PARAMUS, N.J. — Marcus & Millichap has brokered the sale of a 25,000-square-foot retail property located on Route 4 in Paramus. Constructed in 1991, the building had been leased on a triple-net basis to Staples since its completion. David Thurston of Marcus & Millichap's New Jersey office represented the seller, a New York investor, and procured the buyer, a regional retail investor.
Retail
NEW YORK CITY — NorthMarq Capital has arranged a $1 million first mortgage for a retail condominium located at 351 W. Broadway in New York City. The property contains 1,250 square feet of above-grade space and a 650-square-foot basement. Pines Vintage is its major tenant. The loan carries a 25-year, fully amortizing term with 5-year adjustments. Craig Bjornsund of NorthMarq's New York Metro office arranged the loan on behalf of a limited liability company. The lender was StanCorp Mortgage Investors.
TUCSON, ARIZ. — Stan Johnson Co. has negotiated the sale of a 37,540-square-foot retail building, located within the North Pima Center at 3749 W. Ina Road in Tucson, to a Dallas-based private investor. Fully leased to Michaels and Ace Hardware, the property was listed for more than $4.43 million. T. Reed Hudson of Stan Johnson Co. represented the seller, a Los Angeles-based investor, in the transaction.
CULVER CITY, CALIF. — Colliers International has presided over the almost $2.69 million trade of a 2,250-square-foot Starbucks Coffee store, located at 12313 Jefferson Blvd. in Culver City. Built in 2007, the single-story, single-tenant retail building has a corporate-guaranteed lease by the renowned Seattle-based coffeehouse chain. Colliers’ Kathleen Silver and Kay Thorpe represented the private-investor buyer in the transaction, and the brokerage firm’s Jereme Snyder represented the seller, Olive Investment Group LLC.
ALLIANCE, OHIO — Marcus & Millichap has brokered the sale of an Applebee's Restaurant in Alliance. Located at 2600 W. State St., the 4,320-square-foot restaurant facility sold for $2.05 million or $475 per square foot. John Talbot, Scott Wiles,Craig Fuller and Erin Patton of Marcus & Millichap negotiated the sale. The seller and buyer were not disclosed.
LITTLE ROCK, ARK.; CHATTANOOGA, TENN.; AND NASHVILLE, TENN. — CBL & Associates Properties announced that year-to-date it has arranged $135.7 million in financing in the southeast at a combined estimated average interest rate of 5.42 percent with an average term of 6.8 years. Two 10-year loans were closed, including a $99.4 million loan secured by Park Plaza in Little Rock and a $10.6 million loan secured by Hamilton Crossing in Chattanooga, with an average fixed interest rate of 5.7 percent. Additionally, two 5-year loans were closed, including a $12.1 million loan secured by Gunbarrel Pointe in Chattanooga and a $13.6 million loan secured by Coolsprings Crossings in Nashville, with an average fixed interest rate of 4.5 percent.
AUBURN, ALA. — Dunedin, Fla.-based The Barclay Group and Cary Land Company have broken ground on the Shoppes at Cary Creek, a 63,100-square-foot, $10.5 million retail development. The shopping center will cover 12 acres and will be anchored by a 45,600-square-foot Publix. Of the 17,500 square feet of retail space and three out parcels, 7,000 square feet have been pre-leased. The development is expected to open in February 2012.
CRYSTAL, MINN. — ALDI, an international discount grocery retailer, has opened at Crystal Town Center, which is located at Bass Lake Road and West Broadway Avenue in Crystal. The 17,929-square-foot store is located at 5620 W. Broadway Ave. The shopping center is owned by St. Paul, Minn.-based Paster Enterprises.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a three-story, 11,960-square-foot commercial building located at 1032-1034 Lexington Ave. on Manhattan's Upper East Side for $10.2 million. The space was the former home of Payard Patisserie & Bistro. Massey Knakal's Guthrie Garvin represented the undisclosed seller. The buyer's name was also not released.
PHILADELPHIA — The grand opening has been held for the newest Bottom Dollar Food. The 17,000-square-foot grocery store is located at the intersection of North Broad Street and Godfrey Avenue in Philadelphia's Oak Lane neighborhood. Soloff Realty & Development is the property owner.