BRYN MAWR, PA. — Bryn Mawr-based WP Realty has completed the disposition of four retail centers in metro Boston. The portfolio consists of the 71,210-square-foot Cushing Plaza in Cohasset, Mass.; the 104,923-square-foot Shaw’s Plaza in Easton, Mass.; the 57,181-square-foot Shaw’s Plaza in Hanover, Mass.; and the 45,882-square-foot Hannaford Bros. in Waltham, Mass. The portfolio was 97 percent leased to variety of tenants, including Shaw’s, Hannaford Bros., Walgreens, Rite Aid, Bank of America and Citizen’s Bank.
Retail
LONE TREE, COLO. — Lone Tree Town Center, a 14,408-square-foot retail property, has sold to an unnamed buyer for $2.8 million. The center is located at 7824 Park Meadows Drive in Lone Tree. It is fully occupied by five tenants. The buyer was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of Pinnacle Real Estate Advisor. The seller was based out of state.
SANTA CLARA, CALIF. – A 25,545-square-foot Sprouts Farmers Market has opened at the Santa Clara Town Centre. Sprouts is located at 2060 El Camino Real. Fellow tenants at the center include Target, Peet’s Coffee & Tea, Panera Bread, Chipotle, Peninsula Beauty Supply, Footwear, Etc., and The Habit Burger Grill. The supermarket was represented by Bob Berndt and Sarah Edwards of SRS Real Estate Partners. The landlord, Byer Properties, L.P., was represented by Mike Messinger and David Taxin of Meacham and Oppenheimer.
COLUMBIA, S.C. — NAI Avant has brokered the $1.3 million sale of a 22,000-square-foot retail and warehouse property located at 1313 Bush River Road in Columbia. Autozone Inc. purchased the asset from Bush River Crossings Associates. Bobby Hathaway of NAI Avant represented the seller in the transaction. The building will be divided into a parts supply warehouse and a 6,000-square-foot Autozone store. Autozone will use the warehouse portion as a supply hub for its regional stores.
NASHVILLE, ILL. — The Boulder Group has arranged the $910,000 sale of a single-tenant, triple-net-leased ALCO property in Nashville, approximately 43 miles east of Belleville. The 4.2-acre property is located at 17774 Mercantile Drive near Illinois Route 127, a roadway that connects to I-64. I-64 has direct access to St. Louis, which is approximately 50 miles northwest of the property. The retail chain is headquartered in Coppell, Texas and operates 217 stores in 23 states primarily in the Midwest. ALCO has approximately six years remaining on its 20-year lease, which expires January 27, 2020. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate partnership. A West Coast investor purchased the property in a 1031 tax-deferred exchange.
CORONA, N.Y. — NorthMarq Capital has arranged $3.3 million in refinancing for a 14,644-square-foot retail property located at 39-24 104th St. and 103-19 Roosevelt Ave. in Corona. The 10-year loan has a 30-year amortization schedule. Charles Costsalas of NorthMarq’s New York metro office negotiated the transaction for the borrower, Permessa Holding Co., through NorthMarq’s relationship with a credit union.
BURLESON, TEXAS — Kroger has purchased 13.35 acres at the Burleson Common Shopping Center at Highway 174 and FM 731 in Burleson. The grocer plans to build a 114,000-square-foot store, joining Premiere Cinemas as the anchor tenant at Burleson Commons. Other tenants in the area include Target, The Home Depot, Office Depot and CVS/pharmacy. Cullinan Properties and Burleson Commons LP sold the site to Kroger.
LAKE FOREST, CALIF. — Foothill Center, a 19,400-square-foot shopping center in the South Orange County submarket of Lake Forest, has sold to a China-based investor for $7.6 million. The non-anchored retail strip center is located at 20641-20671 Lake Forest Drive, just north of Interstate 5 and Highway 241. The center is 95 percent occupied. Notable tenants include Baja Fresh, Enterprise Rent-A-Car and Wasabi Sushi. The buyer represented itself in this transaction, while the seller, The Mayfield Trust, was represented by Matthew Mousavi and Patrick Luther of Faris Lee Investments.
DUBLIN, OHIO – CASTO has completed the redevelopment of Sawmill Square Shopping Center in Dublin, a suburb of Columbus. The Sawmill Square redevelopment included the addition of a 171,684-square-foot Walmart Supercenter, which shadow anchors the 39,000-square-foot retail center as well as McAlister’s Deli, Sally Beauty Supply and GameStop. In addition, Sawmill Square has a renovated façade, new signage and total replacement of common areas including parking areas, landscaping and site lighting. Exisiting retailers at the center include Z Salon, The UPS Store, Thai Orchid, Huntington Bank, Skyline Chili, Burger King, Goodyear and PNC Bank. The center was originally developed in 1982. John Miller of State Street Capital Realty is the leasing agent for the property.
KATY, TEXAS — Marcus & Millichap has arranged the sale of Parks Plaza at Westheimer Lakes North, a 32,680-square-foot retail property located at 6734 Westheimer Lakes North Drive in Katy. The asset sold for $8 million. Watt Harrison, an associate, and James Bell, vice president of investments in Marcus & Millichap’s Houston office, represented the seller and procured the buyers.