NEW YORK CITY — Microsoft Corp. has signed a lease for its first Manhattan flagship store at 677 Fifth Ave. in New York City. Microsoft will occupy the entire ground through fourth floors, as well as a portion of the lower level of the building. Andrew Kahn, Jonathan Scibilia and Jesse Hutcher of Cushman & Wakefield represented the landlord, 677 Fifth Avenue Corp., in the deal. Richard Hodos of CBRE represented Microsoft.
FARMINGTON HILLS, MICH. — Agree Realty Corp. has acquired four net lease retail properties with an aggregate purchase price of approximately $16.4 million. The properties include a Firestone Auto Care store in Columbus, Ohio; a 24 Hour Fitness gym in Littleton, Colo.; a Golden Corral restaurant in Rockford, Ill.; and a Giant Gas station in Limerick, Penn. Agree Realty Corp. funded the acquisition and development activity with cash on hand, draws on its revolving credit facility and the assumption of a $5.7 million mortgage note due September 2023 that is secured by the 24 Hour Fitness property. The properties were acquired at a weighted-average cap rate of 8.14 percent and have a weighted-average remaining lease term of approximately 15.9 years.
LINCOLN, NEB. — NorthMarq Capital has arranged the $16.4 million refinancing of six Big Red Self Storage properties in Lincoln. The properties include a combined 2,750 units. John Reed of NorthMarq Capital structured the 20-year, fixed-rate loan with a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
THE COLONY — Rapid Med Urgent Care Center has leased 6,692 square feet of retail space in Colony Plaza Retail, a retail center located at 3800 Main Street at Memorial Drive in The Colony. Matthew Rosenfeld of The Weitzman Group’s Commercial Retail Division handled negotiations as tenant representative for the urgent care center. Rapid Med offers primary care, urgent care, occupational medicine, concussion care management, vaccinations and other services. The company plans to open two more locations in the next six to nine months.
MISSOURI CITY, TEXAS — Coldwell Banker Commercial united Realtors has arranged the sale of a 22,203-square-foot shopping center located on three acres at 4225 Sienna Parkway in Missouri City. The center, called Market at Bees Creek, is located just south of Houston. Mark McGinley of Coldwell Banker represented the seller. James Lee of Gulf South Investments represented the buyer, a local investment group.
KUTZTOWN, PA. — CBRE has arranged the sale of Weis Plaza, which is located at 15260 Kutztown Road in Kutztown. New York City-based Nassimi Realty LLC purchased the property from Cincinnati-based Phillips Edison Fund III for an undisclosed price. Constructed in 1972, the 115,359-square-foot shopping center is anchored by a 56,614-square-foot Weis Markets and was 77 percent leased at the time of sale. Additional tenants include Dollar General, Once Again Thrift Store, National Auto Stores and RadioShack. Brad Nathanson of CBRE’s Conshohocken, Pa., office represented the seller in the transaction.
MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $22.5 million sale of The Gateway to Miami Beach, two net-leased retail buildings totaling more than 18,000 square feet in Miami Beach. The property is located at 1100 5th St. on the southeast corner of 5th Street and Alton Road in South Beach’s South of Fifth (SOFI) neighborhood. The two net-leased buildings are fully leased to Pier 1 Imports and Burger King. Scott Sandelin of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, in the transaction. Jonathan Gerszberg of Marcus & Millichap’s Miami office secured the buyer, a private investor based in New York.
HIRAM, GA. — The Shopping Center Group has arranged Planet Fitness’ 20,000-square-foot lease at Paulding Commons, a 210,000-square-foot shopping center in Hiram, about 27 miles northwest of Atlanta. The Planet Fitness is expected to open in late 2014, while new tenants Aspen Dental and Vision Works are slated to open in the fall. The new trio of tenants will be joining established retailers Academy Sports + Outdoors and Hobby Lobby at Paulding Commons. Brett Fuller of The Shopping Center Group represented the landlord, NewQuest Epic Investments, in the lease transactions. The shopping center is currently undergoing a $2 million renovation, which is slated to wrap up in the fall.
FORT WORTH — Three national retailers have moved into Alliance Town Center, a retail center in Fort Worth owned by Trademark Property Co. Designer Shoe Warehouse (DSW), Men’s Wearhouse and Sleep Experts have all opened at the 1 million-square-foot center. DSW is leasing 15,000 square feet, Men’s Wearhouse is leasing 5,500 square feet and Sleep Experts is leasing 4,500 square feet. Alliance Town Center includes a total of more than 130 retailers, restaurants and entertainment options. Anchor tenants include Belk, Dick’s Sporting Goods, JCPenny, Best Buy, Cinemark Theaters and Kroger Marketplace.
NEW YORK CITY — Madison Realty Capital (MRC) has closed a $32 million construction loan for a mixed-use project at the former 266,322-square-foot St. John’s Queens Hospital, located at 90-02 Queens Blvd. in the Elmhurst neighborhood of Queens. The construction financing follows an initial $38 million acquisition loan provided by MRC in December 2013, which brings the total financing package from MRC to $70 million. Located along Queens Boulevard between 57th Avenue and Woodhaven Boulevard, the property allows for 148,109 square feet of residential space and 118,213 square feet of commercial and community space. Once redeveloped, the project will offer retail space and 144 residential units. Additionally, the purchaser acquired the four-story, 89,601-square-foot parking garage located behind the hospital building, which offers 290 parking spaces and direct access from Queens Boulevard. After the $38 million acquisition loan closed, MRC offered a conditional commitment to fund the remaining renovation of the property once the borrower received approvals on all building plans. St. John’s Queens Hospital has been closed since the hospital’s operator filed for bankruptcy in 2009.