VIENNA, VA. — Benderson Development has purchased a 55,695-square-foot Bed Bath & Beyond store located at 2051 Chain Bridge Road in Vienna, a suburb of Washington, D.C. Benderson’s $29 million acquisition of Bed Bath & Beyond is the company’s entry into Tysons Corner, a super-regional retail destination in the greater D.C. area. Sarasota, Fla.-based Benderson has a portfolio that comprises more than 40 million square feet in 38 states.
DESTIN, FLA. — Marcus & Millichap has brokered the $3.3 million sale of a 2,960-square-foot Starbucks Coffee located at 10410 US Highway 98 West in Destin. Mike Marzinske, Adam Prins and Matt Hazelton of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, in the transaction. Kirk Felici of the firm’s Miami office assisted in the transaction. Starbucks has seven years remaining on the lease.
ORLANDO, FLA. — Equity Investment Services (EIS) has brokered the $1.9 million sale of Village West, an unanchored retail center located at 6404 W. Colonial Drive in Orlando. The 18,000-square-foot center is leased to tenants such as Cosmo Prof and Coast Dental. Kevin Yaryan and Derek Francis of EIS represented both the buyer and seller in the transaction. EIS also arranged acquisition financing on behalf of the buyer.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Vanguard Retail Portfolio, a three-building portfolio in Queens. The properties, which total 44,858 square feet, were sold in all-cash transactions totaling $23.8 million, or $530 per square foot. The 18-unit, 33,698-square-foot property at 221-02/50 Horace Harding Expressway sold for $17 million. The seven-unit, 8,970-square-foot property, located at 137-67/79 Queens Blvd./138-09 84th Dr., sold for $5.6 million. The third property, located at 138-07/11 Queens Blvd., sold for $1.2 million. Thomas Donovan, Stephen Preuss and Brian Sarath of Cushman & Wakefield negotiated the transaction. The buyer was an undisclosed local investor.
WEST ORANGE, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 640-642 Eagle Rock Ave. in West Orange. The 11,348-square-foot property sold for $2.7 million. Michael Lombardi of Marcus & Millichap represented the seller, a private investor, and Michael Rothstein, also of Marcus & Millichap, represented the buyer, a private investor, in the all-cash 1031 exchange.
SEATTLE — A four-property retail portfolio in Seattle has received $64 million in financing. The transaction includes acquisition financing for a 49,000-square-foot shopping center in Bellevue that is anchored by Walgreens and Trader Joe’s. It also allowed the borrower to refinance Mill Creek Town Center, a 182,000-square-foot, grocery-anchored lifestyle center in Mill Creek, as well as two retail properties in Kirkland and Bellevue. The fully amortizing, cross-collateralized loans were arranged by Mike Taylor and Patrick Taylor of Newmark Realty Capital. The loans were placed through a relationship with one of Newmark’s correspondent life insurance companies.
CHICAGO — Marcus & Millichap has brokered the $4.9 million sale of a 9,217-square-foot retail property in Chicago. The property is located at 1250 S. Michigan Ave. Located in Chicago’s South Loop, the multi-tenant retail property is situated on the ground floor of a 29-story condominium tower. Sean Sharko, Alan Katamanin and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company, and the buyer, another limited liability company.
DENTON, TEXAS — H&M, Hennes & Mauritz AB (H&M), a fashion retailer, will open a new location in Denton. The 23,000-square-foot property is located at the Golden Triangle Mall and is set to open this fall. H&M currently operates 14 locations in the state of Texas. With the opening of the Golden Triangle Mall store, H&M will add about 30 people its estimated total of 15,000 U.S. employees. H&M operates 364 locations across the country.
COON RAPIDS, MINN. — Title Boxing Club has signed a lease for 4,168 square feet at Shoppes at Riverdale Commons II located in Coon Rapids. The 32,451-square-foot center is located on Riverdale Boulevard and features a FedEx Kinko’s, Five Guys, Potbelly, AT&T and Cherry Berry. Mid-America’s project leasing team represented the landlord in the transaction.
CHICAGO — Chicago Real Estate Resources has arranged the sale of a retail property in Chicago. The three storefronts totaled 3,828 square feet, two of which were leased at the time of sale to Snippet’s Mini-Cuts and Edible Arrangements. The property is located at 3722-26 N. Southport Ave., in Lakeview’s Southport Retail Corridor Nate Gautsche of Chicago Real Estate Resources’ commercial office represented the local buyer in the acquisition of the value-add retail property.
