KGI Properties sold Woburn Mall, a 276,205-sq.-ft. grocery-anchored shopping center and mall in Woburn, Mass. to Bentall Kennedy for $62.1 million.
The mall, which was completed in 1976, is currently 89 percent occupied. Market Basket, TJ Maxx and CVS anchor the property. Other tenants include Sports Authority, DSW, Payless Shoes, Radio Shack and Panera Bread, among others.
Chris Angelone, Bill Moylan and Nat Heald, of CB Richard Ellis – N.E. Partners LP, negotiated this transaction.
Kimco Trades 13 Properties in the Midwest
Garrison Investment Group acquired a portfolio of 13 properties totaling 1.7 million sq. ft. in Ohio and Indiana from Kimco Realty Corp.
The portfolio consists of neighborhood and community shopping centers and is currently 90 percent occupied. Tenants at the centers include T. J. Maxx, Giant Eagle, Kroger, Bed Bath & Beyond and Home Depot.
Time Equities Acquires Centers in Missouri, Arizona
Time Equities Inc. purchased The Shoppes at Seven Oaks, a 53,050-sq.-ft. shopping center in St. Louis, plus two and a half acres of developable land, for $7.12 million. The property is currently 92 percent occupied. Man Power Inc., Flex Health and Fitness and The Corner Pub and Grill occupy the center.
Geoff Daniels, of Daniels Realty Group, represented Time Equities in the transaction. In a separate deal, Time Equities purchased Bella Vista Village, a 33,256-sq.-ft. shopping center in Queen Creek, Ariz., for $4.02 million. The property is approximately 80 percent occupied. Tenants at the center include Subway and Pizza Hut, among others. Ami Ziff and Jonathan Kim represented Time Equities in-house. Nick Miner, of Commercial Properties Inc., represented the seller.
Other Notable Deals
An affiliate of Four Springs Capital Trust purchased a 14,560-sq.-ft. single-tenant net-leased Walgreens store in Greenville, N.C. for $5.625 million, including the assumption of an existing CMBS loan. The building was completed in 2005. Jason Powell and Andrew Murphy, of Ackerman & Co., represented the seller in the transaction. William Dioguardi and Coby Johnson represented Four Springs Capital in-house.
CBRE Capital Markets arranged a $5.6 million loan on behalf of IMA—Park Place LLC for the acquisition of Park Place at Heathrow, a 36,044-sq.-ft. class-A neighborhood shopping center in Lake Mary, Fla. RAIT Financial Trust provided the loan, which features a fixed interest rate, a 10-year term, a 30-year amortization schedule and an 80 percent LTV ratio. Christopher Apone, Christian Lee and Charles Foschini, of CBRE, negotiated this transaction.
Cabela’s acquired a 10.68-acre retail site on the corner of Interstate 25 and Ridgegate Parkway in Lone Tree, Colo. for $3.721 million, or $8 per sq. ft. Cabela’s plans to construct a 105,000-sq.-ft. store on the site.
Ozzy Properties sold 122-128 Cambridge St., a boutique property in Boston, to Shire Realty Corp. for $3.2 million. The property houses a Store 24 and a yoga studio. Sean Ryan, of NAI Hunneman, negotiated this transaction.
HNM Toms River LLC sold 1199 Route 37 East, a 10,205-sq.-ft. retail building in Toms River, N.J., to Diversified Equities Corp. for $3.2 million. AAA Mid-Atlantic Car Care Center occupied the property on a triple net lease basis. Berkeley Capital Advisors represented the seller in the transaction. Gregory Panayoti, of The Goldstein Group, represented the buyer.
A Chicago-based family trust purchased a 13,905-sq.-ft. net leased Walgreens store in Aurora, Ill. from a private investment group for $2.7 million. The property was completed in 1996. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction.
T Conifer Retail LLC, an affiliate of Tabani Group Inc., sold Conifer Town Center, a 107,451-sq.-ft. shopping center in Conifer, Colo., to GCCFC 2007-GG11 Conifer Complex LLC. The center is 75 percent leased. Safeway anchors the property. Brad Cohen and Larry Thiel, of Transwestern, represented the seller in the transaction.