NEWARK, N.J. — Marcus & Millichap has facilitated the $3.3 million sale of the 12,000-square-foot McCarter Plaza in Newark. Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the seller ad procured the buyer in the transaction. McCarter Plaza sits on 1.03 acres on Route 21 and is 100 percent leased.
AUSTIN — New York-based ATCO Properties & Management has purchased the 99,000-square-foot Crossroads Center in Austin for $14.25 million. The shopping center is 70 percent leased to tenants Bennihana, Chili’s and Cycle Gear. Lance Morris of The Weitzman Group represented Crossroads and Ryder Jeans of Weitzman represented ATCO in the transaction. Crossroads is the latest purchase in ATCO’s City Center Real Estate Joint Venture Program.
HOUSTON — Houston-based Whitestone REIT has sold the 20,607-square-foot Greens Road Plaza in northeast Houston for $1.75 million in an all-cash transaction. Whitestone expects to reinvest the proceeds in acquisitions of Community Centered Properties in Texas, Arizona and Illinois.
NEW YORK CITY — Ghurka Boutique, a leather luggage and handbag retailer, has leased 1,140 square feet of retail space at 781 Fifth Ave. in the Plaza District. Robert K. Futterman & Associates’ Rob Cohen, Peter Whitenack and Jackie Totolo represented the landlord, The Sherry-Netherland. Steven Orfali of the Orfali Group represented Ghurka. The boutique will occupy 915 square feet on the ground floor and 225 square feet in the basement.
CHULA VISTA, CALIF. – NorthMarq Capital has arranged $53.3 million in combined debt and mezzanine financing for the 156,291-square-foot Village Walk Shopping Center in Chula Vista. The firm arranged $46.3 million in debt financing through a CMBS lender. It boasts a five-year term and a 30-year amortization schedule. An additional $7 million in mezzanine financing was arranged under a five-year term with a balloon payment due at maturity. These funds provide an 80 percent loan-to-value. NorthMarq's team was led by vice president Mike Dobbins, who is out of the firm's San Diego regional office.
NEWBURY PARK, CALIF. – Marcus & Millichap Real Estate Investment Services has sold Paraiso Town Center, an REO shopping center in Newbury Park, for $6.3 million. It was purchased by Paradise Capital Group LLC, an affiliate of Cardinal Equities LLC. Paraiso Town Center is located within the 2,331-acre master-planned community of Dos Vientos Ranch. Marcus & Millichap's Kyle Matthews represented the seller, U.S. Bank.
WEST DES MOINES, IOWA — West Des Moines-based CB Richard Ellis | Hubbell Commercial has brokered the $4.7 million sale of the 53,500-square-foot Bridgewood Plaza, a three-building retail center located at 165 S. Jordan Creek Pkwy. in West Des Moines. Linda Gibbs and Timothy Sharpe of CBRE | Hubbell represented the seller and procured the buyer, NDF III Bridgewood Plaza.
YOUNGSTOWN, OHIO — Bottom Dollar Food, which has 47 stores nationwide, has planned to open three new stores in Youngstown in early 2012. The stores will be located at 2504 Glenwood Ave., 903 E. Midlothian Blvd., and 3377 Mahoning Ave. Additionally, the retailer will open 11 stores in Pennsylvania.
KANSAS CITY, KAN. — An undisclosed buyer has acquired the 2,200-square-foot Jaywalkers Sports Bar & Grill, located at 39th Street and Rainbow Boulevard across from the Kansas University Medical Center in Kansas City, which it plans to redevelop into a mixed-use project. David Block of Kansas City, Mo.-based Block & Co. represented Rainbow Texas Tom, the seller, in the transaction.
PITTSBURGH, PA. — Salisbury, N.C.-based Bottom Dollar Food has announced its intent to open 11 stores in the greater Pittsburgh area. Most stores are aiming for an early 2012 opening. Bottom Dollar opened its first Pennsylvania store in October 2010, and now it has 17 Pennsylvania stores and two New Jersey stores.
