SCHNECKSVILLE, PA. — NAI Summit represented Krause Family Partnership LLC in the disposition of 4089 Route 309 and 4080 Independence Drive in Schnecksville. Star Auto Real Estate LLC purchased the more than four-acre property for an undisclosed price. The buyer, which is in association with Global Motor Trade LLC, plans to use the property for an exotic car dealership. Jay Haines of NAI Summit represented the seller in the transaction.
Retail
GLENDALE, CALIF. – A 33,699-square-foot retail building in Glendale that is net leased to Jo-Ann Fabric and Craft has sold to Aria Investments LLC for $17.7 million. The building is located at 1000 South Central Ave. It was built in 1966 and renovated last year. Aria was represented by Sheila Alimadadian of Marcus & Millichap’s National Retail Group in Newport Beach.
VENTURA, CALIF. – A 6,619-square-foot retail space in Venture that is occupied by Citibank has sold to Hull LQ Properties LLC for $4.5 million. The building is located at 1011 S. Victoria Ave. Hull was represented by Chuck Klein and Kevin Held of Cassidy Turley. The seller was CP Sunshine LLC.
SAN DIEGO – A 3,900-square-foot property in San Diego that is occupied by Coco’s Bakery restaurant has sold to Fairbanks Trail LLCfor $2.7 million. The property is located at 7398 Clairemont Mesa Blvd. Coco’s renewed its lease for 15 years in 2013. Justin Earley of Capital Real Estate Ventures, Inc. represented both parties, including the seller, USA Properties Inc., in this transaction.
LOUISVILLE AND MURRAY, KY. — The Cooper Commercial Investment Group has brokered the $5.4 million sale of a portfolio of two CVS/pharmacy locations in Louisville and Murray. The assets both span 10,200 square feet and have five-and-a-half years remaining on the lease term. Dan Cooper of Cooper Commercial represented the seller, a private investment group based in New York, and procured the unnamed buyer in the transaction.
MINNEAPOLIS — Mid-America Real Estate – Minnesota LLC has arranged two leases for Starbucks in Minnesota. Starbucks signed a lease for 1,800 square feet at Woodbury Plaza in Woodbury, Minn., and a lease for 1,922 square feet at Crystal Gallery in Crystal, Minn. Woodbury Plaza is located at the corner of Commerce Drive and Woodbury Drive. Retailers at the 14,000-square-foot center include Target, Sam’s Club, Walmart, Staples, Goodwill and Ashley Furniture. Crystal Gallery is located at the corner of Bass Lake Road and West Broadway. Buffalo Wild Wings and Old Country Buffet are the anchors at the 92,098-square-foot center. Minneapolis-based Mid-America represented the tenant in both transactions.
NEW YORK CITY — Houlihan Parnes Realtors has placed $2.9 million in first mortgage debt for three retail properties in Bronx. The one-story buildings, which total 14,000 square feet, are located at 26-34 West Kingsbridge Road, 134-138 West Fordham Road and 1735-1745 University Avenue. The three separate loans have 5-year, 3.75-percent fixed rates with 30-year amortization schedules. Additionally, the loans feature flexible terms and extension options. Jerry Houlihan arranged the financing, while Elizabeth Smith of Goldberg Weprin Finkel Goldstein represented the borrowers.
ORLANDO, FLA. — Continental Real Estate Cos. (CREC) has arranged the $8.5 million sale of Parkway Plaza, a 65,000-square-foot shopping center located one-half mile from The Mall at Millennia in Orlando. The Publix-anchored property is located at the crossroads of American Boulevard and John Young Parkway. Warren Weiser and Harry Blyden of CREC represented the seller, a tenant-in-common (TIC) ownership group managed by Los Angeles-based National Asset Services. The buyer was J-9 Land Partners LLP, a private investment firm based in Ormond Beach, Fla. Parkway Plaza is 95 percent leased to Publix, Chase Bank, Radio Shack, Subway and Little Caesar’s Pizza.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to purchase 719 Seventh Avenue in Times Square for $41.1 million. Located on the southeast corner of 48th Street and Seventh Avenue, the site can accommodate a building up to 28,114 square feet in addition to highly coveted LED signage towers. SL Green plans to demolish the existing building to take advantage of the development rights. This acquisition will increase the size of SL Green’s retail property portfolio, which features assets along New York City’s primary retail corridors. The transaction is expected to close during the second quarter of 2014. David Berkley, a private investor, helped to arrange the transaction.
NEWARK, N.J. — Jasper Venture Group is building a strip mall in Newark. Located near the New Jersey Turnpike, the completed shopping center will offer 25,000 square feet of combined retail and parking space. Jasper originally purchased the site in 2012 and plans to demolish the existing six-story building to construct the new shopping center.