MURPHY, TEXAS — Phillips Edison Grocery Center REIT I Inc., a non-traded retail REIT, has acquired Murphy Marketplace, a 218,598-square-foot, Sprouts-anchored shopping center located in Murphy, a suburb 25 miles northeast of Dallas. The center is home to tenants including Michaels, 24 Hour Fitness, Tuesday Morning, T-Mobile, Chick-fil-A, Einstein Bros. Bagels, Chipotle Mexican Grill, Firehouse Subs and Dunkin’ Donuts. As of June 29, Phillips Edison Grocery Center REIT I owns and manages a retail portfolio consisting of 149 shopping centers totaling approximately 15.9 million square feet.
WALLINGFORD, CONN. — O,R&L Commercial has arranged the sale of Tower Square Plaza, located at 600 N. Colony Road in Wallingford. JMM Associates acquired the 22,160-square-foot retail center from 600 North Colony Road Associates for $2.1 million. The property is occupied by Enterprise Rent-a-car, Panda Garden, Domino’s, Brew and Steak Kings, and other retail tenants. Phil Marshall and Frank Hird of O,R&L Commercial represented the seller and buyer in the transaction.
HAMILTON TOWNSHIP AND FAIRVIEW TOWNSHIP, PA. — Bennett Williams Commercial has brokered two retail transactions in Pennsylvania totaling $2.88 million. In the first deal, Bhamidi Holdings has acquired a retail building located at 3170 Carlisle Pike in Hamilton Township. New Oxford DPP IX sold the 10,542-square-foot property for $1.58 million. Adam Hagerman, Brad Rohrbaugh and Chad Stine of Bennett Williams Commercial represented the buyer in the deal. In the second transaction, Goldstone I purchased an 8,446-square-foot retail building located at 99 Lewisberry Road in Fairview Township. Pavilion Development Group sold the property for $1.3 million. Hagerman, Rohrbaugh and Stine represented the seller in the transaction.
NEW ALBANY, IND. — NorthMarq Capital has arranged a $1.4 million loan to refinance the Silver Run Center in New Albany, approximately five miles northwest of Louisville, Ky. The 11,355-square-foot property, located at 2860-2880 Charlestown Road, is shadow anchored by Kroger. The financing features a fixed-rate, three-year term and 20-year amortization schedule. Randall Waddell of NorthMarq Capital placed the loan with a local bank.
DALLAS — Marcus & Millichap has arranged the sale of a building net leased to Wells Fargo near the Southern Methodist University (SMU) campus in Dallas for an undisclosed price. The property is located at 6900 Snider Plaza. Originally constructed in 1931, the property is located within Snider Plaza and is near Highland Park, SMU and uptown Dallas. Vincent Knipp and Ryan Wolf, both in Marcus & Millichap’s Dallas office, represented the seller, a limited liability company. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap’s Manhattan office represented the buyer, another LLC.
HOUSTON — NewQuest Properties has arranged more than 23,000 square feet of retail leases in greater Houston. In the first transaction, Daiso has leased 9,675 square feet of retail space in the Market at Westchase, located at Westheimer at Wilcrest in Houston, from Weingarten Realty Investors. Heather Nguyen and John Nguyen of NewQuest Properties represented the tenant. John Wise of Weingarten Realty Investors represented the landlord. In the second transaction, King’s Biergarten LLC has leased 6,090 square feet of retail space at 2036 E. TC Jester in Houston from 2036 TC Jester LLC. Ashley Williams and Chris Dray of NewQuest Properties represented the landlord. Hugh Ruggles and Mac Ruggles of NewQuest Properties represented the tenant. In the third deal, Sherwin Williams has leased 4,072 square feet of retail space at 14106 Mueschke Road in Cypress from Arbed Mueschke LP. Ashley Williams and David Meyers of NewQuest Properties represented the landlord. Tami Pearson of Waterman Steele Group represented the tenant. In the fourth transaction, Shogun Japanese Grill & Sushi Bar has leased 4,002 square feet of retail space at the intersection of Texas 146 and Interstate 10 in Baytown from NewQuest Properties. Brad Elmore of NewQuest Properties represented the landlord. Bob Conwell …
NEW YORK CITY — The Parkland Group has received $32.1 million in refinancing for a fully-leased retail property located at 200 West End Ave. in Manhattan’s Upper West Side. HFF placed the 15-year fixed-rate loan through MetLife for the borrower. The 25,446-square-foot retail property is leased to CVS/pharmacy, Bin 70, Apple Seeds and Beverly Hills Dry Cleaners. Rob Rizzi and Jennifer Keller of HFF arranged the financing for the borrower.
SYLVANIA, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of Timberstone Center, a 35,347-square-foot retail property in Sylvania, approximately 15 miles west of Toledo, for an undisclosed price. CSFB 2004-C5 Sylvania Avenue LLC sold the center through Ten-X.com to Parviz Benhuri. Timberstone Center, situated on 6.8 acres at 7561-7633 W. Sylvania Ave., is shadow-anchored by Kroger. Other tenants include Hallmark, Pizza Hut, Subway and Weight Watchers. Rich Deptula of Friedman represented both parties in the transaction.
AMHERST, N.Y. — WS Development has commenced construction of the first phase of its redevelopment of Northtown Plaza in Amherst. The first phase will include a 50,000-square-foot Whole Foods Market, which will be the grocer’s first location in Western New York. The store is slated to open in 2017. Picone Construction will serve as general contractor for the building construction. WS Development acquired the 400,000-square-foot Northtown Plaza, located at the intersection of Niagara Falls Boulevard and Sheridan Drive, in 2015.
The real estate market in downtown Birmingham has followed the “chicken and egg” trend. Over the last few years, over a dozen multifamily projects have been announced, but the major hurdle is proving the demand as people moving downtown have wanted a downtown grocer. While some multifamily developers decided to proceed with construction, others waited on the sidelines hoping a grocer would announce a new downtown location. On the other hand, major grocers put off locating in downtown Birmingham due to the lack of people living in the general area. Problem solved when construction started last year on a new 30,000-square-foot Publix with a full-service pharmacy in downtown Birmingham. Developers Scott Bryant and Dick Schmalz announced that the Publix will anchor a new multi-story, mixed-used development. Publix considered a store in downtown Birmingham in 2007 and again in 2009 before finally deciding to bring a store downtown now. The development of the Parkside District with Railroad Park and Regions Field, along with existing and planned apartment projects in the area, contributed to the timing. With the addition of Publix, several other multifamily projects are well underway or completed, such as the 228-unit LIV Parkside, 332 total units next to Regions …