UTICA, MICH. — Marcus & Millichap has arranged the $2.3 million sale of a 5,538-square-foot Applebee's property in Utica. The restaurant is located at 45211 Park Ave. and Applebee's has 16 years remaining on its lease. The property is situated next to a La Quinta Inn & Suites. Ray Turchi and Christopher Travis of Marcus & Millichap represented the buyer, a private investor in the transaction.
MIDDLETOWN, OHIO — RZ Auto Parts has purchased a 7,600-square-foot industrial property situated on 3 acres at 2410 Oxford State Road in Middletown. The new location will support existing automobile-related operations at adjacent facilities and will repair and sell used auto parts. Craig Hughes of Industrial Property Brokers represented both parties in the transaction.
NEW YORK CITY — Verizon Wireless has renewed its lease at 100 Wall St. The retailer will continue to occupy 2,360 square feet on the basement and ground floors for a five-year term. The landlord, Savanna, was self-represented by Todd Korren. Robert Gibson of Cushman & Wakefield represented the tenant.
DALLAS — A California investment group led by Michael Day of Embarcadero Advisors has purchased the 45,000-square-foot Spec’s Wines, Spirits & Finer Foods, located on the southeast corner of North Central Expressway and Walnut Hill Lane in Dallas. Rick Ikeler and Brad Gibbs of SRS Real Estate Partners represented the buyer in the transaction. The seller is Glenn Lake Partners LP.
CHICAGO — Marcus & Millichap has arranged the $600,000 sale of 5434-36 North Clark St., a 6,900-square-foot retail property in Chicago. The asset is a vacant auto shop built in 1919. The lot is zoned B3-2, which provides for a variety of uses, ranging from renovation to a total redevelopment of the site. Stephen Rachman and Kyle Stengle of Marcus & Millichap represented the seller, a private investor. They also represented the buyer, a developer.
CLYDE, OHIO — A private investor in California has acquired the ground lease for a 4,000-square-foot AutoZone property in Clyde for $7111,111. Mac McCall of Franklin Street Real Estate Services represented the seller, a Georgia-based developer in the transaction. AutoZone has more than 10 locations in Ohio and 4,600 locations nationwide.
MOORE, OKLA. — Inland Real Estate Acquisitions has acquired The Shops at Moore, a 259,996-square-foot shopping center located in Moore, for $38.75 million. JC Penney anchors the center, which includes other tenants such as Ross Dress for Less, Best Buy, Bed Bath & Beyond, Office Depot, Hobby Lobby, Famous Footwear and Rue21. Inland was self-represented in the transaction by Matt Tice.
SURPRISE, ARIZ. – Bell West Ranch Shops, a 27,225-square-foot shopping center and freestanding, single-tenant building in Surprise, has sold to PWREO Bell & 303, LLC for $4.34 million. The strip-retail shopping center was built in 2004. It is currently 95.2 percent leased. Notable tenants include Pizza Hut and O’Reilly Auto Parts. Ryan Schubert and Michael Hackett of Cassidy Turley BRE Commercial’s Retail Capital Markets Group represented both the buyer and the seller, Bell West Ranch Shops, LLC, in this transaction.
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.
