VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc., a Virginia Beach-based REIT that owns 23 properties in eight states, has purchased five grocery-anchored shopping centers in South Carolina for a combined $15.8 million, equating to about $60.38 per square foot. The portfolio spans 261,689 square feet and has an average occupancy rate of 91 percent. The properties include the 45,575-square-foot Clover Plaza in Clover, the 44,350-square-foot South Square in Lancaster, the 59,279-square-foot St. George Plaza in Dorchester County, the 49,750-square-foot Waterway Plaza in Little River and the 62,735-square-foot Westland Square in West Columbia.
MONTICELLO, MINN. — The Hampshire Cos., in a joint venture with The Lipsitz Cos., have sold an 86,479-square-foot retail building located at 300 Seventh St. W. in Monticello, about 38 miles northwest of Minneapolis. The property was sold to JR&RII LLC. The retail building was under lease with Kmart until November 2015, but was vacated in the first quarter of 2012 as part of parent company Sears Holding Corp.’s efforts to close a number of its underperforming retail stores. The recent sale allows Kmart to exit its lease on the building before its scheduled expiration, according to The Hampshire Cos. Wayne Elam of Commercial Realty Solutions represented the buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 711 Madison Avenue, a mixed-used property in Manhattan, for $49 million. A joint venture of Sitt Asset Management and Ashkenazy Acquisition purchased the five-story property from long-time owner, Madison Immobilier NV. Located at the southeast corner of East 63rd Street, 711 Madison Avenue is anchored by international women’s retailer Roberto Cavalli. The retailer occupies 1,600 square feet on the ground and second floors and the basement. The property also includes nine rental apartments on floors three through five, as well as 10,420 square feet of air rights. Adelaide Polsinelli, senior director with Eastern Consolidated and head of the firm’s retail sales group, arranged the transaction on behalf of the buyer and the seller.
NEW YORK CITY — Whitestone Grocery Shopping Center LLC, an entity controlled by Onyx Equities and Crow Holdings, has sold Waldbaum’s Shopping Center in Queens for $23.9 million. Feil Whitestone LLC, an entity controlled by The Feil Organization, purchased the fully leased, 62,000-square-foot shopping center. The property is located at the intersection of 10th Avenue and 154th Street in the Whitestone neighborhood. Waldbaum’s Supermarket anchors the center and master leases the entire property on a long-term, triple-net basis. The supermarket subleases the remaining portion to a mix of local tenants. Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented the buyer and the seller in the transaction.
BOONTON AND BLOOMFIELD, N.J. — Urstadt Biddle Properties Inc. has acquired two shopping centers in New Jersey. The first retail property is the 63,000-square-foot Boonton A&P Center in Boonton, located about 20 miles northwest of Newark.The shopping center was purchased for $18.4 million and includes an existing mortgage of $7.8 million. The loan requires payments of principal and interest at a fixed rate of 4.2 percent annually until September 2022, according to Urstadt Biddle Properties. Tenants at the property include A&P Grocery Store, Dunkin’ Donuts, Chase Bank, Subway, Supercuts and Sprint. The second property is the 56,000-square-foot Bloomfield A&P Center in Bloomfield, a northern suburb of Newark. The shopping center was purchased for approximately $11 million and includes an existing mortgage of $7.7 million. The loan requires payments of principal and interest at a fixed rate of 6.43 percent annually until August 2016, according to Urstadt. A 30,750-square-foot A&P Grocery Store anchors the center, along with an 8,950-square-foot Walgreens.
NASHUA, N.H. — Linear Retail Properties LLC has acquired a 5,692-square-foot freestanding retail building in Nashua for $3.1 million. Uno Chicago Grill occupies the single-tenant restaurant property, located at 304 Daniel Webster Highway, about 19 miles south of Manchester. The restaurant has been operating at this location since 1988. Rick Rostoff with Spectra Realty represented Linear Retail in the transaction.
DALLAS — NAI Robert Lynn has arranged a 30,724-square-foot lease of flex space for Dave & Buster’s Inc. in Dallas. The property, located at 10796 N. Stemmons Freeway, is in close proximity to the merging of Interstate 35 and Highway 12, as well as Dallas Love Field airport. Jim Svidron of NAI Robert Lynn represented the tenant in the negotiations, while Stream Realty represented the undisclosed landlord. Dallas-based Dave & Buster’s Inc. has not yet announced whether this property will be renovated into a new store location or used for corporate purposes.
ORLANDO, FLA. AND FORT SMITH, ARK. — Inland Real Estate Corp. has acquired two shopping centers for approximately $63.3 million. The properties include the Goldenrod Marketplace in Orlando and the 415,000-square-foot Fort Smith Pavilion in Fort Smith. Inland purchased about 91,500 square feet of Goldenrod Marketplace, and the company plans to soon acquire the remaining 32,600 square feet, which is under development. Goldenrod Marketplace features a Marshalls and LA Fitness, as well as Taco Bell and KFC outparcels. Inland’s purchase of Fort Smith Pavilion included the assumption of a $33.2 million loan. Fort Smith Pavilion’s tenant roster includes Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Old Navy, Petco, Michaels, Books-A-Million, Shoe Carnival and Ulta Beauty.
ANN ARBOR, MICH. — Glimcher Realty Trust has purchased Arbor Hills, an open-air retail center in Ann Arbor totaling 85,000 square feet, for approximately $52.6 million. The North Shore Property Group and Campus Realty developed the center, which held its grand opening in August 2013. The property is approximately 87 percent leased to tenants including Anthropologie, Arhaus, lululemon, Madewell and The North Face. Glimcher purchased a 93 percent interest in the center through a newly formed joint venture. The acquisition was funded primarily through a combination of a property level debt and working capital.
TOLEDO AND WATERVILLE, OHIO — Devonshire REIT Inc., a private real estate investment trust, has acquired five retail properties in Ohio for $31 million. Four of the properties are located on Monroe Street in Toledo. These properties include Monroe Street Square Shopping Center, a 124,904-square-foot, Hobby Lobby-anchored center; Bed, Bath & Beyond Plaza, a fully leased, 55,139-square-foot retail property; the 45,594-square-foot Office Depot Plaza; and a 9,860-square-foot property fully occupied by Pier 1 Imports. Devonshire also acquired 125 acres of the 350-acre, mixed-use Villages at Waterville Landing development in Waterville. The 125 acres are zoned for retail and currently include a new 80,000-square-foot Kroger, a Farmers & Merchants State Bank branch and a Speedway fuel center that is under construction. Goldman Sachs Mortgage Company provided financing for the Monroe Street acquisitions and for the refinancing of the first phase at Franklin Place. The financing package totaled $24 million. The properties were purchased from local real estate developers and investors, Tom Helberg and Thomas Schlachter.