NEW YORK CITY — B+B Capital has acquired a three-level retail condo at 377 Broadway in Manhattan’s TriBeCa neighborhood. Cooper Investors Inc. sold the 15,000-square-foot corner condo for an undisclosed price. Built in 1920, the property offers 4,500 square feet of retail space on the ground level, 1,200 square feet on the mezzanine level and 9,600 square feet on the lower level. Bracha New York at Keller Williams NYC represented the buyer and EPIC Commercial Realty represented the seller in the transaction.
Retail
SHREWSBURY, PA. — Joe Messina is developing Messina Highlands, a more than 36,000-square-foot shopping center in Shrewsbury. Slated to open this fall, the property will be occupied by Peoples Bank, Panera Bread, AT&T, Great Clips, Five Guys, Glamour Nails, Chipotle and Mattress Warehouse. Kevin Potter of Rhino Realty Group is marketing and leasing the property.
BARNEGAT, N.J. — Marcus & Millichap has brokered the sale of Union Plaza in Barnegat. Located at 575 North Main St., the 9,900-square-foot retail property sold for $1.1 million. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, and Julienne Pape also of Marcus & Millichap’s New Jersey office represented the buyer in the transaction.
EAST ISLIP, N.J. — Sabre Real Estate Group has brokered a lease at Heckschere Plaza Shopping Center in East Islip. Pat’s Meat Farms Inc. will occupy 30,473 square feet at the 60,000-square-foot retail center located at 300 E. Main St. The new supermarket called Pat’s Marketplace is expected to open by third quarter 2014. The supermarket is owned by Pat LoCurto. Sabre Real Estate Group represented the lessee in the transaction.
HOUSTON — Hunington Properties Inc. has arranged the sale of Highway 6 at Westpark, a 15,600-square-foot retail property in Houston. The property consists of two retail buildings near the intersection of Highway 6 and Westpark Drive. Todd Carlson and Sandy Aron of Hunington represented the seller, a local developer. The buyer is a local investment group. Highway 6 at Westpark was built in 2008. The shopping center was 50 percent occupied at the time of sale.
SAN ANTONIO — Marcus & Millichap has arranged the sale of a 2,172-square-foot, net-leased Dairy Queen, located at 3301 Nogalitos St. in San Antonio. Rehan Rajab and Chad Knibbe marketed the property on behalf of the seller, a private investor. The buyer, a private investor, was secured by Stephen Berchelmann and Chad Knibbe. All are based out of Marcus & Millichap’s San Antonio office. One-third of an acre, the Dairy Queen has been in operation since 1976 and was renovated in 1995.
SANTA ANA, CALIF. — Cabrillo Park Shopping Center, a 72,500-square-foot, grocery-anchored center in Santa Ana, has sold to Palmdale Avenue S LLC for $12.2 million. The center is located at 1710-1730 E. 17th Street. It is 95 percent occupied and anchored by Superior Grocers. Other tenants include T-Mobile, Sally Beauty Supply, United Dental Care, Little Caesar’s and 4G Wireless. The buyerwas represented by Randy Ibara of Southern Pacific Investments. The seller, Hector Regner Properties – Cabrillo Park I, LLC, was represented by Randy Dalby of Lee & Associates San Diego North.
BRISTOL, TENN. — KeyBank Real Estate Capital has closed a $32.9 million construction loan for The Pinnacle, a 386,853-square-foot power center in Bristol. The Pinnacle’s tenant roster includes Belk, Marshalls, Michaels, Marquee Cinema, Ulta Beauty and Pier 1 Imports. Upon completion, Bass Pro Shops will anchor the center, which will span 1.3 million square feet and feature retail, restaurants, a hotel, medical office space and an outdoor pavilion.
CRYSTAL LAKE, ILL. — Chicago-based Baum Realty Group LLC has brokered the sale of two adjacent properties in Crystal Lake, a northern suburb of Chicago. Baum brokered the $3.1 million sale of a 28,506-square-foot retail center located at 435 Angela Lane. Danny Spitz and Greg Dietz of Baum represented a private partnership in the transaction. Spitz and Dietz also represented the same ownership group in the sale of an adjacent development parcel located at Randall Road and Alexandra Boulevard. The six-acre site sold for $900,000.
HUNTINGTON BEACH, CALIF. — Pacific City, a 191,000-square-foot retail center project in Huntington Beach, has received $93 million in construction financing. The shopping center will be located along Pacific Coast Highway, just three blocks south of Main Street. It will be bound by Pacific View Avenue, as well as by 1st and Huntington streets. The new development is situated on a site that overlooks the Huntington Beach Pier and Pacific Ocean. Its two-story open design will grant most of the tenants ocean views. The tenant roster will include a mix of national retailers that represent “iconic California lifestyle brands,” in addition to several well-known restaurants and an Equinox fitness center. The adjacent Lot 579 marketplace will feature local and regional food artisans in a farmer’s market-style setting. Pacific City is scheduled to open next summer. It is being developed by DJM Capital Partners. The non-recourse financing, which consisted of a $56.5-million senior loan and a $37-million mezzanine loan, was arranged by George Smith Partners. Only a minimal amount of pre-leasing was required for the funding.