SUMMERVILLE, S.C. — Charlotte-based Ferncroft Capital has acquired North Main Market, a 455,000-square-foot shopping center located at the corner of I-26 and Highway 17 in Summerville, a suburb of Charleston, for $23.5 million. The property is 98 leased to tenants such as Belk, Walmart and Lowes Home Improvement. Ferncroft plans to make capital improvements to the property, such as new signage, lighting, facades and landscaping. The seller, Childress Klein Properties, was self-represented in the transaction and will continue to provide leasing and management services for the property. Bank of North Carolina provided debt financing on behalf of Ferncroft.
Retail
BESSEMER, ALA. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of 59 West Shopping Center, a 39,500-square-foot shopping center in Bessemer, a suburb of Birmingham. The center is fully leased to Burkes Outlet, Hibbett Sports and Shoe Dept., and 59’s shadow anchors include Walmart, Dollar Tree, Big Lots and Aldi. Dan Cooper of Cleveland-based Cooper Commercial represented the seller, a private investment group based in Atlanta, in the transaction. Cooper also procured the buyer, a private investment group based in Texas, which purchased the property at an 8.66 percent cap rate.
SKOKIE, ILL. — The Boulder Group has completed the $960,000 sale of a single tenant, 7-Eleven property in Skokie, approximately 15 miles north of Chicago. The property is located at 5363 Lincoln Ave. The corporately guaranteed 7-Eleven property has successfully operated at this location since 1967. There are six years remaining on the absolute net lease that expires Sept. 30, 2020. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a family partnership based in California in the transaction. A high-net-worth individual investor from the east coast purchased the property. 7-Eleven has more than 53,000 locations throughout the world.
LAS VEGAS — Durango Courtyard, a 10,900-square-foot retail property in Las Vegas, has received $2 million in acquisition financing. The courtyard is located at 4705 S. Durango Drive. The borrower is High Valley VII LLC. The long-term, fixed-interest rate loan was closed by CBRE’s Bob Ybarra.
SAN ANTONIO — Tryperion Partners has acquired Gateway Plaza, a 97 percent occupied, 138,510-square-foot shopping center anchored by Burlington Coat Factory. The center is located at the intersection of I-35 and Loop 1604 in San Antonio’s Northeast submarket. The acquisition also includes land for future development.
TUSCALOOSA, ALA. — Coldwell Banker Commercial Moore Co. has arranged six anchor leases for The Shoppes at Legacy Park, a $40 million power retail center in Tuscaloosa. The 175,000-square-foot development’s tenant roster includes Dick’s Sporting Goods, Fresh Market, Bed Bath & Beyond, Cost Plus, World Market, DSW Shoe Warehouse and PetSmart. The Shoppes at Legacy Park is set to break ground in September for an anticipated opening in October 2015. Coldwell Banker Commercial Moore Co. will continue to lease and manage the shopping center upon completion.
CANTON, OHIO — Marcus & Millichap has brokered the $2.7 million sale of a newly constructed Mattress Firm in Canton. The 5,000-square-foot, net-leased property was sold at a 6.5 percent capitalization rate. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a private investor.
CHICAGO — Mid-America Real Estate Corp. has arranged two leases for Yoga Six, and will also represent the yoga studio during its multiple store rollout in the Chicago area. The retailer signed on for 6,626 square feet at 1150 N. State in Gold Coast and 6,028 square feet at Roosevelt Collection in South Loop. The yoga studio currently has one location in Lincoln Park and plans to open five stores in the Chicago area by 2015. Paul Bryant and Michael Wexler of Mid-America will represent the yoga studio in the transactions. Justin Collins of Jameson Commercial represented the landlord in the Gold Coast transaction. McCaffery Interests represented the landlord in the South Loop transaction. Yoga Six has eight locations throughout California, Illinois and Missouri.
COMMERCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $1.2 million refinance loan for Bogie Commerce, a 9,848-square-foot retail center in Commerce Township, approximately seven miles north of Novi. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Bogie Commerce Associates LLC. Stancorp Mortgage Investors LLC, a correspondent of Bernard Financial Group, was the lender in the transaction.
LOS ANGELES – The Swig Company has purchased a 72,500-square-foot building in Los Angeles that serves as the Disney Store’s western regional headquarters for $26.1 million. The building is located at 443 S. Raymond Ave. The historic building was originally constructed in 1922. The campus underwent extensive renovations that were completed in 2005. The seller, Karlin Real Estate, was represented by Bob Safai and Matt Case of Madison Partners.