Carrollton, Ga. — Avison Young has brokered the $4.9 million sale of a 12,961-square-foot single-tenant retail property occupied by CVS/pharmacy at 2125 Maple St. in Carrollton. Chris Maling and David Maling of Avison Young represented the buyer, Laguna Monarch Group Inc., in the transaction. Cushman & Wakefield represented the seller, an undisclosed private equity group. CVS/pharmacy has occupied the site since 2006 and has 19 years remaining on its triple net lease.
Orland Park, Ill. — Adelphia Properties has brokered the sale of a 7,365-square-foot retail center in Orland Park, a suburb of Chicago. The building is located at 15845 S Harlem Ave. and was 17 percent occupied at time of sale. George Spirrison and Simeon Spirrison of Adelphia Properties represented the undisclosed seller in the disposition of the property. Both the buyer and seller in the transaction are based in Chicago.
Cleveland — DealPoint Merrill has completed its purchase of the former Richmond Town Square regional mall in Cleveland. Built in 1966, the mall was home to over 90 stores until its closure in 2021. DealPoint plans to redevelop the site into Belle Oaks Marketplace, a $200 million mixed-use development. The 1.6 million-square-foot project is set to include 40,000 square feet of restaurants; an outdoor community entertainment venue; 791 Class-A apartment units; 315,000 square feet of grocery and retail stores; and an 80,000-square-foot renovated Regal Cinema theater complex. Construction is expected …
Fort Myers, Fla. — Marcus & Millichap has arranged the $5.7 million sale of Shops at Jamaica Bay, a 21,080-square-foot multi-tenant retail center located in Fort Myers. Jim Shiebler, James Medefind and James Garner of Marcus & Millichap represented the seller and the buyer in the transaction, both of which were limited liability companies. Built in 2007, the center is fully occupied by tenants such as AT&T and Allstate insurance.
Vancouver, Wash. — CBRE has arranged the sale of Hazel Dell Towne Center, a 264,000-square-foot Kohl’s-anchored power center located in Vancouver to Transnational Management for $28.8 million. Philip Voorhees, Jimmy Slusher, James Tyrrell, Dino Christophilis and Daniel Tibeau of CBRE represented the seller, a partnership managed by Pine Tree, in the transaction. Located at 8801 N.E. Hazel Dell Ave., Hazel Dell Towne Center is 87 percent leased to tenants including Office Depot, Petco, Party City, Gold’s Gym, Craft Warehouse, America’s Best and Massage Envy. The property is also shadow-anchored by …
Austin, Texas — Newport Capital Partners has acquired Stassney Heights on behalf of its Newport Capital Partners Fund III. The 103,030-square-foot, grocery-anchored shopping center is situated on the southwest corner of Stassney Lane and Interstate 35 in Austin. CBRE represented the seller, a Northeast-based retail and industrial investment manager, in the transaction. Newmark secured acquisition financing for the sale through Wintrust Bank. Stassney Heights was 93 percent leased at the time of sale to tenants including anchor Fiesta Mart, Umi Sushi, Castle Dental, T-Mobile and Clinica Hispana.
Nicholasville, Ky. — Marcus & Millichap has arranged the $9.4 million sale of an 82,982-square-foot single-tenant property net-leased to Kohl’s and an adjacent outparcel in Nicholasville, about 12 miles away from Lexington. Jesse Limon of Marcus & Millichap represented the seller, an entity doing business as Man O’War Development LLC No 3. Limon also secured and represented the buyer, InCommercial Inc. Colby Haugness of Marcus & Millichap assisted in closing this transaction.
Union Gap, Wash. — Hanley Investment Group Real Estate Advisors has brokered the acquisition of a single-tenant retail building located at 1403 E. Washington Ave. in Union Gap. A private investor sold the property to a Southern California-based buyer for $3.3 million. PetSmart occupies the 19,677-square-foot property, which was built in 2000, on a net-lease basis. Jeff Lefko and Bill Asher of Hanley Investment, in association with ParaSell, represented the buyer in the deal.
South Pasadena, Fla. — Branch Properties has sold South Pasadena Shopping Center, a 165,746-square-foot shopping center located six miles west of downtown St. Petersburg in South Pasadena. The Walmart Neighborhood Market-anchored center is fully leased to tenants including CVS/pharmacy, Bealls Outlet and Ace Hardware. Saugatuck Commercial Real Estate represented the buyer in the transaction. CBRE negotiated the deal on behalf of the seller, Branch Properties. The seller and terms of the transaction were undisclosed.
Athens, Ga. — SRS has brokered the sale of Athens West, a 178,930-square-foot shopping center in Athens anchored by Big Lots, America’s Thrift, American Freight, BioLife and Citi Trends. SomeraRoad sold the property for $16 million to Trinity Apex LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller, and the buyer was self-represented in the transaction. Additional tenants at the property include Anytime Fitness, CiCi’s Pizza, Metro PCS, H&R Block, Direct Insurance and Domino’s Pizza.
