GRAVOIS MILLS, MO. — Pinnacle Real Estate Advisors LLC has brokered the sale of a single-tenant retail property net leased to Dollar General in Gravois Mills, located in central Missouri. The sales price was not disclosed. The 9,100-square-foot property was constructed this year on a 4.4-acre site at 25568 Highway 5. The property is located on the Lake of the Ozarks, a Midwest lake resort destination. Dollar General has signed a 15-year lease, which features 10 percent rental escalations in each of the renewal option periods. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. Kevin Calame and Matt Lewallen of Pinnacle represented the purchaser, a Colorado-based 1031 exchange investor.
MINNEAPOLIS — Marcus & Millichap has arranged the sale of a 7,500-square-foot property net leased to O’Reilly Auto Parts in Minneapolis for $2.2 million. The building is located at 710 E. Lake St. Sean Doyle, Matthew Hazelton, AJ Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, an unnamed developer. The team also secured and represented the buyer, a California-based fund manager.
NEW YORK CITY — Equicap has closed a $16 million bridge loan for two retail properties located in the Bay Ridge section of Brooklyn for an undisclosed borrower. The loan was used to acquire two Santander locations that were owned by Santander Bank. Both locations included accompanying retail space, some of which was occupied and vacant. Daniel Hilpert of Equicap arranged the financing for the borrower.
NEW YORK CITY — Cleeman Realty Group has brokered two separate transactions in Brooklyn totaling $6.1 million. In the first deal, an undisclosed buyer acquired a three-story, 3,440-square-foot residential walk-up building in Brooklyn’s Fort Greene area for $2.5 million. The building features eight rental units, four of which are vacant. Zach Hering of Cleeman Realty represented the buyer and undisclosed seller in the transaction. In the second deal, an undisclosed seller sold a vacant mixed-use building located on St. Felix Street in Brooklyn for $3.5 million. The 4,600-square-foot property features five residential units and two floors of community space. The building has been vacant since it was built in 2007. Michael Cleeman of Cleeman Realty represented the seller, while Hering represented the undisclosed buyer in the deal.
OLD SAYBROOK, CONN. — Marcus & Millichap has brokered the sale of a retail property located at 107 Main St. in Old Saybrook. An undisclosed limited liability company acquired the 3,690-square-foot property for $3 million. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap brokered the sale. The name of the seller was not released.
PHARR, TEXAS — Houston-based developer Levcor Inc. has received a $78 million loan to refinance existing construction debt on Pharr Town Center, a 466,950-square-foot retail center in the South Texas city of Pharr. Goldman Sachs provided the loan for the property, which currently houses tenants such as T.J. Maxx, Main Event Entertainment and Academy Sports + Outdoors. Tom Melody, Tom Fish, Jimmy Board and Jarrod McCabe of JLL arranged the financing.
ATASCOCITA, TEXAS — Los Angeles-based Westwood Financial Corp. has acquired Market at Lake Houston, a 101,791-square-foot, H-E-B-anchored retail center in the northeastern Houston suburb of Atascocita. Completed in 2002, the property was 100 percent leased at the time of sale to tenants such as GameStop, Sally Beauty Supply, Five Guys and Subway. HFF brokered the sale and arranged an undisclosed amount of acquisition financing through Nationwide Life Insurance Co.
GRAND CHUTE, WIS. — Colliers International | Wisconsin has brokered the sale of Grand Plaza in Grand Chute, near Appleton, for $5 million. The 23,720-square-foot retail center is located at 3404-3456 W. College Ave. HuHot Mongolian Grill anchors the multi-tenant property, which is 100 percent leased. Mark Pucci of Colliers represented the sellers, 111 Mall Drive LLC and 1200 South Koeller Street III. Jeff Slinde of Slinde Realty represented the buyer, Carey & Slinde Enterprises LLC. The sale equates to approximately $211 per square foot.
TRINITY, FLA. — Sleiman Enterprises has purchased Shoppes at Trinity Lakes, a shopping center located at 12500 State Road 54 and Community Drive in Trinity, roughly 30 miles north of Tampa, for $18 million. Cushman & Wakefield represented the Jacksonville-based buyer in the transaction. The Sembler Co. sold the asset. Constructed in 2016, Shoppes at Trinity Lakes comprises 67,334 square feet of retail space and is anchored by Publix. At the time of sale, the property was 96 percent leased to other tenants including GNC, Hair Cuttery, Heartland Dental, Mathnasium, Moe’s Southwest Grill, Nail Dior and Orangetheory Fitness.
DENTON, TEXAS — The Retail Connection has negotiated a 23,013-square-foot retail lease at 1400-1800 South Loop 288 in the North Texas city of Denton. David Levinson and Jack Weir of TRC represented the landlord, 3503 RP Denton Crossing LP, in the lease negotiations. Robert Aycock of CBRE represented the landlord, HomeGoods Inc., a Massachusetts-based home furnishings company and affiliate of the TJX Cos., which owns Marshalls and T.J. Maxx.