BALTIMORE — Finmarc Management, a Bethesda, Md.-based commercial real estate services firm, has sold a 272,000-square-foot retail development in Baltimore for $35 million. The property features a 142,000-square-foot Walmart and a 130,000-square-foot Sam's Club, which closed in 2008. Finmarc sold the waterfront property, located on a 58.7-acre site, to 2701 Port Covington Drive LLC.
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WASHINGTON, D.C. — Resmark Land and Housing, a division of The Resmark Cos., and Madison Homes have teamed up to develop 69 luxury condominiums at 1745 and 1755 N St. N.W. in Washington, D.C.'s Dupont Circle neighborhood. The affluent neighborhood is located less than one mile from the White House and many international embassies. The District of Columbia Historic Preservation Review Board recently approved the plans for the project. The developers plan to convert some of the existing four- and five-story historic row homes to 31 condominium units. The developers also plan to building a seven-story building at 1755 N St. with 38 condominium units. The project team includes architect PGN Architects, based in Washington, D.C. Resmark and Madison Homes plan to begin construction in the summer and deliver the units in late 2015.
NEWPORT NEWS, VA. — The Greysteel Co. has arranged the sale of Newport Crossing Shopping Center, a 194,000-square-foot, grocery-anchored center located in Newport News. The shopping center, located at 419 and 439-467 Oriana Road, sold for approximately $12.9 million. The center is 80 percent leased to tenants such as Food Lion, Dollar Tree, Citi Trends, USA Discounters, First Virginia Financial Services and Riverside Health System. Gil Neuman of Greysteel represented the seller, Harbour Group International LLC, and procured the buyer, Coastal Equities Real Estate.
KENNER, LA. — Kingfish Development II LLC has acquired a 133,312-square-foot office building, located at 2400 Veterans Blvd. in Kenner, a western suburb of New Orleans. The five-story property is currently 80 percent leased. Kingfish plans to renovate all the common areas of the property and tenant suites this year. Joe Gorman of Max J. Derbes Inc. will manage the property.
CHICAGO — Outlook Development, Bucksbaum Retail Properties and Simon Konover Development have sold a Mariano’s Fresh Market grocery store in Chicago for $40.5 million. Clark 1625 LLC, a New York City-based private investor, purchased the newly constructed, 65,568-square-foot store. The property is located at 1615 S. Clark St. in the South Loop submarket of Chicago. Guy Ponticiello, Bruce Westwood-Booth, Brian Shanfeld and Matt Berres led the Jones Lang LaSalle’s capital markets team, which represented the seller, in the transaction. Mariano’s Fresh Market is part of Roundy’s Supermarkets Inc.’s grocery store chain and it operates on a triple-net lease with 20 years of remaining on its lease.
OMAHA — The Opus Group has completed construction of and sold Gavilon’s new world headquarters in Omaha to an affiliate of Lexington Realty Trust, a single-tenant real estate investment trust. The purchase price was undisclosed. The 128,000-square-foot, build-to-suit office building includes a 50,000-square-foot, column-free trading floor featuring 22-foot ceilings, full-height glass walls and an open staircase connecting two levels. Opus Development Co. LLC was the developer, and Opus Design Build LLC served as the design-builder on the project. Open Studio Architecture was designed the project, and Opus AE Group LLC served as the architect and engineer of record.
ST. LOUIS — Michael Hanrahan and Paul Hilton, senior managing directors at Cassidy Turley, have been selected to market the historic 718,660-square-foot Butler Brothers building located at 1717 Olive St. in the Central Business District of St. Louis. A preliminary redevelopment plan for the building includes 342 multifamily units with 397 garage parking spaces and two retail spaces. Plans also feature an additional two-story, 71,277-square-foot penthouse. The property, built in 1906 and designed by Muarhan, Russell & Gasden, is listed in the National Register of Historic Places and is presently approved for state and federal historic tax credits to support redevelopment costs.
NEW YORK CITY — The retail condo portion of The Edge, a waterfront mixed-use property in the Brooklyn suburb of Williamsburg, has sold for $45.5 million. Madison Marquette acquired the retail portion, which totals 64,000 square feet, from Douglaston Development. Built in 2010, the property is part of The Edge project, a master-planned community that includes condominiums and residential units in four buildings. The retail component is long-term leased to Brooklyn Harvest Market, CVS/pharmacy, Ride Brooklyn and Fabbrica Cafe.
HAUPPAUGE, N.Y. — Cushman & Wakefield Inc. has completed the sale of 2929 Expressway Drive, a 152,254-square-foot, Class A office building located in Hauppauge, NY. Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Rob Kuppersmith of Cushman & Wakefield represented the seller, a joint venture between Ivy Realty and CenterSquare Investment Management. The group also procured the buyer, a joint venture between Mason Asset Management Inc. and Great Neck N.Y.-based Namdar Realty Group.
ROCHESTER, N.Y. — Marcus & Millichap has arranged the $1.4 million sale of Crab Shack Restaurant, a 7,784-square-foot net-leased property located in Rochester. Preet Sabharwal and Steven Stoehrer, both from Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. Crab Shack Restaurant is located at 749 E. Henrietta Road.