STUART, FLA. — The Shopping Center Group has brokered the sale of Salerno Village Square, a 77,677-square-foot shopping center anchored by Winn Dixie in Stuart, a city in South Florida. Toronto-based Slate Properties purchased the property for approximately $8.6 million. Anthony Blanco of The Shopping Center Group represented the seller, Equity One Inc., a publicly traded REIT. The shopping center, which also includes a CVS/pharmacy, was 85 percent leased at the time of the sale.
Property Type
ST. PETERSBURG, FLA. — Publix Super Markets has purchased a freestanding, 28,800-square-foot Publix supermarket at Carillon Town Center in St. Petersburg. Publix purchased the single-tenant retail property from White Development for $5.2 million. The property is located at 120 Carillon Parkway. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller in the transaction.
NORCROSS, ATLANTA AND MARIETTA, GA. — Merric Millwork and Seating has completed millwork renovations to the common areas of three Courtyard by Marriott hotels in Georgia. The work for each project was done simultaneously. The hotels include the Courtyard by Marriott Peachtree Corners in Norcross, Courtyard by Marriott Windy Hill in Atlanta and Courtyard by Marriott Marietta in Marietta. The millwork renovations included work on the focal wall, quick print station, library, business center and other common area features. The design team includes general contractor Artistic General Contracting and developer Sage Hospitality.
NORTHLAKE, ILL. — STREAM Capital Partners has brokered the $5.7 million sale-leaseback of a 26,000-square-foot grocery store in Northlake, a western suburb of Chicago. The property, Farmer’s Best Market, is located at 23 W. North Ave. The buyer was a West Coast-based REIT. Jordan Shtulman and Jonathan Wolfe of STREAM represented the seller, Farmer's Best. The grocer agreed to lease back the property under a long-term, absolute triple-net lease.
ST. PAUL, MINN. — Cassidy Turley has arranged the $1.1 million sale of a 32,878-square-foot office/warehouse building in St. Paul. The property, built in 1987, is located at 69 Empire Drive. A local financial institution sold the building to LP Stcynske LLC of Roseville, Minn. David Stokes and Boston Weir of Cassidy Turley represented the seller.
LAFAYETTE, IND. — Coldwell Banker Commercial Realty Services has arranged a 237,900-square-foot industrial lease in Lafayette, approximately 63 miles northwest of Indianapolis. Toyota Tsusho America Inc., a trading company headquartered in Japan, has leased the industrial building located at 1521 Kepner Drive. Jim Shook Jr. of Coldwell Banker represented the tenant, Toyota Tsusho America Inc. The landlord, Stag II Lafayette LLC, represented itself in the transaction.
WHEELING, ILL. — Meridian Design Build LLC has begun renovation work on a 147,006-square-foot industrial building to create a state-of-the-art sorting and distribution center in Wheeling, a northern suburb of Chicago. The distribution center, which is being developed for an undisclosed national package delivery company, is located near the Chicago Executive Airport. The facility will include a 139,693-square-foot package sorting and distribution center and 7,300 square feet of office space. Site modifications will be made to accommodate 23 exterior trailer positions, 34 van storage positions, and a 129-car employee parking lot. In addition, six new loading docks and five drive-in doors will be added at the facility. The project is being completed on a design/build basis. Illinois-based Cornerstone Architects Ltd. will provide architectural services for the building and Spaceco Inc. of Rosemont, Ill. will conduct civil engineering work. Indianapolis-based Scannell Properties is the developer for the project.
NEW YORK — Berkadia Commercial Mortgage has arranged $43.9 million for two skilled nursing facilities in New York. Jay Healy of Berkadia’s Seniors Housing and Healthcare group worked with the owner of both properties to secure the fixed-rate financing. Healy secured a 12-year term extension and closed a 29-year, 6-month loan through HUD’s 232/223(a)(7) program for a 280-bed facility in Nassau County, which offers around-the-clock nursing care, therapeutic recreational programs, on-site dentistry and a beauty parlor for its residents. In addition, Healy facilitated a note modification through HUD for a five-story building in Dutchess County, which consists of 160 beds. The two transactions resulted in combined debt service savings of over $1.7 million for the borrower and were structured in such a way that a master lease was not required by HUD.
DOVER, DEL. — A joint venture has purchased seven office buildings from CD Realty Advisors Inc. in Dover for $30 million. Located at 800-861 Silver Lake Blvd., the office park is occupied by the largest concentration of government tenants in Dover. Moshe Mendlowitz of the Goldstone Group, Mark and Chesky Frankel of Lakestar, and west coast philanthropist Shlomo Rechnitz teamed up for the purchase. This deal adds another layer to what is in excess of $500 million in total square footage purchased by Lakestar properties. Rechnitz is the owner of Brius Health Care Services, the largest nursing home provider in California. Shaya Ackerman of Eastern Union Funding arranged a $21.75 million loan from Ladder Capital, locking in three years of interest-only on a 10-year term, with a 30-year amortization schedule. According to Ackerman, the out-clauses in government leases present a risk that can complicate financing. He worked with Ladder Capital to minimize that risk.
WESTPORT, CT. — In partnership with Summit Development, The Grossman Companies has acquired 60 Charles Street in Westport, for $2.7 million. The 5,728-square-foot retail building is located on just over a half acre near the heart of one of Fairfield County’s most affluent towns and adjacent to the Westport Metro North station, with access to Exit 17 off I-95. The space, which had been home to a restaurant, is currently vacant. The partnership has invested almost $45 million in joint venture acquisitions since 2012. 60 Charles Street is the fourth Grossman-Summit joint venture acquisition in the past 18 months.