WOODBURY, MINN. — RED Development, through a joint venture with an institutional partner, has acquired Woodbury Lakes Shopping Center in Woodbury. Located at the intersection of Interstate 94 and Hudson Road, the 400,000-square-foot lifestyle center is occupied by H&M, Trader Joe’s, Michaels, DSW, Ann Taylor, Banana Republic and Coldwater Creek. The center will be managed by RED’s property management division, RED Asset Mangement. RED and Opus Northwest built Woodbury Lakes and sold the property to Hartford, Conn.-based Cornerstone Real Estate Advisors in 2006. RED decided to acquire Woodbury Lakes after the property was recently returned the lender. The transaction is RED’s first acquisition as part of its new strategy to acquire completed or nearly completed core shopping centers that are either distressed or require a more hands-on approach to operations. Terms of the sale were not disclosed.
LAGRANGE, ILL. — Palos Heights, Ill.-based Edwards Realty Co. has acquired LaGrange Crossing, a retail center located at the corner of Ogden Avenue and LaGrange Road in LaGrange. The 67,767-square-foot center is occupied by Trader Joe’s, Borders Books & Music, Walgreens, Corner Bakery, Pier 1 Imports, Caribou Coffee and AT&T. Rick Drogosz and Ben Wineman of Mid-America Real Estate Corp. represented the undisclosed seller; the buyer was self-represented. The sales price was not released.
NORTH PLAINFIELD, N.J. — Weichert Commercial Brokerage has completed the sale of a 4.7-acre retail site located at 559 U.S. Highway 22 in North Plainfield. The property currently contains a two-story, 48,165-square-foot retail building that was owned and operated as Ray's Sport Shop up until the time of the sale. The building will be demolished by the buyer to make way for a new 19,629-square-foot service center for the adjacent Nissan auto dealership. Barry Feldman of Weichert represented the buyer and the seller.
OCALA, FLA. — Konover South of Deerfield Beach, Fla., will break ground this fall on the 92,600-square-foot Park View Commons shopping center. The property, which will be anchored by a 45,600-square-foot Publix, will be located at the intersection of Maricamp Road and Southeast 24th Street in Ocala. The plans also call for 25,000 square feet of in-line retail space and three outparcels.
ATLANTA — L&B Realty Advisors has sold the 94,966-square-foot Duluth Station shopping center to Forge Capital Partners for $8.27 million. The property, which is 79 percent leased, is located at 2750 Buford Highway in Atlanta. Tenants in the Publix-anchored center include Great Clips, H&R Block, State Farm and Subway. Jim Hamilton of Holliday Fenoglio Fowler represented the seller.
ROCHESTER HILLS AND NOVI, MICH. — Amsdell Storage Ventures I LLC has acquired two Class A self-storage facilities in Michigan. The portfolio consists of the 160 Avon Road facility in Rochester Hills and the 40900 Grand River Avenue property in Novi. The properties total 134,246 net rentable square feet and offer 1,186 units. Steve Hryszko of CB Richard Ellis represented the seller, MW Tolero Holding Corp., in the transaction. The property will be managed by Compass Self Storage.
TAMPA, FLA. — Crossman & Co. has renovated a 54,340-square-foot Publix at City Plaza in Tampa and will hold a grand opening for the property August 12. The Publix construction happened concurrently with the renovation of the 158,287-square-foot shopping center. The center, located at 16041 Tampa Palms Blvd. in Tampa, is part of the Tampa Palms master-planned development, which will include 8,400 residences, 59,000 square feet of office space and nearly 1 million square feet of retail upon full build-out.
HOFFMAN ESTATES, ILL. — Schaumburg-based RMS Properties has acquired Hoffman Village Shopping Center in Hoffman Estates. Located at the corner of Gold and Barrington roads, the 158,313-square-foot retail property is occupied by Dominick’s, The Putting Edge, Dunkin’ Donuts/Baskin Robbins, GNC, Insure One, Fannie May, Check ‘N Go, State Farm and Radio Shack. Ben Wineman, Stan Nitzberg and Joe Girardi represented the undisclosed seller in the transaction. Terms of the deal were not released.
HAVERHILL, MASS. — Marcus & Millichap has brokered the sale of a CVS/pharmacy in Haverhill for $6.47 million. The property totals 11,970 square feet and is located at 150 Lafayette St. CVS has 23 years remaining on its lease with six 5-year extension options. The property traded at a 7.7 percent cap rate. Robert Horvath, Todd Tremblay and Al Taf of Marcus & Millichap represented the seller, Hecht Development. Horvath and Tremblay also procured the buyer, Quadrant Haverhill Real Estate.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 9,244-square-foot shopping center between two private parties for an undisclosed amount. The 6-year-old Golden Beach Marketplace is located at 4516 Golden Triangle Blvd. in Fort Worth. The center is fully occupied and is shadow-anchored by Albertsons. The firm's Tommy Tucker brokered the sale.