MOHEGAN LAKE, N.Y. — New York Life Real Estate Investors, on behalf of institutional investors, has acquired a majority interest in Cortlandt Town Center in Mohegan Lake from an entity controlled by Acadia Realty Trust. Located on Route 6, the 641,000-square-foot power center is 97 percent leased to a variety of national tenants, including Walmart, Acme, Bed Bath & Beyond, Marshalls, Michaels, DSW, PetSmart, Barnes & Noble, United Artists Theatre and Best Buy. The acquisition price was not released.
NEW YORK CITY — Taconic Investment Partners and Cogswell-Lee Development Group have acquired the ground lease on an 80,000-square-foot site at 410 W. 207th St. in Manhattan’s Inwood section. The site features an existing 34,000-square-foot building, which was a former Pathmark store, and nearly 200 parking spaces. The existing building is suitable for a big-box user or subdivision into smaller units for multiple tenants. The buyer plans to develop a 14,000-square-foot outparcel on the eastern portion of the site. The name of the seller and the acquisition price were not released.
WEST LAKE HILLS, TEXAS — Velocis, a private equity real estate manager, has sold West Woods Shopping Center in West Lake Hills, an Austin suburb. The 189,340-square-foot center was sold to Global Retail Investors, an affiliate of First Washington Realty, for an undisclosed price. Velocis purchased the retail asset in 2012 and invested in signage upgrades, landscaping and parking lot improvements. The property is located at the intersection of Bee Caves Road and Walsh Tarlton Lane and is anchored by Stein Mart, Michaels, Petco and CVS/pharmacy. The property was 98 percent leased at the time of sale. HFF’s Jim Batjer and Barry Brown brokered the sale on behalf of Velocis. Lincoln Property Co. provided property management services, and Bryan Dabbs of BKD Realty handled leasing for West Woods.
RAYTOWN, MO. — The Boulder Group has arranged the $6 million sale of a single-tenant, net-leased Walgreens property located at 9300 E. Gregory Blvd. in Raytown. The 13,905-square-foot Walgreens is located within the Kansas City MSA. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high-net-worth individual based in the Midwest, in the sale of the property to a Northeast-based real estate investor. There are 14 years remaining on the Walgreens lease, which expires in January 2030.
ALBUQUERQUE, N.M. — Houlihan-Parnes has arranged a $9.1 million refinancing for Ladera Shopping Center, a 128,712-square-foot shopping center located in Albuquerque. Ed Graf of Houlihan-Parnes secured the five-year loan. The center is currently 95 percent occupied by 23 tenants including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H&R Block and T-Mobile. Burger King occupies a pad site.
FORT COLLINS, COLO. — NorthMarq has arranged a $3.7 million refinancing for 3636 and 3700 S. College Ave. in Fort Collins. The collateral consists of two freestanding retail buildings totaling 35,211 square feet. The center is home to a mix of local and regional tenants including Men’s Wearhouse. Mark Jeffries and Conor McCahill of NorthMarq arranged the financing for the borrower.
APPLE VALLEY, MINN. — Marcus & Millichap has brokered the $4.2 million sale of a 10,850-square-foot net-leased property in Apple Valley, approximately 20 miles south of Minneapolis. Prestige Preschool Academy occupies the building located at 15848 Emperor Ave. Sean Doyle, Adam Prins, Matthew Hazelton and Cory Villaume of Marcus & Millichap listed the property on behalf of the seller, a developer. The team, along with Josh Talberg, also procured the buyer, a personal trust.
DEVON, PA. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a commercial property located at 91 Lancaster Ave. in Devon. Devon Land Holdings LLC sold the 25,000-square-foot building to Provco Devon II LLC for $4.1 million. Situated on 1.4 acres, the property was 62 percent occupied at the time of sale by Raymond James & Associates and Long & Foster Real Estate, whose leases were negotiated as part of the sale/leaseback. The building is zoned commercial, which allows for retail, office or medical uses. Neil Shupak, Justin Bell and Mike Maloney of NGKF represented the seller, while Rob Shirley of Della Porta Real Estate represented the buyer in the transaction.
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.