WILMINGTON, N.C. — Marcus & Millichap has arranged the sale of The Forum, a 105,000-square-foot boutique retail center located at 1125 Military Cutoff Road in Wilmington, for $24.7 million. Lori Schneider of Marcus & Millichap’s Fort Lauderdale office represented the seller, Swain & Associates, the developer of The Forum. Schneider also represented the buyer, L&B Realty Advisors LLP, a Texas-based pension fund advisor.
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LILBURN, GA. — Kimco Realty Corp. has purchased Five Forks Crossing, a 73,910-square-foot, grocery-anchored retail center located at 3050 Five Forks Trickum Road in Lilburn, a suburb of Atlanta. Kimco acquired the fully leased center for $10 million. Kroger anchors the center, which also includes Coast Dental, The UPS Store, Wood Eye Care and Great Clips on its tenant roster. Fred Victor of Transwestern represented the seller, SWA Investment, in the transaction. Kimco was represented internally by Ross Cooper.
MIAMI GARDENS, FLA. — The owners of Palmetto Gardens Plaza, a planned 63,000-square-foot retail center located at 3799 N.W. 167th St. in Miami Gardens, have avoided the property’s foreclosure by reaching a settlement with lender PNC Bank. The owners have since secured a new $4.5 million loan with Hudson Financial Services and signed a 41,000-square-foot lease with Walmart to have a Neighborhood Market Store anchor the property. David Larson of Newmark Grubb Knight Frank secured the financing from Hudson Financial Services. Richard Schermer of Pathman Lewis LLP served as legal counsel during the lease negotiations and assisted in the final closing of the loan. Ravi Batta of Rosenfeld Stein Batta PA and The Law Firm of Michael L Feinstein PA represented the owners during the litigation and final settlement negotiations with PNC Bank.
MIAMI — Blanca Commercial Real Estate has completed four new leases for 28,000 square feet at Waterford Centre, a 91,285-square-foot, Class A office building in Miami’s Airport submarket. The office building, owned by New Boston Fund, is located at 6205 Blue Lagoon Drive. The four new tenants include Whirlpool, Remy Cointreau, Franklin Street Real Estate Services and McAfee Inc. Danet Linares and Andres del Corral of Blanca Commercial Real Estate negotiated the four lease transactions on behalf of New Boston Fund. Waterford Centre’s other tenants include Xerox, The Parker Co. LLC, Travel Traders and OMD USA.
ELGIN, ILL. — DCT Industrial Trust Inc. has acquired DCT Fox River Business Center, a six-building industrial portfolio in Elgin, a suburb of Chicago. The portfolio totals 1.1 million square feet and has a current occupancy rate of 59.1 percent. The buildings range from 73,000 to 431,000 square feet and are in proximity to the O’Hare Airport. Noel Liston, principal at Darwin Realty & Development, represented DCT Industrial in the transaction.
ADRIAN, MICH. — Landmark Commercial Real Estate Services Inc. has arranged the $8 million sale of a 108,000-square-foot building occupied by Lowe’s in southern Michigan. Daniel Kukes and Kevin Baker of Landmark represented the buyer, a non-traded REIT. Trio Commercial Group represented the seller, a Kentucky-based private family office, in the transaction. Lowe’s is located at 1369 Division St. in Adrian.
WAUKEGAN, ILL. — Marcus & Millichap has arranged the $1.6 millionsale of 1405 N. Ave., a 32-unit apartment property in suburban Chicago. Alan Katamanin, an investment specialist in Marcus & Millichap’s Oak Brook office, represented the buyer and seller, both private investors, in the transaction. The property is located at 1405 N. Ave. in Waukegan and includes 12 one-bedroom and 20 two-bedroom units.
NEW YORK CITY — Meridian Capital Group LLC has arranged $25 million in acquisition financing for a multifamily property in Brooklyn on behalf of Benjamin Werber of Werber Management. A regional commercial lender provided the 10-year loan, which features a fixed interest rate of 3.5 percent. Josh Rhine, vice president at Meridian Capital Group, negotiated this transaction. Originally built as condominiums, the property includes 54 luxury units. The building is located at 202 Eighth St.
NEW YORK CITY — A private Korean-American investor, through his representative in the United States, Tony Park of PD Properties, has purchased a 16,000-square-foot office/retail building in Manhattan for $16.4 million. The six-story property is located at 4 E. 46th St. in the Diamond District and includes 30,000 square feet of unused air rights. The seller was DJM Post Production, a longtime owner that occupied the building for 47 years. David Schechtman, Steven Zimmerman and Paul Nigido of Eastern Consolidated represented DJM and procured the buyer with assistance from Tony Park and Elad Dror of PD Properties. The buyer plans to utilize the property for personal use. Vitae Restaurant recently signed a 10-year lease for the ground-floor retail space, while the upper floors are vacant. Attorneys in the transaction include William Weisner of Tarter Krinsky for the seller and Samuel Ahne of Ahne Law PC for the buyer.
REVERE, MASS. — Marcus & Millichap has arranged the $16.4 million sale of the ground lease on a 120,224-square foot BJ’s Wholesale Club retail store in suburban Boston. The sales prices equates to $136 per square foot. Robert Horvath and Todd Tremblay, both vice presidents of investments in Marcus & Millichap’s Boston office, represented the seller, William Thibeault, owner of Rumney Marshview LLC. The buyer is a local private investor. BJ’s Wholesale Club signed its original 15-year ground lease in March 2008. Built in 2009 on a 13.8-acre parcel, the property is located approximately six miles from downtown Boston at 5 Ward St. in Revere.