FORT LEE, N.J. — Marcus & Millichap has brokered the sale of an absolute triple-net ground lease at 2035 Lemoine Ave. in Fort Lee. The asset, which features a 6,000-square-foot net-leased property, sold for $990,000. Michael Lombardi and Marco Capozzoli of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a private investor. Greg Babaian of Marcus & Millichap’s New Jersey office represented the buyer, a private investor, in the transaction.
SPRINGDALE, OHIO —Marcus & Millichap has brokered the $5.2 million sale of a 48,300-square-foot retail property in Springdale, an area on the northeast side of Cincinnati. Wimbledons Plaza is located at 11770-11818 Springfield Pike. An Outback Steakhouse anchors the shopping center. Tenants include Penn Station, H&R Block, Select Staffing, Dairy Queen and other local and regional tenants. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus and Cleveland offices represented the seller, a regional owner and developer. Nathan Whalen of the firm’s Indianapolis office represented the buyer, a private investment group.
UNIVERSITY CITY, MO. — Cushman & Wakefield | Gateway Commercial has arranged the lease of a 1,400-square-foot retail space in University City. Racanelli’s Pizza will occupy space at 6314 Delmar Blvd. Dan Rossini of Cushman & Wakefield represented the tenant. NAI Desco represented the landlord, FRANCO Inc., in the transaction.
NEWPORT, KY. — Inland Real Estate Corp., in a joint venture arrangement with Dutch pension advisor PGGM, has acquired Phase II of Newport Pavilion, a shopping center located in Newport, part of the Cincinnati MSA. Inland and PGGM purchased the 115,000-square-foot asset for $23.6 million. Phase II’s tenant roster includes Dick’s Sporting Goods, T.J. Maxx, Buffalo Wild Wings, Panera Bread, Chipotle Mexican Grill, T-Mobile and Sport Clips. The Inland-PGGM joint venture purchased Phase I of Newport Pavilion earlier this year. The entire 337,300-square-foot power center is currently 96 percent leased.
ORLANDO AND CLERMONT, FLA. — Plaza Advisors has brokered the sale of two shopping centers in the greater Orlando area. The properties include Phillips Village in Orlando and East Towne Center in Clermont. The 66,218-square-foot Phillips Village was 95 percent leased at the time of sale to Planet Fitness, Dollar Tree, Mattress Firm, GameStop, Sally Beauty, Ideal Image and Sprint. Portland Investment Co. of America purchased the asset from Weingarten Realty Investors for roughly $18.8 million. The 69,840-square-foot East Towne Center was 92 percent leased at the time of sale to tenants such as Publix, Chase Bank, Pizza Hut, Hair Masters and The UPS Store. Publix Supermarkets purchased the property from Regency Centers for an undisclosed sales price. Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the sellers in both transactions. Plaza Advisors was the only brokerage firm involved in both deals.
BETHESDA, MD. — Washington Property Co. has signed True Food Kitchen to occupy street-level space at Solaire Bethesda, an upscale apartment building located at the corner of Wisconsin and Woodmont avenues in Bethesda. Solaire Bethesda broke ground this summer and is expected to open in 2016. The 6,400-square-foot restaurant will be True Food Kitchen’s second property in the Washington, D.C. metropolitan area. Lee Engle of Streetsense and Joshua Gurland of WPC represented WPC in the lease transaction. Tom Papadopoulos of Papadopoulos Properties represented Phoenix-based Fox Restaurant Concepts in the transaction.
MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of a 9,026-square-foot Dollar General located in McKinney. Chance Hales and Vincent Knipp of Marcus & Millichap’s Fort Worth office secured and represented the buyer. The store is located at 3717 East University Drive in McKinney. The property has a corporate, 15-year triple net lease, which began in February 2014. Terms of the net lease include a 10 percent rent increase at the beginning of each option period.
THE COLONY, TEXAS — Playtrics LLC has leased a 3,407-square-foot space at Austin Ranch, a mixed-use development located in The Colony. Austin Ranch is located at the southeastern corner of Windhaven Parkway and Saintsbury Drive. Neighboring tenants include Zen Bar, Saintsbury Tavern, Café Mila, Café Gecko, The Doggie Oasis, Austin Ranch Chiropractic and Corbett Dentistry. Carissa Brown and Tyler Isbell with SRS Real Estate Partners represented the landlord, Billingsley Co., in the transaction. Playtrics is a triathlon and bicycle store with four locations in north Texas.
SAN ANTONIO — CBRE has arranged $60.5 million in financing for Alamo Ranch, a 465,000-square-foot, Class A shopping center in San Antonio. CBRE worked on behalf of RioCan REIT to secure the non-recourse loan. The loan is for five years and is LIBOR based. It was secured through Capital One Bank and is fixed through a hedge at 3.45 percent. Scott Lewis, Greg Greene and Matt Ballard with CBRE’s Dallas office originated and secured financing on behalf of the borrower. Alamo Ranch is shadow-anchored by Target, Lowe’s Home Improvement and JC Penney. The property is 93 percent occupied and includes an assortment of national, regional and local tenants. The property is located 14 miles west of downtown San Antonio at the intersection of Loop 1604, State Highway 151 and Culebra Road.
PHOENIX – Tierra Del Sol, a 42,994-square foot retail property in Phoenix, has sold to Pacific Property Group for $4.2 million. The center is located at 1606 East Bell Road. It is currently 75 percent leased. Ben Tashakorian and Stuart Fagan of Marcus & Millichap’s San Diego office represented both the buyer and seller, 5121 Glendale Associates, in this transaction.
