Shopping Center Business

MAY 2015

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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24 • SHOPPING CENTER BUSINESS • MAY 2015 N E W S L I N E n PINE TREE BUYS GROCERY- ANCHORED VILLAGE OF BLAINE SHOPPING CENTER Transwestern's Chicago office has bro- kered the sale of The Village of Blaine Shopping Center, located in Blaine, Minnesota. Pine Tree Commercial Re- alty LLC paid an undisclosed amount for the 221,239-square-foot center that is anchored by a Cub Foods grocery store. Transwestern Capital Markets Directors Janice Sellis and Paul Barile represented the seller, MEPT, and its real estate advi- sor, Bentall Kennedy. In addition to Cub Foods, tenants in the 13-year-old center include Michaels, Applebee's, Pier 1 Imports, Dress Barn, Sprint, Maurices, Caribou Coffee, Bath & Body Works, GNC and Great Clips. Pine Tree was represented internally in the transaction. n PROVEST BUYS RETAIL CENTER IN SOUTH CAROLINA FOR $11.8 MILLION ProVest Properties LLC has purchased Springdale Plaza, a 179,000-square-foot shopping center located in Camden, South Carolina, for $11.8 million. The 94 percent-occupied center's lineup of national tenants includes Belk, Burke's, Farmer's Home Furniture, Goodwill, Dollar Tree, Gamestop, Rue 21 and Hib- bett Sports. Charles Vita, who was rep- resented by Marc Birnbaum, purchased the property. n FARIS LEE NEGOTIATES $3.65 MILLION SALE OF CALIFORNIA JACK IN THE BOX PROPERTY Faris Lee Investments has negotiated the $3.65 million ground-lease sale of a single- tenant retail property occupied by Jack in the Box in Santa Fe Springs, California. Matthew Mousavi and Joe Chichester of Faris Lee Investments represented the seller, a private partnership from Orange County, California, as well as the buyer, also based in Orange County, who paid all cash. The property closed at a 4 per- cent cap rate. Built in 1984, the property is situated on 0.47 acres and totals 2,872 square feet. It is located within Santa Fe Springs Promenade, a shopping center that is newly anchored by 99 Cents Only, along with other national retailers includ- ing Bank of America, Auto Zone, KFC/ Taco Bell and others. MEPT has sold the Village of Blaine shopping center in Blaine, Minnesota, to Pine Tree Commercial Realty for an undisclosed amount. The Jack in the Box property is located within Santa Fe Springs Promenade, a shopping center that is newly anchored by 99 Cents Only.

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