MAGNOLIA — Marcus & Millichap has arranged the $1.7 million sale of the 13,013-square-foot Magnolia Plaza, a retail center located at 18602 FM 1488 in Magnolia. James Bell of Marcus & Millichap's Houston office represented the seller, a private investor, in the transaction.
GEORGIA AND FLORIDA — Strategic Storage Trust, Inc. (SSTI) has purchased a portfolio of 12 self-storage properties in Georgia and Florida for approximately $80 million. The properties total 8,000 units and nearly 1 million square feet. The facilities will be rebranded under the SmartStop Self Storage name. The Georgia properties are located in Kennesaw, Sharpsburg, Duluth (three properties), Marietta, Austell, Sandy Springs, Smyrna and Lawrenceville. The remaining two properties are in Jacksonville, Fla.
MOUNT PLEASANT, S.C. — A 14,500-square-foot, single tenant net-leased Walgreens, located at 2903 N. Hwy. 17 in Mount Pleasant, has been sold for $7.37 million. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the buyer, a Chicago-based 1031 exchange investor, in the transaction. The seller was a Southeast-based developer.
TAMPA, FLA. — The 14,000-square-foot Dowling Mills Corporate Park, a former day care and office facility located at 7815 Gunn Hwy. in Tampa, has been sold for $1 million. Also included in the transaction was a separate vacant pad that can accommodate a building of up to 12,000 square feet. Bill Besselieu of Tampa-based Andretta Properties represented the seller, Regions Bank, in the transaction. The buyer was Thuzi Investments I.
KANSAS CITY, KAN. — Sam's Club has closed on the purchase of 16.8 acres of land for the new 850,000-square-foot power shopping center at Plaza at the Speedway, located at 1-435 and Parallel Parkway in Kansas City. Sam's Club is expecting to break ground this February and open in the fall. David Block and Becky Goodman of Block & Co. represented the seller, Plaza Speedway LLC. Bob Johnson of RH Johnson represented the buyer.
FRAMINGHAM, MASS. — In a joint venture, Equity One Inc. and New York Common Retirement Fund have acquired Old Connecticut Path in Framingham, Mass. for $23.2 million. The 80,198-square-foot shopping center is anchored by a Stop & Shop. The property is located near the intersection of Old Connecticut Path and Route 30.
ANDERSON, S.C. — Greenville, S.C.-based RealtyLink has sold the 167,341-square-foot Midtowne Park Shopping Center, located at 3520 Clemson Blvd. in Anderson, to Pheonix-based Cole Capital for $25.6 million. Tenants include Kohl's, Dick's Sporting Goods, Staples and ULTA. The seller was self-represented in the transaction by Tyson Glasser.
HOFFMAN ESTATES, ILL. — Hoffman Estates-based Sears Holding Corp. plans to close as many as 120 Sears and Kmart stores following poor sales during the holidays. The company expects the closures to generate $140 to $170 million in cash from inventory sales. Sears Holding also expects the sale or sublease of real estate holdings to add more cash. The company predicts adjusted earnings for the fourth quarter of 2011 will be less than half the $933 million it reported for the fourth quarter of 2010. The retailer has yet to determine which stores will be closed. The price of Sears stock (Nasdaq: SHLD) closed at $31.78 per share on Dec. 30, 2011, down from $73.69 per share a year earlier.
HUNTINGTON BEACH, CALIF. — A new 34,000-square-foot Nordstrom Rack is set to open at Edinger Plaza in Huntington Beach. The store is scheduled to open in fall 2012. Edinger Plaza’s other anchor tenants include Dick’s Sporting Goods, Michaels and PetSmart. The plaza is managed and leased by Watt Companies.
VIRGINIA BEACH, VA. — The 12,814-square-foot Buckner Boulevard Retail Center, located at the intersection of Buckner Boulevard and Independence Boulevard in Virginia Beach, has sold for $2.7 million. Chris Zarpas of S. L. Nusbaum Realty Co.'s Norfolk, Va., office represented 130 London Bridge, the buyer, in the transaction and Timothy Finn, also of the firm's Norfolk office, represented Buckner 3545 Associates, the seller.
