Read Investments LLC acquired three retail properties in Washington and Oregon. Theare valued at more than $10 million.
Read acquired a 49,000-sq.-ft. shopping center in Moses Lake, Wash. from a private investor. At the time of the transaction the building was vacant. Since then, Ross Dress for Less, Petco and Famous Footwear signed leases at the property. Read plans to redevelop the center and open it in the spring of 2013.
Read bought a 26,000-sq.-ft. former Albertson’s store in Ellensburg, Wash. from the Catholic Diocese of Central Washington. Grocery Outlet signed a lease to occupy the entire space. The retailer will open in July 2012.
Read also bought a 38,000-sq.-ft. retail center in Bend, Ore. Grocery Outlet and two temporary tenants currently occupy the property.
Other Notable Deals
A special purpose entity controlled by LNR Partners LLC sold Abercorn Common, a 185,244-sq.-ft. community shopping center in Savannah, Ga., to a local private investor. Tenants at the center include TJ Maxx, Michael’s, Office Depot, Party City, ULTA, Ashley Furniture, McDonald’s, Firehouse Subs and Panera Bread. Mark Gilbert, Adam Feinstein and Gary Saykaly, of Cushman & Wakefield, along with Auction.com, handled this transaction.
Phillips Edison—ARC Shopping Center REIT Inc. acquired Brook Park Plaza, a 157,459-sq.-ft. grocery-anchored shopping center in Brook Park, Ohio. The center is 87.8 percent occupied. An 82,000-sq.-ft. Giant Eagle anchors the property.
LeCesse Development Corp., in a joint venture with , sold West Broad Village III, a mixed-use complex in Richmond, Va., to Excel Realty Trust. The project contains 339 luxury apartment units and approximately 165,000 sq. ft. of retail and commercial space.
Deerwood Real Estate Capital closed on a $7.7 million loan to refinance a 36,000-sq.-ft. retail center. The non-recourse loan features a 10-year term and a 20-year amortization schedule, and offered the borrower a $2 million cash out above the existing loan on the center. The property was 100 percent occupied at the time of the transaction. Joe Hercenberg, of Deerwood Real Estate, negotiated this transaction.
Transwestern negotiated the sale of a 15,120-sq.-ft. single tenant net leased Walgreens store outside Columbus, Ohio for $4.8 million. The building was completed in 2000. Walgreens has eight years remaining on its lease, with eight five-year extension options. Marc Imrem and Andrew Watson, of Transwestern, represented the seller in the transaction
The Boulder Group negotiated the sale of a single-tenant net leased 9,500-sq.-ft. Dollar General store in Chicago to a private partnership for $1.69 million in a 1031 exchange transaction. The building was renovated in 2011 and has a 10-year lease with Dollar General. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the deal.
Marcus & Millichap Real Estate Investment Services negotiated the sale of a Comerica Bank ground lease property in Houston, Texas to a private investor from Southern. The property sits adjacent to Almeda Crossing Shopping Center. Alvin Mansour, of Marcus & Millichap, represented the seller in the transaction.