BELOIT, WIS. — Marcus & Millichap has brokered the $623,000 sale of an Advance Auto Parts ground lease in Beloit, located approximately 55 miles southeast of Madison. The address of the 8,500-square-foot, net-leased property is 2224 Prairie Ave. Matthew Hazelton, Adam Prins and Terry Jacobs of Marcus & Millichap’s Minneapolis office represented the seller and the buyer, both limited liability companies. Matthew Fitzgerald of Marcus & Millichap’s Milwaukee office assisted in closing this transaction.
Retail
SOUTHFIELD, MICH. — Colliers International has arranged the $190,000 sale of 11,598 square feet of retail space in Clinton Township, located approximately 25 miles north of Detroit. The address of the one-story building, known as Castle Rock, is 43785 and 43823 Gratiot Ave. Jack Williams of Colliers International represented the seller, a private entity, in the sale.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Golden Beach Marketplace, a 21,350-square-foot retail property in Fort Worth. Located at 10716 N. Beach St., near I-35 and State Highway 377, the strip shopping center was fully occupied at the time of the sale by tenants including Great Clips, Pizza Hut and Subway. An Albertsons grocery store shadow-anchors the facility. Jason Vitorino of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Jeff Smith, also of Marcus & Millichap, procured the buyer, an out-of-state personal trust completing a 1031 tax-deferred exchange. The buyer obtained a CMBS cross-collateralized loan with another retail center also acquired from the same seller. Michael Laurencelle of Marcus & Millichap arranged the financing.
CAMBRIDGE, MINN. — Marcus & Millichap has arranged the $1.7 million sale of Arby's restaurant in Cambridge. The 3,524-square-foot, net-leased property is located at 2350 2nd Ave. SE. Adam Prins, Matthew Hazelton and Mike Marzinske of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust. Ryan Cockerill and Simon Jonna of Marcus & Millichap’s Detroit office represented the buyer, a private investor.
EDISON, N.J. — The Goldstein Group has brokered a deal for Quaker Steak & Lube to open its second location in New Jersey. The fast-casual restaurant will occupy 7,500 square feet of space at Wick Shopping Plaza, located on Route 1 in Edison. Other tenants at the center include TJ Maxx, Pathmark, RadioShack, Mandee, AutoZone, Qdoba, Five Guys, Game Stop, Sally Beauty Supply and Planet Fitness. John Ostrowski and Chuck Lanyard of The Goldstein Group arranged the transaction.
METAIRIE, LA. — KeyBank Real Estate Capital secured a $25 million loan for Westgate Plaza, a 207,866-square-foot shopping center in Metairie, about seven miles west of New Orleans. Academy Sports + Outdoors anchors the center, and HH Gregg and Michaels are the center’s junior anchors. Randy Martin of KeyBank originated the loan.
DRUID HILLS, GA. — Cousins Properties and Gables Residential have signed Earth Fare, an organic and natural foods grocer, to a 24,782-square-foot lease in Druid Hills, a suburb of Atlanta. The grocer will be part of the tenant mix of Phase II of Emory Point, a luxury mixed-use development near The Centers for Disease Control and Prevention, Emory University and Emory Healthcare. Phase I of Emory Point opened in 2012 and includes 80,000 square feet of retail space and 443 apartment units. Earth Fare’s lease will bring Phase II’s retail portion to 64.6 percent pre-leased. Phase II, which is slated to open in early 2015, features 43,000 square feet of retail space and 307 apartments.
BATAVIA, ILL. — The Boulder Group has brokered the $4.3 million sale of a single-tenant, net-leased Citgo gas station property in Batavia, a suburb of Chicago. The property is located at 200 Fabyan Parkway. Citgo is the sole occupant of the two-acre property, which was built in 1999. Citgo has 10 years remaining on its lease that expires in February 2024 and includes annual rental escalations of 1.75 percent. There are four, five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based high-net-worth individual. An East Coast-based private investment firm purchased the property. The guarantor of the lease is GasMart USA, a privately held company that operates 108 gas stations in seven states.
HOWELL, N.J. — Iselin, N.J.-based Sitar Realty Company-TCN Worldwide has announced that BJ’s Warehouse will be joining The Grove at Howell, which is currently under construction. Located on a 52-acre tract along Route 9 and Lanes Mills Road in Howell, the 350,000-square-foot shopping center will offer a mix of clothing, food and entertainment options. The 88,000-square-foot BJ’s Warehouse, which will also include a gasoline station, is slated to open in November. Additional tenants at the project will include a 50,000-square-foot, 14-screen national cinema and a 40,000-square-foot national fitness club, along with other national clothing and food chains. The project is expected to be fully complete by June 2015. New York City-based Sun Equity Partners purchased the future site of BJ’s Warehouse out of foreclosure last summer. Sitar Realty Company-TCN Worldwide is the leasing agent for the property.
ASTON, PA. — Chattanooga, Tenn.-based Chestnut Development Partners and White Plains, N.Y.-based Benbrooke Realty Investment Company have invested in Dutton Mill Shopping Center in Aston. Located approximately 20 minutes from downtown Philadelphia, the 76,000-square-foot property was once anchored by a Shop-N-Bag, a regional grocery store. Chestnut and Benbrooke plan to use the vacant retail space an opportunity to redevelop and market the shopping center to national and regional retailers. This transaction is Chestnut’s ninth investment since November 2012.