NEW YORK CITY — Ariel Property Advisors has brokered the sale of a 50-foot wide vacant lot at 1655 Madison Ave. in Manhattan’s East Harlem neighborhood. The property sold for $7 million, or $391 per buildable square foot. The site is zoned R7-2/C1-5, which provides as-of-right approximately 17,887 buildable square feet for mixed-use development or 24,375 buildable square feet with the inclusion of a community facility bonus. Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and Josh Berkowitz of Ariel Property Advisors represented the seller, a private investor, while Michelle Abramov of Highcap Group represented the buyers, a private group of international investors, in the transaction.
INDIANAPOLIS — The Cooper Commercial Investment Group has arranged the sale of Indian Creek Shopping Commons in Indianapolis for $8.5 million. The 59,789-square-foot center was built in 2003 and is shadow anchored by Walmart Supercenter. Tenants at the property include Dollar Tree, Buffalo Wild Wings, Sally Beauty, Pet Supplies Plus, FedEx, World Finance Company, GameStop and Rally’s Hamburgers. Dan Cooper of The Cooper Commercial Investment Group brokered the transaction. The seller was a private investment group, and the East Coast buyer was undisclosed.
NEWPORT NEWS, VA. — Inland Real Estate Income Trust Inc. has purchased Marketplace at Tech Center, a newly constructed, 210,000-square-foot power retail center located at 12080 Jefferson Ave. in Newport News. Built in 2015, the shopping center’s tenant roster includes a 39,998-square-foot Whole Foods Market, Steinmart, DSW, Ulta Beauty, Five Below, BJ’s Brewhouse, Mattress Firm, AT&T and Massage Envy.
CINCINNATI — CBRE has brokered the $2.4 million sale of an 85,498-square-foot retail property in Cincinnati. Crossings of Colerain LLC acquired the property from an undisclosed seller. The Crossings of Colerain is located at the intersection of Colerain Avenue and Ronald Reagan Cross County Highway. The retail property was largely vacant at the time of sale, and the buyer plans to backfill the vacant spaces with new retail tenants. Current tenants include Wing Eyecare and ImmediaDent. Hank Davis of CBRE brokered the transaction.
RANCHO CUCAMONGA, CALIF. — Passco Companies LLC has acquired Day Creek Village, a 25,002-square-foot shopping center located in Rancho Cucamonga, for $15.8 million. Tenants at the fully occupied center include Starbucks Coffee, Wells Fargo, Super Cuts, Subway and Orange Theory Fitness. Ralph’s grocery store shadow-anchors the property. CJ Osbrink and Gleb Lvovich of HFF represented Passco and the seller, Day Creek Village LLC, in the off-market transaction.
PARKER, COLO. — Pinnacle Real Estate Advisors has arranged the $5 million sale of 12311 Pine Bluffs Way, a 20,230-square-foot retail building located in Parker. Pete Foster of Pinnacle represented the buyer, The SmartCap Group Inc., in the transaction.
SANTA MONICA, CALIF. — Santa Monica-based brokerage firm Main + Main has named Mike Clark as its executive director. Prior to joining Main + Main, Clark spent 20 years with Cushman & Wakefield. Clark will be based in the company’s San Diego office, and will specialize in shopping centers, retail strip centers and freestanding retail buildings in the San Diego area.
MCALLEN, TEXAS — Hunington Properties has arranged the sale of a 5,000-square-foot Burger King restaurant located at 700 W. Nolana St. in McAllen. The tenant operates 275 Burger King restaurants in Texas and Florida. The premises are subject to a long-term triple net lease.
OCALA, FLA. — Crossman & Co. has brokered the $4.4 million sale of Pearl Britain Plaza, an 82,216-square-foot, Publix-anchored shopping center in northeast Ocala. A private investor based in Coral Gables, Fla., purchased the shopping center and its 18.5-acre site from Troy, Mich.-based Pearl Britain Development. The property was 70 percent leased at the time of sale. Mark Thompson of Crossman & Co. represented the seller in the transaction. Thompson has recently negotiated the sale of two other Central Florida shopping centers: the Shoppes at Andover in Orlando and the Plaza Del Sol in Longwood.
YPSILANTI, MICH. — Namdar Realty Group has acquired a 160,500-square-foot retail center in Ypsilanti, approximately eight miles southeast of Ann Arbor, for an undisclosed price. Gault Village Marketplace is a one-story shopping center that includes tenants such as Family Dollar, Advance America, Measurement Incorporated, New Image Beauty, China One and Gault Village Cleaners. Namdar plans on upgrading the property and targeting new tenants. Gault Village Marketplace is located at 1005-1075 Emerick St. The property is situated on 13.2 acres and includes 1,200 parking spaces. Joel J. Gorjian of Namdar completed the acquisition on behalf of the company. The seller in the transaction was a private investor.