AUBURN HILLS, MICH. — SVN/ Stewart Commercial Group LLC has brokered the sale of a 15,600-square-foot shopping center for $6.9 million, or $445 per square foot. The property, located at 4901-4931 Baldwin Road in Auburn Hills, was 100 percent leased at the time of sale. Tenants in the shopping center, which is 33 miles northwest of Detroit, include Sherwin Williams, Chipotle, Aspen Dental, Potbelly Sandwich Shop and Visionworks. The property was built in 2015. Vladimir Hritcu and Dan Stewart of SVN/Stewart Commercial represented the undisclosed buyer in the transaction. The seller in the transaction was also undisclosed.
HOUSTON — Marcus & Millichap has arranged the sale of Woodforest Plaza, a 13,568-square-foot retail property located at 13421 Woodforest Blvd. in Houston. Derek Hargrove and Justin Miller of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based limited liability company.
ALABASTER, ALA. — Marcus & Millichap has brokered the $12.7 million sale of Whitestone Shopping Center, a 70,065-square-foot, Publix-anchored shopping center located at 9200 Highway 119 in Alabaster. Built in 2004, the shopping center was 97 percent leased at the time of sale to tenants such as ABC Liquor, Premier Cosmetic and Family Dentistry, Alabaster Eye Care, Jackson Hewitt, Subway and Palm Beach Tan. Also included in the sale was a 9,260-square-foot outparcel currently leased to Buddy’s Home Furnishings. The buyer, Publix Super Markets Inc., was represented internally. Andrew Chason and Brett Chetek of Marcus & Millichap’s St. Louis office represented the seller, a limited liability company based in Montgomery, Ala., in the transaction. Eddie Greenhalgh of Marcus & Millichap’s Mobile office is the firm’s broker of record in Alabama.
HAMILTON, OHIO — Marcus & Millichap has brokered the sale of a 200,720-square-foot retail property for $4.3 million. Hamilton Crossings is located in Hamilton, approximately 33 miles north of Cincinnati, and was 70 percent occupied at the time of sale. Tenants at the retail property include Pease Warehouse, Youthland Academy, the U.S. Veterans Administration, Penn Station and Springleaf Financial. A private Ohio-based investor purchased the asset located at 1780 S. Erie Highway from an out-of-state investment firm. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller. The team also procured the buyer.
NEW YORK CITY — Madison Realty Capital has provided $48.5 million in financing to Cornell Realty Management for a development site located at 257-263 W. 34th St. on Manhattan’s West Side. Cornell Realty plans to development the property, which is an assemblage of adjacent sites, into a 35,000-square-foot retail building with four floors above grade and 80 feet of frontage on W. 34th Street. The borrower needed immediate funding to buy out a partner and take ownership of the properties to complete the assemblage and start predevelopment. Madison Realty Capital funded $42.5 million at closing and provided a future funding commitment of $6 million.
SECAUCUS, N.J. — Cushman & Wakefield has brokered the sale of a retail center located at 55 Hartz Way in Secaucus. The two-story, 74,000-square-foot property sold for $11.5 million, or $155 per square foot. Current tenants of the property include Escada, Nine West, Kasper, Fraganetics and Design Within Reach Outlet. Situated on 5.8 acres, the property is located within Secaucus Outlet Center with close proximity to various retail outlets, including Gucci, Calvin Klein, Nautica, Kenneth Cole, The Children’s Place and Tommy Hilfiger. Dmitry Shaplyka and Fahri Ozturk of Cushman & Wakefield represented the seller, while David Cantor of Team Resources represented the buyer in the deal. The names of the seller and buyer were not released.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a mixed-use property located at 507 Myrtle Ave. in Brooklyn’s Clinton Hill neighborhood. Klosed Properties acquired the property from 507 Myrtle LLC for $3.2 million. The three-story, 3,762-square-foot property consists of two retail stores and four apartments. Additionally, the property offers 10,000 square feet of buildable square feet for future development. Akil Rossi of Eastern Consolidated represented the seller and buyer in the off-market deal.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 109-111 Franklin St. in the Greenpoint neighborhood of Brooklyn. An international investor acquired the 10,394-square-foot property from a longtime owner for $7.1 million, or $683 per square foot. The four-story walk-up features 12 two-bedroom, rent-stabilized apartments and four fully leased retail units. Jonathan Schwartz of Eastern Consolidated represented the seller and buyer in the off-market transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a development site at 570 Nostrand Ave. in Brooklyn. The 4,550-square-foot site sold for $4.5 million, or $246 per buildable square foot. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a developer, in the transaction.
AUSTIN, TEXAS — The Kor Group has purchased land for the future home of Austin Proper Hotel and Residences. The development will be a 32-story mixed-use building containing 99 for-sale residences, 244 hotel guest rooms, four food and beverage outlets, 11,500 square feet of meeting space, a spa, fitness center and two outdoor swimming pools. Construction is scheduled to begin in spring 2016 and end in early 2018. In addition to the land acquisition, the Austin Proper Residences sales gallery, located nearby at 208 Colorado St., debuted on Jan. 21, 2016, with a grand opening celebration scheduled for Feb. 5 and 6. Will Steakley of DEN Property Group will manage sales for the Austin Proper Residences, which will begin taking contracts this month. Proper Hospitality will operate the Austin Proper Hotel as part of the Proper Hotels brand. Designer Kelly Wearstler is creating the interior design for the project, McGuire Moorman Hospitality is developing and operating the food and beverage concepts and Handel Architects is responsible for the design of the 32-story high-rise.