SARATOGA SPRINGS, N.Y. — Pyramid Brokerage Co. has completed the sale of Hannaford Plaza, an approximately 179,909-square-foot retail center located at 79-95 Weibel Ave. in Saratoga Springs, for $23 million. The property was fully occupied at the time of closing by Kohl’s, Hannaford Brothers and Tractor Supply. Joyce MacKnight of Pyramid’s Syracuse, N.Y., office, along with Peter Struzzi and Shaun O’Rourke of the company’s Albany, N.Y., office negotiated the transaction. The buyer is Saratoga Retail Partners, a subsidiary of Albany-based Nigro Cos.; the seller is Centro Properties.
Retail
CARROLLTON, TEXAS — Henry S. Miller Commercial (HSMC) has arranged the purchase of Beltline Venture, a 25,265-square-foot retail strip center located at 2717 E. Beltline Rd. in Carrollton. The property is located on a 2.25-acre land parcel. Jerry Yoder of HSMC’s Dallas retail division represented the buyer, Epsilon Ventures LLC. Yoder was also retained by the company to direct leasing efforts for the property. The seller, Beltline Venture Court LLC, was represented by Martina Crevecoeur of Dallas-based International Capital. The acquisition price was not disclosed.
IRVINE, CALIF. — Irvine-based Hopkins Real Estate Group (HREG) is developing three retail centers in Southern California. KKE Architects Inc. has provided architectural services for all three projects. A joint venture between HREG and Arnel Capital Partners LLC has developed Imperial Promenade, a 215,000-square-foot retail center located at Imperial Highway and Idaho Street in La Habra. Target, Circuit City, Corner Bakery, Chipolte, Pinkberry, Cake House and Z Pizza tenant the center. Anaheim, Calif.-based Adorn Construction Inc. served as general contractor. In Palmdale, HREG and San Francisco-based Rockwood Capital are developing 47th Street Pavilion, a 500,000-square-foot shopping center located at the corner of 47th Street East and Avenue R. Slated for completion in November, the center will be tenanted by SuperTarget, The Home Depot, Ross Dress For Less, PetSmart and Staples. Additionally, HREG has developed Talega Village Center, which is located at the corner of Avenida Vista Hermosa and Avenida Talega in the master-planned Talega community in San Clemente. The 103,000-square-foot retail center is occupied by Ralphs Fresh Fare, Eric Hanan, V’s Barbershop, Peet’s Coffee, Little Gym, Wells Fargo, First Class Pizza, Juice It Up!, Verizon and Sundried Tomato.
PALMDALE, CALIF. — Redlands, Calif.-based Palmdale 2006 Co. has completed the disposition of an 11,646-square-foot retail property, which is located at 40008 10th St. West in Palmdale. An undisclosed Glendale, Calif.-based private investor acquired the property for $6.26 million. Current tenants of the property include Taco Del Mar, Submarina, Wingstop restaurant and Taste of Persia. Jeff Conover of Faris Lee Investments represented the seller; Steve Crockett of Lee & Associates represented the buyer in the transaction.
SPOTSYLVANIA COUNTY, VA. — Fort Lauderdale, Fla.-based Morgan Property Group plans to develop the Shoppes of Rollingwood Drive on 3 recently purchased acres in Spotsylvania County. The center, located at Courthouse Road and Rollingwood Drive, is anchored by a 14,820-square-foot Walgreens. Construction will begin next summer.
GREENSBORO, N.C. — 4001 Battleground Avenue LLC has purchased a 13,824-square-foot Rite Aid from Battleground LLC for $4.27 million. Eckerd Corporation holds a 20-year NNN lease on the building, which has 17.5 years remaining with four options every 5 years. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented both parties in the transaction.
COLLIERVILLE, TENN. — Stan Johnson Co. has sold an undisclosed party’s ground lease of a 5,570-square-foot Longhorn Steakhouse restaurant to an undisclosed buyer for $1.84 million. The seller was represented Ken Hedrick and Jerry Hopkins of Stan Johnson and Cary Whitehead, III, of Boyle Investment Co. Commercial Investment Advisors’ Justin Zahn represented the buyer. The Longhorn deal is Stan Johnson’s third ground lease transaction in the past few months.
SANTA MARIA, CALIF. — Regency Realty Group has completed the disposition of the leasehold interest in a 95-year ground lease in Santa Maria Commons, a 117,000-square-foot retail center in Santa Maria. An undisclosed buyer acquired the leasehold interests for $10 million. Located at 2407 S. Broadway, the center is tenanted by Kohl’s, Rite Aid and Wachovia. Tom Lagos, Bill Bauman and Kyle Miller of Colliers International represented the seller in the transaction.
GAINESVILLE, FLA. — Marking the company’s first foray into Gainesville, HH Gregg has purchased a 29,300-square-foot property from La-Z-Boy Galleries Gainesville for $3.5 million. The building, located at 3606 S.W. 34th St., will join the company’s 12 other stores statewide. Michael Ryals of Bosshardt Realty Services represented the seller, and the buyer was represented by Frank and Camile Gulisano of Summit Realty.
LONDON, OHIO — The Cooper Commercial Investment Group of Cleveland-based NAI Daus has brokered the sale of a 46,008-square-foot shopping center located in London. Tenants of London Plaza, which is 100 percent leased, include Peebles, Dollar Tree, Volunteers of America, Pizza Hut and Dollar General. A Los Angeles-based independent investor involved in a 1031 exchange has acquired the property from London Development for approximately $3 million. NAI Daus’ Dan Cooper and Bob Havasi represented the seller in the transaction.