AUBURN HILLS, MICH. — Books Holding LLC has sold a former Borders building in Auburn Hills, located about 30 miles north of Detroit. The purchase price was undisclosed. The 25,000-square-foot property is located at 3924 Baldwin Road. The building has been vacant for 18 months and is located near a Starbucks, Pier 1 Imports, Subway and U.S. Post Office. Detroit-based Stokas Bieri, an X Team International partner, represented the seller in the transaction. The buyer, JMG Auburn Hills LLC, was self-represented.
LEOMINSTER, MASS. — Vintage Real Estate has acquired The Mall at Whitney Field, a 700,000-square-foot shopping center located in Leominster, about 35 miles west of Boston. The mall’s tenant roster includes Macy’s, Sears, JC Penny, Market Basket grocery, Toys “R” Us, Old Navy and 70 additional retailers and restaurants. Along with the acquisition, Vintage executed a 10-year lease with Burlington Coat Factory for the 66,000-square-foot former Circuit City store. The retailer is expected to open at the mall in the first quarter of 2014. The mall was sold in 2007 for $82 million, which included the assumption of a $74.5 million loan. The lender foreclosed on the mall in November 2010, with a $72.2 million loan balance, and Eastdil Secured LLC marketed it for sale.
GREENWICH, CONN. — Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired two retail properties located on Putnam Avenue in Greenwich for $18 million. The properties were purchased subject to an existing mortgage of $7.7 million that requires payments of principal and interest at a fixed rate of 6.8 percent. The mortgage matures in August 2016. The properties were purchased from a Greenwich-based family that had built the properties and held them for more than 40 years. One of the properties is a 9,300-square-foot retail strip center located on West Putnam Avenue and is shadow-anchored by Stop & Shop Supermarket. The other property, located on East Putnam Avenue, is a 15,000-square-foot retail and office center that includes national men’s clothier Jos. A. Bank and other retailers that provide basic necessities.
FORT WORTH, TEXAS — Fort Worth-based Trademark Property Co. has opened a 50,000-square-foot Dick's Sporting Goods store at Alliance Town Center, a retail development located in north Fort Worth. Trademark also announced its plan for Phase II of the center, which includes constructing a total of 237,000 square feet of retail space and restaurants. Dick's is anchoring Phase II and construction is underway on Razzoo's Cajun Cafe, Pie Five and Cold Stone Creamery. Groundbreaking on the remainder of Phase II is slated for fall and completion is expected in spring 2014. Additionally, Alliance Town Center will undergo a “Main Street” style expansion, which will encompass 150,000 square feet of specialty retail space and dining. The expansion is expected to open in late 2014 or early 2015. Once completed, the center will consist of 1.3 million square feet of retail, restaurants and entertainment.
MURRIETA, CALIF. — Plaza De Oro, a 99,102-square-foot shopping center in Murrieta, has received $16 million in refinancing. The center is located on Washington Avenue near Calle Del Oso Oro. Notable tenants include Ralph’s, CVS and Starbucks. The non-recourse loan features a 10-year term with two yeas interest-only and a 30-year amortization schedule. Financing was arranged by Jamie Dick of Newmark Realty Capital’s San Diego office. It was provided by a major East Coast-based bank.
LOS ANGELES – A 15-property portfolio that spanned from California to Hawaii has received $97 million in permanent financing. The 381,372-square-foot portfolio contained a mix of retail, office and mixed-use properties that were located between San Diego and Santa Barbara counties in California, and in Honolulu. The loan featured a 17-year term and a 17-year amortization schedule. The long-term, fixed-rate, non-recourse financing was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital’s Los Angeles office. It was provided by a correspondent life insurance company.
LARGO, FLA. — Marcus & Millichap has brokered the $2.45 million sale of the ground lease to a Chase bank branch located in Largo. The property was constructed in 2012 and is the outparcel to a Walmart Neighborhood Market. Chase occupies the property on a 20-year ground lease with rent escalations every five years. Sonny Molloy of Marcus & Millichap’s Atlanta office brokered the deal. The property traded at a 5.13 percent cap rate.
NORTHBROOK, ILL. — The Boulder Group has arranged the sale of a single-tenant ground lease located at 240 Skokie Blvd in Northbrook, about 25 miles north of Chicago. Fifth Third Bank is the sole occupant of the 4,100-square-foot retail building that was developed in 2004. The property is located on a 1.1 acres. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, an East Coast-based, 1031 tax-deferred exchange investor, and the seller, a Midwest-based private partnership.
CARLSTADT, N.J. — Marcus & Millichap has arranged the sale of Carlstadt Gardens, a 16,844-square-foot retail property located in Carlstadt, for $5.4 million, or $320 per square foot. Michael Lombardi and Preet Sabharwal of Marcus & Millichap marketed the property on behalf of the seller. Lombardi and Sabharwal generated 22 offers on the center during the listing process, resulting in a sale $100,000 over asking price, according to Marcus & Millichap. The buyer was an overseas investor. “Well located, multi-tenant retail investments in New Jersey are quite sought after, especially newer developed buildings with national tenants,” says Lombardi.
DENTON, TEXAS — Movie Trading Co. has leased 13,084 square feet of retail space in Colorado Square, a retail center located at 2305-2311 Colorado Blvd. This will be the company’s first Denton location. Blake Shipp with the Commercial Retail Division of The Weitzman Group acted as the leasing agent for the shopping center. Colorado Square is also home to tenants including Dollar Tree. Colorado Square shadow anchors Conn’s, Staples and Party City and is located near Golden Triangle Mall.