NEW YORK CITY — Thor Equities has signed an agreement to sell the retail condo at 445 Fifth Ave. in Midtown Manhattan to Harbor Group International for $68 million. Thor Equities purchased the 20,000-square-foot property in 2011 for $32.5 million. The company signed Charming Charlie to the majority of the building’s retail space on the first and second floors.
MERCERVILLE, N.J. — Highglen Lawndale Associates LP, a partnership headed by Abrams Realty & Development, has purchased the Clover Square shopping center on 3100 Mercer-Quakerbridge Road at Sloan Avenue in Mercerville. Valley Forge Investment Corp. sold the 178,850-square-foot property, which was 96 percent occupied at the time of sale, for $23.4 million. The neighborhood shopping center is located in Hamilton Township. Anchor tenants include the 85,000-square-foot health and wellness center associated with Robert Wood Johnson Hospital and the independently owned 33,300-square-foot Risoldi’s supermarket. Additional tenants include Five Guys Burgers and Fries, CitiFinancial, Taco Bell, Sir Speedy, Miracle Ear, Great Clips, Jenny Craig, Smoothie King, and Dunkin’ Donuts. A pad site provides potential for future development. Brad Nathanson and Tom Gorman of CBRE represented the buyer.
AUBREY, TEXAS — Marcus & Millichap has arranged the sale of a 9,014-square-foot Dollar General in Aubrey. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an out-of-state individual/personal trust. Burnett also procured the buyer, a local limited liability company. Dollar General is located at 990 S. U.S. Highway 377, four miles north of U.S. Highway 380. Constructed in 2004, the asset is situated on one acre. At the time of listing, Dollar General was operating under a new 10-year net lease.
STEUBENVILLE, OHIO — Marcus & Millichap has arranged the $1.4 million sale of a 3,482-square-foot property in Steubenville, approximately 70 miles south of Youngstown. The building is currently net leased by AT&T. Located at 2114 Sunset Blvd., the building is situated on an outparcel in front of a Kroger. The seller, a developer, sold the asset to a California-based private investor. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap represented the seller.
SHOREWOOD, MINN. — Mid-America Real Estate Corp. has brokered the sale of Shorewood Village Shopping Center in Shorewood, a southwestern suburb of Minneapolis. Kraus-Anderson Realty Co. purchased the 62,308-square-foot retail center for an undisclosed amount. Tenants in the retail center include Dollar Tree, True Value, Caribou Coffee and Great Clips. Shorewood Village is shadow anchored by Cub Foods. Mark Robinson and Joe Girardi of Mid-America represented the seller, a local private investor. Kraus-Anderson Realty Co. was self-represented.
ELDERSBURG, MD. — Wal-Mart Stores Inc. has opened a 189,000-square-foot Walmart Supercenter at Eldersburg Commons, a $50 million redevelopment of the former Carrolltown Mall in Eldersburg. Additional tenants joining Walmart include T.J. Maxx, Ulta Beauty, Olympia Sports, Petco, Noodles & Co., Vitamin Shoppe, Chipotle Mexican Grill, AT&T, Sleepy’s, Dental Care at Eldersburg Commons, Jimmy John’s and MOD Pizza. KLNB is handling the leasing assignment at Eldersburg Commons on behalf of the developer, Black Oak Associates.
CLARK, N.J. — Cushman & Wakefield has raised an $18.5 million senior mortgage loan and served as advisor to a joint venture between Denholtz Associates and MB1 Capital Partners for the acquisition of a mixed-use portfolio located in Clark. The portfolio is situated on 21-acres of infill retail and industrial improvements located just off exit 135 of the Garden State Parkway. The portfolio is currently 96.5 percent leased with L’Oreal serving as the anchor tenant. Washington Trust Co. provided the five-year financing. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, John Spreitzer and Andre Hass served as exclusive advisors on this transaction.
PALO ALTO, CALIF. — Shopping mall developer Simon Property Group is set to complete its redevelopment of Stanford Shopping Center, a mall located in Palo Alto, and add 14 new tenants to open in spring 2016. The Plaza, Simon’s reimagined public space, includes gardens, lawn space, a water feature with infinity edges and a new outdoor venue for special events. The reimagined public space, nearing completion in November, will also include suspended wooden trellis with decorative lighting and an open-air, granite-clad fireplace. New retailers set to open at the center will include Anthropologie, Allen-Edmonds Shoe, LUSH Fresh Handmade Cosmetics, Luisa Spagnoli, AllSaints, lululemon, Everything But Water, The North Face, Uno de 50, Vineyard Vines, Pink Posy, True Food Kitchen, Tender Greens, and Minamoto Kitchoan. Stanford Shopping Center expects a total of 25 new stores to open during late spring 2016.
The total retail inventory in the Rochester market amounts to 62.5 million square feet. Over the past year, the market has seen an overall decrease in the vacancy rate. The vacancy rate went from 8.0 percent in first quarter 2015 to 7.9 percent in the current quarter. Overall net absorption was positive 182,160 square feet. The general retail sector of the market, which includes all freestanding retail buildings except those contained within a center, reported a vacancy of 4.3 percent at the end of the second quarter 2015. The general retail space in Rochester is 34.3 million square feet. Average rental rates are currently at $12.26 per square foot. The shopping center sector — which consists of 19 million square feet and comprises community centers, neighborhood centers and strip centers — posted 10.9 percent total vacancy and average asking rates of $10.28 in second quarter 2015. Power center space is currently reported to be nearly 4 million square feet with a vacancy rate of 7.5 percent, and a slight decrease in rental rates to $13.46 per square foot. Malls in the Rochester market consist of lifestyle centers, regional malls and super-regional malls. The vacancy rate was 21.2 percent at the …
RIALTO, CALIF. — Pieology is set to open a location at Rialto Marketplace, a new development anchored by Walmart in Rialto. Blindside 75, a multi-unit franchisee of Pieology, has signed a 10-year lease for 2,200 square feet at the center. Greg Giacopuzzi of NewMark Merrill Cos. represented the landlord, and Matt Adamczyk of Kennedy Wilson represented the tenant in the transaction.
