HOLBROOK, MASS. — Denenberg Realty Advisors has arranged the $3.8 million sale of a 24,500-square-foot retail and office building in Holbrook, a southern suburb of Boston. The Heritage Cos. sold the property to ABC Commercial Realty. Built in 2007, the first floor is leased to Children of America. Neil Denenberg and Jonathan Blacker of Denenberg Realty Advisors arranged the transaction.
Mixed-Use
PASSAIC, N.J. — Marcus & Millichap has arranged the $1.1 million sale of Tulip Apartments, a 15-unit mixed-use property located in Passaic. Thomas McConnell and Kevin McCrann of Marcus & Millichap’s national multi-housing group marketed the property on behalf of the seller, a local private investor. McConnell and McCrann also represented the buyer. Tulip Apartments is located at 430 Monroe St. and has been owned by the same family for over 75 years.
TEMECULA, CALIF. — Old Town Center, a 29,502-square-foot, mixed-use development in Temecula, has sold to Fair Oaks Valley, LLC, for $7.6 million. The center is located at 28544 Old Town Front Street in the Historic Downtown District of Temecula. It was built in 2009. Old Town Center is fully occupied by tenants like Edge Restaurant, Crush & Brew, La Point Wealth Management, Reliable Realty, Southwest Desert Insurance, Living Yoga Center, Cornerstone, Eye Eco, and Canela Software. Fair Oaks was represented by Jim Ashcraft and Bill Harp of Ashcraft Investment Company. The seller, Old Town Center 1, LLC, was represented by Chuck Wasker of Colliers International and Mark Kagan of Kagan Commercial Real Estate.
SANDY SPRINGS, GA. — Core Property Capital has selected SRS Real Estate Partners to lease Sandy Springs Gateway, Core’s new 21-acre mixed-use development underway in Sandy Springs, a suburb of Atlanta. The new development will be located at the intersection of Roswell Road and Windsor Parkway. Core Property Capital is developing the office and retail portions and JLB is developing the multifamily component of Sandy Springs Gateway. The property’s tenant roster will include Tupelo Honey Café, Urban Cookhouse, CVS/pharmacy, an unnamed restaurant concept and a specialty grocer. Core Property has begun demolition on the site and construction is expected to wrap up in spring 2015. Lily Heimburger and Adrienne Crawford of SRS Real Estate Partners represented Core Property Capital in the lease transactions with its new tenants. Sarah Williams of SRS represented Urban Cookhouse and Howard Zoldessy of Southern Management & Development LP represented Tupelo Honey Café. The additional tenants did not have broker representation.
BOLINGBROOK, ILL. — NAI Hiffman has arranged an office lease extension with Wi-Tronix at The Promenade Bolingbrook, a 715,000-square-foot mixed-use center with more than 1 million square feet of shopping, dining and office space. Wi-Tronix, a supplier of remote monitoring systems for the locomotive industry, occupied approximately 13,470 square feet when it first moved into the complex in 2010. The company will now occupy 21,662 square feet of space at the center. The Promenade Bolingbrook, located at 631 E. Boughton Road, is fully leased and contains tenants such as Barnes & Noble, Macy’s, Ted’s Montana Grill and a list of other stores and restaurants. Jim Alder represented Forest City, owner of The Promenade Bolingbrook, in the transaction. Bill Main and James Soljacich of CBIZ represented Wi-Tronix.
NEW YORK CITY — RKF has arranged the $15 million sale of a 5,000-square-foot building located at 63 Spring St. in Manhattan’s SoHo District. The sale price equates to $3,000 per square foot. Jeff Fishman and Jonathan Butwin of RKF represented the sellers, Jason Silverstein and David Shorenstein of Silvershore Properties, in the transaction. Marc Finkel, also of RKF, represented the buyer, Spring Lafayette LLC. Silvershore Properties purchased the fully occupied property in 2013 for $6.4 million. The building includes ground-floor retail space with 100 feet of wraparound frontage and four floors of full-floor residential units.
SAN RAFAEL, CALIF. – Rafael Town Center, a mixed-use development in San Rafael that includes multifamily, office and retail space, has received $28 million in acquisition financing. The trophy asset is located at 1050 Court Street in the city’s downtown region. The development includes 113 apartment units, more than 40,000 square feet of flexible office space, and ground-floor retailers, including Coldstone Creamery, Opus Bank and Lime Wireless (Verizon). The seven-year, fixed-rate, interest-only loan was provided by Dennis Williams and Brian Esquivel of NorthMarq Capital through the firm’s correspondent relationship with a life company.
MIAMI — FA Commercial has arranged the $8.7 million sale of Biscayne 88 Terrace, a mixed-use property featuring multifamily and retail components in northeast Miami. The property features three apartment buildings comprised of 36 residential units that are fully occupied and 15,624 square feet of retail space that is 95.4 percent leased. The property also includes undeveloped land that is zoned for multifamily. Biscayne 88 Terrace’s tenant roster includes Papa John’s Pizza and USA Nail Salon. Fabio Faerman of FA Commercial represented the buyer, a private investment group from Argentina, in the transaction.
ORLANDO, FLA. — HFF has brokered the sale of Rialto, a 105,275-square-foot retail and office center in Orlando. The mixed-use property is located at 7335 Sand Lake Road along Orlando’s Restaurant Row, a one-mile stretch of retail and restaurants. The property has 58,519 square feet of fully leased retail space and 46,756 square feet of office space that is 83 percent leased. Rialto’s tenant roster includes Newlin Law, Ocean Prime and Bar Louie. Brad Peterson, Coleman Benedict and Whitaker Leonhardt of HFF represented the seller, The Wilder Cos., in the transaction. Orion Venture IX Rialto LLC, an affiliate of Orion Investment, purchased the asset for an undisclosed price.
HUDSON, OHIO — Ellsworth Partners LLC has sold Turner’s Mill Complex, an office and retail complex located at 36 E. Streetsboro Road in Hudson, to Streak Investments-Hudson I LLC for approximately $2.2 million. Turner’s Mill, which is located just southeast of Hudson Square, is anchored by Redwood Grill, Dollar Bank and Morgan Stanley Smith Barney Financial Advisors, all in long-term leases. Jerry Fiume of NAI Cummins Real Estate represented the seller in the transaction. Ellsworth Partners redeveloped the property in 2010. Hudson is approximately 15 miles north of Akron.