HACKENSACK, N.J. — Marcus & Millichap has arranged the sale of a net-leased retail property located on Polifly Road in Hackensack. The 10,000-square-foot asset, which is net-leased by CVS, sold for $3.7 million. Michael Lombardi and Greg Babaian of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a private investor. Giovanni LaGalia and Scott Plasky of Marcus & Millichap’s Manhattan office secured and represented the buyer in the transaction.
NEW YORK CITY — Winick Realty Group has brokered the leases of two retail storefronts at 22 Spring St., which is located between Mott and Elizabeth streets in the Nolita neighborhood of New York City. The two 700-square-foot spaces were previously ground-floor apartments and recently underwent renovations to become retail space. Paint Box, an art gallery and custom framing store, and The Clay Pot, a boutique jewelry store, have leased the storefronts. Matthew Ball of Winick Realty Group represented Paint Box, which is opening in October. Andrew Mendel and Lindsay Charles of Ripco represented The Clay Pot, which plans to open in time for the holiday season. Darrell Rubens, Lee Block and Matthew Ball of Winick Realty Group represented the landlord, Samy Manhar, in the transactions.
WHITE PLAINS, N.Y. — GHP Office Realty has leased the entire 15,000-square-foot, street-level of 7-11 South Broadway in White Plains. Located in the central business district, the four-story, 70,000-square-foot building has been repositioned to medical use and is now 100 percent leased to medical tenants. Formé Rehabilitation Inc. has signed a long-term lease for 11,500 square feet of space at the building. Gina Cappelli and Bruce Berg of Cappelli Enterprises represented Formé Rehabilitation Inc. Additionally, Broadway Dental Associates inked a long-term lease for the remainder of the floor, approximately 3,500 square feet, for a state-of-the-art dental infrastructure facility. Jamie Schwartz provided in-house representation for the owner, GHP Office Realty, in the deals.
As New Orleans-area residents and businesses can attest, The Big Easy is currently experiencing a dynamic period of growth and development. With projects coming out of the ground, fierce competition for limited commercial space downtown and a number of new retailers entering the market, there is more reason for optimism than at any time in recent history. New Orleans is a hot market right now — hotter than at any time in the past 25 years, which is a remarkable feat given the significant momentum shifts over the years. Retail activity is especially significant, with brokers observing that the last 24 months constitute an unprecedented level of activity. What is particularly noteworthy about the strength of the market is that the growth appears to be spread across all categories — from urban core development to suburban and peripheral activity, and from ground-up projects to redevelopments. Newcomers and Returnees The list of major national retailers that have either recently opened their first store in the market, or that have just now re-established a presence in New Orleans almost 10 years after Hurricane Katrina, is eye-catching and speaks to the market momentum that has been building over the last two years. Big …
PINEVILLE, N.C. — Lincoln Property Co. and its affiliate Lincoln Harris have arranged the $35.3 million sale of The Centrum Shopping Center, a 270,747-square-foot retail center located at 10500 Centrum Parkway in Pineville. The asset is 99 percent leased to 17 tenants, including Kmart, Stein Mart and T.J. Maxx. Chris Cotten of Lincoln Property Co., along with Chris Vasbinder and Johno Harris of Lincoln Harris, represented the buyer, American Realty Capital-Retail Centers of America, in the transaction. Rob Carter of Berkeley Capital Advisors LLC represented the seller, Pineville Centrum LP, an entity comprised of DRA Advisors LLC and Kimco Realty Corp.
SARASOTA, FLA. — Colliers International has brokered the $19.1 million sale of Whole Foods Market Centre, a multi-tenanted, 59,341-square-foot shopping center located at 1451 1st St. in downtown Sarasota. Whole Foods Market anchors the center. Consolidated-Tomoka Land Co. purchased the shopping center from Casto-Zenith Venture LLC. Mike Milano, Ron Schultz, Cynthia Shelton and Kane Morris-Webster of Colliers International represented the seller in the transaction.
PENSACOLA, FLA. — Marcus & Millichap has arranged the $4.1 million sale of a 42,296-square-foot Walmart Neighborhood Market located at the corner of Mobile and Pine Forest roads in Pensacola. Don McMinn and Zachary Taylor of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based developer, in the transaction. Patrick Furlong of Marcus & Millichap’s Seattle office represented the buyer, a private 1031 investor. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in Florida. Walmart has a 20-year triple-net lease on the asset, which opened for business in July 2014.
ATLANTA — HREC Investment Advisors has brokered the sale of the Sheraton Atlanta Airport Hotel, a 395-room property located one mile from Hartsfield-Jackson Atlanta International Airport. Monty Levy, Bill Murney and Scott Stephens of HREC represented the seller, FelCor Lodging Trust Inc., in the transaction. The buyer, an affiliate of Hotel Capital LLC, has selected Expotel Hospitality to manage the hotel.
A strengthening national economy and housing market are benefiting all segments of seniors housing, according to Marcus & Millichap’s National Seniors Housing Research Report for the second half of 2014. In some segments, such as independent living and continuing care retirement communities, occupancies and rents are expected to grow strongly through the end of the year. In the newly improving economy, retirees are using equity —which was previously tied up in their homes due to the soft housing market following the recession — toward entrance-fee continuing care retirement communities or other seniors housing options, the report says. The improving economy has been enormously beneficial to baby boomers, according to Marcus & Millichap. Boomers’ parents are the primary users of assisted living facilities. “Equipped with refilled retirement accounts, this group will feel more comfortable with the expenditure for seniors housing when the need arises,” the M&M research team wrote. This increased demand is spurring development activity. In states where barriers to entry are reduced, construction is underway, whereas states with tougher permitting and entitlement processes lag. Investment Sales Trends Smaller owners of seniors housing properties are being priced out of the market, according to Marcus & Millichap. Simultaneously, the strong demand …
MONTCLAIR, N.J. — LCOR, along with co-developer The Pinnacle Cos., has topped out Phase I of Valley & Bloom, a mixed-use project in Montclair’s central business district. Located at 638 Bloomfield Ave., Valley & Bloom will be comprised of two buildings that will include a total of 258 residential apartments, ranging from studio to two-bedroom units; 20,000 square feet of office space; 22,000 square feet of retail space; and 571 parking spaces. Phase I is on track to be completed by the end of May 2015, with the second building following shortly after. Valley & Bloom is the first phase of the Montclair Center Gateway Redevelopment Plan. The Pinnacle Cos. recently received approval for Phase II, which will include The MC Hotel, part of Marriott International’s Autograph Collection. The MC Hotel is slated to begin construction in 2015.
