LATHAM, N.Y. — Berkadia has closed a $15.4 million refinancing loan for Latham Crossing, a retail property located in Latham. The 10-year, fixed-rate loan, which was provided by a conduit lender, features a 30-year amortization schedule with 2 years of interest-only payments, a 75 percent loan-to-value ratio and 1.25 times debt-service coverage. Located at 609 Troy Schenectady Road, the 100,000-square-foot center is fully occupied by a variety of tenants, including PetSmart and Staples. John DiCrocco of Berkadia’s New York City office arranged the financing for the undisclosed borrower.
EAST FREETOWN, MASS. — Marcus & Millichap has brokered the sale of Crossroads Common, a retail property located at 1 Chace Road in East Freetown. The 28,000-square-foot asset sold for $2.3 million. The property is occupied by a mix of local and regional tenants, including Crossroads Liquors, Subway and Bristol County Savings Bank. Laurie Ann Drinkwater, Seth Richard and Andrew Gilbert of Marcus & Millichap represented the seller, a local investor, and procured the buyer, a regional business owner, in the transaction.
NEW YORK CITY — Super Fi Emporium has purchased 12,000 square feet of retail space at HAP Investment’s residential building located at 2211 Third Ave. in East Harlem for an undisclosed price. The buyer plans to open a supermarket in the ground-floor retail space of the 120,000-square-foot rental project, which will feature 78,000 square feet of residential space, 12,000 square feet of commercial space, 5,000 square feet of parking and 700 square feet of community facility space. Faith Consolo, Joseph Aquino and Arthur Maglio of Douglas Elliman represented the seller, HAP Investment, and buyer in the transaction.
WASHINGTON, D.C. — Marcus & Millichap has brokered the $3.2 million sale of a 5,440-square-foot vacant retail property located at 1301 H St. N.E. in Washington, D.C. The property, formerly St. John’s Church of God, sold for $2.2 million in 2013. Josh Feldman and Ben Wilson of the Feldman Group, part of Marcus & Millichap’s Washington, D.C., office, represented the seller, a group of attorneys, in the transaction. Feldman and Wilson also procured the buyer, a developer that cited interest in the H Street corridor as the reasoning behind the purchase. The developer plans to raze the property and develop a four-story, mixed-use condominium building with ground-floor retail space at the site. The property is a block from the H Street Country Club, Rock and Roll Hotel and Biergarten Haus.
WYANDOTTE, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 9,080-square-foot retail building located at 1079-1081 Fort St. in Wyandotte, a southern Detroit suburb. Emanuel and Joy Pasquini LLC sold the building to Wheeler’s Complete Auto Care for an undisclosed price. Wheeler’s Complete Auto Care is currently located in Lincoln Park, and the property was purchased for business expansion. Greg Hornby of Farmington Hills, Mich.-based Friedman represented both the buyer and seller in the transaction.
Milwaukee is in the midst of a new construction boom in the retail sector, with three major projects currently underway and a fourth that was delivered in 2014 for a total of more than 1.1 million square feet of new space in the market. The majority of this space is being delivered fully leased. In many cases, these retailers are brand new tenants to the Milwaukee area. In the second quarter, overall vacancy ticked up 10 basis points to 10.2 percent. However, this was mainly due to store closures and consolidation in the Milwaukee market by retailers such as Office Depot, OfficeMax, Pick ’n Save, Sears and Kmart. But don’t be rattled by the uptick in vacancies. In reality, the market is incredibly active with new tenants entering the region and several expanding. Retailers recognize that there is ample room to compete for market share in Milwaukee and the surrounding area. Many of these new retailers will come on line in large ground-up projects now underway. Here are some of the notable projects: • In Menomonee Falls, a new Costco will open this fall and anchor a 300,000-square-foot development known as White Stone Station from Cobalt Partners LLC. • The …
THORNTON, COLO. — Armstrong Development has completed construction on a new 4,500-square-foot building at HighPointe Park in Thornton. Nextcare Urgent Care now occupies the freestanding structure. Construction commenced on the pad this past April and was completed in late September. The urgent care officially opened Tuesday, Oct. 13.
RICHARDSON, TEXAS — Regency Centers Corp., an owner, operator and developer of grocery-anchored shopping centers, has closed on the land for Phase II of its CityLine Market development in Richardson. The Phase II portion is 100 percent pre-leased and will include a 12,900-square-foot CVS Pharmacy and new restaurants encompassing 9,000 square feet. The newest restaurants to join CityLine Market include Super Chix, Pho is for Lovers and Piada Italian Street Food. Super Chix’s menu includes chicken sandwiches, fries and frozen custard. Pho is For Lovers serves Vietnamese food including beef pho, tofu summer rolls and banh mi sandwiches. Piada serves Italian street. CityLine Market is anchored by Whole Foods Market, contains nearly 102,000 square feet of retail and will serve as the cornerstone of the CityLine mixed-use development. The center is 98 percent leased. The construction of Phase II is expected to start late this year.
HOUSTON — Houston-based Baker Katz has completed a 3,469-square-foot lease on behalf of Crossroads Trading, which will open its first Texas location in central Houston’s Montrose neighborhood in the Westmont building. Crossroads Trading offers used clothing and accessories. Customers can buy, sell or trade their in-season clothing and accessories at the store. Lunden McGill and Jason Baker of Baker Katz represented Crossroads Trading in the transaction. Brian Kaplan of WPW Realty Advisors represented Westmont Partners LLC. Founded in 1991, Crossroads Trading operates 35 locations.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 1208 Nostrand Ave. in Brooklyn. The 7,128-square-foot asset sold for $2.2 million. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.