SAN DIEGO — Kimco Realty Corp. has acquired its institutional partner’s 50 percent ownership interest in San Diego’s Santee Trolley Square. The acquisition was based on a gross purchase price of $98 million. The 311,000-square-foot power center is encumbered by a $48.5-million mortgage. It is anchored by T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target.
EDISON, N.J. — A partnership between Lubert Adler and McCarthy Properties has secured a $36 million loan for Festival Plaza, a grocery-anchored retail center anchored by H Mart, in Edison. The transaction refinanced an acquisition and construction loan for the 151,429-square-foot site at 1711-1783 Route 27. CBRE Group arranged the five-year loan through Capital One. The partnership acquired the former Tops-anchored shopping center in 2008 and secured a lease with H Mart.
NEW YORK CITY — Marcus & Millichap has arranged the $7.5 million sale of a 21,000-square-foot Walgreens property in Brooklyn. Walgreens Corp. is leasing the property, located at 1282 Fulton St., for 20 years. The property traded at a 5 percent cap rate. Glen Kunofsky and James Ventura of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Kunofsky, Russell Wachtler and John Stewart represented the buyer, also a limited liability company.
SAN DIEGO — Kimco Realty Corp. has acquired its institutional partner’s 50 percent ownership interest in San Diego’s Santee Trolley Square. The acquisition was based on a gross purchase price of $98 million. The 311,000-square-foot power center is encumbered by a $48.5-million mortgage. It is anchored by T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target.
SMITHFIELD, VA. — Calkain Cos. has facilitated an approximately $3.4 million sale of a Tractor Supply Co. store in Smithfield. A private 1031 investor acquired the retail property. A full-service commercial real estate development firm based in the mid-Atlantic region sold the property. Andrew Fallon of Calkain Cos. represented the buyer.
YPSILANTI, MICH. — Agree Realty Corp. has closed on the $5.6 million sale of the 13,650-square-foot Walgreens on Michigan Avenue in Ypsilanti. The store was developed by Walgreens in 2008 and was sold by Farmington Hills, Mich.-based Agree Limited Partnership. The buyer was undisclosed.
MONTGOMERY, ILL. — Quantum Real Estate Advisors Inc has arranged the sale of a 7,964-square-foot National Tire & Battery Auto Center located on Hill Road in Montgomery for $3.4 million. Quantum represented the buyer, an institutional investor from the West Coast, and the seller, a private individual.
GRAFTON, WIS. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the 9,000-square-foot Milwaukee Ale House in Grafton for $1.6 million. Located at 1208 13th Ave, the restaurant is in the heart of downtown Grafton. Marcus & Millichap’s Jeff Rowlett and Jason Ladner represented the seller, a private investor.
SALEM, N.H. — Linear Retail Properties has acquired Salem Park Plaza, a 37,933-square-foot shopping center at 125 S. Broadway in Salem, for $8 million. Tenants include Pier 1 Imports, Jos. A. Bank and T-Mobile. Barnes & Noble anchors the property. The acquisition marks Linear's third purchase in New Hampshire in the last month.
THE WOODLANDS, TEXAS — The Woodlands Development Co. (TWDC), a subsidiary of The Howard Hughes Corp., has signed an agreement with H-E-B to be the anchor grocery store for the new Creekside Park Village Center, a 100-acre mixed-use development located on Kuykendahl Road between Creekside Forest Drive and Creekside Green Drive in The Woodlands. The neighborhood center will include a tree-lined park with a water feature, a 4,300-square-foot glass-walled restaurant, 52,000 square feet of retail space and 28,000 square feet of office space. Pad sites will also be available for a drug store anchor and other retail and office tenants. Jake Baker of Riverway Retail represented H-E-B in the lease transaction. Todd Edmonds and Bob Parsley of Colliers International represented TWDC. The Creekside store will be H-E-B's fourth location in The Woodlands.