HICKSVILLE, N.Y. — Vornado Realty Trust has entered into an agreement to sell Broadway Mall in Hicksville, an unincorporated town on Long Island, for $94 million. The publicly traded REIT (NYSE: VNO) sold the 1.1-million-square foot Broadway Mall to an unidentified buyer for about 40 percent less than the $152.5 million it paid to purchase the property in December 2005. The mall includes the only Ikea store on Long Island, which is leased to the furniture retailer through 2088. Other tenants include Macy’s, Forever 21, a 12-screen movie theater and H&M and Target.
Retail
EXETER, N.H. — NAI Norwood Group has arranged a 4,000-square-foot lease of the former Gary Blake Motorcars location at 84 Portsmouth Ave. in Exeter, a coastal city located in southern New Hampshire. The freestanding building was leased to Northeast Credit Union. John Mueller of NAI Norwood Group represented the owner, Gary Blake, in the transaction. The tenant, Northeast Credit Union, is a financial services company that sought a long-term tenancy in a high-profile location.
GILBERT, ARIZ. — Gilbert Town Center, a 159,000-square-foot retail shopping center, has sold to BH Properties for $13.4 million. The Class A center is located at 1040 S. Gilbert Road in Gilbert. The seller was a TIC ownership. The transaction was executed by Greg Valladao of Cushman & Wakefield.
PHOENIX — North Park Plaza, a 101,361-square-foot shopping center in Phoenix, has completed its remodel. The three-building center is located at 5020 W. Osborn Road. It is anchored by Safeway. Notable tenants include Frazee Paint, Peter Piper Pizza, Subway and Great Clips. The property received a new façade, columns wrapped in stone, refreshed landscaping and a two-tone paint scheme. It is owned and operated by Westwood Financial Corp.
MIAMI — FA Commercial has arranged the sale of Plaza 8 St. Neighborhood Shopping Center, located at 9600 S.W. 8th St. in Miami. The 55,814-square-foot shopping center was 96 percent leased at the time of sale to tenants including New Era Health Center and Pizza Hut. The property sold for approximately $8.5 million. Fabio Faerman of FA Commercial represented the undisclosed seller in the transaction.
BROOKLYN PARK, MD. — The Greysteel Co. has arranged the $6.5 million sale of Arundel Village Plaza shopping center, a 54,480-square-foot shopping center located at 5501-5517 Ritchie Highway in Brooklyn Park, about five miles south of Baltimore. The property was 88 percent occupied at the time of sale to eleven tenants including a Taco Bell/Long John Silver’s combination restaurant, Domino’s Pizza, Valvoline Instant Oil Change and the state of Maryland Department of Health & Mental Hygiene. Gil Neuman led Greysteel’s retail division to represent the seller, BTR Capital Group, and procure the buyer, Oak Tree Management.
COLUMBUS, OHIO — A New Jersey-based private investor has sold Mill Valley Plaza in Columbus for $3.3 million, equaling an 8.34 percent cap rate. The Cooper Commercial Investment Group represented the seller in the transaction. The 18,353-square-foot retail plaza is 100 percent occupied, and most of the tenants have signed lease renewals, says Dan Cooper, broker and president of the Cooper Commercial Investment Group in Cleveland.
TROY, MICH. — Mid-America Real Estate-Michigan Inc. has arranged a 4,916-square-foot lease in the Galleria of Troy Shopping Center in Troy. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan represented the landlord Galleria of Troy LLC in the transaction. The new tenant is Verizon Wireless.
PLYMOUTH, MASS. — Boston-based Fantini & Gorga has arranged $11.5 million in first-mortgage financing for a 57,939-square-foot retail center shadow-anchored by Home Depot in Plymouth. A stand-alone Ethan Allen store, West Marine, Town Fair Tire and The 99 Restaurant occupy the fully leased retail property. Casimir Groblewski, managing director, and Jason Cunnane, analyst, led the Fantini & Gorga team, which arranged the financing on behalf of Viking Acquisitions. A major Massachusetts-based financial institution provided the non-recourse, seven-year loan, which includes a fixed interest rate. The center is located at 19-45 Home Depot Drive.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of a 79,487-square-foot retail property in Arlington net-leased by Academy Sports + Outdoors. Located at 1101 W. Arbrook Blvd., near The Parks at Arlington Mall development, the property received multiple offers within its first week of listing. At the time of the sale, the tenant had 13 years left on its initial 20-year term. Jason Vitorino of Marcus & Millichap represented the seller in the transaction, a local developer, and also secured the buyer, a Texas-based limited liability company.