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.
Retail
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.
FRISCO, TEXAS — Disney Investment Group (DIG) has brokered the sale of Westside Market, a 93,562-square-foot grocery-anchored shopping center in Frisco. Tom Thumb occupies 70,000 square feet within the property, which also features a Tom Thumb fuel center. Located on the corner of FM 423 and Lebanon Road, the asset was 98 percent leased at the time of the sale. David Disney of DIG represented the unnamed seller in the acquisition and also procured the buyer, Inland Real Estate Acquisitions Inc. Matthew Tice of Inland facilitated the purchase on behalf of the buyer.
LYNCHBURG, VA. — Inland Real Estate Income Trust Inc. has acquired the 66,906-square-foot Lakeside Crossing Shopping Center in Lynchburg for approximately $19.8 million. The newly constructed property is located between Old Forest Road, Whitehall Road and Lakeside Drive. The asset is 98.5 percent leased to 14 tenants, including a 20,900-square-foot Fresh Market grocery store, Panera Bread, U.S. Cellular, Massage Envy and Zoe’s Kitchen. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Mark Cosenza of Inland Real Estate Acquisitions Inc. in the transaction.
ST. PAUL, MINN. — M&M has brokered the $2.9 million sale of Highwood Center, a 13,160-square foot retail property in St. Paul. Highwood Center is located at 1758 Old Hudson Road. The property was 90 percent occupied with three tenants at the time of sale and is anchored by Davita Dialysis. Sean Doyle and Cory Villaume of Marcus & Millichap’s Minneapolis office represented the buyer, a limited liability company. An outside brokerage firm represented the seller, a limited liability company.
MINNEAPOLIS — The Ackerberg Group has arranged leases for two retailers in the Hennepin Curve building located in downtown Minneapolis. a&bé bridal boutique and RE/MAX Results will occupy space at 1605 and 1609 Hennepin Ave. Denver-based bridal boutique a&bé has signed a five-year lease for 3,086 rentable square feet of retail space. RE/MAX Results has signed a 10-year lease for 6,874 rentable square feet of first floor and lower-level space. Angela Demonte of CBRE represented a&bé bridal boutique. Mark Hulsey of RE/MAX Results Commercial represented RE/MAX Results. The Ackerberg Group coordinated marketing and leasing of the storefronts.
GARDEN CITY, KAN. — Cohen Real Estate will market a 102,648-square-foot shopping center in Garden City, located approximately 52 miles northwest of Dodge City. The Manhattan-based brokerage firm will broker the sell of Garden City Plaza, a full-service shopping center at 2214 E. Kansas Ave. The shopping center is 98 percent occupied. Tenants include JC Penny, Buckle, Maurices, Famous Footwear, Foot Locker, Riddle’s Jewelry and GameStop. The shopping center is shadow-anchored by Sears, and is adjacent to Dick’s Sporting Goods, Menards, T.J. Maxx, Ross, Ulta and Target. The owner will have the ability to develop up to two outparcels.