ROLLA, MO. — Marcus & Millichap has brokered the $1 million sale of a 3,727-square-foot, net-leased Burger King property in Rolla, 105 miles southwest of St. Louis. The restaurant is situated on nearly two acres located at 1022 Kings Highway, just off I-44 and U.S. Highway 63. There are currently more than 14 years remaining on the base term of the lease with 1.5 percent annual rent increases. Michael Shover, Matthew Gorman, Derrick Dougherty, Nick Skeparnias, Dean Zang, Mark Taylor and William Holman of Marcus & Millichap’s Philadelphia office, represented the seller, a limited liability company. Gorman and Shover also represented the buyer, a developer.
NEW YORK CITY — New York-based ABS Partners Real Estate has invested $10 million for a capital improvement campaign at 915 Broadway, a 20-story office/retail property located at the southwest corner of 21st Street and Broadway in New York City. The firm tapped GKV and Javier Delagarza Architecture to design new corridors, high-end restrooms, high-grade lighting, elliptical ductwork, and well-appointed pantries. Additionally, the upgrades include full-glass office fronts, wood floors and open ceilings. Renovations took place on the fifth floor, after which the entire floor was leased to tenants, including Path Interactive and Gradian. Now work has commenced on the tenth floor.
JACKSONVILLE, FLA. — Disney Store has opened its newest store location at St. Johns Town Center, a super-regional, open-air mall located at 4663 River City Drive in Jacksonville. The mall is operated by Simon Property Group. The store will include a path for guests known as the Pixie Dust Trail that guides shoppers through “storytelling neighborhoods” involving Disney, Marvel and Star Wars characters. The store also includes an interactive video library known as the Disney Store Theatre and a limited time Halloween Shop. The Disney Store retail chain, which debuted in 1987, is owned and operated by Disney in North America, Europe and Japan. Disney Store is the retail merchandising arm of Disney Consumer Products, the business segment of The Walt Disney Co. (NYSE:DIS) and its affiliates. There are currently more than 200 Disney Store locations in North America; more than 40 Disney Store locations in Japan; and more than 100 Disney Store locations in Belgium, Denmark, France, Ireland, Italy, Portugal, Spain and the United Kingdom.
DESTIN, FLA. — HFF has brokered the $32.8 million sale of the Shoppes at Paradise Isle, a 171,837-square-foot retail power center in Destin. Located at 34940 Emerald Coast Parkway, the shopping center is 89.7 percent leased to tenants such as Best Buy, Big Lots, Michaels, PetSmart, Ulta Beauty and Office Depot. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Weingarten Realty Investors, in the transaction. Stoltz Real Estate Partners purchased the center through its fifth U.S. diversified fund.
INDIAN LAND, S.C. — Cassidy Turley has brokered the $5 million sale of Catawba Commons, a 40,261-square-foot, Food Lion-anchored shopping center located at 8175 Charlotte Highway in Indian Land, part of the Charlotte MSA. The property was fully leased at the time of sale. Egan Family Partnership purchased the asset from Indian Land-FL LLC. Sam Young, Jared Londry and Rob Cochran of Cassidy Turley represented the seller.
ST. LOUIS — Hilliker Corp. has arranged the first of three leases at former flooring stores in St. Louis. The three locations include an 8,000-square-foot building at 14336 Manchester Road, a 10,000-square-foot building at 1185 Veterans Memorial Drive, and a 22,000-square-foot building at 5244-52 S. Lindbergh Blvd. Sincerely Yours Bridal will occupy space in the 8,000–square-foot building, which will be divided into two retail spaces with 5,000 square feet still available for lease. The bridal shop is set to open by the end of this year. Hilliker Corp. broker Frank Yocum represented the landlord NICI II LLC, formerly Georgia Carpet Outlet in the leasing of the 2,900-square-foot space. Mark Kornfeld of the Sansone Group represented the tenant, Enchanted Enterprises LLC, which will do business as Sincerely Yours Bridal.
PALO ALTO, CALIF. — Bloomingdale’s has opened a 125,000 square-foot store at Stanford Shopping Center in Palo Alto. The three-level store contains 68 designer shops, more than 100 new brands. The new store will anchor the northeast side of the mall as part of a multi-phase renovation of the shopping center.
NEWINGTON, CONN. — NorthMarq Capital has secured $24 million to refinance Newington Commons Shopping Center located at 196 Kitts Lane in Newington. The 189,864-square-foot shopping center is tenanted by Stop & Shop, Bob’s Stores, Party City, Petco, Planet Fitness and Michaels. The 10-year loan features two years of interest-only payment and a 30-year amortization schedule. Keith Braddish of NorthMarq Capital’s New York office arranged the financing for the borrower through NorthMarq’s relationship with a CMBS lender.
YONKERS, N.Y. — A wholly owned subsidiary of Urstadt Biddle Properties Inc. has acquired a 51 percent equity interest in a joint venture that owns McLean Plaza Shopping Center in Yonkers for $7.8 million. Built in 1982, the 57,000-square-foot center is occupied by a 35,000-square-foot A&P Supermarket, other tenants includes Duane Reade pharmacy, an E-Z Pass Service Center, Dunkin’ Donuts and Ridgewood Savings Bank. The purchase price is subject to the company assuming its share of a $2.78 million first mortgage payable that encumbers the shopping center. The company purchased its interest from an affiliate of The Great Atlantic & Pacific Tea Company (A&P), which is a tenant at the shopping center. In conjunction with the purchase, A&P modified its lease and extended the initial term until 2034. The remaining 49 percent of the joint venture is owned by entities owned by the two real estate families that originally developed the shopping center with A&P.
CULLMAN, ALA. — Birmingham, Ala.-based Merchants Retail Partners has broken ground on the expansion of Cullman Shopping Center, bringing the retail asset to more than 325,000 square feet. New tenants coming to the center include Publix, PetSmart and a custom-designed Dick’s Sporting Goods. All three tenants are new entrants to the city of Cullman. Existing tenants at the shopping center include Belk, Books-A-Million and Shoe Dept.