NEW YORK CITY — New York-based New Street Realty Advisors has brokered three retail leases in New York City. In the first transaction, Gregorys Coffee has signed a 15-year lease for 1,100 square feet of ground-floor retail space at 350 Hudson Street in New York’s Hudson Square district. Joshua Gettler, Matthew Gorman and Joshua Kaufman of New Street Realty Advisors represented the tenant, while Sinvin Real Estate represented the landlord, Trinity Realty Estate. In the second transaction, Hale and Hearty leased 1,800 square feet of space at 369 Lexington Avenue, a 120,000-square-foot office building in New York, from Atlas Ventures. Gettler and Gorman of New Street Realty Advisors represented the tenants and worked directly with the landlord representatives. Lastly, Bank Street College of Education has leased 3,195 square feet at 2791 Frederick Douglass Blvd. from Ellington 18 LLC. The tenant will take occupancy immediately. Gorman, Kaufman and Gettler represented both parties in the transaction.
Retail
DENTON, TEXAS — Cadence McShane Construction Co. has completed the renovation and expansion of Golden Triangle Mall in the Dallas/Fort Worth suburb of Denton. The project included upgrades to the 765,000-square-foot property’s flooring, skylights, seating areas, main entryway, parking areas and landscaping, as well as the addition of an outdoor courtyard and 8,009-square-foot food court. Located at the interchange of I-35 and Loop 288, Golden Triangle Mall houses anchors Dillard’s, Macy’s, JC Penney and Sears, as well as more than 70 specialty stores. GTM Development Ltd., a joint venture between Cencor Realty Services and The MGHerring Group, acquired the property in 2011 and hired Cadence McShane for the project. C.M. Architecture P.A. provided architecture services for the renovation, and Brockette/Davis/Drake Inc. served as civil engineer.
RICHARDSON, TEXAS — Wasa Properties has acquired Arapaho Village Shopping Center, a 103,033-square-foot shopping center in the Dallas/Fort Worth suburb of Richardson. Located at 819 W. Arapaho Road, the property is home to anchor Tom Thumb, as well as Tuesday Morning, Hallmark, Papa John’s, The UPS Store, State Farm and H&R Block. CW Capital sold the asset. New York-based Wasa Properties purchased the center through Auction.com.
SPOKANE, WASH. — A 51,758-square-foot retail property in Spokane has sold to AB Management LLC for $7.5 million. The center is located at 7630 N. Division. Notable tenants include Michaels Arts and Crafts and Cash and Carry. John Hillier and Cory Barbieri represented both the buyer and sellers, TCRC Properties One LLC and Triple C Properties Two LLC, in this transaction. The duo will continue to manage the property.
CHARLOTTE, N.C. — Charlotte-based Ferncroft Capital has acquired Morrison, a 131,000-square-foot, Class A retail property in Charlotte’s SouthPark neighborhood, for $44.9 million. Morrison, located at the intersection of Sharon and Colony roads, is fully leased to tenants such as Earth Fare, Barnes & Noble, Capitol, TrySports and Firebirds. The asset is part of the larger Morrison mixed-use community that features 314 luxury apartments and 119 condominiums. Berkeley Capital Advisors represented the seller in the transaction, and Bryan Brooks of Medalist Capital arranged acquisition financing. Ferncroft will retain Madison Marquette as the property manager.
BELOIT, WIS. — Marcus & Millichap has brokered the $623,000 sale of an Advance Auto Parts ground lease in Beloit, located approximately 55 miles southeast of Madison. The address of the 8,500-square-foot, net-leased property is 2224 Prairie Ave. Matthew Hazelton, Adam Prins and Terry Jacobs of Marcus & Millichap’s Minneapolis office represented the seller and the buyer, both limited liability companies. Matthew Fitzgerald of Marcus & Millichap’s Milwaukee office assisted in closing this transaction.
SOUTHFIELD, MICH. — Colliers International has arranged the $190,000 sale of 11,598 square feet of retail space in Clinton Township, located approximately 25 miles north of Detroit. The address of the one-story building, known as Castle Rock, is 43785 and 43823 Gratiot Ave. Jack Williams of Colliers International represented the seller, a private entity, in the sale.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Golden Beach Marketplace, a 21,350-square-foot retail property in Fort Worth. Located at 10716 N. Beach St., near I-35 and State Highway 377, the strip shopping center was fully occupied at the time of the sale by tenants including Great Clips, Pizza Hut and Subway. An Albertsons grocery store shadow-anchors the facility. Jason Vitorino of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Jeff Smith, also of Marcus & Millichap, procured the buyer, an out-of-state personal trust completing a 1031 tax-deferred exchange. The buyer obtained a CMBS cross-collateralized loan with another retail center also acquired from the same seller. Michael Laurencelle of Marcus & Millichap arranged the financing.
CAMBRIDGE, MINN. — Marcus & Millichap has arranged the $1.7 million sale of Arby's restaurant in Cambridge. The 3,524-square-foot, net-leased property is located at 2350 2nd Ave. SE. Adam Prins, Matthew Hazelton and Mike Marzinske of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust. Ryan Cockerill and Simon Jonna of Marcus & Millichap’s Detroit office represented the buyer, a private investor.
EDISON, N.J. — The Goldstein Group has brokered a deal for Quaker Steak & Lube to open its second location in New Jersey. The fast-casual restaurant will occupy 7,500 square feet of space at Wick Shopping Plaza, located on Route 1 in Edison. Other tenants at the center include TJ Maxx, Pathmark, RadioShack, Mandee, AutoZone, Qdoba, Five Guys, Game Stop, Sally Beauty Supply and Planet Fitness. John Ostrowski and Chuck Lanyard of The Goldstein Group arranged the transaction.