NORFOLK, VA. — Quantum Real Estate Advisors Inc. has brokered the $5.6 million sale of a freestanding Walgreens in Norfolk. There are roughly 14 years left on Walgreens’ 25-year lease term. A private New York-based investor purchased the asset from a Midwest-based company in a 1031 tax-deferred exchange. Jordan Kaufman and Dan Waszak of Quantum Real Estate Advisors represented the buyer in the transaction.
Retail
NASHUA, N.H. — CBRE has brokered the sale of Turnpike Plaza located at 253 Amherst St. in Nashua. Allen Nashua LLC sold the 131,768-square-foot shopping center for $27 million or $204.91 per square foot to Massachusetts-based Chop Acquisition LLC. The property will be home to New Hampshire’s first Whole Foods Market, which is slated to open this summer. Additional tenants include Staples, A.C. Moore and Bob’s Stores. Christopher Angelone, Brad Nathanson and Nat Heald of CBRE represented the seller in the transaction.
WEST BEND, WIS. — Inland Real Estate Income Trust Inc. has acquired an 86,800-square-foot Pick ‘n Save-anchored shopping center in West Bend, approximately 40 miles north of Milwaukee, for $24 million. Inland REIT purchased the property from South Main Center Inc. The property is located at the intersection of South Main Street and Paradise Drive. Pick ‘n Save Shopping Center is 92.9 percent leased to five tenants, which include PNC Bank, Aspen Dental, Sport Clips and Cherry Berry Yogurt Bar. The property was built in 2011. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Matthew Tice of Inland Real Estate Acquisitions Inc. in the purchase of the property.
DETROIT — Banner Supermarket will soon expand its store in northwest Detroit. The $5.8 million project will bring the independent grocery store located at 14424 Schaefer Highway to 40,000 square feet. The expansion is a part of the Detroit Economic Growth Corp.’s Green Grocer Project (GGP).GGP aims to improve the quality of the grocery sector by assisting grocers in addressing operational and store development needs to ensure the highest-quality fresh affordable food in Detroit stores. Detroit Economic Growth Corp. is the primary economic development agency in the city of Detroit. Upon completion, the expansion project will add a pharmacy, a bakery, a hot food deli, and a seafood counter. The renovation includes a new entrance and parking lot and landscaping improvements. The store is staying open during both phases of construction. The first phase is expected to be completed in November and the second phase early next year. The store is expected to add 25 new jobs after the expansion. GGP provided a technical assistance grant and facilitated financing through Invest Detroit, Chase Bank and a New Market Tax Credit set up by Capital Impact Partners for the project.
MILFORD, OHIO — Cooper Commercial Investment Group has arranged the $2.7 million sale of Milford Shoppes, a 12,000-square-foot retail center in Milford, a suburb of Cincinnati. The property, built in 2008, is shadow-anchored by Meijer, Kohl’s and Home Depot, and is fully occupied with triple-net leases in place. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment firm. A Connecticut-based private investor purchased the property at full price, representing a 7.4 percent capitalization rate.
GLENDALE, ARIZ. – A 15,549-square-foot retail building in Glendale has sold to Wadsworth Development Group for $2.1 million. The building is located at 7650 West Bell Road. It is fully occupied by Terri's Consignment. Wadsworth was represented by Darren Pitts of Velocity Retail Group. The seller, Ariwah LLC, was represented by Sharon Reeves, Barbara Lloyd and Lane Neville of NAI Horizon.
DALLAS — UCR Investment Sales has announced the sale of three properties totalling 178,407 square feet with a combined value of $36,625,500. Cross Pointe Center is a 45,465-square-foot retail center located at 1441 North Saginaw Boulevard in Saginaw, Texas. Shops at Abilene is a 62,511-square-foot shopping center at the southeast corner of Southwest Drive and Catclaw Drive in Abilene, Texas. The third transaction is listed as confidential and is located in Fort Worth. Adam Howells, Jace Hinderland and Jessica Donnelli marketed the properties for separate ownerships.
WATERBURY, CONN., AND PITTSFIELD, MASS. — Cronheim Mortgage has secured $16 million in financing for two retail properties owned by affiliates of Phoenix Realty Management. Cronheim arranged $8 million for Phoenix Waterbury LLC to secure Waterbury Crossing, a 69,400-square-foot retail center in Waterbury. The property is 100 percent occupied by Sports Authority and PetSmart. Additionally, Cronheim arranged $8 million on behalf of Phoenix Merrill Road LLC for a two-building retail center in Pittsfield. Eight tenants, including TJ Maxx, Petco, Home Goods, Sally Beauty Supply and Planet Fitness occupy the 126,800-square-foot property. Dev Morris, Allison Moravec and Andrew Stewart of Cronheim Mortgage arranged the financings, which were both structured on a 10/30 basis.
NEW YORK CITY — Itzhaki Acquisitions has completed the ground-up development of a 14,000-square-foot retail building at 117-02 – 117-10 Guy Brewer Blvd. in Queens. Additionally, the company has fully leased the single-story building to two tenants: Family Dollar and Afro-American Parents Education Center. Family Dollar signed a 10-year lease for 9,000 square feet and Afro-American Parents Education Center leased 5,000 square feet for five years. David Feit, Esq., represented the ownership in the lease transactions. Itzhaki Acquisitions purchased the property in 2012 and demolished the existing buildings to construct the retail property.
RIVER FOREST, ILL. —Mid-America Asset Management Inc. has arranged three retail leases at River Forest Town Center in River Forest, Ill., a western suburb of Chicago. Massage Envy, Accelerated Rehabilitation and Native Foods signed leases at the property located at the corner of Lake Street and Harlem Avenue. Massage Envy signed a lease for 3,946 square feet; Accelerated Rehabilitation signed a lease for 3,077 square feet; and Native Foods signed a lease for 2,500 square. All three tenants are set to open this fall. Anchors at the 145,133-square-foot retail center include Whole Foods Market, Ulta, Petco, Walgreens and DSW. Liz Krebs of Mid-America represented the landlord in the transactions. Peter Scannell of Mid-America Real Estate Corp. represented Massage Envy. Jack Siragusa of Cushman & Wakefield represented Native Foods. Accelerated Rehabilitation represented itself in the transaction.