Asheboro, N.C. — Flagship Realty LLC has purchased 1334 East Dixie Drive, a two-tenant retail building in Asheboro. The 6,400-square-foot property was fully occupied at the time of sale by Mattress Warehouse and AT&T. Jimmy Flowers of Flowers Capital Holdings brokered the $2 million sale. Flowers Capital Holdings will also manage the property. Pinnacle Bank provided a $1.6 million loan for the acquisition.
Kansas City, Kan. — Block & Co. has arranged the sale of a 7,575-square-foot freestanding restaurant property occupied by Red Lobster in Kansas City. Alex Block and David Block of Block & Co. represented the seller, an undisclosed property ownership group, in the disposition of the property to LPC Retail LLC.
Georgetown, Texas — SRS Real Estate Partners has negotiated the sale of Oak Meadows Marketplace, a 78,888-square-foot shopping center located in Georgetown, about 28 miles from Austin. Built in 2018, the property was 92 percent leased at the time of sale, with grocer Randall’s serving as the anchor tenant. Cathy Nabours, Walter Saad, Kyle Shaffer and Aaron Johnson of SRS represented the seller, Cypress Equities, in the disposition of the property to Phillips Edison & Co.
Irvine, Calif. — Faris Lee Investments has arranged the sale of 10 Dairy Queen-occupied properties across Louisiana. The portfolio was sold to two separate buyers. Scott DeYoung, Jeff Conover and Hunter Steffien of Irvine, California-based Faris Lee represented the seller, an entity doing business as MP Holdings LLC, in the transaction. The 10 freestanding locations feature drive-thrus and are located in metro New Orleans, Baton Rouge, Lafayette and Houma.
Denver — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a 23,300-square-foot property occupied by Sprouts Farmers Market in Denver’s Green Valley Ranch neighborhood. Ryan Bowlby and Drew Issac of IPA, along with James Rassenfoss of Marcus & Millichap, represented the seller, Evergreen DevCo, and procured the buyer, Rustic Partners, in the deal. The grocery store anchors a new shopping center development located at the northeast corner of 56th Avenue and Tower Road.
Orlando, Fla. — Marcus & Millichap has arranged the $5.8 million sale of Shoppes at Lee, a two-building, 19,970-square-foot retail strip center in Orlando. Located at 1084 Lee Road, the property was leased to tenants including FedEx Office, Boost Mobile, Little Caesar’s and Trustco Bank at the time of sale. Nick Ledvora of Marcus & Millichap represented the seller, an entity doing business as Peak 14 LLC, and procured the buyer, Malhan Investments LLC, in the transaction.
Indian Land, S.C. — JLL Capital Markets has arranged the sale of Promenade at Carolina Reserve, a 255,868-square-foot shopping center in Indian Land, about 25 miles from Charlotte. Jim Hamilton, Brad Buchanan, Tom Kolarczyk, Ryan Eklund and Andrew Kahn of JLL represented the seller, Hutton. Bandera Ventures acquired the property. Completed in 2018, Promenade at Carolina Reserve was fully leased at the time of sale to tenants including T.J. Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby and Petco. Additionally, the center includes five single-tenant outparcel pads …
Shelton, Conn. — Urstadt Biddle Properties Inc. has acquired Shelton Square, a 186,000-square-foot shopping center in Shelton, about 10 miles from New Haven, for $33.6 million. Shop & Stop anchors the property with a 67,000-square-foot store and an additional 70,000-square-foot space that formerly housed a Bradlees department store. Other tenants at the center, which was 96.5 percent leased at the time of sale, include People’s United Bank, St. Vincent’s/Hartford Health, Burger King and Sport Clips. The seller was not disclosed.
Rockford, Ill. — Quantum Real Estate Advisors Inc. has arranged the sale of Rockford Commons, an 89,000-square-foot shopping center in Rockford. Ross Dress for Less and Best Buy anchor the property, which was fully leased at the time of sale. Chad Firsel of Quantum represented the seller, Core Acquisitions LLC. Daniel Waszak of Quantum represented the buyer, a Dallas-based REIT. The sale also included an outparcel for future development.
Alhambra, Calif. — Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra, about 9 miles from Los Angeles. Office Depot formerly occupied the 26,000-square-foot property, which offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.
