NEW YORK CITY — Cushman & Wakefield has brokered the sale of a land site located at 88 Withers St. in Brooklyn’s Williamsburg neighborhood. BK Developers and RYBAK Development acquired the site from Withers 88 Group LLC for $11.5 million, or $340 per buildable square foot. The corner site was purchased with approved plans for a 39,000-square-foot building comprising 33 residential units and a ground-floor retail unit. The residential portion will include three three-bedroom units, 14 two-bedroom apartments, eight one-bedroom units and eight studio apartments. Brendan Maddigan of Cushman & Wakefield represented the seller in the transaction.
WEST CHESTER, OHIO — Scott Street Properties has broken ground on a retail development along I-75 and The Streets of West Chester, about 25 miles north of Cincinnati. Phase I of the 8.3-acre development will include a couple freestanding buildings and a multi-tenant building featuring two new-to-market concepts. Chuy’s Tex-Mex restaurant and Matt the Miller’s Tavern have committed to the new project. North Shore Construction & Development Services is handling the project management for Scott Street Properties. Tenants are expected to begin opening for business in spring 2017. Eric Abroms and Joshua Rothstein of OnSite Retail Group LLC are handling the marketing and leasing of the new development.
SOUTH BEND, IND. — The Boulder Group has arranged the sale of a single-tenant property net leased to Best Buy in South Bend for $9 million. The 50,000-square-foot building is located at 6502 Grape Road near the University of Notre Dame. There are approximately seven years remaining on the Best Buy lease, which began in March 2003 and expires in March 2023. The absolute triple net lease features a 3 percent rental escalation in the primary term and in each of the four five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest real estate investment company. The buyer was a West Coast-based real estate investment company.
CRYSTAL LAKE, ILL. — Mid-America Real Estate Corp. has brokered the sale of a portion of Bohl Farm Marketplace in Crystal Lake, a northwest suburb of Chicago. The sales price was not disclosed. Fresh Thyme Farmers Market, Planet Fitness and Party Center anchor the 66,066-square-foot portion that was sold. The center is located near the northwest corner of Northwest Highway and Pingree Road. Ben Wineman and Carly Gallagher were the exclusive brokers in the transaction on behalf of the seller, Berengaria Development.
LINO LAKES, MINN. — Marcus & Millichap has arranged the sale of Lino Lakes Marketplace in Lino Lakes, a northern suburb of the Twin Cities, for $3.2 million. The 18,027-square-foot property is located at 701-717 Apollo Drive. The property was 92 percent occupied at closing. Sean Doyle, Cory Villaume, Matthew Hazelton and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was also a limited liability company.
RANCHO CUCAMONGA, CALIF. — Cohen Financial has secured an $8.9 million loan for Town Center Square, a 60,553-square-foot shopping center located roughly 40 miles outside downtown Los Angeles in Rancho Cucamonga. The property is fully leased to tenants including Aldi, Office Max and Barnes & Noble. Cathy Bronkema of Cohen Financial secured the fixed-rate, non-recourse, 15-year term loan with a flexible prepayment structure and 25-year amortization schedule. A private balance-sheet lender provided the financing, which was used to payoff an existing bridge loan.
PEORIA, ARIZ. — Armstrong Development Properties is developing a 10,000-square-foot retail strip center in Peoria. The center will be located at 7473 W. Bell Road. A fuel station was recently demolished on the 1.3-acre site to make way for the five-tenant strip center. Café Rio, Smashburger and Mad Greens have already signed onto the project. Construction commenced in mid-September, with an expected completion date of June 2017.
KANSAS CITY, MO. — Metropolitan Capital Advisors Ltd. has arranged $14.4 million in acquisition financing for Barry Towne Shopping Center, a 274,223-square-foot retail center in Kansas City. The property was 47 percent occupied at the time of acquisition to tenants such as Target, Kohl’s and Famous Footwear. The center was built in two phases starting from 1996 to 2001. United Development Company purchased the property and will implement a capital improvement plan to attract new tenants. Sunny Sajnani and Brandon Wilhite of Metropolitan Capital Advisors arranged the bridge acquisition loan with Arkansas-based Centennial Bank.
SECAUCUS, N.J. — Ripco Real Estate has brokered three new leases at the newly renovated 101 Plaza Center in Secaucus. Habanero Halal Grill, USA Wine Trader’s Club and Dollar Plus have joined the 53,000-square-foot neighborhood shopping center. Additional tenants include CVS/pharmacy, KFC, T-Mobile, Bagel Buffet, Plaza Pizza and Jon Giacomo Hair Salon. Daniel Zappala and Michael Rawlins of Ripco represented the undisclosed landlord in the deals.
OTTUMWA, IOWA — Mid-America Real Estate Corp. has arranged the sale of Quincy Plaza, a 137,389-square-foot retail center in Ottumwa, southeast of Des Moines, for $5.5 million. The center is located at the southwest corner of U.S. Route 34 and North Quincy Avenue and is anchored by Hobby Lobby, Famous Footwear and Rent-A-Center. Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of a fund managed by Cincinnati-based Phillips Edison. Eric Wohl of Hanley Investment Group represented the buyer, Albanese Cormier Holdings.