NEW YORK CITY — Thor Equities has acquired a residential and retail building located at 17 W. 125th St. in Central Harlem for an undisclosed sum. Constructed in 1900, the five-story, 46,200-square-foot elevator building features 50 rental units, including 32 one-bedroom apartments, 14 two-bedroom units and three three-bedroom units, and more than 9,000 square feet of retail space with 18-foot ceilings. The name of the seller was not released.
As the 16th largest city in the United States and one of the fastest growing metro markets, Fort Worth is consistently a hot market in Texas and hasn’t slowed down post-recession. The current retail market is showing a low vacancy rate of 6.5 percent along with increasing rental rates. Surprisingly, these rates have not slowed leasing activity. Instead, the combination of increasing rates and dwindling vacancies have spurred new development. In years past, Fort Worth has been seen as a secondary market to Dallas, but with its strong economy and high returns, the city is now able to stand on its own. Fort Worth is seeing a lot of capital being tossed around the market. With a strong economy and low operations costs, money is pouring in from all angles, including from out-of-state and international investors. California, New York and overseas investors are beginning to recognize the stability of the city and the potential for stronger returns, and are aggressively starting to pursue opportunities here. For example, Iowa-based Lockard Development is in the process of expanding its Walmart anchored Renaissance Square power center at Berry Street and Hwy 287 in East Fort Worth to include more national credit tenants. Lockard …
AUSTIN, TEXAS — CBRE has brokered the sale of 8312 Burnet Road, a fully occupied, 12,500-square-foot retail center in Austin’s Burnet Road corridor. A local investor purchased the asset for an undisclosed price. Michael Bullard of CBRE’s Austin office represented the buyer. Tim Jarvis and Bill Ott of BBD Commercial represented the unnamed seller. The asset’s 13 tenants include Austin Fashion Exchange, Metro PCS, Liberty Tax and ASC Sports Cards.
LUBBOCK, TEXAS — Marcus & Millichap has arranged the sale of Rockridge Plaza, an 86,534-square-foot grocery-anchored shopping center in Lubbock. Michael Buckner and Richard Mireles of the firm’s Austin office represented the seller. Rockridge Plaza is located at 5217 82nd St. with visibility from the intersection of 82nd Street and Slide Road. Tenants include Caprock Cafe, Einstein Bros. Bagels, H&R Block, Jo-Ann Fabric and Craft Stores, Scottrade, Sprint and Tuxedo Junction. The grocery anchor was not a part of the sale.
SWEETWATER, TEXAS — Taylor Consulting Inc. (TAYO) has signed a contract to sell a real estate parcel in West Texas. It’s the sixth sale in the region that the company has completed since May. Last year, TAYO’s real estate division, Third Avenue Development, added 47 residential and commercial lots to its portfolio in the town of Sweetwater, where development has been spurred by a new railroad logistics center and other projects. Third Avenue Development is working to build a portfolio of real estate assets for investment, rehabilitation and resale.
WATERTOWN, MASS. — Savills Studley National Retail Services Group has brokered the sale of a single-tenant retail property in Watertown. Boston-based Eastern Real Estate sold the 126,480-square-foot property to an affiliate of Inland Real Estate Acquisitions Inc. for an undisclosed price. Located at 615 Arsenal St., the property is occupied by The Home Depot, which has 17 years remaining on its triple-net lease. Kyle Miller and Bill Bauman represented the seller in the transaction.
CLAREMONT, CALIF. — NAI Capital has arranged the sale of a 22,750-square-foot Sprouts Farmers Market located in Claremont. The property sold for over $12 million. Fariba Kavian of NAI Capital represented the seller, HCLARE LLC, in the sale of the property to Acquisition Group Inc. The single-story building is situated on 1.91 acres of land and was renovated in 2007.
LOS ANGELES, CALIF. — U.S. Property Trust has purchased the Lakewood Galleria, a 19,008-square-foot shopping center in Lakewood, for an undisclosed sum. The center is located at 5115 Candlewood Road across from the Lakewood Galleria Mall. Tenants at the center include Fantastic Sam’s, Corner Bakery Café, Cold Stone Creamery, Rubio’s Grill and Pick Up Stix, among others. HFF brokered the transaction.
LOS ANGELES — Stevenson Real Estate Services has arranged the sale of a retail center located at 5581 Huntington Drive North in Los Angeles. 11305 West Moorpark LLC acquired the property for $4.1 million from Sandale LLC. Situated on a 28,807-square-foot land parcel, the property offers 9,689 square feet of retail space. Built in 2008, the property is 100 percent occupied by tenants including Antigua Bread Bakery & Café, Jackie’s Closet, Subway, Rite-Optics, Prodigy Hair Salon, Burrito Place, Boost Mobile and Tips 2 Toes. Randy Stevenson, Stephen Baker and Kris Hons of Stevenson Real Estate Services represented the seller, while Andrew Awaida of RE/MAX Optima represented the buyer in the transaction.
COLUMBUS, GA. — Colliers International has brokered the $30 million sale of The Landings, a 277,000-square-foot lifestyle and community shopping center located along Airport Thruway in Columbus, a city in west Georgia near the Alabama/Georgia border. The Landings’ tenant roster includes Kinnucan’s, Outback, Baskin Robbins, I Love Juice Bar, Plato’s Closet, Chicken Salad Chick, McDonald’s, Baldwin Interiors, Taco Bell, Office Depot, Petland, Subway and Fuddrucker’s. Joe Montgomery, Tony D’Ambrosio, Hank Hall and Trevor Ritter of Colliers International’s Atlanta office represented the seller, a subsidiary of the Woodruff Cos., which will continue to provide property management and leasing services for The Landings on-site.