BALTIMORE — The Greysteel Co. has brokered the $2.5 million sale of The Shops at Federal Hill, a 5,750-square-foot retail property located at 1100 Light St. in Baltimore’s historic Federal Hill neighborhood. The property is fully leased to Unleashed by Petco and Dunkin’ Donuts. Gil Neuman led the Greysteel’s Mid-Atlantic retail investment sales team in representing the seller, 28 Walker Development, as well as procuring the buyer, Federal Hill Shops LLC.
PHOENIX – Dollar Tree has opened four stores in Arizona. The locations include a 10,800-square-foot space now open at Chandler Festival in Chandler; a 10,204-square-foot space at Cotton Plaza in Surprise; an 8,625-square-foot space in Bell Camino Shopping Center in Sun City; and a 7,840-square-foot space located at the southwest corner of Guadalupe Road and Hawes Road in Mesa. Dollar Tree was represented by Kurt Kalocin of SRS.
CINCINNATI — Village Green has purchased 309 Vine St. in downtown Cincinnati and plans to redevelop the 300,000-square-foot building into a mixed-use property. The redeveloped building is set to open under a new name in 2016. Plans for the property include the addition of luxury apartments, penthouses, a market, restaurant and offices. The 1920s era, Beaux–Arts commercial building was originally an annex to the PNC Tower. In the 1800s it was the site of The Burnet Hotel, known for hosting President-elect Abraham Lincoln on his inaugural journey to Washington D.C.
CROWN POINT, IND. — Quantum Real Estate Advisors Inc. has brokered the $1.3 million sale of a 6,943-square-foot, shopping center in Crown Point. Beacon Hill Plaza is located at 10763-10771 Broadway Ave. The shopping center was fully occupied by T-Mobile, Hair Cuttery, The UPS Store, and other local and regional tenants at the time of sale. A Chicago-based developer sold the property to an Indianapolis-based acquisition company. Chad Firsel of Quantum represented the seller in the transaction.
WILMINGTON, DE. — Patterson-Woods Commercial Properties/CORFAC International has brokered the sale of a 3,400-square-foot restaurant and bar located at 115 East Main St. in Wilmington. Mainline Enterprises LLC purchased the property for $1.35 million from LGLB Inc. Currently doing business as 16 Mile Taphouse, the restaurant is affiliated with Georgetown’s 16 Mile Brewing Company. Joe Latina of Patterson-Woods Commercial Properties/CORFAC represented both the buyer and seller in the sale-leaseback transaction.
RICHARDSON, TEXAS — Chef Kent Rathbun’s Jasper’s “Gourmet Backyard Cuisine” restaurant concept will join CityLine, a 186-acre mixed-use project in Richardson. The restaurant is scheduled to open in summer 2015. KDC is the developer of the project. The restaurant will be located at the corner of Plano Road and State Street and features a casual design with a menu focused on America’s regional cuisine. Jasper’s will be open for lunch and dinner. The restaurant will include a boardroom and private dining rooms available for presentations, social events or business meetings. The Richardson location will also offer an outdoor dining area, bar and lounge.
TOWN AND COUNTRY, MO. AND ST. LOUIS — NorthMarq Capital has secured refinancing for two properties totaling a combined $18.8 million. The properties include Wood Mill Plaza in Town and Country and Loughborough Commons in St. Louis. Schnucks Market anchors both properties. Wood Mill Plaza is an 85,523-square-foot retail property located at 1060 Schnucks Woods Mills Plaza. The property was refinanced with an $8.5 million, 20-year loan structured with a 25-year amortization schedule. Loughborough Commons is a 100,382-square-foot retail property located at 952 Loughborough Ave. The property was refinanced at with a $10.3 million, 15-year loan structured with a 30-year amortization schedule. NorthMarq arranged financing for both the undisclosed borrowers through its correspondent relationship with an unnamed life insurance company.
MENTOR, OHIO — Marcus & Millichap has arranged the $8.7 million sale of Mentor City Shopping Center. The 140,918-square- foot retail property is located at 7845 Mentor Ave. in Mentor. Babies R Us, T.J. Maxx, Dollar Tree and Aldi anchor the shopping center, which was 96 percent occupied at the time of sale. Seth Richard of Marcus & Millichap’s Manhattan office and Laurie Ann Drinkwater of Marcus & Millichap’s Boston office, along with the firm’s retail team of Craig Fuller, Erin Patton and Scott Wiles, represented the New York-based seller. Wiles, Patton and Fuller also represented the undisclosed buyer.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $66 million in financing for a 100,500-square-foot retail and office property, a 24,000-square-foot retail condominium and an 88-car parking garage in Flushing, Queens. The properties are located adjacent to one another at the corner of Main Street and Sanford Avenue, including the three-story office/retail building at 41-60 Main Street and commercial/parking property at 133-38 Sanford Avenue. The borrower plans to use the loan to recapitalize the properties from the special servicer who was managing the assets.
NEWTON, MASS. — Calkain Companies has arranged the sale of a three-tenant retail building located at 215-217 Needham St. in Newton. Northland 215 Needham LLC purchased the property for $13 million, or $533 per square foot, from JPMCC 2007-CIBC19 Needham Retail LLC. The 24,930-square-foot property is occupied by Five Guys Burgers & Fries, Men’s Wearhouse and PetSmart. Patrick Nutt and Michael O’Mara represented the seller in the transaction.
