PALATINE, ILL. — Adelphia Properties has arranged the sale of a single-tenant, absolute net-leased property located in Palatine, northwest of Chicago. The 6,173-square-foot property is occupied by Kindercare Learning Center, which has 4.5 years remaining on its lease with two five-year extension options. A private investor acquired the property for $1.6 million. Simeon Spirrison of Adelphia Properties represented the seller, a private investor, in the transaction.
EDGEWATER PARK, N.J. — New York City-based Nassimi Realty LLC has acquired Edgewater Park Plaza, a shopping center in Edgewater Park. A&P, which previously operated a Pathmark store at the location, sold the property for an undisclosed price. Located at 2110 Route 130, the 115,000-square-foot center is tenanted by Big Lots, Dunkin Donuts and a Getty gas station. Winbrook Management LLC represented the buyer in the transaction, while Metro Commercial Real Estate Inc. represented the seller.
NEW YORK CITY — Eastern Consolidated has arranged a 15-year, 1,400-square-foot lease for the Eatery in Hell’s Kitchen. The popular restaurant is relocating to 788 Ninth Ave. from another location on the block. James Famularo and Jeff Geoghegan of Eastern Consolidated represented the owner, while Ravi Idnani, also of Eastern Consolidated, represented the tenant in the transaction.
FLOWER MOUND, TEXAS — Victory Real Estate Group has begun construction on a seven-acre tract of land located at the northeast corner of FM 3040 and Morriss Road. Located in Flower Mound, Victory at FM 3040 will be a mixed-use retail development comprising two pad sites and 37,600 square feet of retail space. Construction will be completed in the near future. The center is currently 50 percent pre-leased. The acre site was the only remaining undeveloped corner and will have the only street facing retail on all four corners in Flower Mound.
DENVER — Holliday Fenoglio Fowler L.P. (HFF) has arranged an $89.5 million construction loan for A Block @ Union Station, a 310,055-square-foot, mixed-use development in Denver’s Union Station Neighborhood. Continuum Partners LLC worked with HFF to arrange the four-year construction loan with Wells Fargo and CrossHarbor Capital Partners. Continuum also raised $14.5 million in equity from more than 20 investors in addition to contributing land to the project, which will contain hotel, office and retail space. New construction will include a 12-story, 200-room hotel managed by Kimpton; a five-story, 45,458-square-foot office building along with approximately 13,000 square feet of retail/restaurant space; and a 197-space subterranean parking garage with 100 spaces dedicated to public parking. Both properties will contain ground floor retail, with Bank of America already under lease for 3,496 square feet of space. Eric Tupler and Leon McBroom of HFF led the debt placement team in the transaction.
LOS ANGELES — Laurus Corporation is set to begin a $30 million renovation of Promenade at Howard Hughes Center, a 250,000-square-foot retail center located just off Interstate 405 in Los Angeles. Renovation plans call for an exterior facelift, a new outdoor screening area and fire pit, new restaurants, enhanced landscaping and interior design, and an outdoor dining area with casual lounge space. A new pedestrian-friendly layout will be included in the renovation, adding more indoor-outdoor connections and courtyards. Jerde Partnership will act as lead architect in the renovation. Laurus recently acquired Promenade at Howard Hughes Center for $111 million.
MONROVIA, CALIF. — Charles Dunn Company has arranged the sale of a single-tenant, 7,327-square-foot property located in Monrovia for $5.15 million. Citibank occupies the triple-net leased property. Kyle Gulock and Jason Cope of Charles Dunn led the effort in representing the seller, a Los Angeles-based private investor. Other Charles Dunn team members involved in the transaction include Darrell Levonian, Fred Sheriff, Tanel Harunzade and Justin Mendelson. Kathy Quach of Treeline Realty represented the buyer, Evan & MC LLC, in the transaction, which closed at a capitalization rate of 4.3 percent.
For the first time in a long time in Central and Northern New Jersey, we can stop talking about the light at the end of the tunnel. The market has emerged into full sunshine, and the lingering aftereffects of the recession are now fully in the rearview mirror. The current strength of the market and robust activity in terms of new commercial development is something we have not seen for some time. Not only are there more opportunities for developers to get financing, but with rates at low ebb as well, developers are moving to take advantage. At the same time, banks and financial institutions are motivated and aggressively looking to make deals. The result is a perfect storm of sorts: the money is there, developers are willing and ready, and retailers are looking for quality space. That dynamic is good news not only for Central and Northern New Jersey, but also for all of the metropolitan New York City market. It is noteworthy that very few of the big box retail spaces that became available in the wake of high-profile closings and bankruptcies from brands like Linens ’N Things and Borders are still available. Slowly but surely, the inventory …
OMAHA, NEB. — Investors Realty Inc. has brokered the sale of two shadow-anchored shopping centers in Omaha. The assets, Fort Plaza and Weber Plaza, sold for $7 million. Tenants of the centers include First National Bank, VooDoo Taco, Dollar General, Citi Trends and the Douglas County Treasurer. Ember Grummons of Investors Realty represented the buyer, Baceline Investments LLC, while Erin Pogge and Lindsay Bans of The Lerner Company represented the undisclosed seller in the transaction.
EAST VILLAGE, ILL. — @properties Commercial has brokered the sale of a mixed-use property located at 1656 W. Chicago Ave. in East Village. Sedgwick Investments acquired the property for $2.3 million from BP Building. The buyer plans to lease the five residential units and the ground-floor retail space. Lizzie Kaplan of Sedgwick Investments provided in-house representation for the buyer, while Michael Weber and Ian Feinerman of @properties Commercial represented the seller in the transaction.
