Retail

MOUNT PROSPECT, ILL. — Ramco-Gershenson Properties Trust (NYSE:RPT) has acquired Mount Prospect Plaza for $36.1 million. The sales price represents an initial capitalization rate of 7.4 percent, according to Farmington Hills, Mich.-based Ramco-Gershenson. The 301,000-square-foot property is anchored by Marshalls, Ross Dress for Less, Aldi, LA Fitness and a Walgreens data processing center. The shopping center, which was 85 percent leased at the time of sale, is shadow anchored by a Walmart Supercenter. The plaza is located in Mount Prospect, a northwest Chicago suburb, along the Rand Road retail corridor, at the northeast corner of Rand Road and Central Road.

CHICAGO — Marcus & Millichap has arranged the sale of a 7,000-square-foot, net-leased property located in Chicago for $2 million. AutoZone occupies the property, which is located at the corner of 64th Street and South King Drive. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Darpan Patel and Joel Dumes, investment specialists in Marcus & Millichap’s Cincinnati office. AutoZone is operating under a 20-year, double-net lease.

BROOKLYN, OHIO AND CHICAGO — Agree Realty Corp. (NYSE: ADC) has acquired two single-tenant assets leased to Sam’s Club and AutoZone for $22.4 million. The Sam’s Club property spans 147,771 square feet and is located in Brooklyn, Ohio, about 10 miles south of Cleveland. The AutoZone store spans 7,840 square feet on South Kedzie Road in Chicago. “With the acquisition of this Sam's Club, Walmart has now become the fourth largest tenant in our portfolio by rental revenue,” says Joey Agree, president and CEO of Agree Realty.