LOS ANGELES — Cushman & Wakefield has named Glenn R. Rudy as director of the firm’s Southwest Retail Capital Markets Group. Rudy will be based out of Downtown Los Angeles. He will be responsible for retail investment activities in the Greater Los Angeles area.
KANSAS CITY, KAN. — Logan's Roadhouse has broken ground on 1.4 acres of land at Plaza at the Speedway in Kansas City. The new restaurant will be located just west of Chick-fil-A and is scheduled to open in the summer of 2012. David Block and Becky Goodman of Block & Co. Inc.'s Kansas City office, along with Christian Ablah of Classic Real Estate, represented the seller, Plaza Speedway. Jeff Berg of Lane 4 Group represented the buyer, Speedway LR.
POWHATAN, VA. — Wal-Mart has purchased 53.35 acres of land, located along Anderson Highway in Powhatan, for $3.3 million to build a new store. Lee Warfield, III, of Cushman & Wakefield/Thalhimer's Richmond, Va., office represented the buyer in the transaction. Clarence Hubbard of Powhatan-based Realco Properties represented the sellers, E.M. Ciejek and Outerbanks, LP.
WEST PALM BEACH, FLA. — A retail property including a freestanding McDonald's and a vacant 3,750-square-foot building, located at 9835-9847 Okeechobee Blvd. in West Palm Beach, has been sold for $2.6 million. William Strauss of CBRE's Boca Raton office represented Okeechobee 9847, the buyer, in the transaction. The seller, IBERIABANK, who had previously foreclosed on the property, was self-represented.
NEW YORK CITY — Ariel Property Advisors has closed the the $2.4 million sale of a retail condominium, located on the ground floor of the Douglass Condominium development at 2100 Frederick Douglass Blvd. in Manhattan. Michael Tortorici, Victor Sozio and Shimon Shkury of Ariel Property Advisors represented both parties in the transaction. The sellers were BRP Development Corp. and Goldman Sachs Urban Investment Group, and the buyers were a private investment group.
NEWPORT BEACH, CALIF. — RiverRock Real Estate Group has been selected by Red Mountain Retail Group to manage nearly three million square feet of its retail properties throughout California and Arizona. Stacey Monroe of RiverRock’s Newport Beach, Calif., headquarters will act as Red Mountain’s portfolio manager.
GAINESVILLE, VA. — A 1.07-acre retail property, located at 4995 Wellington Rd. in Gainesville, has been sold for $2.54 million. The property is leased to a 5,753-square-foot Chili's on a long-term, triple-net basis. Rick Fernandez of Reston, Va.-based Calkain Cos. represented the buyer, a private investor, in the transaction.
NEW YORK CITY — NorthMarq Capital has arranged $5.7 million in first mortgage refinancing for the 55,150-square-foot Paradise Theater, located at 2403-2419 Grand Concourse in the Bronx. Craig Bjornsund arranged the 10-year loan for the borrower, The First Paradise Theaters Corp., through NorthMarq's correspondent relationship with Symetra Life Insurance Co.
FORT WORTH — Marcus & Millichap has arranged the sale of a 13,807-square-foot Walgreens, located at 6328 Camp Bowie Blvd. in Fort Worth. Vincent Knipp, Chance Hales and Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, a personal trust, in the transaction. Knipp and Hales also procured the buyer, a partnership.
GAINESVILLE, FLA. — KGNV Sales has purchased a 27,469-square-foot former Mercedes dealership on a 10-acre property, located in Gainesville, from Duval Motorcars of Gainesville for $2 million. Audley Harris, Jerry Kirkpatrick and John Oberg of Gainesville-based Coldwell Banker Commercial M.M. Parrish Realtors represented the seller in the transaction. Cleveland Farnell of Jacksonville, Fla.-based Rogers, Taylor & Co. represented the buyer.