LOS ANGELES — SBH Real Estate Group has completed the sale of a retail center located at 3138-3148 W. Pico Blvd. in the Koreatown neighborhood of Los Angeles. Hasty Yadegaran, a local real estate investor, acquired the property for $6.7 million, or $441 per square foot. Dollar Tree and a multi-unit coin laundry operator occupy the 15,176-square-foot property. Dan Hoogesteger and Chris Sands of Sands Investment Group represented the seller in the deal.
OAKES, N.D. — Dollar General has started the construction of five new stores in southeastern North Dakota. The stores are expected to open in spring 2017 and, when completed, will expand the company’s presence to 44 states across the country. Stores are currently under construction in Oakes (Dickey County); Ellendale (Dickey County); Hankinson (Richland County); Hillsboro (Traill County); and Gwinner (Sargent County). These five stores will offer customers the traditional Dollar General store format, which is approximately 9,100 total square feet and 7,400 square feet of sales floor. Construction began on all five stores this summer. Dollar General Corporation operates 13,000 stores as of August 13.
NEW YORK CITY — Metropolitan Realty Associates and joint venture partner TIAA Global Asset Management have acquired HUB LIC, a four-story commercial building located at 47-25 34th St. in Queen’s Long Island City, for $89 million. At the time of acquisition, the 326,000-square-foot property was 48 percent leased to a mix of tenants, including POLO Ralph Lauren, TEC Systems (Honeywell), Eleni’s Bakery, Gracie and Richelieu. The buyers plan to redevelop the property into office and retail space to attract a large-format retailer and offer 80,000 square feet of contiguous office space on a single floor. The building features 16- to 21-foot ceilings, a floor-to-ceiling window line, a 7,000-square-foot pitched skylight on the second floor, skylights throughout third floors, abundant parking and eight loading docks. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil brokered the sale of the property, while Grant Frankel and Rob Turner, also of Eastdil, arranged acquisition financing for the transaction.
KING OF PRUSSIA, PA. — Simon has completed a 155,000-square-foot expansion at King of Prussia Mall, a shopping center located about 25 miles northwest of Philadelphia in King of Prussia. The project, which broke ground in summer 2014, adds 50 new retail and dining storefronts and increases the mall’s footprint to 2.9 million square feet. The expansion involved connecting the five-anchor, 1.7 million-square-foot plaza and the two-anchor, 902,000-square-foot court, which were separated by a roadway since initial construction. The expansion is also bringing first-to-market brands and new dining and retail options to the mall, including Altar’d State, Calligaris, Cartier, CH Carolina Herrara, Club Monaco, David Yurman, Diane von Furstenberg, Gap, Jimmy Choo, MCM, Robert Graham, Stuart Weitzman, Superdry, Vince Hai Street Kitchen, Nicoletta and Shake Shack.
NEW YORK CITY — Cushman & Wakefield has launched an Automotive Specialty Practice group in response to the recent transformation and growth in the auto industry. Led by Jeffrey Green, the group includes a global, cross-discipline team of real estate and business advisors to auto manufacturers, suppliers, distributors and retailers. Cushman & Wakefield is the first commercial real estate service firm to market a global comprehensive Auto SPG offering. The offering’s mission is to deeply understand and address the distinctive challenges of the automotive sector from labor issues, logistics, infrastructure, technology, credits and incentives to the unique requirements of the real estate itself. Cushman & Wakefield has has relationships with various automotive industry clients around the world, including Toyota, BMW, FCA, Mercedes Benz, Magna International, Hyundai and JLR.
OAKBROOK, ILL. — Golub & Co. has leased 8,500 square feet to Cornerstone Restaurant Group, which plans to open Michael Jordan’s Restaurant by next summer. The restaurant will be located at Oakbrook 22, a 389,000-square-foot office complex located along West 22nd Street in Oakbrook, approximately 20 miles west of Chicago. Golub & Co., along with Alcion Ventures, acquired Oakbrook 22 in 2014 and redeveloped the property, which now boasts 35 companies. The complex was originally built in phases between 1968 and 1980 and is currently 95 percent occupied. Recent renovations include updated office interiors, common areas and the addition of tenant amenities.
EL PASO, TEXAS — The Vitorino Group has arranged the sale of a net leased Walgreens store located in northeast El Paso. The single-tenant asset is located on Dyer Street just north of Fort Bliss military base. Adam Gottschalk of the Vitorino Group represented the seller, a Minnesota-based limited liability company. The Vitorino Group cooperated with an outside broker from Tucson, Ariz., that represented the buyer, a private investor utilizing a 1031 tax-deferred exchange.
WASHINGTON, D.C. — Harris Teeter is set to expand in northern Virginia, Maryland and Washington, D.C. The grocer, which is owned by Kroger, has retained Arlington, Va.-based Next Realty Mid-Atlantic to handle the expansion. George Galloway of Next Realty Mid-Atlantic will be the lead contact for the account, supported by team members Andrew Rose, Andrew Tkach, Mellisa Peterson and Kelsey Beerman. Harris Teeter currently has 44 stores open, one under construction and two planned.
NEW YORK CITY — Cammeby’s International has started construction of Neptune/Sixth, a mixed-use development located at 532 Neptune Avenue and 626 Sheepshead Bay Road in Brooklyn’s Coney Island. As the comprehensive redevelopment of the former Trump Village Shopping Center and Royal Palace Baths, the community-oriented development will feature a variety of services and retail options, residential and office space, public space and parking for more than 800 vehicles. Construction on the first phase — a standalone, seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road — is underway, with completion slated for summer 2017. Cammeby’s plans to begin site work for the 90,000 square feet of retail space at Neptune Avenue this fall, and the project’s second phase, including a residential component, is scheduled to break ground in late 2017. New York-based S9 Architecture is designing the project. Winick Realty Group has been retained as the exclusive retail leasing agent, while The Lawrence Group is overseeing leasing for the project’s office space.
BRIDGEWATER, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 728 Thompson Ave. in Bridgewater. A limited liability company acquired the 10,500-square-foot property for just under $2 million. The buyer plans to convert the property, formerly known as The Office Bar & Grill, into a high-end bar and grill. The restaurant is expected to open this fall after a complete remodeling of the building. Manveer Sanghera and Trevor Fiebel of Marcus & Millichap represented the buyer in the deal.