February 04, 2010
INVESTORS BUY 390,000-SQUARE-FOOT RETAIL CENTER
GAMBRILLS, MD. — Chevy Chase, Md.-based JBG Rosenfeld Retail, JBG's funds VI and VII, and Bethesda, Md.-based Buvermo Investments have purchased the 390,000-square-foot Village at Waugh Chapel from clients advised by Prudential Real Estate Investors for an undisclosed amount. The property, located at the intersection of Crain Highway and Waugh Chapel Road, is 96 percent leased. Tenants include Safeway, L.A. Fitness, Rite Aid, Applebee's and Cold Stone Creamery. Bill Kent and Gary Lawrence of CB Richard Ellis represented the sellers. Northwestern Mutual Life Insurance Co. provided financing for the purchase.
SRS ARRANGES SALE OF KILLEEN RETAIL PROPERTY
KILLEEN, TEXAS — SRS Real Estate Partners has arranged the sale of The Shops at Killeen Mall, a 9,070-square-foot retail property located at 2401 E. Central Texas Expressway in Killeen. The center is fully occupied by a tenant roster that includes Verizon Wireless, FedEx Office and USAA. Jason Middlebrook of the Austin office of SRS represented the undisclosed seller. The buyer was a private trust, and the acquisition price was not disclosed.
MARCUS & MILLICHAP BROKERS $2.16 MILLION N.J. RETAIL SALE
LITTLE EGG HARBOR, N.J. — Marcus & Millichap has brokered the sale of Tuckerton Commons, a retail center located in Little Egg Harbor, for $2.16 million. The property totals 9,168 square feet and was built in 2007. It is fully occupied by West Marine, AT&T and Jersey Mike's. Michael Lombardo of Marcus & Millichap's New Jersey office represented the seller, a North Carolina-based developer. Seth Pollack, also of Marcus & Millichap's New Jersey office, represented the buyer, a northern New Jersey-based investor.
HAYSVEST LLC PLANS FLORIDA SHOPPING CENTER
PASCO COUNTY, FLA. — Hawkins Construction is gearing up for a groundbreaking for the 110,000-square-foot Hays Towne Center, a shopping center located at the intersection of State Road 52 and Hays Road in Pasco County. The Tampa office of Lyman Davidson Dooley designed the project. Publix will anchor the center, which will also house Great Clips, Spa 1 Nails, Penthouse Cleaners and Hawkeye Pizza. Hays Towne Center is being developed by Haysvest LLC, which is comprised of DCT Systems Group, Shuler Properties and Dunphy Properties.
MARCUS & MILLICHAP BROKERS SALE OF AUSTIN GROUND LEASE
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a 37,767-square-foot ground lease in Austin for $3.26 million. The site, located at 7820 Burnet Road, is occupied by Comerica Bank. Mark Ruble and Jamie Medress of Marcus & Millichap's Phoenix office represented the buyer, Roddimeyer III LLC. Timothy Speck of Marcus & Millichap's Dallas office assisted in the transaction. The seller's name was not disclosed.