REBusinessOnline

CalBay Buys 29,000 SF Retail Redevelopment Site in California for $2.1M

MONROVIA, CALIF. — CalBay Development has completed the acquisition and entitlement of a redevelopment site located on West Huntington Drive in Monrovia. McMahans Furniture sold the site for $2.1 million. The 29,000-square-foot site is comprised of two parcels and features a 21,000-square-foot retail store occupied by 3-Day-Suit Broker. CalBay plans to develop a freestanding 2,200-square-foot Starbucks drive-thru on the site. Construction is slated to begin in third-quarter 2018, with store …

MetroGroup Arranges $3.7M Refinancing of Three Retail Properties Occupied by Walgreens in Illinois

ROCKFORD AND PARK FOREST, ILL. — MetroGroup Realty Finance has arranged three loans totaling $3.7 million used to refinance a three-property retail portfolio in northern Illinois. The assets, totaling 38,639 square feet, are all leased to Walgreens for 50-year terms. Built in the 1990s, the standalone properties are located at 3803 Auburn St. and 1602 Kishwaukee St. in Rockford, and 15 S. Orchard Drive in Park Forest. The three loans replace two maturing CMBS loans and return a portion of the …

Marcus & Millichap Negotiates $2.3M Sale of McDonald’s Ground Lease in Canton, Ohio

CANTON, OHIO — Marcus & Millichap has negotiated the $2.3 million sale of a McDonald’s ground lease in Canton. The 4,673-square-foot property, built in 2014, is located at 4643 Belden Village St. The ground lease is for 20 years. Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a local developer. The buyer, a private investor, was completing a 1031

NKF Capital Markets Negotiates $18.5M Sale of Retail Property in Horseheads, New York

HORSEHEADS, N.Y. - NKF Capital Markets has brokered the sale of Southern Tier Crossing, a retail property located at Horseheads. A joint venture between DRA Advisors and DLC Management acquired the property from DDR for $18.5 million. Southern Tier Crossing comprises a 174,642-square-foot retail asset within a 522,734-square-foot power center in Upstate New York. At the time of sale, the property was 89 percent leased to a variety of tenants, including Dick's Sporting Goods, Jo-Ann Fabric, …

IPA to Arrange Sale of 110,365-Square-Foot Shopping Center in Pennsylvania

HARRISBURG, PENN. - Institutional Property Advisors (IPA), a division of Marcus & Millichap, has been retained as the exclusive advisor for the sale of The Shoppes at Susquehanna Marketplace, a 110,365-square-foot shopping center in Harrisburg. The property is listed at $38.2 million. Bill Rose, Mark Taylor and Rick Lechtman of IPA are representing the seller, an institutional advisor. The Shoppes at Susquehanna is home to tenants such as Athleta, Banana Republic, Chico's, J. Crew, JoS A. …

Marcus & Millichap Brokers $12.8M Sale of Shopping Center in New Jersey

FRANKLIN PARK, N.J. - Marcus & Millichap has arranged the sale of Somerset Plaza Shopping Center, a retail property located on 8.99 acres at 3151 Route 27 retail corridor in Franklin Park. A private investor acquired the property for $12.8 million. Eleven tenants, including Good Fortune, Dollar General, Papa John's Pizza and PNC Bank, occupy the 67,530-square-foot shopping center. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the buyer in the

Signature Associates Negotiates Sale of 180,000 SF Retail Property in Flint, Michigan

FLINT, MICH. — Signature Associates has negotiated the sale of a 180,000-square-foot retail property in Flint for an undisclosed price. The building is located at 4403 Clio Road. The sale is part of a federal court seizure. Grant Bruce of Signature Associates represented both the seller, Treasure Enterprise LLC, and the buyer, Rock Property Management LLC. The buyer is in the process of getting the property rezoned for industrial

South Korean Restaurant Bonchon to Open First Michigan Location

GRAND RAPIDS, MICH. — South Korean-based restaurant chain Bonchon is opening its first Michigan location at the Knapp North retail development located at 2365 E. Beltline Ave. in Grand Rapids. The restaurant, whose signature dish is Korean fried chicken and wings, will occupy 2,644 square feet. Pinnacle Construction Group is constructing the three-building development. Other tenants include Sherwin Williams and Sara’s Sweets. Doug Taatjes and Hillary Taatjes-Woznick of NAI Wisinski of West …

Disney Brokers Sale of Two Shopping Centers in Metro Dallas for $17.1M

ALLEN AND CARROLLTON, TEXAS — Disney Investment Group (DIG) has brokered the sale of two shopping centers totaling 57,135 square feet in metro Dallas for a combined $17.1 million. The sold assets include McDermott Towne Crossing, a 42,651-square-foot, Kroger-anchored shopping center in Allen, and Carrollton Retail Center, a 14,484-square-foot center in Carrollton. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction. The …

Marcus & Millichap Closes Sale of 5,943 SF Retail Center in Lufkin, Texas

LUFKIN, TEXAS — Marcus & Millichap has closed the sale of Lufkin Plaza, a 5,943-square-foot retail center in Lufkin, roughly halfway between Houston and Shreveport, La. Philip Levy of Marcus & Millichap represented the buyer, a Texas-based investor that acquired the property via a 1031 exchange. A West Coast-based investor sold the center, which was 100 percent leased at the time of