EAST HANOVER, N.J. — Colliers International has brokered the sale of a retail strip center in East Hanover. Located at 346 Route 10, the 30,000-square-foot property sold for $12.9 million. The multi-tenanted property is currently occupied by Party City, Verizon Wireless and Jersey Mike’s Subs and has 25 percent of unoccupied space remaining. Jacklene Chesler of Colliers represented the seller, JEMB Realty, and procured the buyer, The Klein Group, in the deal.
MERIDEN, CONN. — Marcus & Millichap has brokered the sale of a CVS/pharmacy property located at 540 West Main St. in Meriden. A New Jersey-based investor purchased the property for $4.1 million. Originally constructed in 1999 for CVS, the property offers street exposure and a drive-thru lane. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and buyer in the transaction.
ORLANDO, FLA. — Baltimore-based Continental Realty Corp. has purchased Towne Square Shopping Center, a 126,000-square-foot retail center located at 11029 W. Colonial Drive in Ocoee, a suburb of Orlando. Continental Realty purchased the asset for $10.1 million through CRC Fund III LP, the company’s value-add retail and multifamily investment fund. The center is currently 95 percent occupied and is anchored by an Old Time Pottery. Ray Turchi of Marcus & Millichap’s Orlando office represented the seller, a private investor based in New York, in the transaction. Charlie Boscarino of Retail Solutions Advisors has been selected as the exclusive leasing broker for the center.
LAKE STATION, IND. — Marcus & Millichap has arranged the sale of a 9,014-square-foot net-leased property in Lake Station, approximately 37 miles southeast of Chicago. The Dollar General property is located at 2828 Central Ave. The building is a four-year-old, build-to-suit construction located on more than an acre. The property is located approximately three miles from I-80 and I-94. Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a private investor, and also represented the buyer, an individual/personal trust. Josh Caruana of Marcus & Millichap assisted in closing this transaction.
PHOENIX – Metro Commons, a 17,755-square-foot retail center in Phoenix, has sold to Roseben MC LLC for $7.7 million. The Class A center is located at 3121 W. Peoria Ave. It is fully leased to tenants like Verizon, Smashburger, the Joint, Potbelly’s, Menchie’s, Mod Pizza and Yogi’s Grill. The seller, an entity formed by Jacor Partners, was represented by CBRE’s Andrew Fosberg, Cam Stanton, Chris Ackel and Molly Busch.
MCKINNEY, TEXAS — Disney Investment Group (DIG) has arranged the sale of Lake Forest Crossing in McKinney. Lake Forest Crossing is a 29,897-square-foot shopping center shadow-anchored by Walmart Supercenter and located at the intersection of McKinney Ranch Parkway and Lake Forest Drive. Lake Forest Crossing was developed in 2005 and is in close proximity to Craig Ranch, a 2,200-acre, master-planned community under development. McKinney recently ranked No. 2 on Money Magazine’s “Best Places to Live in America” list. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction, and also procured the Texas-based private buyer.
MINNEAPOLIS — Saks Fifth Avenue OFF 5TH has signed a lease for 40,321 square feet in the retail portion of Minneapolis City Center. The new store is slated to open in April 2016. Saks Fifth Avenue OFF 5TH will occupy ground-floor space and more than 16,000 square feet on the skyway level. The space anchors the 250,000-square-foot retail portion of Minneapolis City Center. The store is located near the main entrance of the center, at 6th St. and Nicollet Mall. Minneapolis City Center is the two-story retail portion of the 1.6 million-square-foot mixed-use property owned by Shorenstein Properties at 33 S. Sixth St. Shorenstein acquired Minneapolis City Center in 2012 and has made several improvements including repositioning and re-tenanting the retail space.
ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of Christian Brothers Automotive, a 4,945-square-foot, net-leased property located in Round Rock. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Robb Johnson of the firm’s San Diego office procured the buyer, an out-of-state private investor. The transaction was part of a 1031 exchange. The buyer sold a manufactured home community asset on the West Coast and acquired three single-tenant, long-term, net-leased properties. Chad O’Connor of Marcus & Millichap Capital Corporation’s San Diego office arranged financing. Christian Brothers Automotive is located at 413 Louis Henna Blvd., just southeast of the I-35 and State Highway 45 interchange.
KENOSHA, WIS. — Mid-America Real Estate – Wisconsin LLC has arranged a 1,100-square-foot retail lease in Kenosha. Remax Leading Egde has leased space within Southport Plaza located 7200 Green Bay Road. Teresa Shemitis of Mid-America represented the landlord and Tony Colvin of Mid-America represented the tenant in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a commercial property located at 340 Wythe Ave. in the Williamsburg neighborhood of Brooklyn. The 8,633-square-foot property sold for $7.5 million. The property site is zoned M3-1, which allows for approximately 17,266 gross buildable square feet of commercial development, including office or retail space. Ofer Cohen, Melissa Warren, Peter Matheos, Dan Marks and Michael Hernandez of TerraCRG represented the seller in the deal.
