SPRINGFIELD, N.J. — CBRE FAMECO, a retail division of CBRE Group, has brokered the $5.5 million sale of the former 6th Avenue Electronics store, corporate office and warehouse facility at 22 Route 22 in Springfield. The undisclosed buyer plans to convert the 70,040-square-foot property into an 85,000-square-foot Metro Self Storage facility. The climate-controlled property will feature state-of-the-art security, two sets of elevators, four drive-in loading bays and an office component. Steven Winters of CBRE FAMECO represented the undisclosed seller, while Ed Horne of HK Commercial Realty Advisors LLC represented the buyer.
SALISBURY, MASS. — Marcus & Millichap has brokered the sale of a retail property located at Two Lafayette Road in Salisbury. SPC Acquisition Company LLC purchased the 13,225-square-foot building for $7.4 million from Salisbury Ventures LLC. The property is occupied by CVS, under a 25-year lease with four five-year extension options. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the seller, while Laurie Ann Drinkwater and Seth Richard, also of Marcus & Millichap, represented the buyer in the transaction.
BEE CAVE, TEXAS — Rocco’s Grill is relocating to 12432 Bee Cave Road from its original Lakeway Commons Shopping Center location. The new location spans 6,334 square feet and features two outdoor dining and entertainment areas, including a covered patio and an outdoor deck. The property is adjacent to the Hill Country Galleria, will have larger seating capacity, more parking and is estimated to open in late April. Rocco’s Grill, founded by Rocco C. “Rockey” Piazza 13 years ago in Lakeway, serves Italian recipes including pasta, seafood and steaks. Bryan McMurrey of CBRE represented the landlord, Hill Country Galleria LLC, in the transaction. Currin Van Eman of VC Interests LLC represented Rocco’s Grill.
VIRGINIA BEACH, VA. — Furniture and home décor retailer West Elm will open a new 10,000-square-foot retail store in Virginia Beach on March 5. The new store will be located at Town Center at 4511 Main St. The new store will feature the company’s national catalogue of items, plus products from local artists. Brooklyn-based West Elm has more than 70 retail stores in the United States and is a member of the Williams-Sonoma Inc. portfolio of brands. “We are thrilled to open our first store in Virginia at the Town Center,” says Jim Brett, president of West Elm. “As we continue to expand we look to make a positive impact on the community we are entering and are excited to highlight local makers and designers from Virginia in our assortment.”
HUNTINGTON BEACH, CALIF. — Cypress Equities has acquired the Strand, a 96,638-square-foot mixed-use development in Huntington Beach. The property sits adjacent to the Huntington Beach Pier. The Strand contains a mix of office and retail tenants, including CVS Pharmacy, Forever 21, Rip Curl Surf Shop, Skechers, Johnny Rockets, RA Sushi, U.S. Taco Co., Bruxie Gourmet Waffle Sandwiches, Ritter’s Steam Kettle Cooking and INNOCEAN, a multi-national advertising and media agency. The larger mixed-use development also contains the 157-room Shorebreak Hotel, which was not a part of the transaction. The Strand’s four buildings were constructed in 2008. The transaction was executed by REZA Investment Group.
MUSKEGON, MICH. — Quantum Real Estate Advisors Inc. has brokered the $2.5 million sale of an 11,855-square-foot, multi-tenant shopping center in Muskegon. The property is located at 3295 Henry St. The property was fully leased to AT&T, Biggby Coffee, America’s Best, Asian Express and That 70s Dough at the time of sale. The property is an outlot to a Wal-Mart Supercenter. Chad Firsel of Quantum represented the seller, a Michigan-based real estate developer and operator. Daniel Waszak of Quantum brokered the buyer, a Texas-based real estate investment and development fund.
PLEASANT PRAIRIE, WIS. — Mid-America Real Estate has arranged the sale of a 9,035-square-foot, three-tenant shopping center in Pleasant Prairie. The Plaza at Prairie Ridge is located at the southeast corner of 75th Street and 104th Avenue. Oak Brook, Ill.-based Inland Real Estate Acquisitions Inc. purchased the property for an undisclosed sales price. Target, JC Penney, Dick’s Sporting Goods, and PetSmart shadow-anchor the shopping center. Carly Gallagher of Mid-America and Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC were the exclusive brokers in the transaction on behalf of the seller, Milwaukee-based Evo Properties LLC.
FISHERS, IND. — Brixx Wood Fired Pizza has opened as the anchor tenant of The Depot at Nickel Plate, a mixed-use development in Fishers. Brixx occupies the 3,824 square feet of retail space, with an additional outdoor dining patio, on the southeast corner of Municipal Drive and 116th Street. Brixx serves wood-fired pizzas cooked in brick ovens, salads, pastas and sandwiches, and offers 24 local and national craft beers on tap and 14 wines by the glass. The Depot at Nickel Plate features 242 units and 17,000 square feet of retail space. First units became available in December, with construction to be completed in April. The Depot also includes approximately 430 structured parking spaces.
FREEHOLD, N.J. — Triangle Equities has received a $7.5 million loan for its 62,000-square-foot retail property, Freehold Raceway Village, in Freehold. The loan was provided by CIBC, and it follows the successful recapitalization of the shopping center. Located at 200-220 Trotters Way, the shopping center is 100 percent occupied by a variety of tenants, including Big Lots, Huffman Koos, Dick’s Sporting Goods, The Home Depot, Toys R Us, Raymour & Flanigan and Christmas Tree Shoppes.
TEMPE, ARIZ. – A pair of free-standing, single-tenant buildings in Tempe that are triple-net leased to Target and US Bank have sold to Rosebud Tempe One LLC for $11.9 million. The properties are located at the northeast corner of McClintock Drive and Baseline Road. Target has occupied this space since 1988. Major employers in the area include Intel, Arizona State University and Maricopa Community Colleges. Acquisition financing was arranged by CBRE’s Geoffrey Harris. Joseph Compagno of the same firm represented both the buyer and seller, Hudson Retail Center LLC, in this transaction.