TALLAHASSEE, FLA. — NorthMarq Capital has arranged $13.5 million in refinancing for University Village, a 152,104-square-foot retail center located at 2020 W. Pensacola St. in Tallahassee. The property’s major tenants include Gold’s Gym and the Post Office. Lee Weaver of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through an unnamed CMBS lender.
SANDY SPRINGS, GA. — Coro Realty Advisors LLC has brokered the sale of Sandy Springs Crossing, a 133,324-square-foot retail center located at the intersection of Roswell and Abernathy roads in Sandy Springs, a suburb of Atlanta. LA Fitness anchors the center, and other tenants include Rockler Woodworking, Salons by JC, Gwinnett College, Hinton’s Wines, Bride Beautiful and Nori Nori Japanese Restaurant. G&I VII RCG Sandy Springs LLC, an investment fund advised by RCG Ventures, purchased the property for an undisclosed amount. Joe Montgomery and Tony D’Ambrosio of Colliers International represented the unnamed seller in the transaction. RCG Ventures was represented internally by Matt Klump.
LOS ANGELES – Planet Fitness has leased a 28,000-square-foot facility in Downtown Los Angeles. The space is located at 437 South Broadway Street. This lease represents the largest anchor tenant to come to Broadway since Urban Outfitters, according to Kennedy Wilson, which represented the landlord, Broadway Investments Group LLC. The property was built in 1942. It is currently 39 percent occupied. The remainder of the property includes two stories of available creative office space and 3,500 square feet of additional retail space aimed at fast-casual restaurant concepts like a juice bar or coffee house. Planet Fitness was represented by Lauren Smith-Hams Dressler of Crown Retail Services. The Kennedy Wilson team included Lee Shapiro and Justin Weiss.
CHICAGO — Interra Realty has brokered the $1.1 million sale of a 23-unit mixed-use building located at 4712-20 W. Diversey Ave. in the Kelvyn Park neighborhood northwest of Chicago. The property includes five retail spaces, 10 studio apartments and eight one-bedroom apartments. Joe Smazal and James Clough of Interra represented the undisclosed seller.
SPRINGFIELD, N.J. — CBRE FAMECO, a retail division of CBRE Group, has brokered the $5.5 million sale of the former 6th Avenue Electronics store, corporate office and warehouse facility at 22 Route 22 in Springfield. The undisclosed buyer plans to convert the 70,040-square-foot property into an 85,000-square-foot Metro Self Storage facility. The climate-controlled property will feature state-of-the-art security, two sets of elevators, four drive-in loading bays and an office component. Steven Winters of CBRE FAMECO represented the undisclosed seller, while Ed Horne of HK Commercial Realty Advisors LLC represented the buyer.
SALISBURY, MASS. — Marcus & Millichap has brokered the sale of a retail property located at Two Lafayette Road in Salisbury. SPC Acquisition Company LLC purchased the 13,225-square-foot building for $7.4 million from Salisbury Ventures LLC. The property is occupied by CVS, under a 25-year lease with four five-year extension options. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the seller, while Laurie Ann Drinkwater and Seth Richard, also of Marcus & Millichap, represented the buyer in the transaction.
BEE CAVE, TEXAS — Rocco’s Grill is relocating to 12432 Bee Cave Road from its original Lakeway Commons Shopping Center location. The new location spans 6,334 square feet and features two outdoor dining and entertainment areas, including a covered patio and an outdoor deck. The property is adjacent to the Hill Country Galleria, will have larger seating capacity, more parking and is estimated to open in late April. Rocco’s Grill, founded by Rocco C. “Rockey” Piazza 13 years ago in Lakeway, serves Italian recipes including pasta, seafood and steaks. Bryan McMurrey of CBRE represented the landlord, Hill Country Galleria LLC, in the transaction. Currin Van Eman of VC Interests LLC represented Rocco’s Grill.
VIRGINIA BEACH, VA. — Furniture and home décor retailer West Elm will open a new 10,000-square-foot retail store in Virginia Beach on March 5. The new store will be located at Town Center at 4511 Main St. The new store will feature the company’s national catalogue of items, plus products from local artists. Brooklyn-based West Elm has more than 70 retail stores in the United States and is a member of the Williams-Sonoma Inc. portfolio of brands. “We are thrilled to open our first store in Virginia at the Town Center,” says Jim Brett, president of West Elm. “As we continue to expand we look to make a positive impact on the community we are entering and are excited to highlight local makers and designers from Virginia in our assortment.”
HUNTINGTON BEACH, CALIF. — Cypress Equities has acquired the Strand, a 96,638-square-foot mixed-use development in Huntington Beach. The property sits adjacent to the Huntington Beach Pier. The Strand contains a mix of office and retail tenants, including CVS Pharmacy, Forever 21, Rip Curl Surf Shop, Skechers, Johnny Rockets, RA Sushi, U.S. Taco Co., Bruxie Gourmet Waffle Sandwiches, Ritter’s Steam Kettle Cooking and INNOCEAN, a multi-national advertising and media agency. The larger mixed-use development also contains the 157-room Shorebreak Hotel, which was not a part of the transaction. The Strand’s four buildings were constructed in 2008. The transaction was executed by REZA Investment Group.
MUSKEGON, MICH. — Quantum Real Estate Advisors Inc. has brokered the $2.5 million sale of an 11,855-square-foot, multi-tenant shopping center in Muskegon. The property is located at 3295 Henry St. The property was fully leased to AT&T, Biggby Coffee, America’s Best, Asian Express and That 70s Dough at the time of sale. The property is an outlot to a Wal-Mart Supercenter. Chad Firsel of Quantum represented the seller, a Michigan-based real estate developer and operator. Daniel Waszak of Quantum brokered the buyer, a Texas-based real estate investment and development fund.
