SEDONA, ARIZ. — Tequa Festival Marketplace, a 54,068-square-foot distressed neighborhood center near Sedona, has sold to Baceline Investments, LLC from a lender for $4.1 million. This represents only 20 percent of the center’s original loan, which was $20.3 million. Tequa is currently 34 percent leased.
PRESCOTT VALLEY, ARIZ. — Dollar Tree has signed a lease for 9,000 square feet at the Prescott Valley Crossroads Shopping Center. The property is located at 5990 East State Route 69 in Prescott Valley. Notable retailers at the center include Home Depot, Hobby Lobby and Sam’s Club. Dollar Tree was represented by Kurt Kalocin with SRS Real Estate Partners. The landlord, YK Commercial Realty, was represented by Teale Bloom, Cameron Warren and Greg Laing of Phoenix Commercial Advisors.
GLENDALE, CALIF. — Glendale-based Public Storage has purchased a six-property self-storage portfolio for $42 million. The 517,000-square-foot portfolio consists of 5,500 storage units. The properties are located in Philadelphia; Wayne, N.J.; Randolph, Mass.; Montclair, Calif.; and Pompano Beach and Hialeah, Fla. The portfolio is currently 65 percent occupied. Marc Boorstein and Jeff Jacobson of Chicago-based MJ Partners represented the seller, Babcock and Brown, and four lenders in the transaction.
WASHINGTON, D.C. — The 522,000-square-foot Terrell Place, located at 575 7th St. NW, has achieved LEED Platinum certification for Existing Buildings: Operations & Maintenance. Beacon Capital Partners and General Electric Pension Trust own the property, which is the first trophy office building to receive this designation. Cassidy Turley's Sustainability Services team handled the project management.
WASHINGTON, D.C. — Greysteel has arranged the sale of two multifamily buildings in Washington, D.C., totaling 69 units, for $2.32 million. The properties include the 33-unit 1 Hawaii Ave. NE and the 36-unit 113 Wilmington Place SE. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Bethesda, Md.-based Greysteel, along with Marcus & Millichap, represented the sellers in both transactions. For 1 Hawaii Ave. NE, Carroll Associates sold the property to Mayfair LLC for $1.32 million. For 113 Wilmington Place, RM Cohen Investment Co. sold the property for $1 million.
CINCINATTI — An affiliate of Dallas-based Tabani Group Inc. has acquired Northgate Mall in Cincinnati for $21.5 million. The regional mall is located directly south of Interstate 275 in Colerain Township. The real estate company plans to redevelop the 915,956-square-foot mall, as well as the property surrounding it. Rockrose Real Estate Advisors arranged the sale on behalf of E3 Advisors. The distressed property has been under the control of a court-appointed receiver since 2009. The mall is anchored by Sears and Macy's, following the closure of Dillard's in 2009.
RAYTOWN, MO. — Monopoly Acquisitions has purchased a 54,000-square-foot shopping center in Raytown. The Blue Ridge Plaza Shopping Center is located on Blue Ridge Boulevard and 51st Street and is anchored by Family Dollar. Bill Maas of Block & Co. Inc. Realtors represented the seller in the transaction.
INDIANAPOLIS — Beech Street Capital has arranged a $5.1 million Fannie Mae loan to refinance Hunt Club Apartments, a 200-unit property in Indianapolis. Jacob Schmuckler of Meridian Capital Group originated the 7-year, fixed-rate loan, which carries a 30-year amortization schedule. The borrower has spent $1.8 million in renovations to the property's interior and plans to upgrade all of the units.
BROOKLYN — Three new retailers are slated to move into the Edge condominium project in Williamsburg. Among the tenants is Brooklyn Harvest Market, a 15,000-square-foot gourmet grocery store. Fabbrica, an Italian espresso bar and bakery, and Ride Brooklyn, a bicycle shop, have also signed new leases. The businesses will join a CVS pharmacy and Frolic!, a children's play space. Robert Greenstone of Greenstone Realty was the sole broker in all three transactions.
CONCORD, MASS. — Welch's, the juice and jelly maker, is moving its headquarters but will remain in Concord. The company will relocate to an 85,000-square-foot space at 300 Baker Ave. Welch's is currently based on the other side of town at 575 Virginia Rd., near Hanscom Field. The company signed a 12-and-a-half year lease with the building owner, Normandy Real Estate Partners. Welch's will also consolidate its Billerica technology center into the new headquarters. Cassidy Turley FHO advised Welch's on the transaction.