Stoughton, Mass. — RK Centers has acquired a shopping center in Stoughton, located approximately 20 miles south of Boston, for $19.5 million. A 59,987-square-foot Stop & Shop grocery store anchors the 79,300-square-foot center, which also houses tenants such as Bank of America, Care Central Urgent Care and Andrade’s Liquors. Nat Heald, Chris Angelone and Jessica Dowd of JLL represented the seller, Katz Properties Retail, in the transaction.
Woonsocket, R.I. — CVS Health (NYSE: CVS) plans to close 22 underperforming drugstores during the first quarter of 2020. In its third quarter results of 2019, the Rhode Island-based drugstore giant reported a 36.5 percent increase in revenue from $47.3 billion in 2018 to $64.8 this year. During 2018, CVS closed 46 underperforming stores and acquired health insurance and Medicare company Aetna (NYSE: AET) for approximately $70 billion. The integrated companies moved forward with major asset redevelopments, including a “hub-and-spoke” model wherein smaller retail stores function as outposts for central …
Chicago — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the borrower.
Orange, Calif. — Newmark Knight Frank (NKF) has negotiated the sale of a single-tenant retail property located at 1809 W. Chapman Ave. in Orange. A Southern California-based family trust acquired the property from Orange County, California-based Adray Plaza for $8.8 million in a 1031 exchange. Fresenius Medical Care, a dialysis clinic, occupies the 21,000-square-foot property on an absolute, triple-net lease basis. Glenn Rudy and Rob Ippolito of NKF represented the seller, while Matthew Graham of Graham & Associates represented the buyer in the deal.
Long Beach, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of high-street, multi-tenant retail property located at 5354 E. Second St. in Long Beach’s Belmont Shore neighborhood. A Jackson, Wyoming-based private investor sold the asset to a Long Beach-based private investor for $5 million. Built in 1952, the two-story building features 8,991 square feet of retail space. At the time of sale, the property was 100 percent leased. Current tenants include Arthritis National Research Foundation, Jonnum Media, The Flynn Group and FEA Consulting. Kevin Fryman, Carlos …
Kansas City, Mo. — Linwood Investors LLC has broken ground on its $8 million redevelopment of Linwood Square, a blighted retail strip center in the Linwood-Prospect corridor on Kansas City’s east side. The project complements the redevelopment of the Linwood Shopping Center, which the company completed in 2017. Linwood Square is a 55,000-square-foot property originally built in 1992. Project plans call for new exterior facades and roofing as well as energy-efficient HVAC, LED lighting and an interior redesign. Project funding comes from public incentives and private financing. The public improvements …
Glenview, Ill. — JLL has brokered the sale of a newly constructed, 18,000-square-foot retail property that is triple net leased to Goodwill in the Chicago suburb of Glenview. The sales price was not disclosed. The building is situated on 1.7 acres at 2740 Old Willow Road. JLL marketed the property on behalf of the seller, a Chicago-based developer. Florida-based Best Properties LLC purchased the asset while completing a 1031 tax-deferred exchange. Goodwill Industrials of Southeastern Wisconsin Inc., which is the largest of the more than 165 Goodwill organizations worldwide, began …
Branford, Conn. — Lyman Real Estate (LRE) has arranged the $1.1 million sale of a 9,331-square-foot retail building in Branford, an eastern suburb of New Haven. The building at 854 W. Main St. was previously occupied by Party City. The buyer, LA-IN-USA LLC, will use 3,000 square feet on the first floor to expand its Villa Nail Spa business. Ron Lyman of LRE represented the buyer in the transaction. Jeffrey Kravet of Kravet Realty represented the seller, Branford Realty Trust LLC.
Boston — Kitchen remodeling firm Express Kitchens plans to significantly increase its Massachusetts footprint in 2020 by opening three new retail stores and five new showrooms in and around the Boston area. Express Kitchens will open stores in the suburbs of Lynn, Watertown, Dedham, Peabody, Reading, Medford, Brockton and Weymouth. Showrooms will display a range of kitchens, cabinets and countertops, which customers will be able to purchase for their homes in-store or from the company’s website.
Port Orange, Fla. — Phillips Edison & Co. Inc. has sold Countryside Shopping Center, a 124,268-square-foot retail center in Port Orange. An affiliate of Atlanta-based Vanguard Associates Inc. acquired the property for an undisclosed price. Sav-a-Lot and Big Lots anchor the 96 percent-leased center. Other tenants at the time of sale included Halifax Health, Wells Fargo, Cici’s Pizza, Workout Anytime and H&R Block. The center is located at 3840 S. Nova Road, seven miles south of downtown Daytona Beach. Eric Williams, Daniel Finkle, Luis Castillo and Whitaker Leonhardt of JLL …