Indian Trail, N.C. — JLL Capital Markets has arranged the $28.2 million sale of The Shoppes at Hanfield Village, a 90,996-square-foot, Publix-anchored retail center in Indian Trail, about 16 miles from Charlotte. Thomas Kolarczyk, Ryan Eklund, Bill Moylan, Daniel Naughton and Jordan Lex of JLL facilitated the transaction on behalf of the sellers, KGI Properties and Arista LLC, and procured the buyer, Pantry Express. Additionally, Taylor Allison and John Gavigan of JLL secured $17.5 million in acquisition financing on behalf of the buyer. Grant Street Funding provided the 10-year, fixed-rate, …
Tempe, Ariz. — Faris Lee Investments has arranged the sale of Costco Plaza, a 237,000-square-foot shopping center shadow-anchored by Costco at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. MacLellan of Faris Lee Investments represented the seller in the transaction.
Fishers and Carmel, Ind. — Stan Johnson Co. has brokered the $18.7 million sale of two Fresh Thyme Market-occupied grocery stores in metro Indianapolis. The seller was a Chicago, Illinois-based private equity fund, and the buyer was a private equity fund headquartered in Mexico City. Mark Lovering of Stan Johnson Co. represented both parties in the transaction. Located at 11481 East 116th St. in Fishers and 3400 East 146th St. in Carmel, the freestanding properties are approximately 28,600 square feet each. Fresh Thyme Market has long-term net leases at both …
Los Angeles — CBM1 has arranged the sale of a neighborhood shopping center located at 11201-11223 National Blvd. in West Los Angeles. Los Robles Office Partners sold the property to a private party for $13.1 million. The 10,883-square-foot center includes eight units; a newsstand; a Wells Fargo ATM; two income-producing billboards; and a cell tower. At the time of sale, seven of the eight units were occupied. Geoff Grossman of CBM1 represented the seller, while Paul Brehme of Lee & Associates represented the buyer in the transaction.
Rockford, Ill. — Mid-America Real Estate Group has brokered the sale of State Street Market in Rockford. The 193,657-square-foot shopping center is positioned at the northwest corner of State Street and Trainer Road. The property was 69 percent leased at the time of sale to Burlington, Dollar Tree, Jo-Ann Fabric, Old Chicago and PetSmart. Rick Drogosz of Mid-America represented the seller, Highlands REIT, and the buyer, Rhino Investments.
Westland, Mich. — Marcus & Millichap has arranged the $3.5 million sale of a restaurant property net leased to On the Border Mexican Grill in Westland, about 16 miles west of downtown Detroit. On the Border has 14 years remaining on its lease. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, an individual trust. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the buyer, a limited liability company.
Boulder Group Negotiates $2.1 Million Sale of Starbucks Coffee-Occupied Property in Central Illinois
Lincoln, Ill. — The Boulder Group has negotiated the $2.1 million sale of a single-tenant property net leased to Starbucks Coffee in the Central Illinois city of Lincoln. The building is located at 3103 Woodlawn Road near I-55. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based investment group. The Illinois-based buyer completed a 1031 exchange.
Sherman, Texas — Friedman Real Estate has arranged the sale of Midway Mall, a 530,000-square-foot regional shopping mall located in the North Texas city of Sherman. Anchored by department stores Dillard’s and Burlington, Midway Mall also houses tenants such as 3-D Entertainment, Art of Threading and Candy N Lots. Steven Silverman of Friedman Real Estate represented the undisclosed buyer, which plans to redevelop the property to feature a mix of uses. Specifics of the redevelopment plan were not disclosed.
Turlock, Calif. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the property to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five …
Chicago — Sterling Organization has acquired North Mayfair Commons, an 87,274-square-foot grocery-anchored shopping center in the North Mayfair neighborhood of Chicago, for $18.2 million. A 65,224-square-foot Jewel-Osco grocery store anchors the property. Other tenants include H&R Block and FedEx Kinko’s. Sterling Organization utilized its fund named Sterling United Properties II LP to purchase the property. The fund’s portfolio now spans approximately 1.2 million square feet of gross leasable area.