SOMERVILLE, MASS. — The renovation of a commercial building located at 130 Broadway is under way. The gut renovation of the building will be complete this fall. PSG Framing, an archival framing company, will occupy the back portion of the building. Outside of the building a $7 million streetscape improvement is being completed. MassDevelopment provided a $3.5 million loan to acquire and renovate the building. The project team includes Boston-based Harborlight Advisors and LONdesign.
MIAMI BEACH, FLA. — A 13,624-square-foot, single-tenant retail building, located at 745 Collins Ave. in Miami Beach, Fla., has been sold for $17.65 million. The building is occupied by Victoria's Secret, which has a 15-year, double-net lease with 14 years remaining. The undisclosed seller was represented by Lori Schneider of Marcus & Millichap's Fort Lauderdale, Fla., office and Drew Kristol and Kirk Olson of the Miami office. The buyer, a foreign entity with an office in New York City, was represented by Sean Shahar Ziv, a San Diego-based independent agent.
MARYVILLE, TENN. — Construction will begin soon on a 45,000-square-foot, 12-screen Carmike Cinema at Foothills Mall in Maryville. The former Belk building will be redeveloped to accommodate the new theater. Grand opening is anticipated for summer 2012. The Foothills 12 will be one of six anchors at the 481,000-square-foot mall.
MEDINA, OHIO. — Stonegate Corner, a two-tentant retail building currently leased to Panera Bread and Bullies' BBQ, located in Medina, sold for $2.35 million. Mark Luttner of the Luttner Retail Group marketed the property and procured the buyer, an out-of-state investor.
CHICAGO — The 51,117-square-foot, 2-story retail and commercial property Belden Cetnre, located at 2301-15 N. Clark in Chicago, has been sold for an undisclosed price. The seller, Commercial Property Management, was represented by Keely Polczynski of CB Richard Ellis' Chicago office. The self-represented buyer, a joint venture between Rosemont, Ill.-based ACG Equities and Chicago-based Purinton Development, plans to renovate and revitalize the property.
SOMERSET, N.J. — Colliers International has brokered the sale of a 20,164-square-foot retail center located at 464 Elizabeth Ave. in Somerset for $8.97 million. Constructed in 2009, the center contains Rite Aid, Dunkin Donuts and New Millennium Bank. A regional developer purchased the property at an 8.5 percent cap rate. Ian Schroeder and Maurice Nieman of Colliers' Irvine, Calif., office partnered with William Aiello and George Lulos of the firm's Harrisburg, Pa., office to represent both undisclosed parties.
CARLISLE, PA. — Boston-based UC Funding has provided a $14.7 million bridge loan to WP Carlisle Associates LP for the acquisition of the $25 million distressed loan on Carlisle Crossing, a 368,513-square-foot shopping center located in Carlisle. Rich Horowitz of Cooper-Horowitz Inc. originated the financing. Terms of the loan were not disclosed.
JERSEY CITY, N.J. — Helios Capital has arranged the sale of a $14.1 million, non-performing loan secured by a 60,000-square-foot multi-use property located in Jersey City's Journal Square. The three-story building consists of 45,000 square feet of retail space, 15,000 square feet of office space, two advertising billboards and a telecommunications antenna. Jonathan Horn of Helios represented the seller, Oritani Bank. The buyer was not disclosed.
HUMBLE — Stan Johnson Co. has completed the sale of a 1,850-square-foot, free-standing Starbucks at 3805 Atascocita Rd. in Humble to an individual investor. Hunter Jaggard of Stan Johnson Co. represented the seller, a New York-based investor, while Mansur Hussein of Hutaib USA represented the buyer. The Starbucks property is situated on the northeast corner of Atascocita Road and Will Clayton Parkway with nearby tenants Chase Bank, AutoZone, Walgreens and Kroger.
ST. AUGUSTINE, FLA. AND CHARLOTTE, N.C. — Three absolute net-leased CVS/Pharmacy properties have sold for $12.1 million. Two of the properties are located in St. Augustine and one is in Charlotte. The properties total more than 38,000 square feet and are leased to CVS Caremark through 2034. The buyer was Phoenix-based Cole Real Estate Investments and the seller was a Calif.-based LLC. Terry Marks of New Hope, Pa.-based National Net Lease Realty represented the seller. Cole was represented by Chad Adams of Cole Capital.