Agree Realty Corp. acquired two single tenant assets leased to Wal-Mart Stores and AutoZone for $22.4 million.
The property leased to Wal-Mart Stores and occupied by a Sam’s Club contains 147,771 sq. ft. of space. It is located in Brooklyn, Ohio.
The 7,840-sq.-ft. AutoZone store is located in Chicago.
Wisconsin Shopko Stores Sell for $17.6M
A West Coast-based investment firm bought two single-tenant net leased Shopko properties in Wisconsin for $17.6 million.
The properties include a store in Sussex and Green Bay, Wis. and total 80,000 sq. ft. There are 16 years remaining on the leases, with 10 percent rental escalations built into the primary terms.
Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction.
Marcus & Millichap Negotiates $13.8M Refinancing for Westchester County Properties
Marcus & Millichap Capital Corp. arranged a $13.8 million loan to refinance four shopping centers on Central Park Avenue in Westchester County, N.Y. The loan features a fixed 3.8 percent interest rate, a five-year term and a 25-year amortization schedule.
Marcus & Millichap’s Steven Rock and Gerald Kray negotiated this transaction.
In an unrelated deal, Marcus & Millichap Capital Corp. arranged a $5 million loan to refinance a 14,820-sq.-ft. Walgreens in Quincy, Ill. The loan features a 5.1 percent fixed interest rate, a 24-year term and a 24-year amortization period, with LTV of 51 percent. Marcus & Millichap’s Steven Goldwyn negotiated this transaction.
TJAC Development Pays $13M for Wharfside Village in Boca Raton
TJAC Development bought Wharfside Village Shopping Center, a 107,000-sq.-ft. mixed-use centerin Boca Raton, Fla., for $13 million. The new owner plans to renovate the property and rebrand it as The Boardwalk at 18th Street.
The center is currently 60 percent occupied.
Cushman & Wakefield represented the seller in the transaction. Stateland Brown represented the buyer.
Other Notable Deals
Donahue Schriber Realty Group L.P. sold Smoke Tree Commonsand Smoke Tree Village, two grocery-anchored shopping centers in Palm Springs, Calif. Smoke Tree Commons contains 175,000 sq. ft. of space and is currently 96 percent leased. Tenants at the property include T.J. Maxx, Cost Plus World Market, Michaels, Petco and Big 5 Sporting Goods. Smoke Tree Village contains 109,997 sq. ft. of space. Ralph’s Fresh Fair, Native Foods and Smok’n Burgers occupy the center. Pete Bethea, Rob Ippolito and Glenn Rudy, of Cushman & Wakefield, represented both parties in the transaction.
BDB Realty bought Summer Center, a 148,685-sq.-ft. grocery-anchored shopping center in Memphis, from Weingarten Realty Investors for an undisclosed sum. The property is 95 percent leased, with Kroger and Ross Dress for Less serving as anchors. Jim Hamilton and Richard Reid, of HFF, represented the seller in the transaction.
Phillips Edison-ARC Shopping Center REIT Inc. purchased Shiloh Square, a 139,720-sq.-ft. grocery-anchored shopping center in Atlanta, from Torchlight Loan Services. Kroger anchors the property. Margaret Caldwell and Kris Cooper, of Jones Lang LaSalle, represented the seller in the transaction.
Samco Properties Inc. bought Food City Center, a 51,436-sq.-ft. grocery-anchored shopping center in White Pine, Tenn., from RCG-White Pine for $3.54 million. The transaction closed at a cap rate of 8.5 percent. Food City Center was completed in 1996 and was 96 percent occupied at the time of the sale. Food City, Family Dollar, H&R Block and Subway occupy the property. Tom Kallenbach, of Tom Kallenbach Real Estate & Investment Co., represented the buyer in the transaction. Eric P. Wohl, of Hanley Investment Group Real Estate Advisors, represented the seller.
Quantum Real Estate Advisors Inc. negotiated the sale of an 8,250-sq.-ft. shopping center in San Marcos, Texas for $3.487 million. The property was 100 percent leased at the time of the sale, to tenants including Five Guys Burgers and Fries, Best Buy Mobile and Sprint. Quantum’s Jordan Kaufman represented the buyer in the transaction.
Sperry Van Ness negotiated the sale of three parcels located at 4533, 4535and 4539 N Lincoln Ave. in Chicago for $2.75 million. The properties included two mixed-use/restaurant buildings. Jim Martin, of Sperry Van Ness, represented the seller in the transaction, while Marcus Sullivan represented the buyer.