NEW YORK CITY — Marcus & Millichap has brokered the $9.4 million sale of a 6,250-square-foot retail building in Brooklyn’s Clinton Hill neighborhood that is leased to Bank of America. The financial institution has occupied the building since 2006, and the lease is corporately guaranteed through 2034 and includes multiple renewal options. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
CANTON, MICH. — First National Realty Partners has completed the lease-up of Premier Center in Canton, a western suburb of Detroit. The latest lease was with Michaels, which opened a 17,514-square-foot store in March. Additional tenants include Kroger, Home Depot, Dick’s Sporting Goods, Five Below, Ruby Tuesday, Great Clips and The UPS Store.
EATONTOWN, N.J. — New York City-based Kushner Cos. has begun the redevelopment of Monmouth Mall in Eatontown, roughly 50 miles outside New York City, a project that is valued at approximately $500 million. Under the current plans, the redevelopment will convert the mall into a mixed-use destination with 900,000 square feet of retail and restaurant space and 1,000 residential units. Whole Foods Market will anchor the retail component of the project, which will also feature public green spaces, pedestrian pathways and medical office space. Construction will include the demolition of 600,000 square feet of retail space at the site. According to its Wikipedia page, Monmouth Mall originally opened in 1960 and today features approximately 1.5 million square feet of shopping, dining and entertainment space.
LONG BEACH, CALIF. — Faris Lee Investments has negotiated the $5.4 million sale of Time Square Center, an 11,790-square-foot retail strip center in Long Beach. Located at the intersection of Clark Avenue and Spring Street, the property was fully leased at the time of sale, primarily to restaurant tenants on triple-net leases. Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based investor, in the transaction. The seller was not disclosed. The Faris Lee team also secured acquisition financing through a local credit union.
COLUMBUS, OHIO — Steiner + Associates has unveiled the re-tenanting of the Fashion District at Easton Town Center in Columbus. Plans call for new and expanded national retailers, contemporary brands, and elevated food-and-beverage offerings. The re-tenanting of the Fashion District includes the transformation of approximately 100,000 square feet of retail and restaurant space. Noteworthy tenants include Louis Vuiton, Sephora, L’Occitane, Lululemon, Chanel Beauty, David Yurman, Golden Goose, BOSS, Alo Yoga, Jo Malone, Faherty, Buck Mason, Bluemercury, Tecovas and Breitling. Restaurant tenants include Mastro’s, PBR Cowboy Bar + Smokehouse and Cooper’s Hawk Winery & Restaurant. The Fashion District will be anchored by fine dining restaurant Del Mar, which is slated to open this spring. Easton Town Center is a shopping and dining destination that is home to more than 250 shops, restaurants and entertainment venues.
MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $4.2 million sale of a 14,490-square-foot retail property net leased to Walgreens in Machesney Park, just north of Rockford. Constructed in 2008, the building is located at 1680 W. Lane Road. Joe Sparano, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction. The asset sold to a local buyer completing a 1031 exchange.
GARDEN CITY, MICH. — Vera Bridal has signed an 1,800-square-foot retail lease in Garden City, a western suburb of Detroit. The storefront is located at the intersection of Ford and Middlebelt roads. Michael Murphy and Joel Karboske of Gerdom Realty & Investment represented the landlord, Garden City Holdings LLC.
ENGLEWOOD, N.J. — Regional operator Sportime Pickleball will open a 30,000-square-foot facility in the Northern New Jersey community of Englewood. The facility at 62 Route 4 E will feature 12 courts. Neil Seth, Jennifer Konefsky, Kenji Ota and Kathryn Cruz of Cushman & Wakefield represented Sportime Pickleball, which is also opening a 50,000-square-foot facility in nearby Wayne, in the lease negotiations. Andrew Somple of NAI James E. Hanson represented the undisclosed landlord. The opening is slated for early 2025.
FULTON, MD. — A joint venture between Greenebaum Enterprises and St. John Properties has broken ground on the final three commercial buildings at Maple Lawn, a 605-acre mixed-use development in Fulton, a city in the Baltimore-Washington corridor. The properties, all of which are being developed on a speculative basis, include two medical office buildings and an inline retail building cumulatively totaling 85,000 square feet. All three buildings are positioned along Maple Lawn’s northern entrance near Maple Lawn Boulevard and Johns Hopkins Road. Upon the expected delivery in late 2025, Maple Lawn will total 1.8 million square feet of Class A offices, industrial facilities, research-and-development space, medical offices, shops and restaurants, as well as 1,300 residences. Maple Lawn is home to a variety of businesses, including Cisco Systems, DataTribe, Johns Hopkins Medicine, KBR, Kennedy Krieger, New Day, Presidio, Raytheon and Window Nation.
WAYNESBORO, VA. — Legacy Realty Group Advisors has brokered the $3.9 million sale of Hopeman Shopping Center, a 46,872-square-foot retail center located in Waynesboro, about 96 miles west of Richmond. Food Lion anchors the property, which was 92 percent leased at the time of sale. Jacob Baruch and Ari Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity.