STURGIS, MICH. — Park Place Real Estate and Cherney Associates have brokered the sale of a retail property located on Centreville Road in Sturgis, near the Michigan-Indiana state line. The 12,000-square-foot property is currently leased to three tenants: two national credit retailers and one locally owned restaurant. Nancy Fish of Park Place and Charles Cherney of Cherney Associates represented the undisclosed seller, while Maxwell Commercial represented the undisclosed buyer in the transaction. The sales price was not released.
RICHFIELD, MINN. — Coldwell Banker Commercial Griffin Cos. has brokered the sale of a retail center located at 1208 E. 66th St. in Richfield, a suburb of Minneapolis. The 12,694-square-foot property sold for $850,000. The center is currently occupied by a nationally recognized veterinary clinic and offers the buyer lease-up opportunities. Dale Severson and Bob Bayer of The Coldwell Banker Commercial Griffin Special Assets & Retail team arranged the transaction. The names of the seller and buyer were not released.
PASADENA, TEXAS — Construction is underway for Phase I of the Market at Crenshaw, a 168,924-square-foot, two-phase retail development located on 23.6 acres in Houston’s Pasadena submarket on Beltway 8 between Crenshaw Road and Fairmont Parkway. The developer is a partnership between Ley-Wilson Development LLC and H5 Ventures LLC. More than 90 percent of the first phase of development has been leased. Transwestern will provide property management and construction management services. Tenants that have signed leases at the property include: Burlington Coat Factory (55,000 square feet); Party City (18,000 square feet); Tuesday Morning (12,000 square feet); Mattress One (4,000 square feet); Xfinity by Comcast (4,000 square feet); and MOD Pizza (2,700 square feet). Phase I, totaling 108,924 square feet, is scheduled for delivery in the third quarter of 2015. Phase II, which will include an additional 60,000 square feet, will commence construction in the next 90 days and is slated for delivery in the second quarter of 2016.
MIAMI — CBRE has brokered the $27.2 million sale of Vizcayne Retail in downtown Miami. The property consists of 55,000 square feet of ground-floor retail space plus 126 parking spaces, located at the base of two 49-story condominium towers at the intersection of Biscayne Boulevard and N.E. 2nd Street. Built in 2008, the property was 68 percent leased at the time of sale to tenants such as CVS and The Learning Experience. An affiliate of Stoltz Real Estate Partners purchased the asset from an affiliate of Rockwood Capital. Casey Rosen and Dennis Carson of CBRE led the team in representing the seller.
DALLAS — NorthMarq Capital’s Dallas-based regional office has arranged the $6.5 million refinancing of Lakewood Village Shopping Center, a 50,964-square-foot Dallas retail center located at 6434-6444 E. Mockingbird Lane in Dallas. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Gardens Town Center, a 19,451-square-foot retail property located in Arlington. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy also represented the buyer, a partnership. Gardens Town Center is located at 4130 South Bowen Road. The center is 100 percent occupied and all leases are triple-net. Fifty percent of the gross leasable area is leased to Fossil Creek Liquor, which is paying percentage rent in addition to base rent. Other tenants include Papa Murphy’s Take N Bake Pizza, Comet Cleaners, Subway and Town Garden Salon. The building was constructed in 2010 and sits on 2.2 acres.
NORTH RICHLAND HILLS, TEXAS — The Frank Kent Motor Co. has purchased a 125,000-square-foot facility at 6550 Wuliger Way in North Richland Hills. The facility will serve as the company’s new corporate headquarters for the relocation of its General Motors accessory distribution business and the creation of its Texas training facility. A former Sealy bedding plant, the 15-acre property located just north of NE Loop 820 near Iron Horse Boulevard was vacant for 18 months. Southwest ADI is the exclusive automotive accessories distributor for the General Motors brands in the Dallas-Fort Worth, Austin, San Antonio and Houston areas. This new location will employ 50 full-time employees in conjunction with space to train up to 75 people from the dealers the company services.
NEW YORK CITY — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of a 90,000-square-foot flex property located at 1351 and 1339 Jerome Ave./1320 and 1342 Inwood Ave. in the Mount Eden section of the Bronx. Jerome Avenue Storage Associates LLC, operating as American Self-Storage, purchased the property by executing its lease option to buy for $9 million from Boss Realty LLC/Plaza Packaging. The property features high ceilings, multiple loading docks and drive-in entrances. Grant Dolgin and Dmitri Gourianov of KDA represented both parties in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a commercial building located at 401 State St. in the Boerum Hill neighborhood of Brooklyn. The 12,000-square-foot building sold for $10 million, or $833 per existing square foot. The property was sold vacant and is ideal for a community facility, office or residential conversion. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented seller Joseph Streicher, while Mark Kennedy of Douglass Elliman represented the buyer in the transaction.
RIVER VALE, N.J. — Cushman & Wakefield has brokered the sale of Edgewood Country Club, a 185-acre property located in River Vale. The Witmondt and Schonbraun Families, operating through Edgewood Golf Course Realty Associates, acquired the property for an undisclosed sum from Edgewood Country Club Inc. Located at 449 Rivervale Road, the property operates as a private 27-hole golf course and country club facility, including a 41,500-square-foot clubhouse, swimming pools, tennis courts, driving range, putting greens, snack bar, banquet facilities and other amenities. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Dowd of Cushman & Wakefield brokered the transaction.