Retail

BOULDER GROUP ARRANGES SALE OF A BANK OF AMERICA GROUND LEASE IN CHICAGO

by admin April 3, 2013

WARRENVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant Bank of America ground lease, located at 28301 Diehl Road in Warrenville, for $3.4 million. Bank of America is the sole occupant of the 4,500-square-foot retail building, which was developed in 2003. The bank’s lease had 11 years remaining at the time of sale. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net-worth individual, in the transaction. The buyer was a Chicago-based private individual in a 1031 tax-deferred exchange.

April 3, 2013

LIFETIME FITNESS COMMITS TO 67,500 SF BUILD-TO-SUIT IN BLOOMFIELD TOWNSHIP

by admin April 3, 2013

BLOOMFIELD TOWNSHIP, MICH. — Lifetime Fitness Platinum Club has committed to a 67,500-square-foot, build-to-suit in Bloomfield Township, located about 25 miles north of Detroit. The fitness club will occupy a three-story building located at Dublin and Telegraph roads. John Lominack and Bob Hanzl of Colliers International represented Lifetime Fitness in the transaction.

April 3, 2013

Northeast Retail

PRIVATE INVESTOR PAYS $25.8M FOR FOUR A&P GROCERY STORE SITES IN NJ, NY

by admin April 3, 2013

FLORHAM PARK, NJ— A private investor has paid $25.8 million for four freestanding grocery store sites totaling 120,335 square feet of space in New York and northern New Jersey. HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Co. and its affiliates. The buyer purchased the properties and simultaneously leased the properties back to A&P, which continues to operate grocery stores at each of the sites. Properties acquired by the investor include 895 Paulison Ave. in Clifton, N.J.; 49 Old Highway 22 in Clinton, N.J.; 1886 Pleasantville Road in Briarcliff Manor, N.Y.; and 410 West 207th Street in New York, N.Y. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval of HFF represented the seller. Founded in 1859, A&P operates more than 300 supermarkets in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.

April 3, 2013

Northeast Retail

PRIVATE INVESTOR PAYS $25.8M FOR FOUR A&P GROCERY STORE SITES IN NJ, NY

by admin April 3, 2013

April 3, 2013

Northeast Retail

ROCKLAND TRUST PROVIDES $8M LOAN FOR CONSTRUCTION OF ARBORETUM PLACE

by admin April 3, 2013

JAMAICA PLAIN, MASS. — Rockland Trust has provided $8 million in financing to APW LLC & APV Realty LLC for the development of Arboretum Place in Jamaica Plain, a suburb of Boston. The credit facility includes a $2.1 million construction loan and $5.9 million in construction financing that was converted to a permanent mortgage through Rockland Trust’s New Markets Tax Credit program. The mixed-use property spans 40,000 square feet and is located at 3815 and 3840 Washington St. Tenants include Harvest Co-op Market, Boston Cat Hospital, Summer Search, Massachusetts Society for the Prevention of Cruelty to Children and Dane Street LLC. Construction on Arboretum Place began in October 2011 and was completed in early 2013.

April 3, 2013

Northeast Retail

JOINT VENTURE SELLS GARDEN CITY SQUARE RETAIL FOR $66.3M

by admin April 2, 2013

GARDEN CITY, N.Y. — Metropolitan Realty Associates and its joint venture partner Angelo, Gordon & Co. LP have sold the retail condominiums located at 711 Stewart Ave. in Garden City to N.J.-based Hampshire Cos. for $66.3 million. The 176,000-square-foot property known as Garden City Square, is fully leased to two long-term tenants. BJ’s Wholesale Club opened in November 2012 and signed a 20-year lease for 121,000 square of space. LA Fitness will occupy the remaining 55,000 square feet for a 15-year term upon completion of its new, two-story building scheduled for this June. Jeffrey Dunne and David Gavin of CBRE represented ownership in the transaction. In addition to its retail space, Garden City Square contains 117,500 square feet of medical office space currently being marketed for sale by CBRE.

April 2, 2013

Retail Texas

WHITESTONE REIT ACQUIRES HEADQUARTERS VILLAGE FOR $25.7M

by admin April 2, 2013

PLANO, TEXAS — Whitestone REIT has closed on the $25.7 million off-market purchase of the 89,134-square-foot Headquarters Village, a retail development located in the Preston Road retail corridor in Plano. The center is located on the northeast corner of Preston Road at Headquarters Drive. The property is 97 percent leased to tenants such as Paradise Bakery, Comerica Bank, Five Guys Burgers and Fries, Superior Abstract & Title and WCO Consulting. Whitestone funded the purchase through an unsecured revolving credit facility. Whitestone REIT owns and operates “community-centered properties,” which are defined as visibly located properties in established or developing culturally diverse neighborhoods. The firm has more than 4.4 million square feet of Community Centered Properties in its portfolio.

April 2, 2013

Retail Western

BRENEMAN SQUARE IN CHUBBUCK SELLS FOR $3.4M

by admin April 1, 2013

CHUBBUCK, IDAHO — Breneman Square, a 19,690-square-foot retail property in Chubbuck, has sold to an undisclosed buyer for $3.4 million. The center is located at 4335 Yellowstone Ave. It is 92 percent leased to national tenants, including GameStop, Sprint and H&R Block. The seller, a private investor, was represented by Michael F. Cisternino of Marcus & Millichap’s Oakland office/

April 1, 2013

Midwest Retail

MIDWEST-BASED DEVELOPER SELLS RETAIL PROPERTY IN ST. JOHN, IND. FOR $3.5M

by admin April 1, 2013

ST. JOHN, IND. — A Midwest-based developer has sold a net-leased Walgreens property, located at 9290 Wicker Ave. in St. John, about 20 miles north of Fort Wayne, for $3.5 million. Walgreens has approximately five years left on its lease at the 13,905-square-foot retail property. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer was a private net-leased investment fund and was self-represented.

April 1, 2013

Northeast Retail

IVY EQUITIES ACQUIRES QUEENS OFFICE BUILDING FOR $24.2M

by admin April 1, 2013

ROSEDALE, N.Y. — Ivy Equities has purchased Cross Island Plaza, a 230,000-square-foot office building at 133-33 Brookville Blvd. in Queens. Offered for sale under a bankruptcy court-approved plan, the building traded for $24.2 million, or approximately $108 per square foot. Cross Island Plaza has 75 tenants and was 88 percent leased at the time of sale. David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett, Phil D’Avanzo and Grace Braverman of Cushman & Wakefield represented the seller, Block 12892 Realty Corp., in the transaction. The Cushman & Wakefield team also procured the buyer, Montvale, N.J.-based Ivy Equities.

April 1, 2013

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