NEW YORK CITY — American Realty Capital New York Recovery REIT has closed on its $22.5 million acquisition of a fee-simple interest in a portfolio of 10 retail condominiums located at 122 Greenwich Ave. in Manhattan. The One Jackson Square portfolio consists of 8,392 square feet, including four rental units. Three of the four rental units are leased to two tenants — a Starbucks coffeehouse and a TD Bank branch.
AYER, MASS. — Verizon Communications has renewed its long-term lease for 17,430 square feet at 5 Sandy Pond Rd. in Ayer. Amy Perlman of CB Richard Ellis represented the tenant in the transaction. Richard McKinnon of the Quincy, Ill. office of Grossman Co. Inc. represented the landlord, 5 Sandy Pond Rd. Ayer LLC.
DALLAS — Rick's Cabaret International has signed an agreement to acquire a 54,000-square-foot retail property partially leased to Silvery City Cabaret, an adult nightclub located at 7501 N. Stemmons Freeway in Dallas, for $12 million. Rick's Cabaret is planning on rebranding the Silver City Cabaret and adding a Tootsie's style Knockers Sports Bar to the facility, which is only using 14,000 square feet currently.
SAN FRANCISCO — Cassidy Turley’s Net Leased Investment Services group has sold an eight-property portfolio in Northern California to a family estate. All eight properties, which total 82,200 square feet, are fully leased on a triple-net basis to Bank of America. The sales price was undisclosed. Three of the properties are located in San Francisco, while the remaining five reside in Berkeley, El Cerrito, Alameda, Milpitas and Roseville. Cassidy Turley’s Andy Bogardus, Doug Longyear and Chris Sheldon represented the seller, a San Francisco-based owner, in this transaction.
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.