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Burton Property Group Pays $33.25M for Two Alabama Properties

Burton Property Group LLC bought Westwood Plaza and Schillinger Towne Center in Mobile, Ala. for $33.25 million.

Westwood Plaza contains approximately 140,190 sq. ft. of space, while Schillinger Towne Center contains 244,024 sq. ft.

Josh Burmeister, of SRS Mobile, represented Burton in the transaction.

BIG Shopping Centers and M&J Wilkow Buy Portion of The Waterfront in Pittsburg

BIG Shopping Centers USA and M&J Wilkow Ltd. entered into a joint venture agreement to purchase 765,000 sq. ft. of The Waterfront, a 1.4-million-sq.-ft. open-air shopping center in suburban Pittsburgh, for an undisclosed amount.

The acquisition includes a power center and lifestyle portions of the property.

“The Waterfront is a great opportunity for both BIG USA and M&J Wilkow to not only enter the Pittsburgh market, but also to add value to the area’s vibrant economy—and grow the size of our respective retail portfolios,” said BIG Shopping Centers President Stanley L. McElroy Jr. in a statement. “Although this is our first partnership, the synergies between our companies made this venture an obvious choice. We both seek to invest in properties with solid real estate fundamentals that drive return-on-investment levels to support a long-term hold strategy. The Waterfront meets all of the above.”

Phillips Edison—ARC Pays $19.5M for Richmond Plaza in Georgia

Phillips Edison—ARC Shopping Center REIT Inc. bought Richmond Plaza, a 178,167-sq.-ft. grocery-anchored shopping center in Augusta, Ga., from an affiliate of BPG Properties Ltd. for $19.5 million.

The center is 93.5 percent leased to Kroger, JoAnn Fabric and Harbor Freight Tools. Jim Hamilton and Richard Reit, of HFF, represented the seller in the transaction.

Hull Storey Gibson Invests in Georgia’s Mount Berry Square Mall

Hull Storey Gibson Cos. acquired Mount Berry Square Mall, a 476,778-sq.-ft. enclosed mall in Rome, Ga.

Belk, J.C. Penney and Sears anchor the property.

Other Notable Deals

Fantini & Gorga arranged a $7.2 million refinancing package on behalf of Botsini-Braintree LLC for a 25,555-sq.-ft. retail condominium occupied by Staples in Braintree, Mass. Casimir Groblewski negotiated this transaction.

A private investment group bought a three-property single tenant net leased CVS portfolio located in Georgia and Tennessee for $4.885 million. The properties are leased to CVS on a long-term basis and are located in Alpharetta, Ga., Vidalia, Ga. and Nashville, Tenn. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction.

Hanley Investment Group Real Estate Advisors negotiated the sale of a to-be-completed 3,843-sq.-ft. single-tenant triple net leased drive-thru McDonald’s restaurant in Santa Ana, Calif. for $2.825 million. The transaction will close at a cap rate of 4.25 percent. Jonathan Selznick, of Hanley Investment Group, and Chris Rodriguez, of Pacific Commercial Investments, negotiated this transaction.

Poggio Darpi LLC completed a sale-leaseback deal for a 3,545-sq.-ft. Burger King restaurant in Canton, Ohio, with Carrol’s LLC for $1.2 million. Corey Gluckstal and Guy Canzoneri, of Sabre Investment Group, represented Poggio Darpi in the transaction. Glen Kunofsky, of Marcus & Millichap, represented the seller.

UCR Investment Sales negotiated the sales of three retail properties in the Dallas-Fort Worth area. The properties included Teel Village, a 10,227-sq.-ft. shopping center in Frisco occupied by Dunkin Donuts, Subway and RE/MAX; a Dallas shopping center fully occupied by Starbucks Coffee and Chipotle Mexican Grill; and a 1.57-acre power center outparcel in Weatherford. Tommy Tucker, of UCR, represented the sellers in all three transactions.

Linsalata Realty Services negotiated the sale of a 10,845-sq.-ft. shopping center located at 8806-8826 Bandera Road in North West San Antonio, Texas to Miura Investments for an undisclosed amount. The center was completed in 2006 and is currently 85 percent occupied. Joe Linsalata, of Linsalata Realty, represented the buyer in the transaction. Brad Bailey, of The Weitzman Group, represented the seller.

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