NEW YORK CITY — Eastern Consolidated has arranged the sale of a retail condominium located at 4 W. 19th St. in Manhattan’s Flatiron district. A private real estate investor acquired the ground-floor 1,574-square-foot retail asset from a corporate entity for $6.4 million. The property is currently leased to Zuber, a luxury wallpaper and fabric firm. Ron Solarz of Eastern Consolidated represented the seller, while Roberto Ortiz and Rhonda Rogovin, also of Eastern Consolidated, represented the buyer in the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use building in Brooklyn’s Greenpoint neighborhood. Ben Franklin LLC acquired the 4,133-square-foot property for $3.1 million, or $762 per square foot. The four-story building features three residential units and a ground-floor retail space, which is occupied by a neighborhood bar. Brendan Maddigan of Cushman & Wakefield handled the transaction. The name of the seller was not released.
LYNCHBURG, VA. — CBL & Associates Properties Inc. has sold a 75 percent interest in River Ridge, a 764,243-square-foot regional mall located in Lynchburg, to Liberty University. CBL received net cash proceeds of $33.5 million for the sale of the majority interest. CBL retains a 25 percent ownership in the asset, and is responsible for leasing and management. The mall’s tenant roster includes Macy’s, Chick-fil-A, Planet Fitness, Regal Cinemas, GNC, Spencer Gifts, JC Penney, Victoria’s Secret, Zales and T.J. Maxx.
ATLANTA — SRS Atlanta has brokered the $15.6 million sale of Shannon Crossing Shopping Center, a Kroger-anchored property located at 4550 Jonesboro Road in Atlanta. The 101,174-square-foot shopping center is situated on 12.4 acres near the intersection of Jonesboro Road and I-85 and features a Kroger Fuel Center. A joint venture between Forge Capital Partners and The Sembler Co. purchased the asset from Schottenstein Realty Co. Kyle Stonis and Pierce Mayson of SRS Atlanta represented the seller in the transaction. The joint venture buyer was self-represented.
HYATTSVILLE, MD. — Eastern Union Funding has arranged a $4 million loan for the refinancing of a net-leased BB&T bank branch in Hyattsville. The single-tenant bank is located at 3400 East-West Highway. Marc Tropp and Shai Romirowsky of Eastern Union Funding arranged the 10-year loan through a local bank on behalf of the borrower. The limited non-recourse loan features a fixed interest rate of 4 percent and a 30-year amortization schedule.
ARLINGTON, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Southwest Plaza, a 104,766-square-foot neighborhood retail center located in Arlington. PRA represented the seller, Bo Avery SWP Enterprises, in the transaction. Manuel Ramon of Green Earth Realty, who will also lease and manage the center, represented the buyer, Ravi Randal Investment Group. The asset is shadow-anchored by Albertsons with a mix of national, regional and local tenants. The property sits on a hill and is visible from I-20. Southwest Plaza was 98 percent leased at the time of sale to tenants such as Office Depot, Sears Outlet, Ace Hardware, H&R Block, Cato Fashions and CiCi’s Pizza. The entire team at Pierson Retail Advisors in Dallas handled the sale.
BUFFALO, N.Y. — Buffalo-based M&T Bank has provided $13 million in financing for the acquisition of eight CVS/pharmacy properties in Long Island, N.Y.; Upstate New York, Connecticut and Massachusetts. A Case Real Estate Capital-sponsored venture acquired the high-credit, triple-net leased retail properties, which total approximately 85,000 square feet. Case originally purchased the properties without financing in 2015 through a deed-in-lieu of foreclosure agreement.
NEW YORK CITY — Alpha Realty has arranged the sales of four apartment and mixed-use properties in Brooklyn neighborhoods. The transactions include a 16-unit apartment building at 354 E. 54th St. in East Flatbush selling for $2.2 million, or $222 per square foot; a 16-unit apartment building at 845 Schenectady Ave. in Flatbush trading for $2.2 million; a six-unit multifamily property at 540 Bainbridge St. in Bedford-Stuyvesant selling for $2.8 million, or $514 per square foot; and a four-story mixed-use building located at 278 Albany Ave. in Crown Heights for $2.4 million. Lev Mavashev and Jacob Aronov of Alpha Realty handled the off-market transactions. The names of the buyers and sellers were not released.
CBL & Associates to Begin Multi-Million Dollar Renovation of CoolSprings Galleria in Metro Nashville
FRANKLIN, TENN. — CBL & Associates Properties Inc. is set to begin the multi-million dollar renovation of CoolSprings Galleria, a more than 1 million-square-foot super-regional mall located in the Nashville suburb of Franklin. The mall’s department store anchors include Belk Men’s and Kids, Belk Women’s and Home, Dillard’s, JC Penney and Macy’s. Other retailers at the mall include Apple, Build-A-Bear Workshop, Chick-fil-A, Taco Bell/Pizza Hut, Pottery Barn, Williams-Sonoma, J. Crew and Starbucks. The renovation will include enhancements to the interior and exterior of the property, including a fresh color palette of grays, whites and hints of blue; new stone work and lighting around four entrances; the addition of seating areas; updated restrooms; and interior lighting and flooring upgrades. Work at CoolSprings Galleria is set to begin in early March with an anticipated completion in mid-October.
HENDERSONVILLE, TENN. — U.S. Properties Group (USPG) has acquired The Streets of Indian Lake, a 249,121 square-foot lifestyle shopping center in Hendersonville, roughly 18 miles northeast of Nashville. The retail center is located at Indian Lake and Vietnam Veterans boulevards. The center’s tenant roster includes Regal Cinema, Victoria’s Secret, LOFT, Rack Room Shoes, Yankee Candle, New York & Co., Sunglass Hut, Gymboree, Glowgolf, Charming Charlie, Bath & Body Works, Barnes & Noble and Buffalo Wild Wings. Chris Decoufle of CBRE’s Atlanta office brokered the transaction. USPG has acquired and improved value-add shopping center assets since 2002. The company owns approximately 4 million square feet and redevelops shopping centers in 11 states covering the Midwest and Southeast, including Alabama, Georgia, Illinois, Michigan, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.