HENDERSON, NEV. — Cornet Plaza, a 26,538-square-foot strip center in Henderson, has sold to Cliffwood Capital for $2.4 million. The center is located at 771 E. Horizon Drive. It was 51 percent occupied by Papa John’s Pizza, Hammer’s Grill & Bar, Aqua Salon & Horizon Sun Tanning, B Sharp Dance School, Capriotti’s Sandwich Shop, Cox & Gallacher Karate and Mom’s Cleaners. Cliffwood was represented by James J. Mitterlehner of American Realty Group LLC. The seller was a private insurance company.
LIGHTHOUSE POINT, FLA. — The 27,000-square-foot Bank of America Building, located at 2850 N. Federal Highway in Lighthouse Point, has sold for $1.5 million. The four-story, Class B property was constructed in 1968 and is 29 percent occupied by a Bank of America branch with seven drive-thru lanes. Douglas Mandel of Marcus & Millichap represented the seller, a limited liability company from New York, in the transaction. Jason Yukins, also of Marcus & Millichap represented the buyer, a limited liability company from Illinois.
ATHENS, TENN. — RCG Ventures has purchased McMinn Plaza, a 107,200-square-foot power center in Athens. The property, located at 921 Decatur Pike, is 84 percent occupied and anchored by a 60,000-square-foot Ingles Supermarket and a 17,826-square-foot Badcock Furniture. The center is one mile from Athens Regional Medical Center, a 315-bed hospital. Helen Putterman and Vera Thomas of Cohen Real Estate represented the seller, Wheeler Interests, a Virginia Beach, Va.-based REIT, in the transaction. Putterman and Thomas also represented the Atlanta-based buyer.
MONTEREY PARK, CALIF. – Atlantic Times Square, a mixed-use property in Monterey Park, has received a $74-million refinance. The property is located on the southeast corner of North Atlantic Boulevard and West Hellmen Avenue. It contains 210 residential units atop 213,531 square feet of grade-level retail space. The retail component is currently 94 percent leased. Notable tenants include AMC Theatre and 24 Hour Fitness. The non-recourse loan was used to refinance a large portion of the property’s construction loan. The transaction was brokered by Mitch Paskover of Continental Funding Group.
INDIANAPOLIS — Kite Realty Group Trust has acquired Castleton Crossing, a 280,000-square-foot shopping center in Indianapolis, for $39 million. The center is fully leased and is anchored by by TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival. The shopping center is located near the intersection of I-465 and Allisonville Road. The property draws from a five-mile trade area with average household incomes of $87,600 and a population of 168,400.
FREMONT, OHIO — Marcus & Millichap Real Estate has arranged the sale of a 165,000-square-foot, net-leased property in Fremont for $4.1 million. Kmart, which has five years left on its lease, fully occupies the building. Chris Thomson of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer, also a private investor, was secured and represented by Rick O'Connor of Marcus & Millichap. Built in 1990, Kmart is located at 1825 Oak Harbor Road.
NEW PROVIDENCE, N.J. — Urstadt Biddle Properties Inc. has acquired The Village Shopping Center in New Providence for $34.8 million. The property was purchased subject to an existing mortgage in the amount of $18.9 million that requires payments of principal and interest at a fixed rate of 5.6 percent per year. The mortgage matures in January 2022. The 110,000-square-foot shopping center is located on Springfield Avenue and is anchored by a three-year old, 45,000-square-foot A&P grocery store, CVS/pharmacy, Radio Shack, Investor’s Bank and Smashburger. The shopping center was built in 1965 by the seller but recently renovated to accommodate the new A&P.
NEW YORK CITY — H&R Block has signed a lease renewal at 4188 White Plains Road in the Bronx, a New York City neighborhood. H&R Block renewed its lease in a 12,500-square-foot shopping center located between East 232nd and 233rd streets. The shopping center features 13 neighboring tenants including T-Mobile, McDonald’s and Dunkin’ Donuts. A 32-space parking lot is located in the rear of the property. Jerry Houlihan of the Metro Property Group and Houlihan Parnes Realtors LLC represented the landlord in the transaction.
DICKINSON, TEXAS — Marcus & Millichap has arranged the sale of the 16,524-square-foot Bay Colony Center I, a shopping center located at 660 FM 517 W. The shopping center had a list price of $2.8 million. Justin Miller of Marcus & Millichap's Houston office represented the seller, a Houston-based developer, in the transaction. The buyer, a private investor from California, purchased the shopping center in a 1031 exchange.
MONTEREY PARK, CALIF. – Atlantic Times Square, a mixed-use property in Monterey Park, has received a $74-million refinance. The property is located on the southeast corner of North Atlantic Boulevard and West Hellmen Avenue. It contains 210 residential units atop 213,531 square feet of grade-level retail space. The retail component is currently 94 percent leased. Notable tenants include AMC Theatre and 24 Hour Fitness. The non-recourse loan was used to refinance a large portion of the property’s construction loan. The transaction was brokered by Mitch Paskover of Continental Funding Group.