NEW YORK CITY — A joint venture between CIM Group, Kushner and LIVWRK has acquired a land parcel at 85 Jay St. in Brooklyn’s Dumbo neighborhood from Watchtower Real Estate for an undisclosed price. The partnership plans to develop a mixed-use project on the parcel, which is currently a 135,000-square-foot parking lot. Additional details of the development have not been released. In August, the joint venture acquired a 739,000-square-foot property at 25-30 Columbia Heights in Brooklyn.
BEAR, DEL. — Delle Donne & Associates has received a $35 million loan for the refinancing of Governor’s Square Shopping Center, a fully leased retail property located at 401 Governor’s Place in Bear, a suburb of Wilmington, Del. Loan proceeds will be used to retire existing debt. The 294,213-square-foot, two-building property is occupied by ShopRite, Kmart, American Signature Furniture, Rite Aid, Sneaker Villa H&R Block, Karate for Kids, RadioShack, Bear Chiropractic, Subway and GameStop. The center also includes three pad sites leased to Wells Fargo, Taco Bell and McDonald’s. Ryan Ade of HFF secured the financing for the borrower.
NEWTON, CONN. — RHYS represented Market Hospitality Group in the signing of a new lease at Village Lexington Gardens, located at 32 Church Hill Road in Newtown. The 3,500-square-foot space will be occupied by 5th Market Place Kitchen & Bar, a New American-style restaurant. The new restaurant is slated to open in July 2017. Ryan Stranko and Tyler Lyman of RHYS represented the tenant, while Doug Rose of Coldwell Banker Scalzo Group represented the landlord, Mesa General Contractors, in the deal.
CHICAGO — Marcus & Millichap has negotiated the sale of a 50,000-square-foot Planet Fitness in northwest Chicago for $11.5 million. The property is located at 3120 N. Pulaski Road. Nearby retailers include Walmart, Walgreens, Aaron’s, AutoZone, AT&T, Subway and Chase Bank. Eric Grad of Marcus & Millichap represented the seller, an owner and developer of Planet Fitness gyms. Harvey Schmidt, Donovan Mackey and Dana Newton of Marcus & Millichap procured the buyer, a national real estate investment trust.
BENSENVILLE, ILL. — Baum Realty Group LLC has brokered the $2.9 million sale of a PNC Bank ground lease in Bensenville adjacent to O’Hare International Airport. The 3,181-square-foot building is located at 1151 S. York Road. Brad Teitelbaum, Patrick Forkin and Graham Gold represented the seller, a local private investor. The buyer was also local.
RICHMOND, TEXAS — Marcus & Millichap has arranged the sale of Westheimer Lakes II, a retail shopping center located at 26440 FM 1093 Road in Richmond. At the time of sale, the 52,567-square-foot property was 94 percent leased to a variety of tenants, including Yes Kids, Pizza Hut, Handlebar Cyclery, Aquatic Rehab, State Farm and Bright Orthodontics. Watt Harrison, James Bell, Gus Lagos and Evan Altemus of Marcus & Millichap represented the seller, a Texas-based limited liability company, and procured the undisclosed buyer. Additionally, Jeffery Duke, also of Marcus & Millichap, arranged a $7.5 million non-recourse, CMBS loan for the acquisition of the property. The final loan features a five-year term, fixed interest rate and a 30-year amortization schedule.
HOUSTON — NAI Partners arranged the lease of retail space at 2859 Dulles Ave. in Missouri City, a suburb of Houston. Escape Games Fort Bend LLC leased the 1,750-square-foot entertainment venue space from SGRE Pecan Plaza Ltd. Jason Gaines of NAI Partners represented the landlord in the deal.
GERMANTOWN, TENN. — Epic Real Estate Partners has acquired Shops of Forest Hill, a 343,855-square-foot retail center located in the Memphis suburb of Germantown. Sprouts Farmers Market, Marshalls and Malco Cinemas anchor the center, which is also home to Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams. Jim Hamilton, Richard Reid, Brad Buchanan and Mike Allison of HFF represented the seller, a partnership between Boyle Investment Co. and Milton Schaeffer, in the transaction. Gregg Shapiro and Kyle Spencer, also of HFF, arranged a five-year acquisition loan with Wells Fargo Bank on behalf of Epic Real Estate Partners.
ROSENBERG, TEXAS — McAlister Real Estate has arranged the sale of a 10-acre development site located adjacent to GreatTown Plaza at the northwest corner of FM 2218 and Town Center Boulevard in Rosenberg. Gamal Enterprises acquired the property for $1.4 million and plans to use the site for retail development. James Kadlick, Chris Hutcheson and Matt Herring of McAlister represented the undisclosed seller in the deal.
DEERFIELD, ILL. AND CAMP HILL, PA. — Walgreens Boots Alliance (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) have agreed to sell 865 Rite Aid stores and some assets related to store operations to Fred’s (NASDAQ: FRED) for $950 million in an all-cash transaction. The agreement came about due to concerns by the Federal Trade Commission (FTC) in its review of Walgreens Boots Alliance’s proposed acquisition of Rite Aid, which was announced in October 2015. That transaction is scheduled to close in early 2017. The 865-store sale would make Fred’s one of the largest drugstore chains in the United States, with a significant presence in the South and on the East and West coasts. If the sale is approved, Fred’s will continue to employ all store associates and certain field and regional associates related to the operations. The stores will also continue to operate under the Rite Aid banner. Fred’s has also agreed to purchase additional Rite Aid stores if the FTC mandates additional divestments for the proposed merger. BofA Merrill Lynch acted as Walgreens Boots Alliance’s financial adviser. Sidley Austin LLP acted as legal counsel on transaction legal matters and Weil, Gotshal & Manges LLP acted as its legal …