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Edens Sells Five-Property Florida Portfolio to H&R REIT in $55.5M Deal

Edens sold a portfolio of five grocery-anchored shopping centers in northern and central Florida totaling 333,615 sq. ft. of space to H&R REIT for $55.5 million.

The properties include the Corridors at Ponte Vedra, a 52,959-sq.-ft. center in Jacksonville, Fla. anchored by the Fresh Market; Mandarin Oaks, a 56,700-sq.-ft. Publix-anchored center in Jacksonville, Fla.; First Merritt Center, an 88,316-sq.-ft. Publix-anchored center in Merritt Island, Fla.; Publix at Holly Hill, a 57,870-sq.-ft. Publix-anchored center in Holy Hill, Fla.; and Publix at Summer Bay, a 77,770-sq.-ft. Publix-anchored center in Clermont, Fla. All of the properties feature occupancy levels higher than 89 percent.

Danny Finkle, Brad Peterson, Luis Castillo and Rob Saracco, of HFF, represented the seller in the transaction.

PECO-ARC Institutional Joint Venture Buys Ohio Property

PECO-ARC Institutional Joint Venture I LP acquired Sidney Towne Center, a 118,360-sq.-ft. grocery-anchored shopping center in Sidney, Ohio, for an undisclosed amount.

Sidney Towne Center is currently 98.5 percent occupied. An 89,715-sq.-ft. Kroger store anchors the property. Other tenants include Buffalo Wild Wings, Aarons Rents and Anytime Fitness.

Meridian Arranges $50M CMBS Loan for Luxury Chicago Property

Meridian Capital Group LLC negotiated a $50 million loan on behalf of Flagship Partners LLC for 25 East Oak Street, a 38,445-sq.-ft. luxury retail property in Chicago. Goldman Sachs provided the CMBS loan, which features a fixed interest rate and a 10-year term.

Tenants at 25 East Oak Street include Hermes, Giorgio Armani and Vera Wang. In addition to its rental space, the property contains 8,000 sq. ft. of common areas and storage space.

Aaron Birnbaum, Ronnie Levine and Tal Savariego, of Meridian Capital, negotiated this transaction.

Kimco Buys Wilton Campus Shops in Connecticut for $39.7M

Kimco Realty Corp. bought Wilton Campus Shops, a 97,000-sq.-ft. grocery-anchored shopping center in Wilton, Conn., from a partnership of Kleban Properties for $39.7 million, including $20.9 million in mortgage debt.

Wilton Campus Shops is currently 98 percent occupied. A 47,000-sq.-ft. Stop & Shop anchors the center.

Whitestone REIT Pays $16.3M for Arizona Community Center

Whitestone REIT purchased Paradise Plaza, a 125,898-sq.-ft. community center in Paradise Valley, Ariz., for $16.3 million. The price works out to $129 per sq. ft. and represents a 30 percent discount to replacement cost. Whitestone assumed a $9.1 million mortgage loan as part of the deal.

The loan is non-recourse, has five years remaining on its term and comes with an interest rate of 3.5 percent in year one and an interest rate of 4.7 percent in subsequent years.

Paradise Plaza is currently 100 percent leased.

Other Notable Deals

NorthMarq arranged a $10.5 million loan to refinance an 86,584-sq.-ft. Kohl’s department store in Sunset Valley, Texas. A life insurance company provided funding for the loan, which features a 10-year term and a 15-year amortization schedule. John Kerslake and Bryan Leonard, of NorthMarq, negotiated this transaction.

Kroger Ltd. bought 16.8 acres of land at 3901 Holland Road in Virginia Beach, Va. for $7 million. The company plans to build a 124,000-sq.-ft. Marketplace store on the site. Tommy Drew, of S.L. Nusbaum Realty Co., represented Kroger in the transaction.

Michael F. Richardson & M. Jane Ramey Trust sold a 6,000-q.-ft. former Blockbuster property in Gadsen, Ala. to Chase Ventures LLC for $900,000. Kathy Dennis, of The Shopping Center Group, represented the seller in the transaction.

Merchant Wilbraham LLC sold Big Y Plaza, a supermarket-anchored center in Wilbraham, Mass. to M. Dunitz Business Holdings Group. New England Retail Properties Inc. represented the seller in the transaction. Dan Barnes, of Lee & Associates, represented the buyer.

Woodbury Strategic Partners Fund bought Midvale Plaza, a 105,174-sq.-ft. strip center in Midvale, Utah, for an undisclosed amount. Tod Jones, of Marcus & Millichap Real Estate Investment Services, represented both parties in the transaction.

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