Kimco Realty Corp. sold Colerain Towne Center, a 400,000-sq.-ft. power center in Cincinnati, to a private company for $30 million.
Walmart Supercenter, Dick’s Sporting Goods, Jo-Ann Fabrics, PetSmart and Hobby Lobby anchor the property.
Joe Girardi and Ben Wineman, of Mid-America Real Estate, Corp., represented the seller in the transaction, along with Amy Holter, of Anchor Associates. The buyer represented itself.
Shopping Center Group Negotiates Multiple Sales in Florida
Cornerstone Real Estate Advisors bought LA Fitness Plaza, a 105,453-sq.-ft. retail property in Beach Gardens, Fla. from a joint venture of The Davis Cos. and Sterling Org. for $22.3 million.
The center was completed in 1986 and underwent a renovation in 2012. It is currently 100 percent leased. A 41,255-sq.-ft. LA Fitness anchors the property.
The Shopping Center Group represented the seller in the transaction.
In an unrelated transaction, Cole Real Estateacquired Deltona Commons, a 48,797-sq.-ft. neighborhood shopping center in Deltona, Fla., from an entity affiliated with Brandon Partners for $9.7 million.
Deltona Commons was completed in 2007. A 39,000-sq.-ft. Publix Super Market anchors the center.
The Shopping Center Group represented the seller.
In another deal, an entity affiliated with Stiles Corp. bought the Market at Southside, a 95,135-sq.-ft. retail center in Orlando, Fla., from Weingarten Realty for $9.3 million. The center is 94 percent leased. Ross Dress For Less, Bealls Outlet, Dollar Tree and Pet Supermarket anchor the property.
The Shopping Center Group represented the seller.
Cronheim Helps Finances Florida Home Depot with $10.6M Loan
Cronheim Mortgage arranged a $10.6 million loan on behalf of Industries Exchange No.2 LLC for a 90,000-sq.-ft. Home Depot in Key West, Fla.
The self-liquidating loan features a 3.63 percent rate and a 19-year term.
The Home Depot comes with a 14,000-sq.-ft. garden center facility.
Cronheim’s Dev Morris and Andrew Stewart negotiated this transaction.
Other Notable Deals
PWL REO LLC purchased The Village Shoppes, a 34,000-sq.-ft. retail center in Altamonte Springs, Fla., for $2.9 million. The center was 35 percent occupied at the time of the sale. Cynthia Shelton, Kane Morris-Webster and Jorge Rodriguez, of Colliers International Central Florida, represented the seller in the transaction.
North University Properties LLC bought 1455 and 1475 North University Drive, two retail properties in Coral Springs, Fla. totaling 8,073 sq. ft. for an undisclosed price. The freestanding building 1455 North University houses a 5,073-sq.-ft. Bonefish Grill. The second building houses a 3,000-sq.-ft. Wendy’s. David Donnellan and Todd Weintraub, of CBRE, represented the seller in the transaction.
Loja Real Estate LLC, a wholly-owned subsidiary of Loja Group LLC, acquired a 16,310-sq.-ft. grocery-anchored retail center in Woodbury, Minn. The center was completed in 2005 and houses Trader Joe’s and Vitamin Shoppe. Orbell Oveness, Artin Sepanian and Cory Stehr, of BRC Advisors Inc., represented Loja in the transaction. Derek Doke, of Barclay’s Realty & Management Co., represented the seller.