Shopping Center Business

MAY 2018

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

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34 • SHOPPING CENTER BUSINESS • May 2018 NEWSLINE DESCO ACQUIRES 96,310-SQUARE-FOOT SHOPPING CENTER The DESCO Group has acquired Warren Plaza, a 96,310-square-foot shopping center in Dubuque, Iowa, for an undisclosed price. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF arranged the transaction on behalf of the seller, Brixmor Property Group. Christopher Knight of HFF arranged a fixed-rate loan on behalf of DESCO for the acquisition. Hy-Vee anchors Warren Plaza, which was 90.5 percent leased at the time of sale. Additional tenants include Super Cuts, Video Games Etc!, Miracle Ear, Great Dragon Restaurant and a building ground-leased to Chick- fil-A. HFF ARRANGES $5.4 MILLION SALE, $3.8 MILLION ACQUISITION FINANCING FOR RETAIL CENTER HFF has arranged the $5.4 million sale of the Shoppes of Lake Mary, a 38,495-square-foot shopping center in Lake Mary, Florida, located 20 miles north of Orlando. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF arranged the transaction on behalf of the seller, Tower Realty Partners Inc. Michael Weinberg and Rebecca VanReken of HFF arranged a five-year, $3.8 million, floating- rate loan through Florida Community Bank N.A. on behalf of the buyer, Galium Capital. Shoppes of Lake Mary is home to 16 tenants, including Altamonte Pediatrics, Painting with a Twist, French Quarter Exchange, Dalli's Pizzeria, Lighthouse Seafood and Lake Mary Dry Cleaners. TITKIN ARRANGES $5.2 MILLION SALE OF RETAIL CENTER Tiktin Real Estate Investment Services (TREIS) has arranged the $5.2 million sale of Madison Square, a 38,720-square- foot shopping center in Tampa, Florida. Adam Tiktin of TREIS arranged the transaction on behalf of both the seller, Madison Square Group LLC, and the buyer, ATS Residential LLC. Family Dollar anchors the property, which was constructed in 2007 and was fully leased at the time of sale. The site also includes a one-acre outparcel for a future restaurant or retail building. SRS REAL ESTATE ARRANGES $5.2 MILLION SALE OF RETAIL CENTER SRS Real Estate Partners has negotiated the $5.2 million sale of The Shoppes at Drexel in Oak Creek, 12 miles south of Milwaukee. Five tenants, including Mod Pizza, Men's Hair House, Five Guys, Orange Leaf Frozen Yogurt and Potbelly Sandwich Shop, occupy the 10,351-square-foot retail center. Patrick Luther and Matthew Mousavi of SRS represented the seller, a Chicago-based merchant developer. A New York-based private investor acquired the property. MARCUS & MILLICHAP ARRANGES $3.5 MILLION SALE OF CVS/PHARMACY Marcus & Millichap has brokered the $3.5 million sale of an 11,370-square-foot property leased to CVS/pharmacy in Marietta, Georgia. The property is located 26 miles north of downtown Atlanta. Don McMinn and Taylor McMinn of Marcus & Millichap arranged the sale on behalf of both the buyer, Agree Realty Corp., and the seller, Branch Properties. Corporate Property Dispositions 6 7 8 . 7 1 8 . 1 8 8 0 / / w w w . c p d i s p o . c o m A T L A N T A / / G R E A T E R L O S A N G E L E S / / T A M P A Customized Strategic Advisory Solutions See you at RECon 2018!

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