KENOSHA, WIS. — Marcus & Millichap has arranged the $1.1 million sale of a 7,000-square-foot, net-leased property occupied by Advance Auto Parts in Kenosha, about 40 miles south of Milwaukee. Advance Auto Parts is located at 7545 Sheridan Road. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a REIT.
MT. PLEASANT, MICH. — Kmart has extended its 80,399-square-foot lease for five more years at Central Michigan Commons in Mt. Pleasant, about 70 miles north of Lansing. The lease will expire on Aug. 31, 2018. Agree Realty Corp. owns the 241,458-square-foot shopping center. Other tenants include Panera Bread, GNC, Rue 21, JC Penny, Target and Staples.
CALABASAS, CALIF. — The Courtyard at the Commons, a Class A retail center in the Los Angeles submarket of Calabasas, has sold to an undisclosed global asset management firm for $50 million. The center is located just off Highway 101 across from The Commons at Calabasas. Notable tenants at the Courtyard include Babies-R-Us, Wells Fargo, Chase, Bank of America, Riviera Wine Bar & Bistro and Sotheby’s. The buyer represented itself in this all-cash transaction, while the seller, an undisclosed public employee pension fund advised by CBRE Global Investors, was represented by CBRE’s Private Capital Group Los Angeles Retail Team, including Sam Alison, Dan Riley and Ben Cherney, as well as by CBRE’s National Retail Investment Group – West, including Todd Goodman, Gleb Lvovich, Prestow Fetrow and Kirk Brummer.
LOS ANGELES — Peninsula Center, a 300,000-square-foot retail center located in the Los Angeles submarket of Rolling Hills Estates, has sold to a joint venture between Vestar and a fund advised by UBS Global Asset Management for $87.3 million. The center resides on the Palos Verdes Peninsula. It is 88 percent leased. Notable tenants include Vons Pavilions, Rite Aid, TJ Maxx, Spectrum Health Club, Pier 1 Imports and Petco. Vestar represented itself in this all-cash transaction, while the seller, Principal Real Estate Investors, was represented by Christopher Hoffman, Rikki Keating and Thao Tran of Eastdil Secured.
POOLER, GA. — GBT Realty Corp. has closed on its purchase of 20 acres along Pooler Parkway for the development of Village on Pooler Parkway. The retail development will consist of more than 143,000 square feet when completed in the first quarter of 2014. T.J. Maxx, Ross Dress for Less, Michael's and PetSmart, which have all executed leases for the center, will anchor the property. Additional retailers will include Rack Room Shoes, Moe's Southwest, Jersey Mikes and Palm Beach Tan. The development also has building pads for freestanding buildings and outparcels. Panera Bread has a lease to locate in a freestanding building with a drive-thru. The project team will include general contractor Stewart Perry, MJM Architects and Wolverton & Associates, which will provide engineering services.
FLORENCE, ALA. — National Net Lease Realty has arranged the $2.3 million sale of a 10,125-square-foot CVS/pharmacy property, located at 1501 Florence Blvd. in Florence. The net-leased property was built in 2000 and CVS has seven years remaining on its lease. Terry Marks of National Net Lease Realty represented the seller, a Southern California-based limited liability company. Marks also represented the seller, a national REIT.
WILLIAMSBURG, VA. — Polyzos Family Investments has purchased Palace Place, a retail strip center located at 113 Palace Lane in Williamsburg, for $610,000. C-111 Asset Management was the seller. Drew Haynie of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.
PALATINE AND VERNON HILLS, ILL. — Inland Real Estate Acquisitions Inc. has acquired two Mariano’s Fresh Market stores, located in Palatine and Vernon Hills, for a combined total of $46.3 million. Mariano’s Fresh Market, part of Milwaukee-based Roundy’s Inc., is an upscale grocer with nine Chicagoland locations. The Vernon Hills location opened in June 2011. The Palatine location opened in January 2012. Each store is approximately 71,000 square feet and fully occupied by Mariano’s on 20-year leases. Mark Cosenza of Inland Real Estate Acquisitions facilitated the transaction. Brand Duff of Stan Jonson Co. represented the seller, IM Properties. Inland Real Estate Acquisitions acquired Mariano’s first store, located in Arlington Heights, in April 2011.
CHICAGO — Kudan Group has arranged the sale of 6800 North Sheridan in Chicago for $125,000. Darren Christian purchased the 4,000-square-foot property, formerly Pillars Social Café. Christian plans to renovate and reopen the space as Ciao Bella Café in April. Jerrod Rosen of Kudan Group represented the buyer and seller in the transaction.
EGG HARBOR CITY AND HOPATCONG, N.J. — Marcus & Millichap has arranged the sale of two retail buildings in New Jersey for $2.1 million. The first transaction was a United States Post Office-occupied building located at 237 Philadelphia Avenue in Egg Harbor City, about 45 miles south of Philadelphia. The 4,125 square-foot, net-leased property sold for approximately $300,000. The second transaction was a retail property occupied by Dunkin’ Donuts and the U.S. Post Office located in Hopatcong, about 35 miles west of Newark. The 7,100-square-foot building sold for $1.8 million. Michael Lombardi and Juilenne Pape represented the buyer, a local private investor and the seller in the transactions.
