TRENTON, N.J. — Marcus & Millichap has brokered the sale of a two-building retail property located at 802-804 Prospect St. in Trenton. The 19,500-square-foot asset, which is occupied by Dollar General and Millhill Center, sold for $2.7 million. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & MIllichap represented the seller, a developer, and the undisclosed buyer in the transaction.
NEW ORLEANS — O’Connor Capital Partners, a New York-based real estate investment and management firm, has acquired The Shops at Canal Place, a 260,000-square-foot shopping center located at the foot of Canal Street and the Mississippi River in New Orleans. O’Connor Capital purchased the property from an affiliate of two New Orleans-based companies, The Berger Co. and Ogden Development, for an undisclosed price. The Shops at Canal Place was 96 percent leased at the time of sale to tenants such as Saks Fifth Avenue, Tiffany’s, Armani Collezioni, L’Occitane, Michael Kors, lululemon athletica, Anthropologie, Brooks Brothers, J. Crew and Banana Republic. The shopping center also features the nine-screen Theatres at Canal Place, Chef Adolfo Garcia’s Gusto Cafe and Bar and a 1,600-space parking garage, which the seller will retain. Peter Bergner and Kate Gilbert of O’Connor Capital Partners’ Palm Beach office will be responsible for leasing the property.
VIENNA, VA. — Stewart Commercial Realty Services LLC has brokered the $7.8 million sale of a 12,200-square-foot retail property in metro Washington, D.C., that is fully leased to Rite Aid. The store is located at 215 Maple Ave. W. in Vienna. Toby’s Vienna LLC purchased the store from David L. Hunter at a 6 percent cap rate. Terrell Marsh of Stewart Commercial represented the seller in the transaction.
TROY, OHIO — Midland Atlantic Properties has acquired Troy Towne Center, a 144,000-square-foot retail center in Troy, approximately 20 miles north of Dayton, for an undisclosed price. The shopping center is anchored by Kohl’s, Petco and Dollar Tree. Troy Towne Center is shadow anchored by a Walmart Supercenter and is surrounded by numerous retail outparcels. Other tenants at the retail center include Shoe Carnival, Sleep Outfitters and Verizon Wireless. The center, built in 1990, is 96 percent occupied. The seller in the transaction was undisclosed.
GLENVIEW, ILL. — Urban Innovations will construct a new brewery and taproom for Ten Ninety Beer Co. in Glenview, approximately 19 miles northwest of Chicago. The 11,000-square-foot building, located at 1025 Waukegan Road, will consist of an 89-seat taproom, patio and production space for 5,000 barrels. Glenview-based Lindsay Associates Architects will provide design services.
LAPEER, MICH. — Colliers International has arranged the lease of 6,000 square feet of restaurant space in Lapeer, approximately 60 miles north of Detroit. New China Buffet will occupy the space at 797 E. St. Lapeer Associates LLC is the landlord. Paul Lichtenberg and Morry Levin of Colliers International represented the landlord in the transaction.
As 2015 came to an end, construction deliveries for the office, retail and apartment sectors were on the rise, according to Reis. That trend is expected to continue through 2016, the New York-based commercial real estate data firm says. For the fourth quarter of 2015, the apartment sector recorded its third consecutive quarter above 50,000 units delivered. Deliveries for office properties were above 9 million square feet for the third consecutive quarter. Retail deliveries increased for the second consecutive quarter. Apartment Sector Ramps Up “2015 was the highest year for apartment construction since 1999,” says Ryan Severino, senior economist and director of research at Reis. “With the pipeline continuing to swell, completion figures for 2016 are expected to exceed those from 2015.” Texas markets led deliveries for new apartment units, with Houston posting 4,330 new units and Dallas delivering 3,178 units in the fourth quarter of 2015. Behind the Lone Star State is Seattle, posting 2,806 newly constructed units. Los Angeles delivered 2,795 units, and Denver added 2,671 units to the multifamily landscape. Office Sector Stays Steady Office construction has slowly increased over the last few quarters. The fourth quarter of 2015 ended with just under 11 million square feet …
ARLINGTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a one-year, $1.4 million loan for the purchase of a multi-tenant retail property in Arlington known as Lake June. The interest-only loan was closed at a 72 percent loan-to-value ratio. The loan was arranged through one of BMC Capital’s correspondent lending relationships.
HYATTSVILLE, MD. — KLNB Retail has arranged the $20.5 million sale of The Shoppes at Arts District, a 36,000-square-foot shopping center located at 5331 and 5501 Baltimore Ave. in downtown Hyattsville, roughly two miles outside of Washington, D.C. The property was fully leased at the time of sale to tenants such as Busboys & Poets, Yes! Organic Market, Elevation Burger, Essential Day Spa and Big Bad Woof. Andy Stape and Vito Lupo of KLNB Retail Investment Sales represented the seller, ADH Retail LLC, and also procured the buyer, Cedar Realty Trust.
NAPLES, FLA. — Investment Properties Corp. has arranged the $15.8 million sale of 59,000 square feet of medical office and retail space in Naples. The property is located at 11121 and 11181 Health Park Blvd. within Collier Health Park. Farley White CHP LLC purchased the property from CHP Erie Investors LLC. David Stevens and Clint Sherwood of Investment Properties arranged the sale.
