VIRGINIA AND MARYLAND — An undisclosed buyer has purchased a four-property portfolio of triple-net leased Applebee’s restaurants from an undisclosed seller for $9.2 million. The restaurants are located in Harrisonburg, Warrenton and Winchester, Va., and California, Md. Rick Fernandez of Calkain Realty Advisors represented the buyer in the transaction.
JUPITER, FLA. — Atlantic Retail Properties will help Lowe’s Home Improvement Warehouse dispose of 60 excess real estate assets in the Southeast. The firm has been tasked with selling properties that range from vacant land to 50,000-square-foot stores. The assets are located in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina and Tennessee. Dan Lynch, Greg Godino and Ross Waters of Atlantic’s Jupiter office are in charge of executing the deals.
ORLANDO, FLA. — Orlando-based Corporate Convenience has sold a 16,969-square-foot laundry property to Mchaeuszer Laundry for $1.26 million. The vacant building is located on 1.3 acres at 5824 Precision Dr. in Orlando. Mike Halimeh of Sperry Van Ness’ Orlando office represented the seller. Paul Noonan of Cambridge Financial’s Orlando office represented the local buyer.
FAIRFIELD TOWNSHIP, OHIO — Phillips Edison & Co.’s Strategic Investment Fund recently acquired Bridgewater Falls, a 600,000-square-foot regional shopping center in Fairfield Township. The approximately 54-acre property sale also includes ground leases to JC Penney, Chili’s, Max & Erma’s and Huntington Bank. The center is anchored by TJ Maxx, Best Buy, PetSmart, Dick’s Sporting Goods, Michaels, Target and Bed, Bath & Beyond. The seller and acquisition price were not disclosed. This acquisition marks the third property purchased by the company’s $70 million strategic investment fund.
OVERLAND PARK, KAN. — Westchester, Ill.-based Tri-Land Properties has broken ground for the redevelopment of Cherokee South Plaza in Overland Park. The rehab of the 118,000-square-foot retail center includes demolition of one building, the construction of three new buildings and the addition of many new retail tenants. Current tenants include Hallmark, H Block and Paul Mitchell School. The revitalized center will include outdoor patios, tree-lined walkways, sidewalk planters and public spaces for neighborhood use. Additionally, a 15,000-square-foot, stand-alone Walgreens store is scheduled to open at the end of October. Completion for the redevelopment is slated for summer 2010.
BRIDGEPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sale of the former National Wholesale Liquidators building in Bridgeport for $7.85 million. The building totals 45,000 square feet and is situated on 2.68 acres at 4425 Main St. The buyer, Fortress Development, plans to lease the property to a major supermarket. The seller was Cornell Main Street. Bruce Wettenstein of Vidal/Wettenstein was the sole broker in the transaction.
CORPUS CHRISTI, TEXAS — Following a 6-month renovation, Macy's has reopened at the La Palmera shopping center in Corpus Christi. The expansion added approximately 18,000 square feet to the store's first floor. In addition, the store's departments were reconfigured and expanded, new carpeting and lighting was installed, and the aisles were widened. The project is part of the ongoing $50 million renovation and repositioning of La Palmera, a 1 million-square-foot mall that is owned by Fort Worth, Texas-based Trademark Property Co.
ARIZONA — Goodwill Industries of Central Arizona Inc. has leased more than 118,000 square feet across four new retail store locations in Phoenix, Mesa, Peoria and Tempe. Today’s Tempe opening marks Goodwill’s 43rd location in central Arizona. Velocity Retail Group’s Andy Kroot represented Goodwill in the transactions.
SALIDA, COLO. — Marcus & Millichap has handled the nearly $2.8 million sale of Salida Center, a 20,400-square-foot retail property located at 101 W. Hwy. 50 in Salida. The property is net-leased to Family Dollar, Sherwin Williams and Autozone for 10- and 15-year terms. Marcus & Millichap’s Jason Burns represented the seller, a retail developer.
SOMERSET, KY. — Dunham’s Sports has signed a 44,895-square-foot lease with an undisclosed landlord for space in the Grand Central Place shopping center. The property, located on U.S. Highway 27 in Somerset, houses Kroger and Peebles. Paul Ray Smith and Jim Kemper of NAI Isaac Commercial Properties represented the landlord in the transaction.