NEW YORK CITY — The retail condo portion of The Edge, a waterfront mixed-use property in the Brooklyn suburb of Williamsburg, has sold for $45.5 million. Madison Marquette acquired the retail portion, which totals 64,000 square feet, from Douglaston Development. Built in 2010, the property is part of The Edge project, a master-planned community that includes condominiums and residential units in four buildings. The retail component is long-term leased to Brooklyn Harvest Market, CVS/pharmacy, Ride Brooklyn and Fabbrica Cafe.
ROCHESTER, N.Y. — Marcus & Millichap has arranged the $1.4 million sale of Crab Shack Restaurant, a 7,784-square-foot net-leased property located in Rochester. Preet Sabharwal and Steven Stoehrer, both from Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. Crab Shack Restaurant is located at 749 E. Henrietta Road.
SACHSE, TEXAS — CBRE has brokered the sale of Oak Grove Plaza, a 120,491-square-foot retail center in the northeast Dallas suburb of Sachse. Anchored by Kroger Signature since 2003, the property is located at the intersection of State Highway 78 and Bunker Hill Road. Approximately 75 percent of the asset’s leasable area is under contract into 2018. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, Invesco Advisers Inc., in the transaction. LaSalle Investment Management purchased the center.
HARLINGEN, TEXAS — The Woodmont Company has brokered the sale of Creekside Plaza, a 45,902-square-foot retail center in Harlingen. Located along South Sunshine Strip and adjacent to HEB Grocery, the property was 67 percent occupied at the time of the sale by tenants including anchors Family Dollar and Sherwin Williams. Brad Cruickshank of Woodmont represented the seller, Torchlight Investors, in the transaction. The buyer, an undisclosed private investment firm, represented itself.
SAN ANTONIO — Retail Solutions has arranged a 25,000-square-foot lease in San Antonio for Blast Fitness. The gym will occupy space at Westpark Plaza, located at 6703-6759 N.W. Loop 410 and in proximity to Ingram Park Mall. Tim McBrearty of Retail Solutions represented the tenant in the negotiations, while Transwestern represented the undisclosed landlord.
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the $7.5 million sale of a 117,000-square-foot, multi-tenant retail center located in Peoria. A Milwaukee-based investment group purchased the property. Chad Firsel, president, and Daniel Waszak, senior vice president at Quantum Real Estate Advisors, represented the seller, a New York-based global financial institution.
BURLINGTON, N.J. — The real estate investment division of Las Vegas-based Moonbeam Capital Investments LLC has purchased the former Macy’s store in Burlington, about 20 miles northeast of Philadelphia. The purchase price was undisclosed. The 184,000-square-foot store is located at 2501 Mt. Holly Road within proximity to the Burlington Center Mall. Moonbeam, which also owns the mall, has plans to redevelop the property and adjacent land. David Bieber and Craig Levitan of Newmark Associates Inc. represented both the seller, Macy’s, and the buyer in the transaction.
MESQUITE AND FRISCO, TEXAS — Venture Commercial has brokered the sale of two retail properties previously leased by Albertsons totaling 117,693 square feet in the Dallas/Fort Worth suburbs of Mesquite and Frisco. Dallas Retail Associates sold the properties. The 61,395-square-foot Mesquite property is located at 2106 N. Galloway Road, in proximity to Town East Mall. John Zikos, Charlotte Cooper, Chris Corbin and Chris Booras of Venture represented the seller in this transaction. The buyer, Paso Vista Properties, represented itself. The 55,728-square-foot Frisco property, partially occupied by an Aldi grocery store, is located at 6951 Preston Road. Zikos, Booras and Tonya Hagood of Venture represented the seller in this transaction. The buyer, The Tana Group, represented itself.
LOS ANGELES — Knollwood Plaza, a 23,922-square-foot shopping center in the Los Angeles submarket of Granada Hills, has sold to a private Los Angeles investor for $10.5 million. The center is located at 11846-11862 Balboa Blvd. It is fully occupied by tenants like Starbucks, Curves, Pacific Dental, State Farm Insurance, The UPS Store and a Bank of America ATM. The buyer was represented by Alex Needleman of Rosano Partners. The seller, Knollwood Balboa L.P., was represented by Edward B. Hanley and William B. Asher of Hanley Investment Group.
SCOTTSDALE, ARIZ. — Sierra Crossings, a 17,955-square-foot retail property in Scottsdale, has sold to a limited liability company for $5.5 million. The center is located at 11300 East Via Linda Road. It contains one single-tenant retail building that is occupied by Tutor Time and one multi-tenant retail building that includes four other tenants. The buyer was represented by Doug Fielding of Marcus & Millichap’s Phoenix office. The seller, another LLC, was represented by Mark Ruble and Jamie Medress of the same office.