NEW YORK CITY — Eastern Consolidated has brokered the sale of a 67,000-square-foot mixed-use property at 135-145 W. Kingsbridge Road in the Bronx’s Kingsbridge Heights section. The asset sold for $14.7 million, or $220 per square foot. The six-story walk-up building features 10 fully occupied retail stores and 57 apartments. Adelaide Polsinelli of Eastern Consolidated represented the seller, and Ronda Rogovin of Eastern Consolidated represented the buyer in the transaction. The names of the buyer and seller were not released.
MEDFORD, N.Y. — A 10,000-square-foot Dollar Tree location has opened at Medford Plaza in Medford. Additional tenants at the retail center include Island Recreation, Edible Arrangements, Brick House Cardio, Medford Pastaria and Dunkin’ Donuts. Vintage Vapors is also slated to join the roster. Robert Delavale of Garden City, N.Y.-based Breslin Realty represented the undisclosed landlord in the transaction.
JOLIET, ILL. — Cohen Financial has arranged $12.5 million in refinancing for Hillcrest Shopping Center, a 246,000-square-foot grocery-anchored retail center in Joliet. A 65,000-square-foot Food4Less anchors the center. Other tenants include Dollar Tree, Payless Shoes, Harbor Freight Tools, T-Mobile and Subway. Don C. Trossman of Cohen arranged the fixed-rate, 10-year loan on a 25-year amortization schedule with a correspondent life insurance company. Joliet-Hillcrest LLC was the borrower in the transaction.
WEST PALM BEACH, FLA. — HFF has arranged $165 million in financing for Palm Beach Outlets, a 459,633-square-foot, open-air outlet center located at 1751 Palm Beach Lakes Blvd. in West Palm Beach. The loan proceeds were used to acquire the property. Opened in February 2014, the outlet mall is 95.8 percent leased to 121 tenants, including Saks Off 5th Avenue, Gap, Nike Factory Store, J. Crew, Ann Taylor Factory Store and Under Armour. The mall share access with the 300,000-square-foot, Whole Foods-anchored Marketplace at the Outlets, which wasn’t included in the loan. Palm Beach Outlets is the first and only retail outlet center in Palm Beach County, with no other outlet centers within a 55-mile radius. Riaz Cassum, Chris Drew and Robyn King of HFF arranged the long-term, fixed-rate loan through Cornerstone Real Estate Advisers, which was acting on behalf of an institutional client. HFF arranged the loan on behalf of the borrowers, New England Development and a commingled fund managed by Clarion Partners. The loan collateral also includes land for the future development of 105,000 additional square feet of retail space.
ALPHARETTA, GA. — Institutional Property Advisors, a division of Marcus & Millichap representing institutional and major private real estate investors, has brokered the $24.3 million sale of Old Alabama Square, a 103,268-square-foot shopping center located at 3005 Old Alabama Road in Alpharetta, a northern suburb of Atlanta. Fresh Market and Walgreens have anchored the shopping center since it opened in 2000. Lori Schneider of IPA represented the seller, a private investor, in the transaction. The buyer was Philips Edison Grocery Center REIT II Inc. Michael Fasano of Marcus & Millichap’s Atlanta office assisted in the transaction.
GRAND PRAIRIE, TEXAS — MYCON General Contractors has completed a $2.3 million renovation of the Cinemark movie theater located at 220 E. Westchester Parkway in Grand Prairie. The 43,059-square-foot renovation included installing electric recliners, renovating the corridors, restrooms, lobby, game room and back-of-house operations, creating an interior ticket office and concession area with new casework, high-end finishes and food service equipment, updating the façade and installing a 60-foot electric signage tower. In addition to MYCON General Contractors, the project team included TK Architects for design, structural and mechanical engineering.
SAN DIEGO — CBRE has arranged the sale of Midway Village Shopping Center, a 29,718-square-foot retail center located at 3146 to 3194 Midway Drive in San Diego. Taco Bell and Wings N Things anchor the complex, with additional tenants including CharkBait Sportfishing, Fairouz Café & Gallery, Fast Signs and Kyoto Sushi. Reg Kobzi and Joel Wilson of CBRE represented the seller, Pacifica Woodside LP, and Kyle Clark of The Heritage Group represented the buyer, Sunset Waste Holdings LLC, in the transaction.
ESCONDIDO, CALIF. — CDC Commercial Inc. has arranged the sale of a 15,600-square-foot, single-story retail space located at 840 W. Mission Ave. in Escondido for $3.9 million. Tenant O’Reilly Auto Parts recently extended their lease for 12 years. The buyer, 6021 Business Center Court LLC, and the seller, LTB Properties LLC, were both represented by Don Zech, Matt Orth and Nick Zeck of CDC Commercial.
PORTAGE, IND. — Quantum Real Estate Advisors Inc. has arranged the sale of a dual-tenant retail building located at US Highway 6 and Willowcreek Road in Portage for $3 million. The property is shadow anchored by Meijer and is leased to Chipotle and Sleepy’s. The property was sold by a real estate developer based in Lake Forest, Illinois to a private real estate office based in Wisconsin. Chad Firsel, president of Quantum, was a broker in the transaction.
ANTIOCH, ILL. — Marcus & Millichap has arranged the sale of a 7,000-square-foot retail property located in Antioch for $2.6 million. The property, located at 515 East II Route 173, is occupied by Sherwin Williams and Sleepy’s, and is situated as an outlot to a Walmart Supercenter. Sean Sharko and Austin Weisenstock of Marcus & Millichap worked on behalf of the seller, a limited liability company. The buyer of the property was undisclosed.