Burton Property Group LLC bought Jubilee Square Shopping Center, a 360,000-sq.-ft. regional power center in Daphne, Ala., for $37 million.
Tenants at the center include Dick’s Sporting Goods, ULTA, TJ Maxx, SteinMart, Office Depot, The Fresh Market and Carmike Jubilee Square 12.
Josh Burmeister and Buff Teague, of SRS Real Estate Partners, represented the buyer in the transaction.
Hanley Investment Group Negotiates $24M’s Worth of Net Lease
Hanley Investment Group’s NNN division negotiated the sales of eight single-tenant triple-net leased retail properties in Florida, Alabama and Nevada for a total of $24 million.
Fashion Square LP bought an 89,249-sq.-ft. Kohl’s ground lease in Port Orange, Fla. from Cole Ko Port Orange FL LLC for $12 million. The deal closed at a cap rate of 6.23 percent. The building was completed in 2008. Chris Bosworth, of CBRE, represented the seller in the transaction. Eric P. Wohl, of Hanley Investment Group, represented the buyer;
A private New York-based REIT bought six net-leased Wendy’s restaurants located throughout Alabama from a Wendy’s franchisee for $10.6 million in an off-market transaction. Tony Alanis, of Net Leased Real Properties Inc., represented the seller in the transaction. Eric P. Wohl represented the buyer;
A private investor bought a 2,926-sq.-ft. Circle K in Henderson, Nev. from Pacific National Properties LLC for $1.075 million. The transaction closed at a cap rate of 6.7 percent. The building was completed in 1979. Arthur Pfefferman, of Coldwell Banker Commercial, represented the buyer in the transaction. Eric P. Wohl represented the seller.
HFF Secures $23.5M Loan for The Plaza at the Border
HFF secured a $23.5 million loan on behalf of The Shamrock Group LLC for The Plaza at the Border, a 98,000-sq.-ft. retail center in San Ysidro, Calif. Prime Finance provided funding for the non-recourse loan, which features a floating rate and a five-year term. The Shamrock Group will use the proceeds from the transaction to replace aloan, as well as for tenant improvements and leasing costs.
The Plaza at the Border was completed in 2012. It is currently 79 percent leased, with tenants including TJ Maxx, Ross Dress for Less, Vitamin Shoppe, Fashion Q and ULTA.
HFF’s Aldon Cole, Tim Wright and Husayn Hasan negotiated this transaction.
Johnson City Town Center Trades Hands in $10.8M Transaction
A Canadian equity fund bought Johnson City Town Center, an 83,866-sq.-ft. retail property in Johnson City, N.Y., for $10.8 million or $129 per sq. ft. from a New York-based development fund. Christmas Tree Shops anchors the center. Other tenants include Petco, Party City, Five Below and Lumber Liquidators.
Steven Stoehrer and Preet Sabharwal, of Marcus & Millichap Real Estate Investment Services, represented the seller in the transaction.
Other Notable Deals
Cohen Real Estate negotiated the sale of Westside Village Shopping Center, a 255,111-sq.-ft. power center in Fayetteville, N.C., for $6.75 million. The property is 100 percent occupied. Tenants include Dollar Tree, Cato’s and Sally Beauty. Helen Putterman, of Cohen Real Estate, represented the buyer in the transaction. Ric Kaiser represented the seller.
Napanoch Valley Mall LLC sold Napanoch Valley Mall in Napanoch, N.Y. to Wal-Mart Stores for $5 million. Wal-Mart plans to develop a 130,000-sq.-ft. store on the site and an adjoining 7,600-sq.-ft. retail plaza. Crossroads Cos. LLC represented the seller in the transaction. Tree Line Real Estate represented the buyer.
Emerald Creek Capital provided a $4 million bridge loan to refinance the note on Paragon Town Center in Duluth, Ga. Emerald Creek Capital also provided a $1.4 million, one-year bridge loan for a shopping center in Southfield, Mich. The loan should allow the borrower to complete a workout with a local bank.