DOLTON, ILL., AND INWOOD, W.VA. — An affiliate of Norfolk, Va.-based Harbor Group International has purchased two CVS/pharmacy retail properties in Dolton and Inwood. The properties were acquired as a portfolio from Mesirow Realty Sale-Leaseback Inc. for $9.5 million. Each property is leased for a remaining initial term of approximately 24 years with 10 additional 5-year periods. The portfolio consists of a 13,013-square-foot CVS/pharmacy with a double drive-thru in Dolton and a 12,900-square-foot CVS/pharmacy with a double drive-thru in Inwood.
Retail
LIVONIA, MICH. — Centro Properties has leased 40,000 square feet of retail space at Musicland Shopping Center to Big Lots. The new retail store, which recently opened, is located at the intersection of Tech Center Drive and Plymouth Road in Livonia. Terms of the lease were not disclosed. Robert Saggesse provided in-house representation for Centro Properties Group, the property owner.
LANGHORNE, PA. — Marcus & Millichap has arranged the sale of CVS Pharmacy Plaza in Langhorne for $3.05 million. Situated along West Maple Avenue , the shopping center totals 14,410 square feet, with CVS/pharmacy occupying 54 percent of the center. Occupancy was 100 percent at the time of closing. Christopher Munley, Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, Langhorne Realty Partners. Munley procured the buyer, a local investor. The property traded at a 7.97 percent capitalization rate.
GREENVILLE, N.C. — Troy Legge of Sperry Van Ness|Lighthouse Commercial Realty represented an undisclosed seller in the $6.2 million sale of a Walgreens to a private buyer. The 14,490-square-foot property is located on 1.3 acres in Greenville. Walgreens has a 25-year absolute net lease on the building. The institutional buyer represented itself in the transaction.
CHICAGO — A private investor has acquired a single-tenant retail property in Chicago’s Pilsen neighborhood. Situated on a 12,000-square-foot site at 1709 W. 18th St., the property sold for $3 million. Evan Halkias and Michael Marks of Marcus & Millichap represented the undisclosed seller and buyer in the transaction.
ELIZABETH, N.J. — Marcus & Millichap has brokered the sale of a 26,993-square-foot neighborhood retail center located in Elizabeth for $5.2 million. The two-story building was constructed in 1960 and is located along Route 1/9. Seth Pollack of Marcus & Millichap's New Jersey office represented the seller, a New Jersey limited liability company. Urszula Zoltek, also of Marcus & Millichap, secured the buyer, a local investor.
PERRIS, CALIF. — Cassidy Turley BT Commercial has negotiated the almost $2.2 million acquisition of a 3,000-square-foot Jack in the Box building in Perris. Cassidy Turley’s Andy Bogardus and Jay Hagglund represented the buyer, a private investor, in the transaction.
BOCA RATON, FLA. — 140 N. Federal Highway LLC has purchased a 7,580-square-foot BB&T Bank Building from Seacoast National Bank for $2.9 million in an REO sale. The property is located at 140 N. Federal Highway in Boca Raton. Scott O'Donnell, Dominic Montazemi, Kirk Nelson and Moguel Alcivar of CB Richard Ellis brokered the sale.
LEVELLAND, TEXAS — Lubbock, Texas-based Lee Lewis Construction is planning a summer groundbreaking for the $15 million Multi-Event Center. The property will sit on 152 acres in Levelland. Hockley County is developing the 155,585-square-foot project, which will include 17,340 square feet of banquet and meeting space, a 26,220-square-foot exposition hall and an 85,000-square-foot arena.
CONCORD, N.H. — Marcus & Millichap has brokered the sale of a 5,800-square-foot TGI Friday's located at 221 Loudon Road in Concord. The restaurant traded for $1.62 million at a 8.06 percent cap rate. TGI Friday's currently has 7.5 years remaining on a 10-year lease, which includes four 5-year renewal options with rent escalations. The Marcus & Millichap team of Robert Horvath, Adam Mancinone, Todd Tremblay and Blake Barbarisi represented the seller, Connecticut-based Crown Point Real Estate Investors. Emily McGranaghan of Boston Condo Group procured the buyer, Massachusetts-based 571-575 Broadway LLC.