LITCHFIELD PARK, ARIZ. — Cushman & Wakefield has arranged the $14.5 million sale of Camelback Crossing, a 94,156-square-foot, Bashas’-anchored shopping center in the Phoenix suburb of Litchfield Park. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Nevada Holding Co. L.P., in the transaction. Madison Plaza 1 LLC, an entity formed by a California investor, purchased the 93.3 percent occupied center.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Shops at Regent Cross, a 27,611-square-foot retail property located in Irving. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Ronnie Issenberg and Gabriel Britti of the firm’s Miami office secured the buyer, a private investor. Shops at Regent Cross is located at 3601 Regent Blvd. in Irving. The property is a 27,611-square foot, multi-tenant retail center that is 100 percent occupied. Tenants include Zushi Wok and Grill, BurgDawgs, Cavalli Pizza, Anytime Fitness, Salsa’s Mexican Grill, Indian Café, Scott R. Alexander DDS, Burrito Jimmy, Paragon Cleaners, Advantage HR, Saladworks, AT Donuts and Subway. The building was constructed in 2007 and sits on 3.9 acres. The property is located off of LBJ Freeway (I-635) on Regent Boulevard at its intersection with Belt Line Road.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a five-story, mixed-use property located at 61 Sullivan St. in SoHo. The Estate of Leo Rabkin sold the building for $8 million, or $1,470 per square foot, to a private investor experienced in townhouse conversions. The property consists of 5,474 square feet above grade; four floor-through, free-market residential rental apartments; ground-floor retail space; a 500-square-foot private garden; and 3,000 square feet of unused development rights. R. Stuart Gross, Peter Carillo and Jonathan Schwartz of Eastern Consolidated represented the seller, while Azita Aghravi, also of Eastern Consolidated, represented the buyer in the transaction. Chris Matousek of Eastern Consolidated served as analyst on the deal.
ATLANTA — Marcus & Millichap’s Atlanta office has brokered the $54.9 million sale of a portfolio of five Walmart Neighborhood Markets. Three of the stores are located in Roanoke, Va., one is in Lawton, Okla., and one is in Dell City, Okla. Russell Malayery, Drew Hines and Walter Chapman of Marcus & Millichap’s Atlanta office represented the buyer, a Florida-based private investor, in a 1031 exchange. The seller is a merchant developer. Tom Mann of Marcus & Millichap’s Tulsa, Okla., office is Marcus & Millichap’s broker of record in Oklahoma. Bryn Merrey of Marcus & Millichap’s Washington, D.C., office is the firm’s broker of record in Virginia. Wal-Mart Stores Inc. has a 20-year lease at all five stores.
WEAVERVILLE, N.C. — Inland Real Estate Corp. has formed a joint venture with MAB American Retail Partners LLC to acquire Weaverville Plaza, a 49,000-square-foot shopping center located in the Asheville suburb of Weaverville. The joint venture has signed a lease with Publix for the ground-up development of a new 49,000-square-foot grocery store at the property. The new owners also plan to invest roughly $21.6 million to redevelop the center, which will include demolition of existing retail space for the new Publix store, repositioning of in-line shop space and construction of a new outlot at the center. The completed redevelopment is expected to total approximately 139,000 square feet. Construction is expected to commence in the first quarter of 2016, with the new Publix store anticipated to open in 2017.
ANDERSON, S.C. — SRS Real Estate Partners has brokered the sale of a newly constructed, 41,369-square-foot Walmart Neighborhood Market located at 2003 E. Greenville St. in Anderson. The store is situated at the northwest corner of Greenville Street and Reed Road directly across the street from AnMed Health Medical Center. Kyle Stonis, Pierce Mayson, and John Topping, Jr. of SRS’ Atlanta office represented the seller, Cypress Equities, in the transaction. The buyer, VEREIT Inc., was self-represented. The purchase price was undisclosed.
NORTHGATE, OHIO — CBRE Group has arranged the sale of a long-term, net-leased Burger King restaurant in Northgate, 20 miles northwest of Cincinnati. The purchase price was $1.9 million. The 2,600-square-foot property is situated on an outparcel within the Northgate Mall development. Mall tenants include ULTA, Marshalls, Michaels, XScape Cinemas, hhgregg and Burlington Coat Factory. Hank Davis of CBRE represented the seller, Tabani Group. Barry Silver of Silver Group represented the undisclosed buyer. GPS Hospitality operates the Burger King.
JERSEY CITY, N.J. — A joint venture between affiliates of Claremont Properties Inc. and The Hampshire Companies is developing a mixed-use project at the intersection of New Jersey State Highway Route 440 and Stegman Boulevard in Jersey City. The 22-acre urban redevelopment will feature ground-level retail space, including a ShopRite, an LA Fitness, a performing arts center and residential space. The partnership appointed Silbert Realty & Management Co. Inc. as the exclusive marketing and leasing agent for combined Blocks 3 & 2, which will feature approximately 22,000 square feet of ground-level retail, commercial and restaurant space with on-site and metered parking. The first phase (Block 3), which is slated for spring construction, will be a five-story building with 163 apartments and 10,000 square feet of ground-level retail, commercial and restaurant space available for lease. The estimated delivery of the commercial space is April 2017.
STANTON, CALIF. — A joint venture between Heslin Holdings Inc., a privately owned commercial real estate investment and development firm, and San Diego-based Becker Properties has completed the disposition of a retail property located at 7910 Katella Ave. in Stanton. Safeco purchased the 81,000-square-foot property for $18.5 million. Food 4 Less fully occupies the building on a long-term lease through 2026. Steve Frey at Sperry Commercial and Chris Sands of Sands Investment Group represented Heslin Holdings in the transaction.
SAN DIEGO — TCA Architects has unveiled its design for Millennium Mission Valley, a mixed-use community located in San Diego’s Mission Valley. Situated on 5.3 acres, the property will feature 291 apartment homes, 14 live-work units and more than 9,000 square feet of retail space. The retail component includes two single-story retail structures and the 14 live-work units, which feature storefronts and retail awnings. The residential component is situated behind the retail space and a public paseo. Developed by The Dinerstein Companies, the project is scheduled for completion in fall 2017.
