Retail

M&B BUILDING TO BREAK GROUND IN MIDTOWN MANHATTAN

by admin August 16, 2011

NEW YORK CITY — Marx Realty & Improvement Co., Inc. is set to break ground on the M&B (Manufacturers and Builders) Building on the corner of 57th Street and Third Avenue in midtown Manhattan in New York City. Joseph E. Marx Co., Inc. owns the property and plans to construct a 30,814-square-foot, four-story building of all glass showrooms and a fully rentable basement. CB Richard Ellis’ Sloane Rhulen, Susan Kurland and Gregory Tannor will market the building, which is scheduled for completion by late 2011 or early 2012.

August 16, 2011

CASSIDY TURLEY ARRANGES $17M LOAN FOR EAGLE GLEN PLAZA

by admin August 15, 2011

CORONA, CALIF. — Cassidy Turley BRE Commercial has arranged a $17.1-million loan for Eagle Glen Plaza in Corona. Located at the northwest corner of Interstate 15 and Eagle Glen Parkway, the 95,777-square-foot shopping center is anchored by Stater Bros. and is currently fully occupied. Goldman Sachs Commercial Mortgage Capital provided the borrower with a five-year, fixed rate, non-recourse loan that featured a 4.8 percent interest rate. Financing was arranged by Gary Goss of Cassidy’s Capital Markets Group. Thursday’s WREB e-newsletter incorrectly stated that Cassidy Turley BRE had sold Eagle Glen Plaza. We regret the error.

August 15, 2011

Retail Southeast

CORO PROVIDES $11M LOAN FOR GA. SHOPPING CENTER

by admin August 12, 2011

DUNWOODY, GA. — Coro Realty Advisors has refinanced the 132,681-square-foot Georgetown Shopping Center, located at 4478 Chamblee Dunwoody Rd. in Dunwoody. The $11 million loan will be used to refinance the existing indebtedness on the property and to fund various physical improvements, which will consist of expanding the center to 144,360 square feet, relocating several tenants and improving the parking lot aesthetics. Tenants of the shopping center include Kroger, Tuesday Morning and Workout Anytime.

August 12, 2011

Retail Western

M&M SELLS 27,796 SF RETAIL CENTER FOR $3M

by admin August 12, 2011

WALNUT CREEK, CALIF. — Marcus & Millichap Real Estate Investment Services has sold 2150 North Broadway, a 27,796-square-foot big box fitness facility located in Walnut Creek, for $3 million. Kevin Turner and Michael Cisternino of M&M’s Oakland, Calif., office worked with Brandon Geraldo of the firm’s San Francisco office to market the property exclusively on behalf of the seller, a partnership.

August 12, 2011

Northeast Retail

M&M BROKERS SALE OF CRANSTON STOP & SHOP FOR $13.52M

by admin August 11, 2011

CRANSTON, R.I. — Marcus & Millichap Real Estate Investment Services has brokered the sale of a Stop & Shop in Cranston for $13.52 million. The 50,000-square-foot retail space is currently finishing construction and is slated to be open for business in the third quarter of this year. Marcus & Millichap’s Robert Horvath and Todd Tremblay represented the seller, Churchill & Banks, and the buyer, Cole Capital.

August 11, 2011

Northeast Retail

CENTRO PROPERTIES GROUP ANNOUNCES NEW STORE OPENINGS

by admin August 11, 2011

CONNECTICUT and NEW JERSEY — Centro Properties Group US has announced the following store openings: Smoothie King has opened a 1,750-square-foot location at the Shoppes at Cinnaminson at the intersection of Route 130 and Church Road in Cinnaminson, N.J. Centro Properties owns the Shoppes at Cinnaminson and was represented in house by Jason Fox. China May has opened a 1,760-square-foot restaurant location in the Ocean Heights Shopping Center near the intersection of Route 9 and Ocean Heights Avenue on Bethel Road in Somers Point, N.J. Centro Properties owns Ocean Heights Shopping Center and was represented in house by Dina Berlin. T-Mobile has opened a 1,600-square-foot retail location in Stratford Square at the intersection of Route 1 and Longbrook Avenue in Stratford, Conn. Centro Properties owns Stratford Square and was represented in house by Nick Andreadis

August 11, 2011

Retail Western

CVS BUILDING SELLS FOR $7.95M

by admin August 11, 2011

VICTORVILLE, CALIF. – A 12,900-square-foot, single-tenant building in Victorville that is occupied by CVS Pharmacy has sold to 14426 Palmdale Rd. LLC for $7.95 million. This was a record-setting $616 per square foot, representing the highest price paid for a single-tenant drugstore building within the Inland Empire since 2007. CVS maintains a long-term, absolute NNN 25-year lease at the property, which was sold at a 6.5 percent cap rate. Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company represented the buyer. Nick Coo and Dennis Vaccaro of Faris Lee Investments represented the seller, NMC El Evado LLC.

August 11, 2011

Retail Western

COPPER PLAZA SELLS FOR $1.38M

by admin August 11, 2011

TUCSCON, ARIZ. – The 11,053-square-foot Copper Plaza shopping center has sold to 3122 N. Campbell Ave. LLC for $1.38 million. Copper Plaza was built in 2005, and was 75 percent occupied at the time of sale. CBRE’s Tim Healy and Robert DeLaney represented the buyer. CBRE’s Mike Chapman and Shannon Murphy represented the seller, Great Western Bank, which acquired the property through foreclosure.

August 11, 2011

Retail Southeast

SUNSET LAKE COMMONS SELLS FOR $12.82M

by admin August 10, 2011

HOLLY SPRINGS, N.C. — Marcus & Millichap has completed the sale of Sunset Lake Commons, an approximately 88,000-square-foot shopping center located in Holly Springs, for $12.82 million. Constructed in 2005 and located at 5277 Sunset Lake Road, the center is anchored by a 48,000-square-foot Harris Teeter, which has 14.5 years remaining on its ground lease. Additional tenants include Anytime Fitness, Click Computers, Great Clips, Rudino's Pizzeria, Ship On Site, The Paper Company and Wachovia. The center was 98 percent occupied at the time of closing. Sonny Molloy of Marcus & Millichap's Atlanta office and Brad Nathanson of the firm's Philadelphia office represented both undisclosed parties in the transaction.

August 10, 2011

Midwest Retail

REGENCY CENTERS BUYS ROCKRIDGE CENTER IN MINN. FOR $20.5M

by admin August 10, 2011

PLYMOUTH, MINN. — Regency Centers has purchased the 125,213-square-foot Rockridge Center in Plymouth from Hempel Properties for $20.5 million. An 89,219-square-foot Cub Foods anchors the shopping center, which is currently 99 percent leased to tenants such as Caribou Coffee, Qdoba Mexican Grill, Papa Murphy's, Subway and Fantastic Sam's. Joe Girardi from Mid-America Real Estate Corp. represented the buyer.

August 10, 2011

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