-square-foot location; and HomeGoods will open a 20,400-square-foot location. All stores are expected to open in the third quarter of this year.
CLOVIS, PISMO BEACH AND ATWATER, CALIF. — Retail California, a division of Pearson Realty, has arranged three retail leases totaling 6,605 square feet. In Clovis, Kevin Cameron leased 1,810 square feet of retail space at 300 W. Shaw Ave. from Nevada Deanza Family Limited Partnership. Michael Kennedy of Retail California brokered the transaction. In Pismo Beach, Brooks Restaurant Group Inc. signed a deal for 1,820 square feet of retail space at 220 Five Cities Drive from Richard Shih and Linda Lee. Kennedy, along with Colliers International, arranged the transaction. In Atwater, Styles For Less Inc. leased 2,975 square feet of retail space at Applegate Ranch Shopping Center from BRE Throne, Applegate Ranch LLC. Nick Frechou of Retail California represented the tenant in the transaction.
POTTSTOWN, PA. — Deerwood Real Estate Capital has closed a $15.5 million loan to finance the acquisition and redevelopment of an enclosed mall in Pottstown. The property features 700,000 square feet of retail space. The loan, provided by a balance sheet lender, was structured with a construction facility to accommodate upgrades and repositioning. Abe Katz and Aaron Rosenfeld of Deerwood negotiated the financing for the undisclosed borrower.