ALLEN PARK, MICH. — West Bloomfield, Mich.-based Lormax Stern Development has partnered with Deerfield Beach, Fla.-based Konover South, an affiliate of The Simon Konover Company, to acquire Fairlane Green, a regional shopping center in Allen Park. The 275,891-square-foot, LEED Gold property is occupied by Barnes & Noble, Bed Bath & Beyond, Michaels, Old Navy and TJ Maxx. Archon Group, a subsidiary of Goldman Sachs, sold the property for an undisclosed price.
HARTFORD, CONN. — The Metropolitan District, which manages the water and sewer systems for the Hartford region, has acquired the former Cinema City theater at 235 Brainard Road to expand its operations. It bought the 18,936-square-foot building from Joseph Sullo from $2 million. David Richard of Colliers Dow & Condon represented the seller in negotiations.
FORT WORTH, TEXAS — Fort Worth-based Atlas Properties has purchased a 105,700-square-foot building and two parking lots in the Crossroads Arts District in Kansas City. The retail property is reportedly the former hub of the Kansas City bootlegging industry, and the building features tunnels and hidden rooms. The purchase comes with $3.95 million in TIF financing and state and federal historic tax credits. Atlas will reposition the property as a mixed-use development. This is Atlas' second acquisition in Kansas City this year.
PARKER, COLO. — Marcus & Millichap has brokered the $1.93 million sale of a Del Taco located within the Parker Hilltop Town Square shopping center at 11147 Pikes Peak Drive in Parker. Marcus & Millichap’s Jamie Medress represented the buyer and the seller, both limited-liability companies, in the transaction, in which the brokerage firm’s Michael Hoffman assisted.
HOUSTON — Compañia Minera y Beneficiadora Purisima S. De R.L. – Silvana Sanchez Helu has purchased a 3,300-square-foot retail center from a family partnership for an undisclosed amount. The property is located at 6122 Washington Ave. in Houston. John Wall, Jr., and Will Moss of The Situs Companies represented the seller. United Texas Realtors' Maria Helu-Garcia represented the buyer.
JACKSONVILLE, FLA. — Abrams Properties has sold the 174,153-square-foot Crossroads Square shopping center to Global Fund Investments for and undisclosed amount. Located at the intersection of Blanding Boulevard and Interstate 295 in Jacksonville, the property is anchored by Floor & Decor, Office Depot, Dollar General and Harbor Freight Tools. Whitney Knoll and Pierce Mayson of The East Coast Retail Investment Team represented the seller.
MILWAUKEE — New York-based Greystone & Co. has completed the disposition of East Town Plaza, a 24,000-square-foot shopping center in Milwaukee. Located at the corner of Farwell Avenue and Brady Street, the property sold to Chicago-based Monroe Investment Partners for an undisclosed price. The buyer plans to make capital improvements to the property. Patrick Gallagher of Siegel-Gallagher represented the seller in the transaction. The acquisition price was not released.
HENDERSON, NEV. — Colliers International–Las Vegas has negotiated a 240-month, more than $4.4 million NNN lease for a 6,650-square-foot retail property located at 651 Mall Ring Circle in Henderson. R.O.I. Commercial Real Estate’s Brian Sorrentino represented the lessee, Sonoran BBQ LLC, in the transaction, and Colliers’ Scot Marker represented the lessor, Mall Ring Magic.
LAS VEGAS — Marcus & Millichap has handled the $2.5 million sale of the 17,769-square-foot Durango Springs Center, a retail property located at 3585 South Durango Drive in Las Vegas. Built in 1998, the property is situated adjacent to a McDonalds and a Taco Bell. Marcus & Millichap’s John Vorsheck, Ned Zivkovic and Tina Taylor represented both the buyer and seller — a private investor and a limited liability company, respectively — in the transaction.
FLORIDA — Greensboro, N.C.-based Bell Partners has sold three shopping centers in Florida to three private parties for $24.77 million. The 70,070-square-foot Bayside Lakes is located in Palm Bay and is anchored by Publix. The other Publix anchored shopping center, Riverside Market Square, spans 42,448 square feet and is located in Jacksonville. The last store, the 50,000-square-foot Keystone Crossing, is located in Tampa and is anchored by a Sweetbay grocery store. CB Richard Ellis represented Bell Partners in the transactions.
