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1407-Broadway-NYC
New YorkNortheastOfficeRetail

Shorenstein Properties Begins $30M Renovation Program at 1407 Broadway in NYC

by Amy Works

NEW YORK CITY — Shorenstein Properties has undertaken a $30 million renovation and enhancement program at 1407 Broadway, a 1.1 million-square-foot office/retail building in New York. Designed by Fogarty Finger, the capital improvement program will include a new lobby and building entrance, façade improvements, elevator cab upgrades and updated retail storefronts. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lighthouse in April 2015 for $330 million. Shorenstein has retained CBRE as the exclusive office space leasing agent. SRS Real Estate Partners will lead all retail brokerage activity.

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Walgreens-Franklin-NJ
New JerseyNortheastRetail

Marcus & Millichap Brokers $9.1M Sale of Walgreens Property in New Jersey

by Amy Works

FRANKLIN, N.J. — Marcus & Millichap has brokered the sale of a recently constructed Walgreens property in Franklin. Located at 245 State Route 23, the 14,820-square-foot property sold for $9.1 million, or $617 per square foot. Dean Zang and Mark Taylor represented the seller, a limited liability company, while Karly Iacono, also of Marcus & Millichap, represented the buyer, a Brooklyn-based private investor, who acquired the property in a 1031 exchange. J.D. Parker of Marcus & Millichap’s Manhattan office served as the broker of record for the transaction.

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ColoradoLoansRetailWestern

Greystone Provides $36M CMBS Loan for Mixed-Use Property in Colorado

by Nellie Day

AVON, COLO. — Greystone has provided a $36 million CMBS loan for Chapel Square and Benchmark Shopping Center, two adjoining mixed-use properties comprising 200,000-square feet of retail and office space in the resort community of Avon. The property, located at the base of Beaver Creek ski resort, is currently 99.7 percent leased to 44 tenants. Ted Nasca of Greystone originated the 10-year loan with interest-only payments for the first three years and a 30-year amortization schedule.

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CaliforniaRetailWestern

Dollar Tree Leases Space at Vineyards Marketplace in Rancho Cucamonga

by Nellie Day

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has inked a new Dollar Tree lease in Rancho Cucamonga. The discount store has leased 8,700 square feet at 11398 Kenyon Way. The store will join Alberstons and CVS in early 2016 at the freeway-adjacent Vineyards Marketplace. Janine Peltier of Progressive Real Estate Partners represented the lessor in this transaction.

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KansasMidwestRetail

Inland REIT Acquires 84,981 SF Retail Property Near Topeka

by Christina Cannon

LAWRENCE, KAN. — Inland REIT Inc. has acquired a newly constructed retail center in Lawrence, approximately 25 miles east of Topeka. The 84,981-square-foot property is located at 2727 Iowa St. and was acquired for $20.7 million. Mark Cosenza of Inland REIT facilitated the transaction on behalf of Inland. The center is 100 percent leased. Tenants include Dick’s Sporting Goods, PetSmart, Ulta Beauty and BootBarn. Dick’s Sporting Goods and PetSmart are currently open and operating, while the retail spaces for are Ulta Beauty and BootBarn are undergoing construction with an expected opening in the fourth quarter of this year.

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trademark
RestaurantRetailTexas

Trademark Property Co. Launches Local Micro-Restaurant Program at Waterside Mixed-Use Development

by Haisten Willis

FORT WORTH, TEXAS — Trademark Property Co. is launching a micro-restaurant program dedicated to attracting unique restaurant concepts to Waterside, a 63-acre mixed-use development under construction at Bryant Irvin Road and Arborlawn Drive in Fort Worth. Trademark will lease three or four micro-restaurant spaces ranging between 600 and 1,000 square feet to local and regional businesses. The micro-restaurants will be located around The Grove, Waterside’s central public space. The Grove will serve as the heart of the development, featuring outdoor seating for restaurants, public art and the re-use of existing playground and amusement ride equipment. Waterside broke ground on its first phase of development in 2014 and later announced its first anchor tenant, a 45,000-square-foot Whole Foods Market, the first in Fort Worth. The Grove and the first 383 multifamily units will be substantially complete by spring 2016 when the retail and restaurants are projected to open.

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Cheney-Center
RetailTexas

M&M Arranges Sale of 11,375 SF Retail Property in Metro Dallas

by Haisten Willis

MANSFIELD, TEXAS — Marcus & Millichap has arranged the sale of Cheney Center, an 11,375-square-foot retail property located in Mansfield. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Cheney Center is located at 640 W. Debbie Lane in Mansfield. The property is an 11,375-square foot multi-tenant retail center. At closing, the center was 83 percent occupied. Tenants consist of Comet Cleaners, Habaneros, Lucy Donuts, Fuji Foot Spa, Allstate, Edward D Jones and Uncle Bo’s Hamburgers. The building was constructed in 2002 and sits on 1.3 acres. The property is located on West Debbie Lane, just west of Highway 287.

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CaliforniaRetailWestern

Colliers Brokers $9.6M Sale of 24 Hour Fitness Site in Rancho Santa Margarita

by Nellie Day

RANCHO SANTA MARGARITA, CALIF. — Colliers International has brokered the $9.6 million sale of a single-tenant retail site in the master-planned community of Rancho Santa Margarita in southern Orange County. Located at 22331 El Paseo, the single-tenant pad totals 74,000 square feet. The all-cash transaction closed with a cap rate of 5.5 percent. A 22,000-square-foot 24 Hour Fitness facility has occupied the site since 1997. The fitness facility also includes a sub-tenant chiropractic service. Mehran Foroughi and John Wadsworth of Colliers represented the seller, an Orange County-based private investor, in the transaction. The buyer was also a private investor.

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CaliforniaRetailWestern

Marcus & Millichap Arranges $2.25M Sale of Metropolitan Plaza

by Nellie Day

VICTORVILLE, CALIF. — Marcus & Millichap has arranged the $2.25 million sale of Metropolitan Plaza, a 21,208-square-foot multi-tenant retail center in Victorville. Pablo Rodriquez and Richard Vincent of Marcus & Millichap worked on behalf of the seller in the transaction. The center was fully occupied at the time of sale.

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