Shopping Center Business

MAY 2015

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

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28 • SHOPPING CENTER BUSINESS • MAY 2015 N E W S L I N E n MID-AMERICA REAL ESTATE ARRANGES $19.5 MILLION SALE OF WATERFORD PARK PLAZA NEAR MINNEAPOLIS Mid-America Real Estate Corp. has brokered the sale of Waterford Park Plaza in Plymouth, Minnesota. Cincin- nati-based Phillips Edison purchased the 127,586-square-foot grocery-anchored center for $19.5 million from Plymouth- based Provident Real Estate Ventures LLC. Waterford Park Plaza is anchored by Cub Foods and features additional tenants Sids Liquor, Tuesday Morning, Edward Jones and Caribou Coffee. Joe Girardi and Mark Robinson of Mid- America Real Estate were the exclusive brokers in the transaction. n SHOPOFF REALTY SELLS AUGUSTA RANCH MARKETPLACE FOR $14 MILLION Shopoff Realty Investments has sold Augusta Ranch Marketplace, an 80,247-square-foot grocery-anchored shopping center, as well as an adjacent de- velopable pad, in Mesa, Arizona, for $14 million. The property was sold to an un- disclosed investor. Constructed between 2005 and 2006, Augusta Ranch Mar- ketplace is anchored by Bashas' grocery store, an Arizona-based chain with more than 130 locations throughout the state. The center is leased to a mix of national and local tenants, including Great Clips, Sylvan Learning Center, Geno's Pizza, Fat Willy's Family Sports Grill and more. n POWAY VALLEY CENTER NEAR SAN DIEGO SELLS FOR $6.2 MILLION Poway Valley Center, a 25,754-square- foot retail shopping center in the San Di- ego submarket of Poway, California, has sold to Capstone Advisors for $6.2 mil- lion. The center is located at the corner of Poway and Community roads. Capstone plans to make capital improvements to the storefronts, landscaping and parking lot, among other items. John Jennings and Rob Ippolito of Cushman and Wakefield represented both Capstone and the un- named seller in this transaction. n AGREE REALTY ACQUIRES 10 PROPERTIES FOR $17.5 MILLION Agree Realty Corp. has closed on the acquisition of 10 retail properties for an aggregate purchase price of approxi- mately $17.5 million. The properties are net leased to five different tenants and located in seven states. The transactions were completed at a weighted-average cap rate of 8.3 percent and have a weighted-av- erage remaining lease term of 17.8 years. The recently closed transactions include sale-leaseback transactions involving mul- tiple Taco Bell and Wendy's locations, as well the acquisition of a Jiffy Lube ser- vice center, a KFC restaurant and a Dollar General store. Waterford Park Plaza is anchored by Cub Foods and features additional tenants Sids Liquor, Tuesday Morning, Edward Jones and Caribou Coffee.

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