CHESTERTOWN AND CALIFORNIA, MD. — Marcus & Millichap has brokered two retail sales in Maryland. MWASH LLC has sold a Walgreens to an undisclosed party for $7.07 million. The property is located at the intersection of Washington Avenue and Morgenec Road in Chestertown. The firm's Dean Zang and Mark Taylor represented the seller. Zang and Taylor also represented Park Place Cal in its sale of an Olive Garden to an undisclosed party for $1.77 million. The newly constructed restaurant is located in the Park Place development at 45265 Abdell House Lane in California.
BESSEMER, ALA. — Colonial Property Services has sold a 2.02-acre property groundleased by Logan's Roadhouse to a Chicago-based investor for $1.3 million. The building is located at 5000 Band Blvd. in Bessemer. The Boulder Group's Randy Blankstein represented the buyer. Wes Cline of Coldwell Banker Commercial Eyster Properties represented the seller.
EL PASO, TEXAS — Brian Parmacek, Stephen Rachman, Scott Niedergang and Tim Speck of Marcus & Millichap have brokered the sale of two Big 8 Food Store properties in El Paso for a combined $7.6 million. Both stores were traded between undisclosed parties. The first store, which is located at 9480 Viscount Blvd., sold for $4.6 million. The tenant has nearly 10 years left on its lease. The second store, which is located at 3518 Montana Ave., sold for $3 million.
IRVING, TEXAS — Hercules Tire has leased 60,099 square feet of industrial space from ProLogis in Irving. The property is located at 9500 N. Royal Lane. Mitch Pruitt represented ProLogis internally. Trey Fricke and Reid Bassinger of Lee & Associates represented Hercules Tire.
WOODLAND PARK, COLO. — Marcus & Millichap has announced the $1.825 million sale of Woodland Park Plaza, a 23,872-square-foot retail property located at 1063-1099 and 1103-1131 East Highway 24 in Woodland Park. The property is anchored by Safeway, which was not included in the deal. Marcus & Millichap’s Jon Hendrickson and Garrette Matlock represented the seller in the short-sale transaction, and the brokerage firm’s Barry Higgins represented the buyer.
TUCSON, ARIZ. — Marcus & Millichap has brokered the $3.5 million sale of a 13,905-square-foot Walgreens in Tucson. The brokerage firm’s Jacob Levy and Hamid Panahi represented the buyer and seller, respectively, of the single-tenant, net-leased property; both participants were limited-liability companies.
WEST PALM BEACH, FLA. — Regins Inn has purchased the 19,020-square-foot Walgreens at Summit retail center from Spring Estates South for $4.56 million. Located at 4509 Summit Blvd. in West Palm Beach, the property consists of a freestanding Walgreens and a two-tenant building, which will be demolished after its leases expire to make way for more Walgreens parking. David Donnellan, William Strauss, Todd Weintraub and Mike Millard of CB Richard Ellis represented the seller.
DICKSON CITY, PA. — Appliance and electronics retailer hhgregg has opened a new location in Dickson City. The 27,943-square-foot store is located within the Dickson City Crossings shopping center on Scranton Carbondale Highway. Centro Properties Group is the shopping center's owner and was represented in-house by Suzanne Cadden-Christman in lease negotiations.
EDGEWATER, N.J. — ARC Property Trust has acquired the ground lease for a CVS/pharmacy located in Edgewater. The property is situated on River Road within the 1 million-square-foot Riverside Park mixed-use development. CVS occupies the building under a 25-year lease. The seller's name and the acquisition price were not disclosed. ARC Property Trust was formed in January by ARC Properties and has the goal of investing $100 million in net-leased properties over the next 12 months.
HOUSTON — Investcorp Real Estate has purchased the 348,542-square-foot Deerbrook Marketplace shopping center from a private seller for an undisclosed price. The Houston property is 98.5 percent leased by tenants including Sports Authority, Best Buy, Bed Bath and Beyond, Marshalls, OfficeMax and PetsMart. Capital Trust provided financing for the acquisition, which will be managed by Global Fund Investments.