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.
NEW YORK CITY — Manhattan-based George Comfort & Sons Inc. has partnered with ASB Capital Management to acquire a 48,000-square-foot mixed-use building at 7 W. 18th St. in Manhattan’s Flatiron District for an undisclosed price. The fully occupied nine-story building is tenanted by homenature, a home furnishing retailer, on the ground floor and a variety of office tenants on the upper floors. The name of the seller was not released.
BOSTON — Fantini & Gorga has arranged three loans totaling $12.3 million in permanent financing for three properties in Boston. The properties include a mixed-use property at 174 Newbury St. and two multifamily assets located at 471 and 475 Commonwealth Ave. within Kenmore Square. The Newbury Street property features four stores with a lower level retail space occupied by Ben & Jerry’s and Vans, and five apartment units on the upper levels with direct access to the sidewalk. 471 Commonwealth is a four-story building with 10 apartment units and 475 Commonwealth is a seven-story property with 42 apartments and one office suite. Derek Coulombe, Tim O’Donnell and Chris Miller of Fantini & Gorga arranged the financing for the undisclosed borrower.
NEW YORK CITY — Marcus & Millichap has brokered the sales of two properties in Brooklyn totaling $7.6 million. In the first transaction, a private investor acquired an 80-foot by 90-foot development site located at 242-248 Newkirk Ave. in Brooklyn. The site, which offers 30,497 buildable square feet, sold for $4 million. The site has approved plans for a seven-story, 45-unit apartment building. Derek Bestreich, Steve Reynolds and Thomas Reynolds of Marcus & Milichap represented the seller, a private investor, and the buyer in the transaction. In the second deal, a private investor purchased an eight-unit apartment property, located at 592 Vanderbilt Ave. in Brooklyn, for $3.6 million. Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap represented the seller, a private investor, and the buyer in the sale.
PORT ST. LUCIE, FLA. — Marcus & Millichap has brokered the $9.8 million sale of Village Shoppes at St. Lucie West, a 25,607-square-foot retail center located at 1718-1748 S.W. St. Lucie West Blvd. in Port St. Lucie. Situated on a 2.9-acre lot near I-95, the shopping center is fully leased to nine tenants including Sprint, Fresenius Medical and Sports Clips. Adam Tiktin of Marcus & Millichap’s Miami office represented the seller, Ross Realty, a partnership based in Davie, Fla. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office secured and represented the buyer, a partnership based in Salem, Mass.
MINNETONKA, MINN. — Marcus & Millichap has arranged the sale of a 38,096-square-foot retail property in Minnetonka, a southwestern suburb of Minneapolis, for $6.2 million. Glen Haven Center was 100 percent occupied at the time of sale and is located at 14400 Excelsior Blvd. Sean Doyle, Cory Villaume, Matthew Hazelton, AJ Prins and Brian Klancke of Marcus & Millichap worked in conjunction with two other brokerages to close the transaction. Both the buyer and the seller are undisclosed limited liability companies.
BEDFORD, TEXAS — Marcus & Millichap has arranged the sale of Shops at Cheek Sparger, a 27,413-square-foot, multi-tenant retail property located in Bedford. Bill Jordan of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Jordan also secured the buyer, a private investor. Shops at Cheek Sparger is located at 3700 Cheek Sparger Road. The project was developed in three phases and is 94 percent occupied.
