Retail

M&M ARRANGES $5.3M SALE OF A 17,960 SF RETAIL PROPERTY

by admin January 9, 2014

BOLINGBROOK, ILL. — Marcus & Millichap has arranged the $5.3 million sale of The Shops at Lily Cache Creek, a 17,960-square-foot retail property in Bolingbrook, a southwest suburb of Chicago. Adam Fortino, Austin Weisenbeck and Sean Sharko, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller, a limited liability company. Jason Cropper, an investment specialist at Marcus & Millichap, represented the buyer, a California-based limited liability company. The Shops at Lily Cache Creek is located at 741-769 E. Boughton Road and was 94 percent occupied at the time of the sale.

January 9, 2014

28,000 SF PLANET FITNESS UNDERWAY IN CINCINNATI

by admin January 9, 2014

CINCINNATI — Cassidy Turley has arranged the sale of the former Red Lobster property at 6186 Glenway Road in Cincinnati. The buyer, franchisee owner John Clancy of Palm Beach Gardens, Fla., plans to locate a new Planet Fitness health club at the property. The former Red Lobster location was demolished, and construction has begun on the 1.7-acre site. The new Planet Fitness will span approximately 28,000 square feet and is slated to open in fall 2014. Clancy currently owns a Planet Fitness in Lexington, Ky., and plans to open another Planet Fitness in the Lexington area in 2014. He also has plans to open three of the health clubs in the St. Louis area in 2015.

January 9, 2014

Northeast Retail

M&M ARRANGES $6.6M SALE OF WINSLOW SHOPPING CENTER

by admin January 9, 2014

SICKLERVILLE, N.J. — Marcus & Millichap has arranged the $6.6 million sale of Winslow Plaza, a 40,695-square-foot shopping center in Sicklerville, a city in southern New Jersey. Dean Zang, Mark Taylor and Christopher Munley, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a joint venture of RPC Real Estate and Wynnewood-based Merion Realty Partners. The agents also represented the buyer, Wheeler Interests, a newly formed public REIT based in Virginia Beach. Winslow Plaza is shadow anchored by a ShopRite grocery store and is located along Berlin-Cross Keys Road.

January 9, 2014

Retail Southeast

INLAND ACQUIRES MISSISSIPPI SHOPPING CENTER FOR $33.9M

by admin January 8, 2014

OLIVE BRANCH, MISS. — Inland Real Estate Income Trust Inc. has acquired Wedgewood Commons Shopping Center, a 159,258-square-foot shopping center in Olive Branch, a suburb of Memphis, Tenn. Inland purchased the asset for $33.9 million. The property is fully leased to TJ Maxx, HomeGoods, Michaels, Rack Room Shoes, AT&T, TCBY, GNC and Sports Clips. Lou Quilici of IREIT Business Manager & Advisors Inc. assisted Matthew Tice of Inland in the acquisition. David Disney of The Disney Group represented the seller in the transaction.

January 8, 2014

Retail Southeast

WHEELER REIT BUYS FIVE SHOPPING CENTERS FOR $15.8M

by admin January 7, 2014

VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc., a Virginia Beach-based REIT that owns 23 properties in eight states, has purchased five grocery-anchored shopping centers in South Carolina for a combined $15.8 million, equating to about $60.38 per square foot. The portfolio spans 261,689 square feet and has an average occupancy rate of 91 percent. The properties include the 45,575-square-foot Clover Plaza in Clover, the 44,350-square-foot South Square in Lancaster, the 59,279-square-foot St. George Plaza in Dorchester County, the 49,750-square-foot Waterway Plaza in Little River and the 62,735-square-foot Westland Square in West Columbia.

January 7, 2014

Midwest Retail

JV SELLS VACANT RETAIL SPACE IN SUBURBAN MINNEAPOLIS

by admin January 7, 2014

MONTICELLO, MINN. — The Hampshire Cos., in a joint venture with The Lipsitz Cos., have sold an 86,479-square-foot retail building located at 300 Seventh St. W. in Monticello, about 38 miles northwest of Minneapolis. The property was sold to JR&RII LLC. The retail building was under lease with Kmart until November 2015, but was vacated in the first quarter of 2012 as part of parent company Sears Holding Corp.’s efforts to close a number of its underperforming retail stores. The recent sale allows Kmart to exit its lease on the building before its scheduled expiration, according to The Hampshire Cos. Wayne Elam of Commercial Realty Solutions represented the buyer in the transaction.

January 7, 2014

Northeast Retail

ROBERTO CAVALLI-ANCHORED PROPERTY IN NYC SELLS FOR $49M

by admin January 7, 2014

NEW YORK CITY — Eastern Consolidated has arranged the sale of 711 Madison Avenue, a mixed-used property in Manhattan, for $49 million. A joint venture of Sitt Asset Management and Ashkenazy Acquisition purchased the five-story property from long-time owner, Madison Immobilier NV. Located at the southeast corner of East 63rd Street, 711 Madison Avenue is anchored by international women’s retailer Roberto Cavalli. The retailer occupies 1,600 square feet on the ground and second floors and the basement. The property also includes nine rental apartments on floors three through five, as well as 10,420 square feet of air rights. Adelaide Polsinelli, senior director with Eastern Consolidated and head of the firm’s retail sales group, arranged the transaction on behalf of the buyer and the seller.

January 7, 2014

Northeast Retail

WALDBAUM’S SHOPPING CENTER IN QUEENS SELLS FOR $23.9M

by admin January 7, 2014

NEW YORK CITY — Whitestone Grocery Shopping Center LLC, an entity controlled by Onyx Equities and Crow Holdings, has sold Waldbaum’s Shopping Center in Queens for $23.9 million. Feil Whitestone LLC, an entity controlled by The Feil Organization, purchased the fully leased, 62,000-square-foot shopping center. The property is located at the intersection of 10th Avenue and 154th Street in the Whitestone neighborhood. Waldbaum’s Supermarket anchors the center and master leases the entire property on a long-term, triple-net basis. The supermarket subleases the remaining portion to a mix of local tenants. Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented the buyer and the seller in the transaction.

January 7, 2014

Northeast Retail

URSTADT BIDDLE BUYS TWO SHOPPING CENTERS IN NEW JERSEY

by admin January 7, 2014

BOONTON AND BLOOMFIELD, N.J. — Urstadt Biddle Properties Inc. has acquired two shopping centers in New Jersey. The first retail property is the 63,000-square-foot Boonton A&P Center in Boonton, located about 20 miles northwest of Newark.The shopping center was purchased for $18.4 million and includes an existing mortgage of $7.8 million. The loan requires payments of principal and interest at a fixed rate of 4.2 percent annually until September 2022, according to Urstadt Biddle Properties. Tenants at the property include A&P Grocery Store, Dunkin’ Donuts, Chase Bank, Subway, Supercuts and Sprint. The second property is the 56,000-square-foot Bloomfield A&P Center in Bloomfield, a northern suburb of Newark. The shopping center was purchased for approximately $11 million and includes an existing mortgage of $7.7 million. The loan requires payments of principal and interest at a fixed rate of 6.43 percent annually until August 2016, according to Urstadt. A 30,750-square-foot A&P Grocery Store anchors the center, along with an 8,950-square-foot Walgreens.

January 7, 2014

Northeast Retail

LINEAR RETAIL BUYS 5,692 SF PROPERTY IN NEW HAMPSHIRE

by admin January 7, 2014

NASHUA, N.H. — Linear Retail Properties LLC has acquired a 5,692-square-foot freestanding retail building in Nashua for $3.1 million. Uno Chicago Grill occupies the single-tenant restaurant property, located at 304 Daniel Webster Highway, about 19 miles south of Manchester. The restaurant has been operating at this location since 1988. Rick Rostoff with Spectra Realty represented Linear Retail in the transaction.

January 7, 2014

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