PRINCETON, TEXAS — NOVUS Realty Advisors’ Tom Grunnah has completed the sale 11 acres for client and former property owner Wells Fargo Bank NA. The land is located at the southwest corner of the US Highway 380 and Cypress Bend intersection, just east of downtown McKinney in Princeton. The buyer, F&L LLP, plans to divide the property and sell commercial pad sites to end users.
CHAMBERSBURG, PA. — New York City-based Katz Properties has acquired Chambersburg Crossing, a shopping center located at 925 Norland Ave. in Chambersburg, for $45 million. The 400,000-square-foot property is fully occupied by a variety of tenants, including Giant Food, Kohl’s, Staples, Michaels, PetSmart, Chipotle, Olympia Sports, Red Robin, Panera Bread, Five Below, TGI Friday’s, Rue21 and Subway. R. William Kent and Ryan Sciullo of CBRE represented Katz Properties and the undisclosed seller in the transaction. Leasing and property management services will be provided by Winslow Property Management, an affiliate of Katz Properties.
EBENSBURG, PA. — Marcus & Millichap has arranged the sale of College Plaza, a 129,945-square-foot shopping center located at 881 Hills Plaza in Ebensburg. A New Jersey-based privately owned real estate investment company purchased the strip center from a tenant-in-common group for an undisclosed price. Situated on 22 acres, the property is occupied by Giant Eagle, Big Lots, Aaron’s, Dollar General, Sherwin Williams, GNC and Pennsylvania Highlands Community Center. Brian Munn, Joshua Ein, Mark Taylor and Dean Zang of Marcus & Millichap represented the seller, while Tim Giambrone, also of Marcus & Millichap, secured and represented the buyer in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 128-130 Cortelyou Road in Brooklyn’s Kensington neighborhood. Sugar Hill Capital Partners acquired the two-story, eight-unit building for $2.2 million, or approximately $316 per square foot. The property features five ground-floor commercial units and three three-bedroom units on the upper level. Additionally, the property features approximately 4,800 buildable square feet as of right. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction.
SILVER SPRING, MD. — Finmarc Management Inc. has sold Piney Branch Shopping Center, a 54,242-square-foot shopping center in Silver Spring, for $11.2 million. The buyer is an affiliate of JBGR Retail. Located at the intersection of Piney Branch Road and Flower and Greenwood avenues, the shopping center was fully leased at the time of sale to 12 tenants. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented Finmarc in the transaction.
GLEN ELLYN, ILL. — SVN | Chicago Commercial has brokered the sale of a 10,300-square-foot retail building for $1.1 million. GTC Investments sold the asset, which is located at 530 Crescent Blvd. in Glen Ellyn, approximately 25 miles west of Chicago. Tenants at the building include Dunkin’ Donuts and Thipi Thai Cuisine. Craig Franzen of SVN | Chicago Commercial represented GTC Investments in the transaction. The buyer, an undisclosed individual investor, was self-represented.
HOUSTON — Marcus & Millichap has arranged the sale of a corner land parcel located in Houston. Justin Miller and Derek Hargrove of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a family trust. A local investor bought the property and plans to redevelop it. The property is located at 2105 Yale St. in the Houston Heights area of Houston.
ROWLETT, TEXAS — Armstrong Development Properties, in partnership with Briarwood Capital Corp., has completed construction of a 28,000-square-foot Sprouts Farmers Market with 7,500 square feet of adjacent restaurant and retail space in Rowlett. Construction commenced January 2015 and was completed in November. The grand opening date for the New Sprouts Farmers Market was Dec. 30. Phase II of the project consists of 10 acres, including five pad sites and up to 50,000 square feet of additional anchor or junior anchor space.
PLANO, TEXAS — Berkadia has arranged $18.4 million in financing for H Mart Town Center, a grocery-anchored retail property in Plano. Joseph Hevey Jr. of Berkadia’s Dallas office secured the refinancing through Morgan Stanley Bank, N.A. The loan features a 4.8 percent fixed interest rate with three years of interest-only payments, followed by a 30-year amortization schedule for the remaining seven years. The borrower, RPI H Mart Town Center, will use the loan to refinance existing debt on the location. Located at 3420 K Ave., the property was 94 percent leased at the time of sale to tenants including H Mart, Fresenius and Prime Overstock. The 211,718-square-foot property sits on 17.5 acres less than two miles north of downtown Plano.
HAWTHORNE, CALIF. — Cushman & Wakefield has arranged the $15.3 million sale of Hawthorne Town Center, a 51,000-square-foot shopping center located in Hawthorne. PetSmart and Ross Dress for Less co-anchor the property. Dixie Walker, Charley Simpson and Andrew Milne of Cushman & Wakefield facilitated the sale to a private investor with holdings throughout the greater Los Angeles area.
