SPRING, TEXAS — Philadelphia-based CenterSquare lnvestment Management has acquired Gleannloch Crossing, a 32,797-square-foot retail center located in the northern Houston suburb of Spring. The site is located at the intersection of Grand Parkway and Champion Forest Drive. The property was fully leased at the time of sale to tenants such as MOD Pizza, The UPS Store, Subway, Gleannloch Family Dentist, Smoothie King and Salons by JC. The seller and sales price were not disclosed.
DIXON, CALIF. — Marcus & Millichap has negotiated the sale of a retail building located at 105 E. Dorset Drive in Dixon, approximately 25 miles southwest of Sacramento. A private investor sold the asset another private investor for $3.6 million. The multi-tenant property features 13,132 square feet of retail space. Michael Grandstaff and Christopher Hund of Marcus & Millichap represented the seller and procured the buyer in the deal.
DAVISBURG, MICH. — Cali Girl Books has signed a 1,600-square-foot retail lease at Oak Hill Plaza in Davisburg, about 23 miles south of Flint. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Kassab Associates. Located at 10785 Dixie Highway, Oak Hill Plaza is home to tenants such as Locri Pizzeria, Davisburg Nutrition and Diamond All Star Cheer.
WESTPORT, CONN. — Matthews Real Estate Investment Services has brokered the $45.5 million sale of Compo Shopping Center in the southern coastal Connecticut city of Westport. The 76,368-square-foot center was approximately 91.5 percent leased at the time of sale, with CVS serving as the anchor tenant. The buyer was Florida-based REIT Regency Centers, and the seller was undisclosed. Joanna Manfro of Matthews brokered the deal.
ROCKY HILL, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.5 million loan for the refinancing of a retail center in Rocky Hill, located just south of Hartford. The address and square footage of the property, which houses a supermarket and a bank, were not disclosed. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.1 percent interest rate and 65 percent loan-to-value ratio. The borrower and direct lender were also not disclosed.
TYLER, TEXAS — Houston-based investment and brokerage firm NewQuest Properties has arranged the sale of Shops at Shiloh, a 14,927-square-foot retail center in Tyler, about 100 miles east of Dallas. A CEFCO convenience store and gas station anchors the property, which was built on 2.4 acres in 2008 and was 95 percent occupied at the time of sale. Austen Baldridge of NewQuest and Marc Peeler, now with Partners Real Estate, represented the undisclosed seller in the transaction. Eliud Sangabriel of SVN Trinity Advisors represented the undisclosed buyer, which acquired the property via a 1031 exchange.
ATLANTA — Atlanta-based fast-casual brand Chick-fil-A will open four new restaurants in metro Miami. Chick-fil-A has broken ground on the first of the units, a Cutler Bay restaurant that will span 4,800 square feet. Dustin Griffiths of Chick-fil-A and David Emihovich of Katz & Associates represented Chick-fil-A in the lease negotiations. Michael Berkowitz of Berkowitz Development Group and Douglas Landsea of Landsea Development are the landlords. Development is scheduled to begin on three additional restaurants — which will be located in Miami Shores, Pinecrest and Princeton — later this year.
NEW YORK CITY — Marcus & Millichap has brokered the $9.4 million sale of a 6,250-square-foot retail building in Brooklyn’s Clinton Hill neighborhood that is leased to Bank of America. The financial institution has occupied the building since 2006, and the lease is corporately guaranteed through 2034 and includes multiple renewal options. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
CANTON, MICH. — First National Realty Partners has completed the lease-up of Premier Center in Canton, a western suburb of Detroit. The latest lease was with Michaels, which opened a 17,514-square-foot store in March. Additional tenants include Kroger, Home Depot, Dick’s Sporting Goods, Five Below, Ruby Tuesday, Great Clips and The UPS Store.
EATONTOWN, N.J. — New York City-based Kushner Cos. has begun the redevelopment of Monmouth Mall in Eatontown, roughly 50 miles outside New York City, a project that is valued at approximately $500 million. Under the current plans, the redevelopment will convert the mall into a mixed-use destination with 900,000 square feet of retail and restaurant space and 1,000 residential units. Whole Foods Market will anchor the retail component of the project, which will also feature public green spaces, pedestrian pathways and medical office space. Construction will include the demolition of 600,000 square feet of retail space at the site. According to its Wikipedia page, Monmouth Mall originally opened in 1960 and today features approximately 1.5 million square feet of shopping, dining and entertainment space.