Clarion Partners LLC sold a 50 percent stake in IN Retail Fund, which contains 2.3 million sq. ft. of community and power center space in Midwestern U.S., to its joint venture partner Inland Real Estate Corp. for $197.3 million. The transaction closed at a cap rate of 6.7 percent.

The IN Retail Fund was formed in 2004. It includes 11 shopping centers in the Chicago area, one center in Minneapolis-St. Paul and one center in Racine, Wis. The portfolio was 97.5 percent leased at the time of the sale.

“While we have enjoyed a successful partnership with Inland, the opportunity to exit at this pricing level on a highly efficient basis was very compelling,” said Mark Weld, Clarion Partners’ managing director in charge of the portfolio, in a statement.

Glimcher to Purchase Remaining Stake in WestShore Plaza for $111.8M

Glimcher Realty Trust will purchase the remaining 60 percent interest in WestShore Plaza in Tampa, Fla. from its joint venture partner, an affiliate of Blackstone Real Estate Partners VI for $111.8 million. The transaction will include the assumption of Blackstone’s pre-rata share of the $119.6 million loan on the property and $40 million in cash.

To fund the acquisition, Glimcher will use its credit facility, plus approximately $28.4 million in proceeds from the sale of its 40 percent interest in Lloyd Center in Portland, Ore. to two unaffiliated third parties.

“Consistent with our long-term growth plan, we are pleased to regain full ownership of WestShore Plaza,” said Glimcher CEO and Chairman of the Board Michael P. Glimcher in a statement. “With sales in excess of $410 per sq. ft., the center continues to perform well and is positioned for additional growth. In addition to brands like H&M, Macy’s and Victoria’s Secret, the center offers one of the best restaurant line-ups in the region, which research shows is increasingly important to our shopper.”

Kimco Buys Stakes in Income Fund, Income REIT Portfolios for $67M

Kimco Realty Corp. purchased a 9.7 percent interest in Kimco Income Fund I (KIF) portfolio and 3.6 percent interest in Kimco Income REIT (KIR) joint venture from its partner for $67 million. The transaction featured a blended cap rate of 6.6 percent.

Both portfolios, which total 70 properties and 13.9 million sq. ft. of space, include power and grocery-anchored shopping centers with the tenant rosters dominated by Stop & Shop and Giant Food. The portfolios have an average occupancy of approximately 96 percent. The centers are located in mature markets with high barriers to entry, including New York, Virginia, Florida, Maryland, California and Texas.

The deal brings Kimco’s ownership in KIF I to 39.2 percent and in KIR to 48.6 percent.

Other Notable Deals

Westwood Financial sold Barrett Creek Plaza, a 28,481-sq.-ft. shopping center in Marietta, Ga., to a private investor for $7.785 million. The transaction closed at a cap rate of 7.78 percent. Barrett Creek Plaza was completed in 2003. It was 89 percent occupied at the time of the sale, with tenants including Axiom Staffing, Buffalo Wild Wings Grill & Bar, Chase Bank, Cheeseburger Bobby’s, Moe’s Southwest Grill and T-Mobile. Kevin T. Fryman, William B. Asher and Edward B. Hanley, of Hanley Investment Group Real Estate Advisors, represented both parties in the transaction.

An affiliate of Cole Real Estate Investments purchased Phase I of Hancock Village, a 153,853-sq.-ft. shopping center in Richmond, Va., from Edco LLC. Dick’s Sporting Goods and Hobby Lobby anchor the property, which is 100 percent leased. Margaret Caldwell and Kris Cooper, of Jones Lang LaSalle, represented the seller in the transaction. Chelsey Ginder represented the buyer.

Carl M. Freeman Cos. acquired King’s Court Shopping Center, a 65,000-sq.-ft. neighborhood shopping center in Rosedale, Md. Mars Supermarket anchors the property. Other tenants include Dunkin Donuts, Pizza Hut and Old Philadelphia Inn.

The Boulder Group negotiated the sale of a ground lease for a single-tenant 1,620-sq.-ft. Sonic drive-in in Columbus, Ohio for $975,000. Sonic has approximately 10 years remaining on its lease term, with 10 percent rent escalations every five years. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction.