Warrington, Pa. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $22.5 million sale of Warrington Plaza, an 87,581-square-foot shopping center located in the Philadelphia suburb of Warrington. Brad Nathanson of IPA represented the seller, Valley Forge Investment Corp., and procured the buyer, Realty Resource Capital Corp. Warrington Plaza was fully occupied at the time of sale by tenants including a 35,000-square-foot Avalon Floor & Tile.
Summerville, S.C. — Crosland Southeast has bought 23.7 acres for the first phase of One Nexton, a Publix-anchored mixed-use development in Summerville, roughly 24 miles outside Charleston. Daniel Pellegrino and Seth Clark of Bridge Commercial represented the seller, Brookfield/NASH, in the transaction. Upon completion, the multi-phase project will include 150,000 square feet of shopping and dining space and 351 multifamily units. Charlotte-based Shook Kelley will be the development’s master designer, and Alpharetta, Georgia-based Hiscutt & Associates Inc. is the retail architect for Phase I. Jeff Yurfest of The Shopping Center …
Cape Coral and Melbourne, Fla. — SRS Real Estate Partners’ National Net Lease Group has brokered the $12.5 million sale of two single-tenant properties occupied by Crunch Fitness in South Florida. The newly developed portfolio includes a 19,200-square-foot property located at 244 Nicholas Parkway West in Cape Coral; and a 19,500-square-foot property located at 4880 N. Wickham Road in Melbourne. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Southeast-based developer, as well as the buyer, a family partnership from South Florida, in the transaction.
Jurupa Valley, Calif. — Progressive Real Estate Partners has arranged the sale of a Shell gas station and Circle K convenience store and car wash in Jurupa Valley. A Riverside County-based private investor sold the asset to another Riverside County-based private investor for $9.3 million. Built in 1999 at 3873 Pyrite St., the property was fully remodeled in 2013. The asset features 28 fueling positions, an express car wash, a 4,000-square-foot Circle K convenience store and a 2,580-square-foot drive-thru restaurant building occupied by Alberto’s Mexican Food and Sub Hub Sandwiches. …
Nashville, Tenn. — Stan Johnson Co. has brokered the $7.3 million sale of a single-tenant restaurant located at 1911 Broadway St. in Nashville. The 3,643-square-foot property is leased to Velvet Taco, a fast-casual dining concept based out of Plano, Texas. Blaise Bennett of Stan Johnson Co. represented the seller, an undisclosed local developer. The 1031 exchange buyer was an entity based out of Glen Allen, Virginia. The 3,643-square-foot property in Nashville is leased to Velvet Taco.
Sevierville, Tenn. — CBRE has arranged the sale of Smoky Mountain Gateway, a 137,286-square-foot shopping center located at 750 Winfield Dunn Parkway in Sevierville. Anchored by Publix, the center features other tenants such as HomeGoods, Hamrick’s and Five Below. Casey Rosen, Paul Gaither, Steele McDonald and Dennis Carson of CBRE represented the seller, Horne Properties Inc. JRW Realty represented the buyer, an affiliate of ExchangeRight, which purchased the property for an undisclosed price.
Rochester, Pa. — Marcus & Millichap has brokered the $12 million sale of Madison Square Shopping Center, a 184,082-square-foot retail property in Rochester, located northwest of Pittsburgh. Giant Eagle anchors the property, which was originally constructed in 1967 as a Kaufmann’s Department Store. John Reehil of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction.
Denver — Evergreen Devco Inc. has completed the construction of a grocery-anchored shopping center at the northeast corner of 56th Avenue and Tower Road in Denver. The property will be anchored by a 23,300-square-foot Sprouts Farmers Market, which is set to open on January 14. The development site also features an 8,224-square-foot multi-tenant building and six accompanying retail pads, which are slated to open later this year. The multi-tenant space will be home to tenants including a 3,000-square-foot Solomon Liquor, 2,324-square-foot Corner Bakery Café and an 1,800-square-foot Prairie Pediatrics. Bryan …
Houston — RealSource Group has negotiated the sale of a 37,030-square-foot single-tenant retail property in West Houston that is net leased to LA Fitness. Austin Blodgett of RealSource Group, in conjunction with ParaSell Inc., represented the seller, a Houston-based private developer, in the transaction. Roger Oser of Newmark represented the California-based buyer. Both parties requested anonymity. The deal traded at a cap rate of 6.12 percent.
New Orleans — Trinity Real Estate Investment Services (Trinity REIS) has brokered the sale of a Family Dollar-occupied retail property in New Orleans. Trinity REIS represented the seller, Legion Capital, in the sale. The property spans 9,180 square feet at 7437 Westbank Expressway, roughly 10 miles from downtown New Orleans.
