An affiliate of North American Development Group (NADG) acquired Lakewood Shopping Center, a 236,679-sq.-ft. property in Margate, Fla., from a wholly owned subsidiary of Inland American Real Estate Trust Inc. for $31.5 million.
Lakewood Shopping Center is a regional power center anchored by Marshalls, Ross Dress for Less and Staples. The sale also included outparcels occupied by Walgreens, Burger King, Applebee’s and Bank of America.
CBRE represented the seller in the transaction.
“NADG was interested in high quality infill real estate and a property with the potential for value creation,” said Casey Rosen, senior vice president with CBRE, in a statement. “This transaction was a win for both parties. The sale will enable Inland American to diversify [its] holdings in the region and recycle proceeds into investments with higher growth profiles than retail, such as hotels.”
Black Oak Associates Buys Maryland Shopping Center For $22.5M
Black Oak Associates Inc. bought New Town Village Shopping Center, a 117,000-sq.-ft. retail property in Owings Mills, Md. from a joint venture of Kimco Realty Corp. and Jones Lang LaSalle for $22.5 million.
The shopping center is currently 94 percent leased. Giant Food anchors the property. Other tenants include Merritt Athletic Club, Starbucks and M&T Bank. The new owners already retained KLNB Retail as the exclusive leasing representative for the center.
Mike Gorsage, of H&R Retail, represented the sellers in the transaction. Black Oak Associates represented itself.
Florida Asset Trades Hands For $20.7M
Inland Real Estate bought Saxon Crossings Shopping Center, a 119,590-sq.-ft. community center in Orange County, Fla., from Saxon Crossing Partners for $20.73 million.
The center was completed in two phases, in 2008 and 2012. LA Fitness and Hobby Lobby anchor the property. Other tenants include Jimmy John’s, Papa John’s Pizza, Woody’s BBQ and Mattress One. Cliff Taylor and Daniel Baker, of CBRE, represented the seller in the transaction.
Burlington Coat Factory Store in Santa Ana Garners $12.1M Price Tag
Marcus & Millichap Real Estate Investment Services negotiated the sale of a 58,450-sq.-ft. Burlington Coat Factory store in Santa Ana, Calif. to a private family partnership for $12.1 million in an all cash transaction. The price works out to $207 per sq. ft.
The store was built in 2000 and Burlington Coat Factory has a 2.7 percent rental increase scheduled to occur in November 2013. The retailer also has four five-year extension options built into its lease. The property is located one mile away from South Coast Plaza, the largest shopping center in California.
Paul Bitonti, of Marcus & Millichap, represented the seller in the transaction, while Mark Thiel represented the buyer.
Other Notable Deals
Graham Real Estate Two LLC bought a 1,947-sq.-ft. single-tenant retail property in Avondale, Ariz. occupied by Jiffy Lube from Camden Holdings for $1.23 million. The property was completed in 2005. Jeff Conover, of Faris Lee Investments, represented the seller in the transaction. Steve Brown, of Lake Chelan Real Estate, represented the buyer.
The Boulder Group negotiated the sale of a 2,500-sq.-ft. single-tenant retail asset in Oak Lawn, Ill., occupied by Budget Rent a Car, for $1.135 million. The property is located on a 29,519-sq.-ft. parcel. Budget Rent a Car signed a 15-year lease for the location, with four years remaining on its term. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction.
Pauline Dr. LLC bought a 27,600-sq.-ft. big-box property in York, Pa. from National Retail Properties Inc. Chad Stine and Brad Rorhbaugh, of Bennett Williams, represented the seller in the transaction.