Marcus & Millichap Real Estate Investment Services announced two completed retail deals last week for a combined $26.7 million.

In the first deal, Marcus & Millichap brokered the sale of a 125,601-square-foot site in Denver, which is ground-leased to Lowe’s for $13 million. Jamie Medress, a senior vice president investments, Mark Ruble, an associate vice president investments, both in the firm’s Phoenix office, and Michael Hoffman, a first vice president and regional manager of the Denver office, represented the seller, an Idaho-based developer. Marcus & Millichap also represented the buyer, a Phoenix-based real estate investment firm.

In a separate deal, the firm brokered the sale of the 170,097-square-foot Derby Shopping Center in Derby, Conn. The sales price of $13.7 million represents $81 per square foot and a 7.31 percent cap rate.

Adam Mancinone and Blake Barbarisi of Marcus & Millichap’s New Haven office, and Robert Horvath and Todd Tremblay in the firm’s Boston office, represented the seller and developer, a partnership of New York-based investors. Mancinone, Barbarisi, Horvath and Tremblay also represented the buyer, a Connecticut-based private investor.

Tenants include Lowe’s Home Improvement Center, a freestanding Dunkin Donuts, Burger King, Webster Bank and Dollar Tree. The 152,890-square foot Lowe’s opened for business in December 2008 and has a 20-year absolute triple-net ground lease with eight five-year options. Each option period has a 10 percent escalation.

Cedar Continues Dealing

Cedar Shopping Centers Inc. entered into a definitive agreement to purchase the 160,000-square-foot Northwoods Crossing in Taunton, Mass., on behalf of the joint venture between Cedar (20 percent) and RioCan REIT (80 percent) for $23.5 million. Cedar also entered into a definitive contract to sell the 72,000-square-foot Fairfield Plaza in New Milford, Conn.

Northwoods Crossing is anchored by a 115,000-square-foot BJ's Wholesale Club with a lease extending to 2023 and a 19,000-square-foot Tractor Supply with a lease extending to 2025. The property is 100 percent leased. Other tenants include Dollar Tree, Ruby Tuesday's and Wendy's. The property can be expanded by an additional 15,000 square feet. In the event that the joint venture in fact builds and leases such additional square footage, the seller will be entitled to an "earnout" at 8.5 percent on the base rental income.

The purchase price is subject to existing non-recourse financing of approximately $14.5 million at 6.35 percent, maturing in 2016. Cedar's investment will be approximately $1.8 million above the existing debt, which it expects to fund from its secured revolving credit facility. RioCan's share of the equity investment above the existing debt will be approximately $7.2 million.

Fairfield Plaza is anchored by T.J. Maxx and Staples and was sold to an affiliate of Urstadt Biddle Properties Inc. for $10.84 million.

The property was acquired by Cedar in May 2005 for approximately $9.25 million as part of a portfolio of 25 properties. The purchase is subject to assumption of an existing first mortgage loan in the amount of approximately $5 million held by KeyBank N.A.

Cedar expects to receive net cash proceeds of approximately $5.8 million, subject to closing costs and adjustments, and to realize a reportable gain of approximately $500,000 upon completion of the sale.

Other Notable Deals

Colliers International facilitated the investment sale of the 87,09r-square-foot Northpark Village Square neighborhood shopping center in Santa Clarita, Calif. to an institutional buyer. The property is anchored by Ralphs, and includes Rite Aid, Wells Fargo, and Starbucks as tenants. Northpark Village Corp., an entity advised by Cornerstone Real Estate Advisers LLC, was represented by Tom J. Lagos, senior vice president and the director of retail services group, based in Colliers International’s Downtown Los Angeles office.

CB Richard Ellis arranged the sale of the .94-acre parcel housing a new, 3,798-square-foot SunTrust Bank branch in Boynton Beach, Fla. The property was acquired by L H Boynton Bank Building LLC for $4.4 million. CBRE brokers, Dave Donnellan, first vice president, and Todd Weintraub, associate, represented the seller. The land was subject to a new 20-year ground lease with SunTrust Bank.