Retail

MARCUS & MILLICHAP ARRANGES SALE OF 14,388 SF RETAIL PROPERTY FOR $1.5M

by admin January 8, 2013

PALATINE, ILL — Marcus & Millichap Real Estate Investment Services has arranged the sale of an 14,388-square-foot retail property in Palatine for $1.5 million. The net-leased property, Baldwin Plaza, is located at 1625 North Baldwin road and is fully leased to eight tenants. Four tenants have occupied the retail center for more than 10 years. Sean R. Sharko, Ryan D. Engle, Adrian Mendoza, Austin Weisenbeck and Adam Fortino, investment specialists in Marcus & Millichap’s Oak Brook office represented the seller, a private investor. The buyer, a private investor, was represented by Adrian Mendoza, Sean R. Sharko and Austin Weisenbeck.

January 8, 2013

GLOBAL ACQUIRES 49 PCT. INTEREST IN RETAIL PORTFOLIO

by admin January 8, 2013

HOUSTON, DALLAS AND SAN ANTONIO — Global Fund Investments, in a joint venture with Israeli-based The Phoenix, has acquired a 49 percent interest in a 22-property retail portfolio located in Houston, Dallas and San Antonio. The portfolio spans approximately 2.4 million square feet and is predominantly grocery-anchored shopping centers. Investcorp International will retain a 51 percent majority interest in the portfolio, which is 92.5 percent occupied to tenants such as H-E-B, Kroger, Walmart, Tom Thumb and Albertsons.

January 8, 2013

Retail Western

WEST COVINA RESTAURANT SPACE SELLS FOR $4.2M

by admin January 8, 2013

WEST COVINA, CALIF. — A single-tenant restaurant space that sits adjacent to the West Covina Mall has sold to Olympic Harbor Investment Corporation for $4.2 million. It resides at 1360 W. Garvey Ave. in West Covina. The unnamed seller was represented by Patrick Barnes and Peter Spragg of Colliers International.

January 8, 2013

Midwest Retail

INLAND ACQUIRES VALPARAISO SHOPPING CENTER FOR $22M

by admin January 7, 2013

VALPARAISO, ILL — Inland Real Estate Corp. has acquired the 137,509-square-foot Valparaiso Walk shopping center located at Silhavy Road and LaPorte Avenue in Valparaiso fo $21.9 million . The center is 100 percent leased, and anchored by Bed Bath & Beyond, Marshalls, Best Buy and Michaels and shadow-anchored by Aldi and Menards. Houston based CBRE Capital Markets represented the seller, IBT Group LLC in Chicago.

January 7, 2013

Midwest Retail

MARCUS & MILLICHAP ARRANGES SALE OF 1,800-SQUARE-FOOT NET-LEASED PROPERTY

by admin January 7, 2013

KOKOMO, IND. — Marcus & Millichap Real Estate Investment Services has arranged the sale of an 1,800-square-foot Starbucks in Kokomo. The net-leased property is located at 512 East Alto Road on the corner of U.S. Highway 31. Philip Levy and Alvin Mansour of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a private investor.

January 7, 2013

Retail Texas

HUNINGTON BROKERS SALE OF TWO WALGREENS STORES

by admin January 7, 2013

HOUSTON AND ARLINGTON, TEXAS — Hunington Properties has arranged the sale of two 13,905-square-foot Walgreens stores, located at the intersection of Highway 6 and Bissonnet in Houston and the intersection of New York Avenue and Green Oaks Boulevard in Arlington. Todd Carlson and Sandy Aron of Hunington Properties represented the seller, a private investor, in the transaction. The seller purchased the properties from Hunington more than 10 years ago.

January 7, 2013

Retail Southeast

MMG EQUITY PARTNERS ACQUIRES TWO RETAIL CENTERS IN MIAMI-DADE

by admin January 4, 2013

MIAMI — MMG Equity Partners, a privately owned real estate company, has acquired two grocery-anchored shopping centers in Miami-Dade County in two separate transactions for undisclosed prices. MMG Equity Partners acquired the 64,000-square-foot Colonial Shopping Center, located at 450 N.E. 125th St. in North Miami. It is anchored by a Presidente Supermarket. The firm also acquired Tropical Shopping Center, which is located at 8100 N. Miami Ave. and anchored by a Tropical Supermarket.

January 4, 2013

Midwest Retail

AGREE REALTY ACQUIRES LANDMARK BUILDING IN MICHIGAN

by admin January 4, 2013

ANN ARBOR, MICH. — Agree Realty has purchased the Landmark building on the University of Michigan campus in downtown Ann Arbor for $5.8 million. Built in 1937, the 18,000-square-foot building was formerly occupied by Kresge’s department store and later Michigan Book & Supply.

January 4, 2013

Northeast Retail

NORDSTROM RACK TO OPEN FIRST LOCATION IN MAINE

by admin January 4, 2013

SOUTH PORTLAND, MAINE — Nordstorm plans to open a 30,000-square-foot Nordstrom Rack this spring at the Maine Crossing Shopping Center in South Portland. The store, which will carry merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original prices, will be the retailer's first location in the state. The new Nordstrom Rack will join tenants such as Target, Bed Bath & Beyond and A.C. Moore.

January 4, 2013

Northeast Retail

CIM GROUP BUYS MANHATTAN RETAIL SPACE FOR $80M

by admin January 4, 2013

NEW YORK CITY — CIM Group has acquired the retail portion of 225 Fifth Ave. in Manhattan's Flatiron District for a reported $80 million. The deal includes 40,079 square feet of retail space, which is fully leased to tenants such as JPMorgan Chase, 24 Hour Fitness, Verizon Wireless and the United States Postal Service. Located above the retail property is a 192-unit residential condominium building named The Grand Madison.

January 4, 2013

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