NEW YORK CITY — Walgreens has renewed its lease on the ground floor of the Empire State Building, and exchanged 10,000 square feet of retail space on the concourse level to 10,000 square feet on the second floor near the Observatory exit elevators. The all-glass second floor store is slated for a first quarter 2012 completion. Walgreens’ lease in the Empire State Building is for a 15-year term and totals 18,818 square feet. The vacated space on the concourse level is expected to house a fitness center. Andrew Goldberg, Eric Gelber and Matt Chmielecki represented the landlord, W&H Properties, in house for both the lease renewal and lease reconfiguration.
Retail
WILMINGTON, N.C. — Renovations have been completed for the 104,380-square-foot Market Plaza Shopping Center, located at Market Street and Kerr Avenue in Wilmington. The $1 million improvements included updated facade renovations, new parking lot lighting, parking lot resurfacing and two pylon signs. The Wilmington Development Co. handled construction management, and Theys Construction Co. was the general contractor for the project.
CLEVELAND AND CANTON, OHIO, AND INDIANAPOLIS — Steve Hryszko of CB Richard Ellis' Self-Storage Advisory Group's Cleveland office has negotiated the sale of a self-storage portfolio, containing five properties in Canton, five properties in Cleveland and eight properties in Indianapolis, in an off-market transaction. The facilities total 7,870 storage units. Hryszko represented the buyer, a joint venture between Flagship Investment Group and Kayne Anderson Real Estate Advisors. The seller was U Store It Self-Storage Facilities.
GARDEN GROVE, CALIF. – The 19,713-square-foot Euclid Plaza retail property has sold to the Don Phan and Elizabeth Revocable Trust for $4.2 million. Humming Realty’s James Tran represented the buyer in this all-cash transaction. Tom Nguyen from NAI Capital’s Orange County office represented the seller, The Edward M. Liu & Rong Hwa Liu Trust.
KANSAS CITY, MO. — Hunt Midwest Real Estate Development and The R.H. Johnson Co. have started construction on a 13,500-square-foot build-to-suit building for PETCO in the North Oak Village Shopping Center, located at 600 NE Vivion Rd. in Kansas City. Chuck Zoog of The R.H. Johnson Co. represented both the tenant and the landlord in the lease transaction. The new PETCO store will replace the current store on 2600 Burlington in Kansas City and is scheduled to open in December.
ST. LOUIS, MO. — David Garfinkel of NorthMarq Capital's St. Louis office has arranged permanent financing for the 195,363-square-foot South Lakeview Plaza, located at 4432 Lemay Ferry Rd. in St. Louis. Hancock Life Insurance Co. provided the financing.
NEW YORK CITY — A new boutique known as treasure&bond has opened an 11,137-square-foot store at 350 W. Broadway in New York City. The store is owned by Nordstrom and houses more than 150 different designers’ merchandise, including books, furniture, jewelry, clothes and accessories. The business plans on donating 100 percent of its profits to nonprofits such as The Edible Schoolyard NYC, Association to Benefit Children, Children’s Health Fund, The New York Public Library Programs for Children and Young Adults, New York City’s Young Men’s Initiative, Coalition for the Homeless: Camp Homeward Bound Sleep-Away Camp and After School Services, Friends of the High Line’s Family and Education Programs and Memorial Sloan Ketterling’s Pediatric Cancer Care.
DALLAS, FORT WORTH AND ARLINGTON — A portfolio of three 7-Eleven convenience store sites recently traded for $6.4 million. Alvin Mansour from The Mansour Group of Marcus & Millichap Real Estate Investment Services represented the seller. The locations of the three assets include 9235 John W. Carpenter Freeway in Dallas; 1908 Yucca Ave. in Fort Worth; and 100 E. Interstate 20 in Arlington.
SAN MATEO, CALIF. — Villa Plaza, a 13,500-square-foot strip center in San Mateo has sold to Tribeca Companies for $4.8 million. The plaza sold at a 6.8 percent cap rate, and was in financial default on the senior promissory note. The acquisition represented a value-added opportunity for Tribeca, which was represented by Jim Roessler of Roessler Investment Group. The seller, Gallagher Investments, LLC, was represented by Jason Garlock of Park Lane Partners.
NORMAL, ILL. — Faris Lee Investments has arranged the $18 million recapitalization of a 200,000-square-foot shopping center in Normal, on behalf of the owner, The Dial Companies Schnucks Grocery and a 14-screen Starplex Theater anchor the center, which is currently 70 percent leased. The recapitalization allowed Faris Lee to represent Thompson National Properties in a joint venture with The Dial Companies to acquire the note on the property. Thompson acquired the developed portion of the center and The Dial Companies has been established as the owner of the center's 12 unfinished outparcels.