DERBY, CONN. — Cronheim Mortgage has secured $9 million in acquisition financing for a Derby retail center. The 168,803-square-foot property is anchored by Lowe's Home Improvement Warehouse. Additional tenants include Dollar Tree, Dunkin' Donuts, Webster Bank and Burger King. The loan carries a 19-year, self-liquidating term with a 4.85 percent interest rate. Andrew Stewart and Anna Westhoff of Cronheim arranged the loan between the two undisclosed parties.
DUPONT, WASH. — Marcus & Millichap has negotiated the almost $1.55 million sale of a 5,314-square-foot Jack in the Box, located at 1275 Center Drive in DuPont. Situated within close proximity to the Fort Lewis Army base, the single-tenant, net-leased property incorporates a sublease from Jack in the Box to Chevron Corp. for a convenience store with fuel pumps. Marcus & Millichap’s Dino Christophilis represented the seller, a partnership, in the transaction.
SURPRISE, ARIZ. — Marcus & Millichap has brokered the $6.2 million sale of a portfolio of single-tenant, NNN ground leases in Surprise. The portfolio of ground leases, consisting of four properties leased to Chili's, Olive Garden, Red Lobster and U.S. Bank, encompasses approximately 5.05 acres of land. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the private-investor seller in the transaction.
BOYNTON BEACH, FLA. — An affiliate of Sembler Co. has completed the disposition of Boynton Town Center on Congress Avenue in Boynton Beach. Canada-based Morguard Investments Limited acquired the property for $59 million. The 202,000-square-foot retail center is occupied by SuperTarget, Best Buy, Total Wine, Michaels, Shoe Carnival, Jos. A Banks, GameStop, Sweet Tomatoes, Five Guys Burgers, Massage Envy and LensCrafters. CB Richard Ellis' Florida National Retail Investment Group represented the seller in the transaction.
DUNWOODY, GA. — Coro Realty Advisors has partnered with Daltex Oglethorpe Crossing LLC to purchase Oglethorpe Crossing Shopping Center, which is located at 3425 Ashford Dunwoody Road in Dunwoody. The 58,413-square-foot center is occupied by Publix and CVS/pharmacy. Terms of the transaction were not released.
NEW YORK CITY — Meridian Capital Group has arranged a $6.55 million loan for the refinancing of a New York City retail condominium. The 10,800-square-foot condo makes up the street and atrium levels of Chatham 44, a residential condo building located at the corner of Tenth Avenue and 44th Street. Tenants include Pio Pio 8, Grace Wine & Spirits, Dunkin' Donuts and Omni Dry Cleaners. The permanent loan, which was provided by Citigroup Global Markets, contains a 5-year term and a fixed interest rate. The borrower, Chatham 44 Commercial Associates LLC, will use the proceeds to retire existing debt. The Meridian team of Jonathan Stern and Ronnie Levine arranged the deal.
COLORADO SPRINGS, COLO. — Cushman & Wakefield of Colorado has brokered the $2.6 million sale of the 57,640-square-foot Centennial Commons, located at 4685 – 4705 Centennial Blvd. in Colorado Springs. Built in 1997 and 36 percent occupied at the time of sale, the property was sold by CW Capital Asset Management to a private California investor. Cushman & Wakefield’s Gene Pride and Patrick Devereaux advised on the deal.
MANASSAS, VA. — S.A. Hastings LLC has completed the sale of Hastings Marketplace, a 28.05-acre mixed-use development in Manassas, for $21.6 million. Owings Mills, Md.-based Black Oak Associates has acquired the retail center for $18.1 million, while Richmond American Homes acquired the remaining undeveloped land, which is entitled for commercial and residential use, for $3.5 million. Located at the intersection of Prince William Parkway and Liberia Avenue, the 93,000-square-foot retail center is anchored by a 56,000-square-foot Harris Teeter Food Market and Pharmacy, which opened in last year. The center is currently 73 percent leased and occupied by Harris Teeter, Verizon Wireless and Neibauer Dental Care. Rappaport Retail Brokerage has been retained to lease the remaining space. The undeveloped land is entitled for development of 61 townhomes, 46 single-family homes, eight live/work units, 26 lofts apartments and more than 25,800 square feet of commercial space. Jim Kornick and Matt Clinebell of NorthMarq, along with Michael Gorsage of H&R Retail, represented the seller in the transaction.
CAPE CORAL, FLA. — The Milman Group has purchased a 14,820-square-foot retail building, located at 611 Burnt Store Road South in Cape Coral. The property, which is occupied by Walgreens, sold for $5.15 million. Matt McNeill of Cassidy Turley BRE Commercial represented the buyer in the transaction. The seller was not disclosed.
MIFFLINBURG, PA., AND NEW YORK CITY — Marcus & Millichap has arranged the sale of Buffalo Valley Shopping Center, a 73,542-square-foot retail center located in Mifflinburg for $2.83 million. The property was 88 percent leased at the time of closing and most of the tenants had recently renewed their leases. The property traded at a 10.25 percent cap rate. The Marcus & Millichap team of Derrick Dougherty, Mark Taylor and Dean Zang represented the seller and procured the buyer, both undisclosed parties. In addition, Marcus & Millichap's New York City office brokered the sale of a 5,408-square-foot mixed-use property located at 1373 First Ave. in New York City for $2.38 million. The brokerage team included Peter Von Der Ahe, Joseph Koicim and David Lloyd. The buyer and seller were not disclosed.