ST. PETERSBURG, FLA. — Plaza Advisors has brokered the $21.1 million sale of the South Pasadena Shopping Center, a 165,886-square-foot retail center in St. Petersburg. South Pasadena’s tenant roster includes Walmart Neighborhood Market, Beall’s Outlet, Dollar Tree and CVS/pharmacy. Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller in the transaction. Pine Tree Commercial Realty purchased the asset from VV Florida I LP, a German syndication.
BOSTON — Marcus & Millichap has brokered the sale of a four-property, net-leased drugstore portfolio. The portfolio sold for $38.6 million. The portfolio consists of a 14,320-square-foot Walgreens in Worchester, Mass., which sold for $9.4 million; a 15,013-square-foot CVS in Foxborough, Mass., which sold for $10.5 million; a 13,612-square-foot Walgreens in Merrimack, N.H., which sold for $7.4 million; and a 14,593-square-foot CVS in Clearwater, Fla., which sold for $11.4 million. Robert Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented the seller, a private New England-based real estate family, and the buyer, a private family completing a 1031 exchange, in the transaction. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in Florida.
YONKERS, N.Y. — GHP Office Realty has arranged the sale of a three-story mixed-use building located at 1179 Yonkers Ave. in Yonkers. Juster Development purchased the property for $4 million or $200 per square foot. The building features 20 rent-regulated apartments and seven retail stores. Jamie Schwartz of GHP Office Realty represented the seller, a private New York City investor, in the deal. Gary Juster and Michael Juster, principals of Juster Development, served as in-house representation for the buyer. John Dunne of Lynn, Gartner, Dunn & Covello LLP provided legal counsel for the seller, while Steven Hirsch of Hirsch & Gibaldi LLP was counsel for the buyer.
FRASER, MICH. — Mid-America Real Estate has brokered the sale of a 68,326-square-foot shopping center in Fraser. Fraser Shopping Center is located at the triple intersection of Groesbeck Highway, 13 Mile Road and Utica Road. Oakridge Supervalu and Family Dollar anchor the center. A private investor purchased the property for an undisclosed sales price. Sterling Heights, Mich.-based Showcase One Real Estate Group represented the buyer. Ben Wineman of Mid-America Real Estate Corp., and Daniel Stern of Mid-America Real Estate – Michigan Inc., represented the seller, Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust.
REDMOND, ORE. – Logan’s Market has leased 42,000 square feet at Nolan Town Center in Redmond. The Class A shopping center is located at 2276 SW Highland Ave. It was built in 2005. Logan’s will occupy the space of former anchor Ray’s Food Place, which went bankrupt in 2013. NTC went into foreclosure soon thereafter. Though Logan’s Market will be owned and operated as one store, it will also feature TrueValue Hardware. The new location should open this December. The store will join existing tenants like McDonald’s, Starbucks, Great Clips and Country Financial. Logan’s was represented by the Pennbrook Company. Nolan Town Center was represented by court-appointed receiver H. Roger Qualman of NAI Norris, Beggs & Simpson.
LOS ANGELS – In-N-Out Burger has leased 3,800 square feet at the Shoppes at Westlake Village. The retail center is located just off the 101 freeway at Lindero Canyon Road in the Los Angeles submarket of Westlake Village. The burger chain was represented by Keith Kleinman and Mark Esses of California Realty Group. The landlord, Selleck Development Group, was represented by Lee & Associates.
CARROLLTON, TEXAS — Nutrition Nation, a sports and nutritional supplement retailer, has signed a lease for 2,100 square feet in Carrollton, a Dallas suburb. The new location will open in November at the southeast corner of Trinity Mills and Marsh Lane. Maury Levy and Robert Luleff of UCR Dallas represented the landlord, 2810 East Trinity Mills Road Holdings. Khan Dynasty LLC represented the tenant.
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.
