NEW YORK CITY — Cignature Realty has arranged the sale of a mixed-use property located at 3880 Broadway in the Washington Heights section of New York City. A South Florida investor acquired the building from Coltown Properties for $17.5 million, or $390 per square foot. The 44,868-square-foot building features 32 apartment units and three commercial spaces. Lazer Sternhell and Peter Vanderpool of Cignature represented the buyer and seller in the deal.
MCKINNEY, TEXAS — Bright Realty has brokered the sale of Century Square, a retail property located at 4600 Eldorado Parkway in McKinney. Anytime Fitness, DOC, Pure Plates and Choice Beverage occupy the 10,377-square-fooot property. Britton Lankford and Tim McNutt of Bright Realty represented the undisclosed seller, while Mark Graybill of Lee & Associates represented the undisclosed buyer in the sale. The acquisition price was not released.
AZLE, TEXAS — Tesla Investments LLC, a holding and investment firm, has purchased a retail building located at 401 Northwest Parkway in Azle, a suburb 16 miles northwest of Fort Worth. Robert Petrie sold the 7,250-square-foot property for an undisclosed price. Sarah LanCarte of Transwestern represented the seller in the transaction.
LAKE CHARLES, LA. — Venture Commercial Real Estate and SRSA Commercial Real Estate, two real estate brokerage firms and members of X Team International, have arranged a 19,019-square-foot retail lease in Lake Charles. The tenant, Northern Tool + Equipment, will be situated within Park Plaza Shopping Center at 3031 Gertsner Memorial Drive. Clay Mote of Venture Commercial worked with Kirsten Early of SRSA Commercial to negotiate the 10-year lease deal on behalf of the retailer, and Seth Citron of Stirling Properties represented the landlord.
CEDAR PARK, TEXAS — Marcus & Millichap has brokered the sale of Cypress Bend Shopping Center, a retail property located at 2051 Cypress Creek Road in Cedar Park. Constructed in 2002, the property features 34,245 square feet of retail space. Michael Buckner and Richard Mireles of Marcus & Millichap represented the seller, a partnership, in the deal. The name of the buyer and acquisition price were not released.
ENDICOTT, N.Y. — Houlihan-Parnes has brokered the sale of a mixed-use property located at 10 Delaware Ave. in Endicott. An undisclosed buyer acquired the asset for $1.1 million. The property consists of 75 multifamily units, 26,406 square feet of commercial space and an additional loft building that can be converted into 10 apartments. Ed Graf of Houlihan-Parnes represented the undisclosed seller in the deal.
CHICAGO — Mid-America Real Estate Corp. has arranged the sale of 3030 North Broadway in Chicago for $81 million. The 137,618-square-foot shopping center is located between Barry and Wellington avenues. Ohio-based DDR Corp. purchased the center, which is anchored by grocer Mariano’s. Other tenants include XSport Fitness, Starbucks and PNC Bank. Ben Wineman and Joe Girardi of Mid-America represented the sellers, a joint venture between Barrett & Porto Real Estate, The Taxman Corp. and Newport Capital Partners.
VIRGINIA BEACH, VA. — Wegmans plans to open a new 130,000-square-foot grocery store at Town Center of Virginia Beach. Situated near the intersection of Virginia Beach and Independence boulevards, the store will feature a parking deck in front and a mezzanine level for café seating. Wegmans is expected to create hundreds of jobs and invest millions of dollars in the new store. The Rochester, N.Y.-based grocer currently has 10 other stores in Virginia.
SAVANNAH, GA. — Burroughs & Chapin, a retail investment REIT based in Myrtle Beach, S.C., has acquired an 8,800-square-foot retail property located at 5-15 W. Broughton Street in downtown Savannah’s Historic District. Originally built in the 19th century, the property is fully leased to tenants including Ann Taylor LOFT, FedEx Office and Flying Monk, an Asian restaurant. The seller and sales price were undisclosed.
BAKERSFIELD, CALIF. — A joint venture between C & C Properties Inc. and MarkChris Investments has announced the redevelopment of East Hills Mall in Bakersfield, roughly 110 miles north of Los Angeles. The 414,000-square-foot enclosed regional mall will be transformed into a 350,000-square-foot, open-air lifestyle center. A state-of-the-art movie theater will anchor the development, which is set to feature a collection of restaurants, retail and entertainment space. Renovations will include the addition of a large outdoor plaza, water fountain, and seating and landscaping around the movie theater complex. Development plans also include the addition of several buildings along Mall View Road for shops, restaurants and services. The buyers acquired the mall from a joint venture between Retail Equities LLC and El Corte Ingles in late December 2016. Duane Keathley, Vince Roche and Josh Sherley of Cushman & Wakefield | Pacific Commercial Realty Advisors represented both the buyer and seller in that transaction, and have been retained by the new ownership to lease the redeveloped center. Construction is expected to begin this year, with completion scheduled for fall 2018. — Katie Sloan
