PRINCETON, LINDEN AND HAZLET, N.J. — Sitar Realty Co. has arranged three sales in New Jersey. In the first transaction, Princeton McKinley LLC acquired a 60-story apartment complex located at 200 McKinley Court in Princeton from M&G McKinley Investments for an undisclosed price. Giorgio Vasilis, Joseph Allegro, Doug Sitar and William Sitar Jr. of Sitar Realty Co. negotiated the transaction. In the second deal, RTM Realty sold a 5,500-square-foot industrial building, located at 1818 E. Elizabeth Ave., in Linden to M. Lazurus for an undisclosed sum. Brian Murphy of Sitar Realty Co. handled the transaction. In the final transaction, Gold Group LLC acquired a 4,000-square-foot retail building, located at 3201 State Route 25 in Hazlet, from 35 Hazlet LLC for an undisclosed price. Vasilis of Sitar Realty Co. brokered the deal.
THOUSAND OAKS, CALIF. — Colliers International has brokered the sale of a single-tenant retail property located at 550 N. Ventu Park Road in Thousand Oaks. NewMark Merrill Cos. sold the property to a Los Angeles-based private investor for $15.6 million. The property is triple-net leased to Walgreens with 19 years left on the term. Eric Carlton and Jereme Snyder of Colliers represented the seller in the transaction.
LOS ANGELES — Forest City Realty Trust Inc. has started Phase II of the redevelopment, preservation and adaptive re-use of the Subway Terminal Building, originally built in 1925 by Pacific Electric Railroad in downtown Los Angeles. Renamed Metro 417, Phase I consisted of the development of 277 loft-style apartment homes. For phase two, Forest City will redevelop and transform the ground floor and two subterranean floors into approximately 133,000 square feet of multi-tenant retail space. Lorena Tomb and Danielle Cornwell of Jones Lang LaSalle are marketing the retail space for lease on behalf of Forest City. Metro 417 is located in the Bunker Hill area of Los Angeles adjacent to a station for the Metro Red Line subway. Amenities for the property will include on-site parking, in-unit laundry facilities, a rooftop garden, gym, business center and 24-hour security.
CORONA, CALIF. — Progressive Real Estate Partners has brokered the sale of an 8,000-square-foot retail property located at 4180 Green River Road in Corona. A private investor purchased the property from Olympic Barrington Partnership for $2.1 million, or $263 per square foot. As part of the 120,000-square-foot Green River Promenade, the property is fully leased to St. Christopher Adult Health Care Center. Greg Bedell and Pablo Velasco of Progressive Real Estate Partners represented the seller, while Keith Wichner of Star Real Estate represented the buyer in the 1031 exchange.
WOODSTOCK, GA. — Transwestern’s Southeast investment services group has arranged the $13 million sale of East Cherokee Village Shoppes, a Publix-anchored shopping center located at 6236 Holly Springs Parkway in Woodstock, a northern suburb of Atlanta. New Orleans-based PMAT Cos. acquired the 128,667-square-foot property for roughly $101 per square foot from a private seller. The asset was developed in 2003. Fred Victor and Kevin Markwordt of Transwestern represented the seller in the transaction.
New Orleans recently celebrated a significant milestone: the 10-year anniversary of Hurricane Katrina making landfall. Those familiar with the area’s commercial real estate market agree that the city continues to thrive in and around the metro area. Despite a low vacancy rate and shortage of commercial opportunities in downtown proper, competition is fierce for quality properties, and new-to-market retailers have moved into the area. From the market downtown to the immediate suburbs and surrounding parishes, the Big Easy is well-positioned for continuous, steady growth. Sharing a border with New Orleans, Jefferson Parish is the most populous parish in the state. Veterans Memorial Boulevard is a six-lane thoroughfare in Jefferson Parish, which remains the primary retail development corridor in the market with the 120-store Lakeside Shopping Center. One of the most desirable spans of commercial real estate, the seven-mile stretch of highway runs from the airport to the intersection of Jefferson Parish and Orleans Parish. After scouring the market for several years, Trader Joe’s recently announced its first New Orleans metro area store in one of the last undeveloped tracts on Veterans Memorial Boulevard. Another grocery retailer, The Fresh Market, opened its first Jefferson Parish store in July. In addition, the …
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two properties located at 126-128 E. 13th St. and 123 E. 12th St. in Manhattan’s East Village neighborhood. Ultimate Realty sold the properties to an undisclosed buyer for a total of $21.5 million. The 15,600-square-foot property on 13th Street is currently leased by Peridance, a dance studio, until March 2028 with a five-year option, while the 4,804-square-foot property on 12th Street features ground-floor retail space and a three-bedroom duplex apartment with a private rooftop on the upper floor. James Nelson and Matthew Nickerson of Cushman & Wakefield represented the seller in the transaction.
WILLIAMSVILLE, N.Y. — Picone Construction has completed the construction of 12 Gates Brewing Co. at 80 Earhart Drive in Williamsville. The brewery is designed as a production facility and tap room with light fare and snacks. Project work included select demolition, carpentry, millwork, concrete reinforcement and foundations, building insulation and metal roofing, door and frames, storefront, glass and glazing, drywall and acoustic, floor sealing, wall protection, signage, food service equipment, painting, plumbing, process piping systems, cooler installs, HVAC and electrical.
CEDAR HILL, TEXAS — Grimaldi’s Pizzeria will open a 6,500-square-foot location at Hillside Village (formerly Uptown Village at Cedar Hill) in the summer of 2016. Grimaldi’s will be located in the former Patrizio’s space on the north side of the property. This fall, Hillside Village implemented a campaign to court a Grimaldi’s location in the development. More than 220 community members signed an on-property banner calling for Grimaldi’s and more than 600 expressed their support for a Grimaldi’s by posting comments and videos on social media using the hashtag #HVWantsGrimaldis. Hillside Village recently completed a multi-million dollar renovation at the property, which includes a new children’s play area, village green promenade, new property signage, new shaded seating areas, upgraded landscaping and lighting, public art and façade renovations. In April 2015, Trademark Property Co. rebranded the property Hillside Village.
WARRENVILLE, ILL. — Adelphia Properties has arranged the $4.5 million sale of a net-leased retail property in Warrenville, a western suburb of Chicago. The Gardner School is occupying the 16,069-square-foot building located at 28W611 Ferry Road. The facility was built in 2013, and The Gardner School has a long-term lease in place. George Spirrison and Simeon Spirrison of Adelphia Properties represented both parties in the transaction. The buyer was a 1031 exchange investor.