CLYDE, OHIO — A private investor in California has acquired the ground lease for a 4,000-square-foot AutoZone property in Clyde for $7111,111. Mac McCall of Franklin Street Real Estate Services represented the seller, a Georgia-based developer in the transaction. AutoZone has more than 10 locations in Ohio and 4,600 locations nationwide.
MOORE, OKLA. — Inland Real Estate Acquisitions has acquired The Shops at Moore, a 259,996-square-foot shopping center located in Moore, for $38.75 million. JC Penney anchors the center, which includes other tenants such as Ross Dress for Less, Best Buy, Bed Bath & Beyond, Office Depot, Hobby Lobby, Famous Footwear and Rue21. Inland was self-represented in the transaction by Matt Tice.
SURPRISE, ARIZ. – Bell West Ranch Shops, a 27,225-square-foot shopping center and freestanding, single-tenant building in Surprise, has sold to PWREO Bell & 303, LLC for $4.34 million. The strip-retail shopping center was built in 2004. It is currently 95.2 percent leased. Notable tenants include Pizza Hut and O’Reilly Auto Parts. Ryan Schubert and Michael Hackett of Cassidy Turley BRE Commercial’s Retail Capital Markets Group represented both the buyer and the seller, Bell West Ranch Shops, LLC, in this transaction.
LAS VEGAS – A 21,610-square-foot property in Las Vegas that is net leased to La-Z-Boy furniture has sold to a private group for $3 million. It is located at 5700 Centennial Center Blvd. inside the Centennial Gateway at Centennial Center. The buyer was represented by Alvin Mansour of Marcus & Millichap’s San Diego office. The seller, a developer, was represented by Chris Cunning of the firm’s Las Vegas office.
SALEM, ORE. – The Oak Park Shopping Center in Salem has received $2 million in first-mortgage refinancing. The five-year loan was used to pay off the Safeway-anchored center’s existing debt. About half of the funds were also used to modernize and upgrade the property. The loan was arranged by Don Burnes of Johnson Capital. It was provided by a national bank. The loan features a fixed interest rate of about 4 percent and a 25-year amortization schedule.
QUINCY, FLA. — A 9,000-square-foot Dollar General store, located in Quincy, has sold for $1.08 million. Rich Murphy and Stephen Counts of Calkain Cos. represented the buyer, a Colorado-based private investor, in the transaction. Brett Butler and Andrew Peeples of Stan Johnson Co. represented the seller.
SHOREWOOD, ILL. — Quantum Real Estate Advisors has arranged the $3.6 million sale of a 44,597-square-foot shopping center at Route 59 and Verin Boulevard in Shorewood. Tenants at the center include HomeGoods, Payless and Cold Stone Creamery. Chad Firsel of Quantum Real Estate Advisors represented the buyer, a private investor based in Shaumburg, Ill. He also represented the seller, a Minneapolis-based developer.
BOSTON — Seattle-based Nordstrom Inc. has opened a new Nordstrom Rack at The Newbry in Boston's Bay Back neighborhood. The 38,000-square-foot store is scheduled to open next spring in the former Filene's Basement space. Nordstrom Rack is the upscale fashion retailer's off-price chain that sells merchandise from Nordstrom stores and Nordstrom.com for 50 to 60 percent off original prices. The new location expands the company's presence to four full-line stores and four Nordstrom Racks in the Boston market. TIAA-CREF owns the Newbry, which is located at 800 Boylston St.
LEWISBURG, PA. — Marcus & Millichap has arranged the $3 million sale of Plaza 15, a 117,086-square-foot retail property at 7495 W. Branch Highway in Lewisburg. The complex is anchored by Save-A-Lot and Big Lots. Joseph French and Schuyler Boylan of Marcus & Millichap represented the seller, a financial institution that is liquidating all of its assets. French also represented the buyer, a developer specializing in value-added properties.
ENGLEWOOD, N.J. — CPEX Real Estate has arranged the $1.6 million sale of the former Mama Mexico restaurant building at 464 Sylvan Ave. in Englewood. The two-story, 13,815-square-foot building underwent a $2 million renovation in 2006. CPEX represented both parties in the transaction.