ENNIS, TEXAS — Marcus & Millichap has brokered the sale of a 31,407-square-foot retail property in Ennis, approximately 35 miles southeast of Dallas. Located at 1012 E. Ennis Ave., the asset includes a shopping center that is 92 percent leased to tenants including Sally Beauty Supply, Dollar Tree, GameStop and Starbucks Coffee, as well as the ground lease for an adjacent, freestanding location of Chili’s Grill & Bar. Vincent Knipp of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Philip Levy, also of Marcus & Millichap’s Fort Worth office, secured the buyer, a limited liability company.
Retail
COTTAGE GROVE, ORE. – A Walgreens in Cottage Grove has received a $4.1-million loan. The Walgreens is located at 1704 E. Main Street, south of Eugene. The fixed-rate, non-recourse loan carries a 10-year term and a 30-year amortization schedule. It was secured by Cathy Bronkema of Cohen Financial through a national bank. The transaction was part of a 1031 exchange.
COTTAGE GROVE, ORE. – A Walgreens in Cottage Grove has received a $4.1-million loan. The Walgreens is located at 1704 E. Main Street, south of Eugene. The fixed-rate, non-recourse loan carries a 10-year term and a 30-year amortization schedule. It was secured by Cathy Bronkema of Cohen Financial through a national bank. The transaction was part of a 1031 exchange.
FLAGSTAFF, ARIZ. – A single-tenant, triple-net leased asset in Flagstaff has sold to a private investor for $7.2 million. The asset is located at 9147 West Route 66 on 7.52 acres. It is fully leased to Camping World through 2024. The acquisition was part of a 1031 tax-deferred exchange. The private client was represented by Paul Lafrenz and Melissa Foster of CBRE San Diego Commercial Private Capital Group. The Arizona purchase was completed in conjunction with Andrew Fosberg of the CBRE Phoenix Private Capital Group.
TAMPA, FLA. — The Sembler Co. and Forge Capital Partners have purchased Dale Mabry Shopping Center, a 56,097-square-foot shopping center located at 2525 N. Dale Mabry Highway in Tampa. Sembler and Forge purchased the center through their Forge Real Estate Partners III investment fund. The shopping center is anchored by a 46,147-square-foot Sweetbay grocery store. The Sembler Co. will provide property management and leasing services for the center, which is fully leased.
OMAHA AND LINCOLN, NEB. — Johnson Capital has arranged a $50.5 million loan secured by a portfolio of 11 retail properties in Nebraska and South Dakota. The 11 neighborhood retail centers total 1.5 million square feet and are located in metro Omaha, Lincoln and Sioux City, Neb., and in Rapid City, S.D. The properties range in size from 34,388 square feet to more than 315,000 square feet. The portfolio was 70 percent leased to a diverse tenant mix at the time of the transaction. The borrower is a locally based investor and manager who began acquiring the properties in 2003. Jefferies/LoanCore provided the financing, which refinanced a CMBS loan the borrower received in 2006. While the loan did not mature until 2016, the lender accepted a substantial discount to the current loan balance. The new non-recourse, 10-year loan includes a fixed interest rate and three years of interest-only payments. Proceeds from the loan will be used to retire existing debt, cover transaction costs, pay leasing commissions and provide capital for tenant improvements. Amos Smith and Ryan Chapman, senior vice presidents in the Irvine, Calif. office of Johnson Capital, arranged the financing.
CLARK, N.J. — Kimco Realty Corp. has purchased a 189,000-square-foot, grocery-anchored portfolio in Clark for $35.6 million. The fully occupied, three-property portfolio is located about eight miles southwest of Elizabeth and 22 miles southwest of New York City. The portfolio includes two long-term ground leases to national grocers — an 85,000-square-foot ShopRite and a 53,000-square-foot A&P Fresh Market. Other national tenants include Rite Aid and Bally Total Fitness. The properties are supported by approximately 155,000 residents with a median household income of $90,000 within three miles.
FLAGSTAFF, ARIZ. – A single-tenant, triple-net leased asset in Flagstaff has sold to a private investor for $7.2 million. The asset is located at 9147 West Route 66 on 7.52 acres. It is fully leased to Camping World through 2024. The acquisition was part of a 1031 tax-deferred exchange. The private client was represented by Paul Lafrenz and Melissa Foster of CBRE San Diego Commercial Private Capital Group. The Arizona purchase was completed in conjunction with Andrew Fosberg of the CBRE Phoenix Private Capital Group.
MIAMI BEACH, FLA. — Marcus & Millichap has arranged the sale of an 8,322-square-foot retail fashion store at 736 Collins Ave., located between Seventh and Eighth streets in Miami Beach’s South Beach neighborhood. The asset, currently net leased to Guess? Inc., sold for approximately $12.5 million, or $1,499 per square foot. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a Miami-based real estate owner and developer, in the transaction. Kristol and Olson also represented the buyer, an institutional investment group.
CHAPEL HILL, N.C. — Madison Marquette Retail Services has signed a 52,500-square-foot lease with Silverspot Cinema for a new movie theater at University Mall. The mall is the only enclosed regional shopping center in Chapel Hill and is going under a redevelopment plan involving the addition of the theater, a high-end sporting goods store and a new fine dining option. Silverspot at University Mall will be the fifth domestic location for the company, a division of South American theater company Cines Unidos.