Needham and Newton, Mass. — Avison Young Commercial Real Estate has brokered the $7 million sale of two retail properties in Needham and Newton, two western suburbs of Boston. The property in Needham, a 15,609-square-foot retail center located at 238 Highland Ave., is leased to Needham Montessori School, Mandarin Cuisine Restaurant and Needham Nail & Spa. The property in Newton, a 3,588-square-foot building located at 106 Needham St., is leased to fitness equipment distributor Gym Source. Brandon Dickinson of Avison Young represented the seller, Terrazzino Investment Trust, in the transaction. …
Oak Creek, Wis. — Mid-America Real Estate Corp. has brokered the sale of a 7,882-square-foot retail building on an outlot to Drexel Town Square in Oak Creek, about 12 miles south of Milwaukee. The sales price was undisclosed. The property is fully leased to five tenants, including Associated Bank, Sport Clips, Bentley’s Pet Stuff, Charles Schwab and Tropical Smoothie Café. Carly Gallagher Kelly and Andrew Prater of Mid-America represented the seller, a Wisconsin-based developer. A private investor purchased the asset.
Fayetteville, N.C. — Progress Realty Partners has acquired Marketfair Shopping Center, a 219,000-square-foot retail property in Fayetteville, for $36 million. The property recently underwent a complete redevelopment and remerchandising, highlighted by the mid-December grand opening of Lidl. The German grocer joins other national tenants such as Planet Fitness, Gander Outdoors and AMC Theatres. Marketfair Shopping Center is located at 1916 Skibo Road, six miles west of downtown Fayetteville. The seller was Westport Capital.
Webster, Texas — JLL has negotiated the sale of Bay Area Plaza, a 72,569-square-foot commercial property in Webster, located about 23 miles southeast of Houston. Bay Area Plaza comprises 45,269 square feet of retail space and 27,300 square feet of industrial flex space that combined was 98 percent leased at the time of sale. Retail tenants include Total Body Work, Pizza Hut, Dapper Doughnuts and Amy’s Nails. Ryan West, John Indelli and Ethan Goldberg of JLL represented the seller, Orr Commercial Inc., in the transaction. The buyer was undisclosed.
Halpern Enterprises Acquires Hobby Lobby-Anchored Shopping Center in Metro Atlanta for $11.6 Million
Newnan, Ga. — Halpern Enterprises Inc. has acquired Newnan Crossing, a 92,412-square-foot shopping center in Newnan, about 35 miles southwest of downtown Atlanta. Ohio-based Retail Value Inc. sold the property to Smyrna, Georgia-based Halpern Enterprises for $11.6 million. A 66,412-square-foot Hobby Lobby anchors the center, which was fully leased at the time of sale. Other tenants include CATO, GNC, Edible Arrangements, Sally Beauty, American Deli, The Athlete’s Foot and T-Mobile. Walmart and Lowe’s Home Improvement shadow-anchor the center. Newnan Crossing was built in 1996 and is situated adjacent to Interstate …
Akron, Ohio — The Cooper Commercial Investment Group has negotiated the sale of a 10,125-square-foot retail property occupied by CVS Pharmacy in Akron for $2.1 million. CVS has more than 18.5 years remaining on its lease term. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. A private Texas-based investor purchased the asset at a cap rate of 6 percent.
Evergreen Park, Ill. — Mid-America Real Estate Corp. has brokered the $1.1 million sale of an outlot at Evergreen Marketplace in Evergreen Park, about 15 miles south of Chicago. The 5,851-square-foot retail building is home to Cousins Subs, Hair Cuttery and The Crazy Crab. Ben Wineman and Emily Gadomski of Mid-America represented the seller, Sterling Bay. A private buyer purchased the asset.
Houston — Colliers International has arranged the sale of an 88,492-square-foot retail building formerly occupied by Gander Mountain at 19820 Hempstead Road in Houston. Kimberly Lenardson, Robert Hantgan, Ace Schlameus and Jenny Seckinger of Colliers represented the seller, an undisclosed REIT, in the transaction. Zac Hoffer of The Retail Connection represented the buyer, locally based investment firm Tazz Enterprise, which plans to convert the building into a multi-level entertainment center.
Yucaipa, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a freeway-adjacent, two-tenant retail investment property in Yucaipa, approximately 75 miles east of Los Angeles. Newport Beach, California-based VantageOne Real Estate Investments sold the asset to a Los Angeles-based private investor for $8 million, or $956 per square foot. Built in 2016, the two-building asset is located on 2.2 acres at 31465 and 31467 Avenue E. In-N-Out Burger, with a drive-thru, occupies the 3,867-square-foot building on a long-term ground lease with renewal options and fixed increases. …
Blue Bell, Pa. — Marcus & Millichap has negotiated the $40 million sale of Centre Square Commons, an 88,598-square-foot retail center in Blue Bell, a northern suburb of Philadelphia. A 22,450-square-foot Aldi Supermarket anchors the shopping center, which was 96 percent occupied at the time of sale. Other tenants include Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks and Anthony’s Coal Fired Pizza. Brad Nathanson of Marcus & Millichap represented the seller, Kinsley Properties, in the transaction. Nathanson also procured the buyer, Medipower Overseas Co.