Weingarten Realty Buys Florida’s Sea Ranch Centre for $18M
Weingarten Realty Investors bought Sea Ranch Centre, a 98,697-sq.-ft. neighborhood shopping center in Sea Ranch Lakes, Fla., from an affiliate of Kitson & Partners for $18 million.
Sea Ranch Centre was completed in 1966 and partially redeveloped in 1996 and 2005. Publix, CVS and Dollar Tree anchor the center.
CBRE Inc. negotiated this transaction.
Canadian Partnership Pays $11M for a Triple Net-Leased Walgreens in North Miami Beach
A Montreal-based private partnership bought a 14,550-sq.-ft. triple net-leased Walgreens store in North Miami Beach, Fla. from a Massachusetts-based limited partnership for $11 million.
The store was built in 2010 and features a lease with an 11 percent rental escalation during its base term. Walgreens has 22 years remaining on its lease.
Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction.
Other Notable Deals
Rockwood Real Estate Advisors negotiated the sale of a 556,760-sq.-ft. portion of Oviedo Mall, a 952,035-sq.-ft. superregional mall in Orlando, Fla., for an undisclosed amount. Thomas Dobrowski, of Rockwood Real Estate, negotiated this transaction.
A joint venture of Principal Global Investors and Woolbright Development purchased Pompano Marketplace, a 239,200-sq.-ft. shopping center in Pompano Beach, Fla. Walmart Neighborhood Market, Stein Mart Bealls Outlet and Jo-Ann Fabric and Craft Store anchor the property. Pompano Marketplace was 90 percent leased at the time of the sale. Dennis Carson and Casey Rosen, of CBRE, represented the seller in the transaction.
Marcus & Millichap Real Estate Investment Services negotiated the sale of a portfolio of 13 net-leased Lowe’s Markets stores in Texas for an undisclosed amount. Lowe’s Markets stores operate under a variety of brand names and range in size from 2,000 sq. ft. to 65,000 sq. ft. Chad Knibbe and Stephen Berchelmann, of Marcus & Millichap, represented the seller in the transaction.
A Pennsylvania-based limited partnership bought Save-A-Lot Plaza, a 33,705-sq.-ft. grocery-anchored shopping center in Millville, N.J., for $1.7 million or $50.44 per sq. ft. A 17,205-sq.-ft. supermarket and an 8,100-sq.-ft. Family Dollar store anchor the property. The center was 82 percent occupied at the time of the sale. Brad Nathanson, of Marcus & Millichap, represented the buyer in the transaction. New Vistas Corp. represented the seller.
Hannay Realty Advisors, in partnership with MDC Realty Advisors USA Inc., closed on the purchase of a 55,000-sq.-ft. retail center in Los Angeles. Ralphs Fresh Fare market anchors the property. Inline tenants include The Coffee Bean & Tea Leaf, Cold Stone Creamery, Quiznos Subs, the UPS Store and Pastagina. In addition, the center features residential lofts above the retail.
Hunington Properties Inc. negotiated the sale of Fry Road Plaza, a 19,950-sq.-ft. retail center in Katy, Texas, in a 1031 exchange. The property was 90 percent occupied at the time of the sale. Hunington Properties’ Todd A. Carlson represented the seller in the deal. In a separate transaction, Hunington Properties negotiated the sale of The Shops at Terramont II, an 18,773-sq.-ft. retail center in the Woodlands, Texas.