Shopping Center Business

MAY 2015

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

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36 • SHOPPING CENTER BUSINESS • MAY 2015 N E W S L I N E n PHILLIPS EDISON ACQUIRES GROCERY-ANCHORED CENTERS IN OHIO AND MARYLAND FOR $51 MILLION Phillips Edison Grocery REIT II has ac- quired three grocery-anchored properties for $51 million, expanding its portfolio in Ohio and acquiring its first shopping center in Maryland. Glenwood Crossing in Cincinnati was purchased from Glen- wood Crossing LLC for $7.1 million and contains 101,021 rentable square feet. Currently the center is 96 percent leased to 11 tenants, with anchor grocery Kroger occupying 62,541 rentable square feet. Rosewick Crossing in La Plata, Maryland, was purchased from Excel Rosewick LLC for $25 million and contains 115,972 rent- able square feet. Currently the center is 82 percent leased to 12 tenants. Anchor grocery Giant occupies 61,932 rentable square feet. n BULL REALTY BROKERS $9.2 MILLION SALE OF METRO ATLANTA RETAIL CENTER Atlanta-based Bull Realty has brokered the $9.2 million sale of Barrett Creek Plaza, a 28,841-square-foot shopping center in Marietta, Georgia, a northwest suburb of Atlanta. The property is lo- cated roughly two miles from Kennesaw State University. Barrett Creek Plaza was 83 percent leased at the time of sale to tenants such as Axiom Staffing, Buffalo Wild Wings Grill & Bar, Chase Bank, Cheeseburger Bobby's, Moe's Southwest Grill and T-Mobile. PMC Fund LLC pur- chased the shopping center from MRK Barrett Creek LLC. John Harrison and Kermit Hairston of Bull Realty brokered the transaction. n LOJA SELLS LAKELAND TOWN CENTER IN AUBURN, WASHINGTON, FOR $51.5 MILLION Loja Real Estate LLC has sold Lakeland Town Center in Auburn, Washington, to Donahue Schriber Realty Group for approximately $51.5 million. Lakeland Town Center is a 125,000-square-foot neighborhood shopping center anchored by Haggen Northwest Fresh, and includes many national tenants and local chains. The center is located in the planned community of Lakeland in Auburn, a suburb of Seattle. Loja was represented in the sale by Kevin Van Voorhis of Col- liers International. Donahue Scrhiber was represented by Paul and Billy Sleeth, also of Colliers. n SABRE SPRINGS PLAZA IN SAN DIEGO SELLS FOR $4.5 MILLION Sabre Springs Plaza, a 15,038-square-foot retail center in San Diego, has sold to Capstone Advisors for $4.5 million. The center is anchored by 7-Eleven. Capstone plans to make capital improvements to the landscaping and parking lot, among other items. The unnamed seller was represent- ed by Pat Toomey and Kyle Mathews of Colliers International. Financing was pro- vided by Silvergate Bank. n COLDWELL BANKER ARRANGES $9.3 MILLION SALE OF COLONIAL TOWN CENTER Sean Glickman, senior advisor for insti- tutional investments at Coldwell Banker Commercial NRT and founder of the Glickman Retail Group, has brokered the sale of Colonial Town Center in Orlando, Florida, to an international buyer for $9.3 million. The sale price was 99 percent of the asking price. Obtaining financing was difficult, according to Glickman, due to the short term on tenant HH Gregg's lease, the parent company's recent earn- ing report and other factors. Glickman helped facilitate the loan as well as man- age the entire transaction. The center, which is shadow-anchored by Walmart Neighborhood Market and Sam's Club, was 90 percent occupied at the time of the sale with tenants such as HH Gregg, Mattress One. n SOVEREIGN REALTY GROUP BROKERS $2.6 MILLION SALE OF BURGER KING PROPERTY Sovereign Realty Group has brokered the sale of a freestanding restaurant property located in Smithtown, New York. The 3,610-square-foot property sold for $2.6 million in an all-cash transaction. Burger King occupies the property under a long- term lease, which begin in late 2014. Frank Caporrino and Clem Cote of Sovereign Realty Group represented the buyer and seller, who were not disclosed. Sean Glickman, CCIM is a senior advisor for institutional investments at CBC and the founder of the Glickman Retail Group who specializes in the shopping center industry. Te group consists of retail experts in Central Florida, Tampa Bay and South Florida. We ofer a fully integrated global platform including fnancial analysis and advisory services, investment sales, equity and debt placement and re-development services. Sean's primary focus is on helping retail property owners maximize value and their return on investment. We invite you to take advantage of our institutional grade investment services. Sean Glickman, CCIM The Glickman Retail Group Senior Advisor, Institutional Investments at Coldwell Banker Commercial NRT 407-902-6660 NRT Rosemont Plaza Family Dollar Anchored, 11% Cap Colonial Town Center, Orlando FL Crossroads Marketplace, Central FL Town Center at Timber Springs, Orlando, FL ON THE MARKET SOLD UNDER CONTRACT UNDER CONTRACT Buffalo Wild Wing, Orlando, FL SOLD

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