NEW YORK CITY — Duane Reade has renewed the lease for its 10,000-square-foot pharmacy at 401 Park Avenue South in New York City for an additional 20 years. The initial lease term was set to expire in 2015. The tenant plans to complete a multi-million upgrade to the space in the near term. The landlord was Meringoff Properties. Winick Realty Group represented the tenant in the transaction.
ST. JOHN, IND. — An undisclosed Canada-based investor has purchased the ground lease of a Citizens Financial Bank property in St. John. The 36,258-square-foot property, which is long-term leased to the bank, sold for $1.61 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based partnership, in the transaction.
NEW YORK CITY — American Realty Capital New York Recovery REIT has purchased a retail property located in Brooklyn's Bensonhurst neighborhood for $6.17 million. Foot Locker occupies the property through 2026. This marks the seventh property in New York City purchased by the REIT. The other six are located in Manhattan.
LAS VEGAS — CB Richard Ellis has closed the $4.8 million sale of the Sahara Rainbow Center, located at 2350 S. Rainbow Boulevard in Las Vegas. Omninet Sahara LLC purchased the 53,000-square-foot retail complex. CBRE’s Charles Moore and Marlene Fujita represented the seller in the transaction.
IDAHO FALLS, IDAHO — CB Richard Ellis has closed the $4 million sale of the 220,000-square-foot Yellowstone Square, a retail center located in Idaho Falls. West One Logistics purchased the property, which was part of a 22-property, nationwide portfolio owned by General Growth Properties. CBRE’s Eric Gustafson and Craig Thomas represented GGP, which recently emerged from a Chapter 11 bankruptcy restructuring, in the transaction.
MESQUITE — Firebrand Properties, a Burger King franchisee, has purchased a 31,711-square-foot property and a 2,440-square-foot building at 1933 N. Town East Blvd. in Mesquite. A former Arby's restaurant, the property was sold by The Beil Family Trust and will be converted to a Burger King. Tom Paredes of John T. Evans Co. represented Firebrand Properties, while Bryan Cornelius and Jim Dunn of Venture Commercial, as well as Richard Terzian of Progressive NNN Properties, represented The Beil Family Trust.
CHICAGO — An affiliate of Habor Group International (HGI) has acquired a portfolio of Walgreens stores in Chicago for $27.8 million. The four properties are leased for remaining initial terms ranging from 20 to 25 years. The portfolio includes the 14,820-square-foot store at 2744 N. California Ave.; the 14,490-square-foot location at 3424 W. Belmont; the 14,820-square-foot store at 4001 W. Irving Park Road; and the 14,820-square-foot location at 2020 S. Naperville Road. The seller was not released.
DEER PARK — A Florida investor has purchased the Shoppes at Town Square in Deer Park from a local Houston-based developer. The 11,692-square-foot shopping center was built in 2009 and is 100 percent occupied with a mix of local and national tenants including Wing Stop, T-Mobile and Edward Jones. Gavin Kam with Net Realty Advisors and Brad Kam with TKG Property negotiated the sale on behalf of the seller.
CLEARWATER, FLA. — The 200,000-square-foot, Publix-anchored Northwood Plaza in Clearwater has sold for an undisclosed price. The property was 91 percent leased at the time of sale. Other tenants include Stein Mart, CVS/Pharmacy, Talbots, Anthoney's Coal Fired Pizza and Starbucks Coffee. Jim Michalak and Lenard Williams of Plaza Advisors' Tampa, Fla., office and Anthony Blanco of Plaza Advisors' Miami office represented the seller, Northwood Plaza LLC. Broker information was not provided for the buyer, AEW Capital Management.
ONALASKA, WIS. — Brenengen Auto Group has purchased a former Saturn dealership in Onalaska from Bergstorm Automotive. Situated on 5.22 acres at 531 Theater Road, the 24,579-square-foot property sold for $2.9 million. Casey Weiss and Maria Peterson of Access Commercial Real Estate represented the seller in the transaction.