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.
PHILLIPSBURG, N.J. — National Realty & Development Corp. has signed two new tenants, totaling 49,480 square feet, at Pohatcong Plaza in Phillipsburg. Marshalls/HomeGoods and Quaker Steak & Lube have joined the 562,000-square-foot shopping center, which is located at the intersection of Route 22 and Greenwich Road. Marshalls/HomeGoods held its grand openings on September 18 and occupy 42,430 square feet of a redesigned building, which was formerly occupied by Walmart. Quaker Steak & Lube, a motor sports-themed casual dining concept, opened a 7,048-square-foot restaurant at Pohatcong Plaza II in late August.
LACOMBE, LA. — Weyerhaeuser Real Estate Development Co. (WREDCO) has begun developing Tamanend, an 848-acre master-planned community that will feature office space, a college, retail, restaurants and single- and multifamily residential units. Tamanend will be located in the centermost part of St. Tammany Parish north of Lacombe, which is approximately 45 minutes north of New Orleans. Gulf States Real Estate Services is providing project management, marketing and real estate consulting for the project. Northshore Technical Community College is planning to open an advanced technology center and STEM campus at Tamanend.
ALLISON PARK, PA. — Marcus & Millichap has brokered the sale of a ground-leased retail property located at 4849 William Flynn Highway. The 13,225-square-foot net-leased property sold for $2.9 million to an undisclosed buyer. The property is currently leased to CVS/pharmacy, which recently executed a 25-year absolute net-leased ground with 10 percent increases in the five-year option periods for the property. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, as well as securing and representing the buyer.
LAS VEGAS – The Grove, a 54,490-square-foot shopping center in North Las Vegas, has received an $11.6-million loan. The center is located at 365 W. Craig Road. The funds were used to finance the property’s acquisition. The Grove was built in 2006. It was 90 percent occupied at the time of sale. The borrower was High Valley VI LLC, a 1031 exchange buyer. The long-term, fixed-rate loan was arranged by CBRE’s Bruce Francis, Dana Summers and Robert Ybarra. It was funded through Goldman Sachs Mortgage Company.