NEW YORK CITY — TerraCRG has brokered the purchase of a development site located at 333 Johnson Ave. in Brooklyn’s Bushwick neighborhood. Normandy Real Estate Partners, Royalton Capital LLC and Sciame Development purchased the site for $26.7 million. The buyers plan to develop a commercial complex on the site with retail, restaurant and office space. Additionally, the new property will feature 40,000 square feet of outdoor space and the restaurant space will be clustered on the White Street-facing courtyard with the opportunity for rooftop dining, as well as on-site artisanal food production space. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers, while Sydney Blumstein of Corcoran represented the undisclosed seller in the transaction.
The New Mexico retail market is continuing to change in a positive manner, which bodes well for property owners and businesses. There are new national, regional and local tenants looking at this market, moving in and around the shopping centers of New Mexico. New shopping centers are being built, while existing shopping centers are being redeveloped and traded. Some of the most significant transactions include Columbus Pacific acquiring Sierra Vista Shopping Center in Albuquerque and moving Stein Mart and Hobby Lobby into a former K-Mart space. Pete Daskalos Properties has also purchased Four Hills Village Shopping Center on Central and Tramway in the Southeast Heights submarket. The center now has a new movie cinema, among other changes to its anchors and tenant roster. A K-Mart building at Rio Rancho at Hilltop Plaza Shopping Center was also sold after the store vacated. The new landlord is looking to re-anchor that space as well. These big box vacancies have created redevelopment opportunities for existing shopping centers located in established trade centers while rents are increasing as the larger spaces are subdivided and leased to other tenants. This has created momentum in the market and upward pressure on asking lease rates. Other retailers …
GEORGETOWN, TEXAS — Marcus & Millichap has arranged the sale of a 14,490-square-foot, net-leased Walgreens property located in Georgetown. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. An outside agent represented the buyer who acquired the asset through a 1031 exchange. Walgreens is located at 3204 Williams Drive, one mile west of I-35. Built in 2002, the asset is situated on 2.15 acres north of Austin. At the time of listing, more than 12 years remained on the initial 15-year lease term.
HOUSTON — Houston-based Baker Katz, in collaboration with Lovett Commercial, has completed the sale of a 13,013-square-foot retail property in Houston. The building, currently occupied by a CVS Pharmacy, rests on over one acre located at 15411 Wallisville Road on the Northwest corner of Wallisville and Beltway 8. Nearby tenants include Walmart, Lowe’s and Buffalo Wild Wings. Baker Katz and Lovett Commercial originally purchased the property in 2007.
CANAL WINCHESTER, OHIO — Marcus & Millichap has arranged the $1.2 million sale of Ebright Self Storage, a 37,200-square-foot self-storage property located in Canal Winchester. The property is located at 5207 Ebright Road. Brett Hatcher of Marcus & Millichap’s Columbus office represented the seller and the buyer, both limited liability companies.
OCONOMOWOC, WIS. — Lee & Associates represented Anytime Fitness in the signing of a 5,880-square-foot lease at Summit Center Marketplace in Oconomowoc. Chris Etmanczyk of Lee & Associates Madison represented Anytime Fitness in the transaction. The new lease will fully occupy the shopping center. Anytime Fitness plans to open in August.
DAWSONVILLE, GA. — Blanchard Real Estate will develop a Kroger-anchored power center in Dawsonville, part of the Atlanta MSA. The Kroger Marketplace store will span 123,000 square feet and feature a fuel center. Blanchard has also secured commitments from national retail tenants totaling roughly 200,000 square feet. The new power center is located adjacent to the North Georgia Premium Outlets, which attracts roughly 7.5 million visitors annually. Blanchard is slated to break ground on the shopping center late this summer.
COLUMBUS, GA. — HFF has brokered the $20.2 million sale of Bradley Park Crossing, a 116,768-square-foot retail power center located at 1591 Bradley Park Drive in Columbus, roughly 100 miles south of downtown Atlanta. The property’s tenant roster includes The Fresh Market, PetSmart, Michael’s and Hibbett Sports. Jim Hamilton, Richard Reid and Mike Allison of HFF represented the seller, DDR Corp., in the transaction. The Rosen Group purchased the asset free and clear of existing debt.
SEABROOK, N.H. — Curatolo Seabrook LLC has acquired Seacoast Mini Storage in Seabrook, a suburb of Portsmouth. The Marilyn T. Imke Revocable Trust sold the property for $5.8 million. Located at 233 Route 107, the 63,754-square-foot property has 55,270 square feet of rental storage space with 583 units, 152 of which are climate-controlled units. Situated on 6.1 acres, the property also includes two apartment units on site. Joseph Mendola of NAI Norwood Group represented the seller and assisted the buyer in the transaction.
Birmingham’s retail market remained steady in 2014, with approximately 10 percent of the total 24 million square feet available for lease. Birmingham is tracking above national averages relative to new ground-up and rehab projects that are announced or underway. Downward pressure on rents have challenged developers pro-formas, though the very friendly city and state incentives environment has allowed developers to creatively meet tenants conservative occupancy cost requirements. While the Birmingham metro area is challenged by the threat of major closings by retailers like JC Penney, Sears and Kmart, there is a pipeline of first-to-market national retailers eyeing the growth submarkets, including Highway 280, Hoover/ Riverchase and Trussville. New Grocers Enter Market Trader Joe’s recently unveiled plans to open a 12,600-square-foot store at The Summit shopping center in the second half of 2015. Trader Joe’s provides a destination food option for the market. The Summit is leased and managed by Bayer Properties. Arizona-based Sprouts Farmers Market recently announced it would be entering the Birmingham metro as well. Sprouts’ first local offering will be at Brook Highland Plaza on U.S. 280. The 22,457-square-foot store will serve an array of fresh produce and meats. Additionally, GBT Realty is developing a 25,000-square-foot Sprouts location …