ROLLA, MO. — Marcus & Millichap has brokered the $1 million sale of a 3,727-square-foot, net-leased Burger King property in Rolla, 105 miles southwest of St. Louis. The restaurant is situated on nearly two acres located at 1022 Kings Highway, just off I-44 and U.S. Highway 63. There are currently more than 14 years remaining on the base term of the lease with 1.5 percent annual rent increases. Michael Shover, Matthew Gorman, Derrick Dougherty, Nick Skeparnias, Dean Zang, Mark Taylor and William Holman of Marcus & Millichap’s Philadelphia office, represented the seller, a limited liability company. Gorman and Shover also represented the buyer, a developer.
NEW YORK CITY — New York-based ABS Partners Real Estate has invested $10 million for a capital improvement campaign at 915 Broadway, a 20-story office/retail property located at the southwest corner of 21st Street and Broadway in New York City. The firm tapped GKV and Javier Delagarza Architecture to design new corridors, high-end restrooms, high-grade lighting, elliptical ductwork, and well-appointed pantries. Additionally, the upgrades include full-glass office fronts, wood floors and open ceilings. Renovations took place on the fifth floor, after which the entire floor was leased to tenants, including Path Interactive and Gradian. Now work has commenced on the tenth floor.
YORKTOWN HEIGHTS, N.Y. — Houlihan-Parnes Realtors has placed an acquisition loan and credit facility totaling $13.2 million on two properties in Yorktown Heights. Located at 2649-2651 Strang Blvd., the corporate park contains a total of 209,078 square feet of rentable office space, which will be managed and leased by GHP Office Realty. The interest-only loan, which was placed with a local bank, features a 3.875 percent interest rate for three years, a renewal option and a flexible pre-pay schedule. Kelly Houlihan-Buckley and James Houlihan of Houlihan-Parnes secured the financing. John Hughes and James Maloney of Great American Title arranged the title. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel to the undisclosed borrower. GHP Office Realty is the office building division of Houlihan-Parnes Realtors LLC.
NEW YORK CITY — TerraCRG has brokered the sale of a three-building mixed-use portfolio in Brooklyn’s Prospect Lefferts Gardens neighborhood. The buildings sold for $4.75 million or $284 per square foot. Located at 608-612 Flatbush Ave., the 16,749-square-foot portfolio offers 21 residential units and three commercial spaces. Adam Hess, Sam Shalumov, Chris Pechlivanides and Edward Setton of TerraCRG handled the transaction.
UNION CITY, N.J. — Marcus & Millichap has brokered the sale of Civic Towers, an apartment building located in Union City. The apartment building sold for $1.8 million or $136,538 per unit. Located at 1306 New York Ave., the building features 13 residential units and 10 on-site parking spaces. Steven Matovski of Marcus & Millichap represented the seller, a local developer, while Maz Radwan and Jonathan Zamora, also of Marcus & Millichap, secured the buyer for the transaction.
NEW YORK CITY — Alpha Realty has brokered the sale of Nameoke Street, a four-story apartment building located in the Far Rockaway section of Queens. The asset sold for $1.75 million or $102,941 per unit. The 13,912-square-foot asset features 17 apartment units. The seller was a private long-term owner and the buyer was a private investor from Brooklyn. Lev Mavashev and Jacob Aronov of Alpha Realty arranged the off-market transaction.
JACKSONVILLE, FLA. — Disney Store has opened its newest store location at St. Johns Town Center, a super-regional, open-air mall located at 4663 River City Drive in Jacksonville. The mall is operated by Simon Property Group. The store will include a path for guests known as the Pixie Dust Trail that guides shoppers through “storytelling neighborhoods” involving Disney, Marvel and Star Wars characters. The store also includes an interactive video library known as the Disney Store Theatre and a limited time Halloween Shop. The Disney Store retail chain, which debuted in 1987, is owned and operated by Disney in North America, Europe and Japan. Disney Store is the retail merchandising arm of Disney Consumer Products, the business segment of The Walt Disney Co. (NYSE:DIS) and its affiliates. There are currently more than 200 Disney Store locations in North America; more than 40 Disney Store locations in Japan; and more than 100 Disney Store locations in Belgium, Denmark, France, Ireland, Italy, Portugal, Spain and the United Kingdom.
DESTIN, FLA. — HFF has brokered the $32.8 million sale of the Shoppes at Paradise Isle, a 171,837-square-foot retail power center in Destin. Located at 34940 Emerald Coast Parkway, the shopping center is 89.7 percent leased to tenants such as Best Buy, Big Lots, Michaels, PetSmart, Ulta Beauty and Office Depot. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Weingarten Realty Investors, in the transaction. Stoltz Real Estate Partners purchased the center through its fifth U.S. diversified fund.
HAMPTON AND NEWPORT NEWS, VA. — ARA has brokered the sale of a three-property apartment portfolio in the Hampton Roads area of Virginia totaling 641 units. The assets include Bridgewater on the Lake and Lake Ridge Apartments in Hampton and the Reserves at Arboretum in Newport News. Mike Marshall, Drew White and Wink Ewing of ARA represented the seller, Berkshire Property Advisors, in the transaction. The buyer was Charlotte-based Ginkgo Residential.
MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the $13.5 million sale of The Horizon, a high-rise condominium development located at 717 Riverside Drive in Memphis. The property sits on a 5.9-acre lot overlooking the Mississippi River. The 16-story, 155-unit property features a covered/controlled-access garage and indoor and outdoor swimming pools. The site also includes developable land for 141 additional high-rise units and 54 terrace homes. Mike Kemether of Cushman & Wakefield’s multifamily advisory group and Shane Soefker and Jacob Biddle of Cushman & Wakefield | Commercial Advisors’ capital markets team represented the seller in the transaction. The buyer was Dawn Properties LLC of Hattiesburg, Miss.