PALMDALE, CALIF. — Marcus & Millichap has brokered the more than $5.5 million sale of a 13,650-square-foot Walgreens located at 5001 West Ave. N in Palmdale. Constructed in 2009, the single-tenant, net-leased property is situated near Trail Crossings Shopping Center. Marcus & Millichap’s Mark Thiel represented both the seller, a developer, and the buyer, a fund manager, in the transaction.
OXFORD, MICH. — TMJ Realty Management has purchased 3,408 square feet of retail/office space at 5 N. Washington in Oxford. The buyer plans to use the space for its business, Funky Monkey Toys, which will open in August. Paul Feldman and Larry Schultz of Friedman Real Estate Group represented the seller, PNC Bank, in the transaction. Terms of the transaction were not released.
EAST PROVIDENCE, R.I. — A joint venture led by USAA Real Estate Co. has acquired Wampanoag Plaza, a 225,610-square-foot shopping center in East Providence. Situated at the intersection of routes 44 and 1A, the property was built in 1970 and renovated last year. Its anchors include a 65,000-square-foot Stop & Shop, a 37,000-square-foot Savers and a 30,000-square-foot Marshalls. Additional tenants include Payhalf, Dollar Tree, NAPA Auto Parts and Payless Shoesource. Occupancy was 97 percent at the time of closing. The seller was New York-based Emmes Asset Management Co. Keypoint Partners will assume property management responsibilities.
CORPUS CHRISTI, TEXAS — A&W has purchased the former Wilcox Furniture store from the Wilcox family for an undisclosed price. Located at 5933 S. Padre Island Drive in Corpus Christi, the property includes a 30,000-square-foot retail building and a 14,000-square-foot warehouse. Wilcox Furniture relocated from the site in 2007. Transwestern represented the buyer, and NAI Cravey's Lynann Pinkham represented the seller.
FORT MYERS, FLA. — Tom Strauss and Matt Yaniglos of LandQuest Commercial have represented Regions Bank in its sale of the Arborgate Shopping Center to Goodwill Industries of Southwest Florida. The property, which at full build-out will span more than 60,000 square feet, is located at 10676 Colonial Blvd. in Fort Myers.
CHICAGO — George Ghattas and John Abuja of Marcus & Millichap have brokered the sale of the MCL Center, a 16,804-square-foot retail property located in Chicago’s Lincoln Park neighborhood. The multi-tenant property, which was 100 percent occupied, consists of two buildings situated on five land parcels. An undisclosed buyer acquired the property for $5.65 million at a 7.48 percent cap rate. Ghattas and Abuja represented the seller, a local private real estate developer, in the transaction.
FAIRLAWN, OHIO — Bryn Mawr, Pa.-based WP Realty has acquired Fairlawn Town Centre in Fairlawn for an undisclosed price. The five-building, 447,0037-square-foot retail center is occupied by Giant Eagle, Target, Home Goods, Pet Supplies Plus, Marc’s, U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and Radio Shack. The acquisition also included a vacant 39,840-square-foot junior anchor box, which was formerly occupied by Circuit City. Angelo, Gordon & Co. brokered the transaction. The seller was not released.
BROCKTON, MASS. — Newton, Mass.-based New England Development has acquired Westgate Mall in Brockton for $31.75 million. The shopping center is situated on approximately 50 acres at 200 Westgate Drive. Its anchors include Macy's, Sear's, Best Buy and Marshalls. The CB Richard Ellis team of Bill Moylan, Chris Angelone and Josh Klimkiewicz represented the undisclosed seller and procured New England Development.
ST. JAMES, N.Y. — NAI Long Island has brokered the sale of the former Mitsubishi and Mazda auto dealerships located at 920-926 Middle Country Road in St. James for $5.5 million. The buyer, North Shore Motors, plans to turn the buildings into a Chevrolet dealership. NAI's Al Centrella and Dennis McCoy represented the seller, Mitsubishi Motors of America. Joseph Bellavia & Sons represented the buyer.
KNOXVILLE, TENN. — An undisclosed Mississippi company has acquired Papermill Self Storage, a 55,067-square-foot self-storage facility in Knoxville. Located at 3980 Papermill Road, the property sold for $2.02 million. Michael Mele and Anne Williams of Marcus & Millichap represented the Texas-based seller in the transaction. Terms of the transaction were not disclosed.