TRAVERSE CITY, MICH. — Aldi Foods has purchased a 22,331-square-foot retail building in Traverse City. The former Circuit City property is located across from Grand Traverse Mall. Rick Vida of RSV&P Inc. represented the seller, Inland Real Estate of Chicago. Michael Lippet of Lormax Stern represented Aldi. The discount supermarket chain is expected to open at the location in December or January.
Retail
PLYMOUTH AND SHAWANO, WIS. — Agree Realty Corp. has sold the Plymouth Commons shopping center and the Shawano Plaza shopping center in Wisconsin for $7.4 million. The 161,000-square-foot Plymouth Commons in Plymouth is anchored by an 86,479-square-foot Kmart and a 39,352-square-foot Pick'n Save. The 193,000-square-foot Shawano Plaza in Shawano is anchored by a 86,479-square-foot Kmart and a 47,047-square-foot Pick'n Save. Agree plans to redeploy the capital into acquiring and developing single-tenant properties, net leased to leading retailers.
HOUSTON — Marcus & Millichap has arranged the sale of a 2,854-square-foot Wendy's, located at 12486 NW Freeway in Houston, for $1.15 million. Edward Benton of Marcus & Millichap's Houston office represented the buyer, a private investor, in the transaction.
DALLAS — JPMorgan Chase Bank has renewed its 7,374-square-foot lease at Parkway Plaza II, an office building located in Dallas' Quorum/Bent Tree submarket. The location serves as a retail branch and offers a drive-thru service. Bob Buell, Louis Weber and Rena Chappell of Fults Commercial Real Estate represented the landlord, Merit Texas Properties, in the lease renewal transaction. Larry Denisoff of The Weitzman Group represented the tenant.
IMPERIAL BEACH, CALIF. – A 14,884-square-foot retail property occupied by CVS in Imperial Beach has sold to Drooz Trust for $7 million. It is located at 800 Palm. Drooz was represented by Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company. The seller, Imperial Beach Promenade, LLC was represented by Alvin Mansour and Sam Hanna of Marcus & Millichap.
COLMA, CALIF. – Office Depot has leased 14,446 square feet of space at the 280 Metro Center in Colma. The space was previously occupied by Magnolia Hi-Fi. Other tenants at the center include Bed, Bath & Beyond, Best Buy, Home Depot Pro, Marshall’s, Nordstrom Rack, Old Navy and Ulta. Office Depot was represented by Todd Oliver with Terranomics Retail Services. The center is owned by Kimco Realty Corporation.
ANDALUSIA, ALA. — SRS Real Estate Partners has negotiated the $3.92 million sale of the 97,000-square-foot Andalusia Marketplace, a shopping center located in Andalusia. The center is fully leased to Tractor Supply Co., Marvin's Building Materials and Food Giant. Josh Burmeister and Buff Teague of SRS represented the seller.
BLOOMINGTON AND ROSEVILLE, MINN. — Cost Plus World Market is returning to the Minneapolis-St. Paul market this September, after leaving the Twin Cities market in 2009. The company is opening two stores in the area Sept. 13. One will be located at 4250 West 78th St. in Bloomington and another will open at the Rosedale Marketplace at 2401 Fairview Ave. North in Roseville. Cost Plus World Market is a specialty retailer known for furniture, home decor and gifts from across the globe.
JENNINGS, MO. — Genx Clothing has signed a lease for 7,950 square feet of retail space at Buzz Westfall Plaza on the Boulevard, located at 8035 West Florissant in Jennings. Grant Mechlin of Sansone represented the landlord, Sansone Plaza on the Boulevard LLC, in the transaction.
PHILADELPHIA — The Pennsylvania Real Estate Investment Trust has completed the refinancing of three of its malls in New Jersey and Delaware. The three loans total $402 million at an average interest rate of 4.06 percent. The loans replaced mortgage balances totaling $316.7 million, which together carried an average rate of 5.30 percent. The loans are secured by Cherry Hill Mall, a 1.3 million-square-foot center in Cherry Hill, N.J.; Cumberland Mall, a 944,000-square-foot center in Vineland, N.J.; and Christina Center, a 303,000-square-foot center in Newark, Del.