ALGONAC, MICH. — A Michigan-based private investor group has sold a 69,305-square-foot shopping center in Aglonac, 50 miles northwest of Detroit for $9.5 million. Kroger anchors the shopping center. Kevin Baker, Daniel Kukes and David Hesano of Landmark Commercial Real Estate Services represented the buyer, a non-traded REIT, as well as the seller in the transaction.
DETROIT — Marcus & Millichap has arranged the sale of an 11-property, ground-lease portfolio for $15.8 million. Convenience store chain 7-Eleven Inc. occupies the properties, which are located in Chesterfield, Clinton Township, Howell, Lenox Township, Macomb, Romulus, Shelby Township and Warren. Simon Jonna, a vice president of investments, and Raymond Jonna, an associate in Marcus & Millichap’s Detroit office, represented the seller, a Midwest-based property developer. Ronnie Issenberg, a vice president of investments, and Gabriel Britti, an associate vice president of investments in the firm’s Miami office, represented the buyer.
OGDEN, UTAH — An entity sponsored by LBG Real Estate Companies, LLC has purchased The Family Center at Ogden Five Points, a 161,795-square-foot community shopping center. The purchase price was not disclosed. The center is located at 129 N. Harrisville Road just north of Salt Lake City. The acquisition also includes about six acres of adjacent land that could accommodate retail and residential development. The Family Center was 95 percent leased at the time of sale. Notable tenants include Planet Fitness, Dollar Tree, Harbor Freight Tools, Key Bank and Radio Shack. It is anchored by Harmons grocery store, which is currently undergoing a major renovation at the center. The shopping center is also set to undergo a significant redevelopment.
RIVERSIDE, CALIF. — Stater Bros. Plaza, a 59,790-square-foot, grocery-anchored center in Riverside, has sold to a Los Angeles-area private investor for $5.2 million. The plaza is located at 6160 Arlington Ave. It was built in 1980, remodeled in 1991. The center is currently 82 percent occupied. It is leased to O’Reilly Auto Parts, Subway, Arlington Animal Hospital and D’Caesaro Pizza & Italian Restaurant. The buyer was represented by Nilufar Alemozaffar of CARETS Commercial. The seller, an Orange County, Calif., private partnership, was represented by Edward B. Hanley and William B. Asher of Hanley Investment Group.
RIVERVIEW, FLA. — Cassidy Turley has arranged the $17.5 million sale of Shoppes of Southbay, a grocery-anchored retail center located in Riverview, a suburb of Tampa. The property is located at Big Bend Road and U.S. Highway 301. Sweetbay Supermarket anchors the center with a 51,000-square-foot location. Other tenants include AT&T, Buffalo Wild Wings, H&R Block and GNC. Drew Fleming and Mark Joines of Cassidy Turley represented the seller, Shoppes of Southbay LLC, in the transaction. Peter Wenzel of Wenzel Investment Group advised the buyer, Terre Investments LLC.
DES PLAINES, ILL. — The Department of Motor Vehicles (DMV) has signed a 9,000-square-foot lease at a shopping center located at 1500 Lee St. in Des Plaines, a northwest suburb of Chicago. The new DMV will open in October. The building is located between Forest Avenue and Oakton Street. Jennifer Hopkins, Mike Meksto and Jim Tsevis of NAI Hiffman’s retail services group, represented the landlord, Jewel Food Stores Inc., in the transaction. A 53,000-square-foot Jewel grocery store anchors the center, which has an additional 16,458 square feet of retail space, including the space that the DMV will occupy.
HOUSTON — HFF has brokered the sale of and arranged the acquisition financing for Easton Commons, a 193,595-square-foot shopping center in Houston’s Copperfield master-planned community. The property, which was 86 percent leased at the time of the sale, is anchored by Kroger and Studio Movie Grill. Rusty Tamlyn, Ryan West and Matt Berry of HFF represented the seller, a joint venture between affiliates of The Hutensky Group and an investment account managed by American Realty Advisors. Adam Herrin, Andy Scott, Cameron Cureton and Michael George of HFF arranged the loan through BBVA Compass Bank. NewQuest Epic Investments and an institutional partner purchased the property.
TRACY, CALIF. – The West Valley Mall in Tracy has received a $52-million refinance. The 886,903-square-foot shopping center is located at 3200 Naglee Road along I-205, which connects the San Francisco Bay Area with San Joaquin County. The mall is anchored by Macy's, Target, Sears and JC Penney. Other notable tenants include Bath and Body Works, Foot Locker, The Children's Place, Victoria's Secret and Zumiez.The non-recourse mortgage carries a floating interest rate of LIBOR plus 175 bps. It matures in five years, and includes a five-year extension option. The mall is owned by Rouse Properties.
JACKSON TOWNSHIP, OHIO — The Cooper Commercial Investment Group has arranged the $4.1 million sale of Belden Village Commons in metro Canton. Dan Cooper, president and broker of Cooper Commercial Investment Group in Cleveland, represented the sellers, private investors based in northern Ohio. A northern California-based private investor was the buyer. The sales price represents a 7.9 percent capitalization rate. The 13,216-square-foot shopping center is located at 4800 Everhard Road in Jackson Township. All tenants are under triple-net leases at the fully occupied property.
HOUSTON — Henry S. Miller Brokerage has arranged the sale of the Campbell Road Shopping Center in the Northwest Spring Valley suburb of Houston on behalf of W&B International. The 46,224-square-foot property is situated on 1.06 acres at 1012 Campbell Road. Bruce Jester of Henry S. Miller represented the seller. Matthew Goldsby of Belovoir Real Estate Group LLC represented the buyer, Dr. Suhyun Ahn of C1 Health Care Management LLC, who plans to convert the center to a chiropractic clinic.
