Some of the week's retail property and shopping center transactions from around the U.S.:
• The JCR Cos. bought the 102,000-square-foot Center at Innovation, in Manassas, Va., from an undisclosed seller for $31 million. Anchors there include PetSmart, Target and T.J.Maxx. JCR says it plans to sell the center’s pad sites, which are leased to Chick-fil-A, Red Robin and SunTrust Bank.
• MCB Real Estate and Alex Brown Realty sold the 117,000-square-foot, Aldi-anchored 50 Race Track Road to Prestige Properties & Development for roughly $25.4 million. The recently renovated center, located in East Brunswick, N.J., includes a new building occupied by Five Guys, Starbucks and Supercuts. HFF marketed the property on behalf of the seller.
Boca Raton, Fla.–based PEBB Enterprises sold a 192,000-square-foot, redeveloped community center called 32 East, to Cleveland-based Stark Enterprises for $29.1 million. The center is 100 percent leased and counts Burlington, HomeGoods, Michaels and Ulta Beauty among its tenants
• In a 1031 exchange deal, ValueRock Realty Partners acquired University Village, a 43,900-square-foot, Sprouts Farmers Market–anchored center in Albany, Calif., for nearly $19.3 million. Banfield Pet Hospital, Pet Food Express, Starbucks and The Habit Burger anchor the property, which is located at the western gateway to the University of California, Berkeley.
Bond Street Advisors Group purchased the 36,400-square-foot Mill Creek Walk, in Buford, Ga., from Mill Creek–Cooper LLC for $13.5 million. Franklin Street represented both parties in the transaction. Mill Creek Walk comprises two buildings across the street from Mall of Georgia. Tenants include Petco and Metro Mattress
• An East Coast–based real estate fund sold a single-tenant, net-leased 7-Eleven property in Frisco, Texas, to a West Coast investor for almost $5.3 million. 7-Eleven signed a lease extension adding ten years to the initial term, for a new expiration date of June 30, 2030. The Boulder Group represented the seller.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
