LAS VEGAS – A 21,610-square-foot property in Las Vegas that is net leased to La-Z-Boy furniture has sold to a private group for $3 million. It is located at 5700 Centennial Center Blvd. inside the Centennial Gateway at Centennial Center. The buyer was represented by Alvin Mansour of Marcus & Millichap’s San Diego office. The seller, a developer, was represented by Chris Cunning of the firm’s Las Vegas office.
SALEM, ORE. – The Oak Park Shopping Center in Salem has received $2 million in first-mortgage refinancing. The five-year loan was used to pay off the Safeway-anchored center’s existing debt. About half of the funds were also used to modernize and upgrade the property. The loan was arranged by Don Burnes of Johnson Capital. It was provided by a national bank. The loan features a fixed interest rate of about 4 percent and a 25-year amortization schedule.
QUINCY, FLA. — A 9,000-square-foot Dollar General store, located in Quincy, has sold for $1.08 million. Rich Murphy and Stephen Counts of Calkain Cos. represented the buyer, a Colorado-based private investor, in the transaction. Brett Butler and Andrew Peeples of Stan Johnson Co. represented the seller.
SHOREWOOD, ILL. — Quantum Real Estate Advisors has arranged the $3.6 million sale of a 44,597-square-foot shopping center at Route 59 and Verin Boulevard in Shorewood. Tenants at the center include HomeGoods, Payless and Cold Stone Creamery. Chad Firsel of Quantum Real Estate Advisors represented the buyer, a private investor based in Shaumburg, Ill. He also represented the seller, a Minneapolis-based developer.
BOSTON — Seattle-based Nordstrom Inc. has opened a new Nordstrom Rack at The Newbry in Boston's Bay Back neighborhood. The 38,000-square-foot store is scheduled to open next spring in the former Filene's Basement space. Nordstrom Rack is the upscale fashion retailer's off-price chain that sells merchandise from Nordstrom stores and Nordstrom.com for 50 to 60 percent off original prices. The new location expands the company's presence to four full-line stores and four Nordstrom Racks in the Boston market. TIAA-CREF owns the Newbry, which is located at 800 Boylston St.
LEWISBURG, PA. — Marcus & Millichap has arranged the $3 million sale of Plaza 15, a 117,086-square-foot retail property at 7495 W. Branch Highway in Lewisburg. The complex is anchored by Save-A-Lot and Big Lots. Joseph French and Schuyler Boylan of Marcus & Millichap represented the seller, a financial institution that is liquidating all of its assets. French also represented the buyer, a developer specializing in value-added properties.
ENGLEWOOD, N.J. — CPEX Real Estate has arranged the $1.6 million sale of the former Mama Mexico restaurant building at 464 Sylvan Ave. in Englewood. The two-story, 13,815-square-foot building underwent a $2 million renovation in 2006. CPEX represented both parties in the transaction.
MIAMI — Marcus & Millichap has arranged the $3.25 million sale of a two-tenant, net-leased retail property, located at 12605 Biscayne Blvd. in Miami. The building is leased to T-Mobile, which signed a seven-year lease in 2011, and Smoothie King, which has a five-year lease. Drew Kristol and Kirk Olson of Marcus & Milichap represented the seller, a Miami Beach, Fla.-based limited liability company, in the transaction.
PEWAUKEE, WIS. — BJ Electric Supply has renewed its lease for 20,575 square feet of retail space in the Pewaukee Commerce Center, located at N25W23040 Paul Road in Pewaukee. Mike Fardy, Tom Shepherd and Jim Larkin of Colliers International represented both parties in the transaction.
PHILADELPHIA — ULTA Beauty has signed a 13,467-square-foot lease for a three-story flagship store on Rittenhouse Row in Philadelphia. This is ULTA's first store in Center City and only the second urban store in its portfolio. Built in 1937, 1619 Walnut St. was once occupied by Westinghouse Broadcasting and later CBS affiliate KYW-TV. Vesper Property Group acquired the property in 2007 and began a multimillion dollar renovation. Fameco Real Estate represented the tenant in the transaction.