NEW YORK CITY — Madison Realty Capital has provided $60 million in construction financing for the development of a mixed-use property located at 1399 Park Ave. in Manhattan. Being developed by Heritage Real Estate Partners, the 100,000-square-foot building will feature 72 condominiums on the upper floors and 19,000 square feet of community facility space on the lower floors. The residential units will be a mix of studio, one-, two-, three-, and four-bedroom layouts, and on-site amenities will include a fitness center, lounge, children’s playroom and communal rooftop terrace.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of an investment retail property located at 2703 E. Tremont Ave. in the Westchester Square neighborhood of the Bronx. An affiliate of Rockfarmer Properties acquired the property, which is triple-net leased to Wendy’s, for $6.6 million. The 16,825-square-foot lot features a 2,772-square-foot restaurant, which is leased until 2035, and a 21-space parking lot. The lot offers future development potential as R6/C1-2 zoning allowing 50,475 buildable square feet, as-of-right, for a mixed-use structure and more than 80,000 buildable square feet by including a community facility. Scot Hirschfield, Jason Gold, Michael Tortorici, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.
THE WOODLANDS, TEXAS — Warren Hitchcock of NorthMarq Capital’s Houston office has arranged the refinancing of a construction loan for a retail property containing two tenants in The Woodlands. The property, located on Kuykendahl Road, contains 11,000 square feet. The loan was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with an unnamed life insurance company.
CHARLOTTE, N.C. — Unison Realty Partners has purchased Johnston Road Plaza, a 79,508-square-foot grocery-anchored shopping center in Charlotte, for $15.3 million. The Boston-based firm purchased the asset from Westwood Financial. Berkeley Capital Advisors brokered the transaction. The 16-store shopping center was 98 percent leased at the time of sale to tenants such as Food Lion and Goodwill.
KERMAN AND CLOVIS, CALIF. — Retail California, a division of Pearson Realty, has arranged two retail leases totaling 5,300 square feet. In Kerman, Sally Beauty Supply inked a lease for 1,300 square feet of retail space at 14051 W. Whitesbridge Ave. from CFTNV Developments LLC. Lewis Smith of Retail California represented the landlord, while Doug Cords of Commercial Retail Associates represented the tenant in the transaction. In Clovis, AAA Insurance leased 4,000 square feet of retail space with Trading Post Shopping Center from DN Clovis LLC. Lewis Smith and Peter Orlando of Retail California represented the landlord, while Nick Rendino of Colliers International represented the tenant in the deal.
GREENSBORO, N.C. — Joubran Commercial Properties (JCP) has brokered the $2.6 million sale of a 2.4-acre parking lot and 5,500-square-foot restaurant building in downtown Greensboro. JJ Joubran of JCP represented the Atlanta-based buyer, Buckhead Investments LLC, in the transaction. Rich Mossman of CBRE | Triad represented the seller.
VALRICO, FLA. — Marcus & Millichap has arranged the $5 million sale of River Hills Plaza, a 34,500-square-foot shopping center located at 4325 Lynx Paw Trail in Valrico, a suburb of Tampa. Built in 2004, the property was 93 percent leased at the time of sale. James Medefind and Armando Rodriguez of Marcus & Millichap’s Tampa office represented the seller, a private investor, in the transaction. The buyer was a private investor from Canada.
VACAVILLE, LINCOLN, IRVINE AND WEST ROSEVILLE, CALIF. — Citivest Realty Services Newport Beach has arranged four leases for retail spaces totaling 7,546 square feet in California. Beach Hut Deli, a gourmet sandwich deli has signed a 10-year lease for 2,147 square feet within Vacaville Commons in Vacaville from R/M Vacaville Ltd.; a 10-year lease for 1,999 square feet at Lincoln Gateway in Lincoln from Lincoln Gateway Ventures; and a five-year lease for 1,600 square feet at Woodcreek Plaza in West Roseville from Woodcreek Plaza. Jim Donnell of Citivest Realty Services Newport Beach represented the tenant in each transaction, while Rick Martinez of CBRE Sacramento represented R/M Vacaville. Robb Osborne of TRI Commercial represented Lincoln Gateway Ventures and Scott Carruth of CBRE Sacramento represented Woodcreek Plaza in the transactions. Additionally, Images Luxury Nail Lounge inked a five-year lease for 1,800 square feet of retail space within Woodbury Town Center in Irvine. Donnell of Citivest represented the tenant, while Erin Drapkowski provided in-house representation for the landlord, The Irvine Company.
LAKEWOOD, OHIO — Phillips Edison Grocery Center REIT II Inc. has acquired Lakewood City Center, a 67,280-square-foot shopping center located in the Cleveland suburb of Lakewood, for an undisclosed price. A 39,400-square-foot Marc’s grocery store anchors the center, which is also home to tenants such as Gamestop, Best Cuts, Pet Supplies Plus, the UPS Store, Boston Market, Marco’s Pizza, Ace Cash Express, T-Mobile, Palm Beach Tan and Chipotle Mexican Grill.
CORONA, CALIF. — The Shops at Dos Lagos are welcoming two new retailers to the retail center located at 2780 Cabot Drive in Corona. Creative Souls Art Lounge is opening a 2,800-square-foot location at the property. The art lounge will bring its paint-and-sip concept to the area, as well as space for private parties. Additionally, Stone Church Brewery is joining the tenant roster at The Shops at Dos Lagos with a 2,483-square-foot location with up to 12 beers on tap. Creative Souls Art Lounge is hosting its grand opening on April 7, and Stone Church Brewery is celebrating its grand opening on April 23.