SAN ANTONIO — SRS Real Estate Partners has arranged the sale of a Chick-fil-A ground lease, located at 18310 Blanco Road in San Antonio. The property is located across from a Whole Foods and Super Target. Jason Middlebrook of SRS Real Estate Partners represented the seller in the transaction. The buyer was an out-of-state entity.
MICHIGAN CITY, IND. — A limited liability company has purchased a 37,150-square-foot office building that is home to Brown Mackie College in Michigan City, Ind., for $4.7 million. The college occupies approximately 77 percent of the building, which is located at 1007-1001 East U.S. Highway 20, some 60 miles east of Chicago. John Abuja of Marcus & Millichap represented the buyer and the seller, a partnership, in this deal.
NEW YORK — Newmark Grubb Knight Frank Capital Group has completed the $80.5 million sale of a portfolio of five Citibank retail bank branches in the New York metro area. A joint venture between Madison Capital and an institutional owner purchased the portfolio. The portfolio consists of 18 Citibank-leased properties and includes: 181 Montague St.; 123 East 86th St.; 2261 Madison Ave.; 107-01 71st Ave,; and 1800 Williamsbridge Road. A Newmark team lead by Kenneth Zakin represented the seller, FGP West Street.
SAN DIEGO — Kimco Realty Corp. has acquired its institutional partner’s 50 percent ownership interest in San Diego’s Santee Trolley Square. The acquisition was based on a gross purchase price of $98 million. The 311,000-square-foot power center is encumbered by a $48.5-million mortgage. It is anchored by T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target.
EDISON, N.J. — A partnership between Lubert Adler and McCarthy Properties has secured a $36 million loan for Festival Plaza, a grocery-anchored retail center anchored by H Mart, in Edison. The transaction refinanced an acquisition and construction loan for the 151,429-square-foot site at 1711-1783 Route 27. CBRE Group arranged the five-year loan through Capital One. The partnership acquired the former Tops-anchored shopping center in 2008 and secured a lease with H Mart.
NEW YORK CITY — Marcus & Millichap has arranged the $7.5 million sale of a 21,000-square-foot Walgreens property in Brooklyn. Walgreens Corp. is leasing the property, located at 1282 Fulton St., for 20 years. The property traded at a 5 percent cap rate. Glen Kunofsky and James Ventura of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Kunofsky, Russell Wachtler and John Stewart represented the buyer, also a limited liability company.
SAN DIEGO — Kimco Realty Corp. has acquired its institutional partner’s 50 percent ownership interest in San Diego’s Santee Trolley Square. The acquisition was based on a gross purchase price of $98 million. The 311,000-square-foot power center is encumbered by a $48.5-million mortgage. It is anchored by T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target.
SMITHFIELD, VA. — Calkain Cos. has facilitated an approximately $3.4 million sale of a Tractor Supply Co. store in Smithfield. A private 1031 investor acquired the retail property. A full-service commercial real estate development firm based in the mid-Atlantic region sold the property. Andrew Fallon of Calkain Cos. represented the buyer.
YPSILANTI, MICH. — Agree Realty Corp. has closed on the $5.6 million sale of the 13,650-square-foot Walgreens on Michigan Avenue in Ypsilanti. The store was developed by Walgreens in 2008 and was sold by Farmington Hills, Mich.-based Agree Limited Partnership. The buyer was undisclosed.
MONTGOMERY, ILL. — Quantum Real Estate Advisors Inc has arranged the sale of a 7,964-square-foot National Tire & Battery Auto Center located on Hill Road in Montgomery for $3.4 million. Quantum represented the buyer, an institutional investor from the West Coast, and the seller, a private individual.