BROCKTON, MASS. — Marcus & Millichap has brokered the sale of a net-leased Stop & Shop grocery store located at 932 N. Montello St. in Brockton. The 65,425-square-foot property sold for $18.7 million, or $286 per square foot. Eight years remain the Stop & Shop’s original Royal Ahold N.V.-guaranteed, 20-year double-net lease. Robert Horvath of Marcus & Millichap’s Boston office represented the seller and procured the buyer. The names of both parties were not released.
NEW YORK CITY — GFI Realty Services has arranged the acquisition of a mixed-use property located at 3750 Broadway in Manhattan’s Washington Heights neighborhood. A Miami-based investor purchased the property for $16 million from Monarch Realty Holdings LLC. The elevator building features 32 residential apartments and four ground-floor retail units. Ohad Babo of GFI Realty represented the seller, while Roni Abudi, also of GFI, represented the buyer in the transaction.
SYRACUSE, N.Y. — Par’s Indoor Golf has leased 6,435 square feet of retail space at 3179 Erie Blvd. within Dewitt Town Center in Syracuse. The family-owned-and-operated indoor golf center features six state-of-the-art golf simulators. The new location is slated to open at the end of October. Lindsey Forcione of The Icon Companies represented the tenant, while Grazi Zazzara, also of The Icon Companies, represented the undisclosed landlord in the transaction.
WAYLAND, MASS. — Zurich Asset Management has acquired Wayland Town Center, a mixed-use retail center in Wayland, from a joint venture between KGI Properties and J.P. Morgan Asset Management for $68 million. Anchored by Stop & Shop Supermarket, the 182,000-square-foot center also includes 17,000 square feet of medical office space occupied by Beth Israel DMC, Joint Ventures and a dental practice, and 12 apartment units, totaling 14,250 square feet. Additional retail tenants at the property include Boston Sports Club, Ace Hardware, Panera Bread and The Local. Bill Moylan, formerly of CBRE, negotiated the transaction.
NEW YORK CITY — Meridian Capital Group has arranged an $18.5 million refinance loan for two contiguous mixed-use properties located in East Harlem for principals Shawn Vahdat and Saba Vahdat on behalf of K&V Realty Corp. and 2109 First Avenue Realty Corp. The five-year loan, provided by Suffolk County National Bank, features a 3.1 percent fixed rate and a five-year extension option. Located at 2105 and 2109 First Ave., the two properties feature a total of 66 apartment units and 7,500 square feet of retail space. Isaac Filler of Meridian’s New York City headquarters negotiated the financing.
WINDSOR LOCKS, CONN. — Simon Property Group has submitted an application for rezoning with the Town of Windsor Locks Planning and Zoning Commission for the development of Hartford Premium Outlets. Located near the intersection of Route 20 and I-91 on Old Country Road, the first phase of the outlet center will consist of 350,000 square feet of retail space, a Market Hall of dining options and two notable restaurants on outlots. The architectural style of the center will be inspired by Classic Colonial and Connecticut rural architecture with a village-like setting reminiscent of a Windsor Locks community. Additionally, the shopping center will feature fountains, art, a children’s play area and an outdoor fireplace. Construction is slated to begin this fall, with a grand opening scheduled for 13 months after the start of construction.
NEW YORK CITY — TerraCRG has brokered the sales of two mixed-use properties in Brooklyn for a combined $10.5 million. In the first deal, a Manhattan ownership group acquired 3901 Fifth Avenue in Brooklyn’s Sunset Park area for $3.2 million, or $540 per square foot, from a Brooklyn family. The three-story, 6,000-square-foot property consists of four ground-floor retail spaces, three apartments and one office space. In the second transaction, a property located at 6901 Fifth Avenue in Brooklyn’s Bay Ridge neighborhood sold for $7.3 million, or $455 per square foot. The 10,248-square-foot property is currently occupied by Bank of America and features more than 7,000 square feet of available air rights. Adam Hess, Sam Shalumov, Edward Setton, Kirill Galperin and Amanda Keller were the sole brokers in both transactions.
ISLANDIA, N.Y. — Starbucks Coffee has opened a new location at the northwest corner of Long Island Expressway North Service Road and Old Nichols Road in Islandia. The 1,860-square-foot location occupies the drive-thru end cap of a 7,773-square-foot building. Wilbur Breslin and Robert Delavale of Breslin Realty arranged and negotiated the transaction with the landlord. The Breslin team also negotiated the drive-thru approvals with the Village of Islandia.
ASBURY PARK, N.J. — iStar has announced a multi-billion-dollar redevelopment plan to transform a 1.25-mile portion of Asbury Park’s waterfront into a mixed-use development. Ten years in the making, the project will feature residential, hospitality and infrastructure space. The 20-project redevelopment includes The Asbury, a 110-key independent hotel designed by Stonehill & Taylor Architects set to open summer 2016; Monroe, a 34-unit condominium property opening in summer 2016; Asbury Lanes, a music and bowling venue; and 1101 Ocean, a mixed-use hotel/condominium/retail project designed by Handel Architects. Upon completion, the redevelopment project will add more than 2,100 homes and 300 hotel rooms to the town. The project team includes hotel innovator David Bowd; architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; and landscape architects Melillo + Bauer Associates. Anda Andrei, formerly of Ian Schrager Co., is serving as creative lead for the redevelopment project, which will include music venues, galleries, chef-owned restaurants, local retailers, nightspots and seasonal farmers’ markets. Additionally, the development team is partnering with Asbury Park businesses, cultural institutions, entrepreneurs, artists and community groups to help revitalize the neighborhood. iStar is financing the 20 individual projects that comprise the Asbury Park redevelopment.
WALTHAM AND NORTH ANDOVER, MASS. — HFF has secured two acquisition loans totaling $35.2 million for retail properties in Massachusetts. Working on behalf of the borrower, Linear Retail Properties, HFF arranged the fixed-rate, first mortgage loans with different lenders in two separate transactions. A $14.5 million loan was placed with Cambridge Trust Company for Main Street Marketplace at 1030 Main St. in Waltham, and a $20.6 million loan was secured through Washington Trust with Middlesex Savings Bank for Eaglewood Shops at 145 Turnpike St. in North Andover. The 44,461-square-foot Main Street Marketplace is fully leased to 13 local, regional and national tenants, including iParty, Panera Bread, Chipotle Mexican Grill, GNC, Aspen Dental, Supercuts, Five Guys and AT&T. The fully leased, 77,558-square-foot Eaglewood Shops is occupied by Pier 1 Imports, Jos. A. Bank, Burtons Grill, Chipotle Mexican Grill, Thyme Sushi and b good. Riaz Cassum and Breet Paulsrud of HFF arranged the financing for the borrower.
