SPRINGFIELD, MO. — Marcus & Millichap has completed the sale of the Regions Bank Office Building in Springfield for $2.5 million. The 31,718-square-foot office property was constructed in 1996 and is located at 3271 East Battlefield in Springfield. It is currently occupied by tenants such as MetLife, URS Corp., and Whitlock, Selim & Keehn. John Magner of Marcus & Millichap’s St. Louis office represented the seller, a REIT investor. Zane Whiteley, also of Marcus & Millichap’s St. Louis office, represented the buyer, a private investor.
Retail
SOUTH BRUNSWICK, N.J. — WP Realty has sold South Brunswick Square, a 260,981-square-foot grocery-anchored shopping center in South Brunswick, Middlesex County for $45.5 million. Located along U. S. Highway Route 1, the facility was purchased by 426 ROYAL, LLC. The property is anchored by Home Depot and Stop & Shop and features other tenants such as Bob’s Stores, Dollar Tree, Bandito’s Margarita Factory, Blockbuster Video and Friendly’s. The center is currently 100 percent occupied. WP Realty originally purchased the property for $24 million in 2003.
MESQUITE, TEXAS — The grand opening will be held this month for Zaina World Food Market, a Mediterranean grocery store located in Mesquite. The store will occupy 12,000 square feet within Independence Plaza, a 179,000-square-foot shopping center located at the corner of Town East Boulevard and Galloway Avenue. The grocery store will also contain Amir’s Café & Bakery, a restaurant serving Middle Eastern food and baked goods. Independence Plaza is controlled by Houston-based Weingarten Realty Advisors.
GAITHERSBURG, MD. — Denver-based Dividend Capital Total Realty Trust has purchased the 232,717-square-foot 270 Center retail property from an undisclosed seller for an undisclosed price. The center, which is currently fully leased, is located at the intersection of Shady Grove and Gaither roads in Gaithersburg. CB Richard Ellis brokered the sale.
FRACKVILLE, PA. — Fameco Real Estate has arranged a 35,000-square-foot lease at Schuylkill Mall in Frackville. The space will be occupied by Las Vegas-based junior department store Famous Labels. Fameco’s Jerry Johnson negotiated the transaction on behalf of the landlord, Michael Perlstein. Schuylkill Mall is anchored by Bon Ton, Kmart and Sears. Fameco Management Services acts as property manager for the mall.
ALBUQUERQUE, N.M. — Houston-based Option 1 Realty Group is opening its Unser Plaza Shopping Center, which is located on Unser Boulevard in Albuquerque. The $5.9 million center offers 30,000 square feet of retail and entertainment options. Currently signed tenants include High Desert Family Entertainment with Black Light Miniature Golf and family games; Pudge Bros. Pizza; Snap Fitness; HealthMart Pharmacy; Sandia Smiles Dental Center; Premier Spa & Nails and Jade Star Asian Bistro. The project was financed through Imperial Capital and Appian Capital.
WEXFORD, PA. — Marcus & Millichap recently completed the $4.4 million sale of Festival Foods in Wexford. The 50,198-square-foot shopping center is located in the Wexford Plaza Shopping Center and was not in use at the time of the sale. Andrew Marguiles, Tom Gorman and Matthew Gorman of Marcus & Millichap represented the seller, PC Wexford Associates, and procured the buyer, ECHO LB Associates.
SEFFNER, FLA. — Hallandale, Fla.-based Isram Realty has purchased the 70,040-square-foot North Grove Center from an undisclosed seller for $2.7 million. Located at 725 W. Dr. Martin Luther King Jr. Blvd. in Seffner, the property was built in 1977 and renovated in 2004. Winn-Dixie and Dollar General anchor the shopping center. Matthew Reichenthal, David Goldstein and Les Aron of Marcus & Millichap’s Tampa, Fla., office and Michael Lombardi of the firm’s New Jersey office represented the seller. Reichenthal and Dimitrios Langas of Marcus & Millichap represented the buyer.
ELLICOTT CITY, MD. — Columbia, Md.-based James M. Jost & Co. is nearing completion on the 18,000-square-foot Centennial Place, a retail and office project located at 1055 Baltimore National Pike in Ellicott City. The property encompasses 9,000 square feet of ground-level retail space and 6,000 square feet of office space. Howard Bank will serve as the lead tenant, occupying 3,200 square feet. The remaining space is being marketed to service providers and professional companies. Columbia-based Brasher Design provided architectural services.
JANESVILLE, WIS. — Steve Doran of Lee & Associates’ Madison, Wis., office has arranged a 30,431-square-foot lease for Slumberland Furniture. The tenant signed a 10-year, $2.5 million-square-foot lease within a portion of the space once occupied by Wal-Mart at the intersection of Highways 14 and 26 in Janesville. The owner and developer of the site is Northbrook, Ill.-based D&B Development.