PALO ALTO, CALIF. — Marcus & Millichap has presided over the $2.5 million sale of a 4,400-square-foot restaurant property, located at 420 Ramona Street in downtown Palo Alto. The building is currently occupied by Mandarin Gourmet, which has been in operation for more than 18 years. Marcus & Millichap’s J.J. Taughinbaugh represented both the limited-liability-company buyer and the private-investor seller in the transaction.
ALGONQUIN, ILL. — Haddigan Capital has acquired the fee ground lease interest of a KFC restaurant site at 415 S. Randall Road in Algonquin. The acquisition includes the fee interest in a ground lease to YUM Brands with its KFC concept as a tenant. Bernard Haddigan, principal of Haggidan Capital, acquired the property as part of a dividend oriented fund, which he is managing. Terms of the transaction were not released.
LEXINGTON, KY. — The Boulder Group has brokered the sale of a single-tenant, ground-lease retail property in Lexington. The property sold for $2.65 million. The 2-acre property is occupied by CVS/pharmacy on a long-term lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the undisclosed buyer. The seller was not released.
CASA GRANDE, ARIZ. — Marcus & Millichap has managed the $5.26 million sale of a 14,738-square-foot Walgreens, located in Casa Grande. With help from David Guido, the brokerage firm’s Lior Regenstreif presided over the off-market transaction involving the single-tenant, net-leased property.
BELLEVILLE, ILL. — Marcus & Millichap has brokered the sale of a ground lease for an Arby's location in Belleville. The 3,300-square-foot single-tenant, net-leased property is situated on a 1-acre site at 5790 Belleville Crossing St. The property commanded a sales price of $780,000 and a cap rate of 7.5 percent. Judson Kauffman, Glen Kunofsky and John Przybyla of Marcus & Millichap represented the seller. The buyer was not released.
DEL MAR, CALIF. — On behalf of Mia Francesca Restaurant and its partner, Davanti Enoteca Wine Bar, Location Matters Brokerage Services has facilitated an approx. $2.88 million lease at 12955 El Camino Real within the newly renovated Del Mar Highlands Town Center. Represented by Location Matters’ Michael Spilky, the tenants signed a new 10-year lease for a combined 5,020 square feet of restaurant space, including approximately 2,540 square feet of outdoor seating. Phil Lyons of Cassidy Turley BRE Commercial represented the lessor in the transaction. Location Matters Development Services has been awarded the contract for the complete planning, design and construction of the restaurant property.
RALEIGH, N.C. — RCG Ventures has purchased Poyner Place in Raleigh for an undisclosed price. Situated across from Town Triangle Center, the 199,122-square-foot shopping center is anchored by Super Target, Office Max, Ross Dress For Less, Cost Plus World Market, Old Navy and Pier 1 Imports. Additional terms of the sale were not released.
BRANDON, FLA. — Adler Group has completed the disposition of an approximately 16-acre site within its Pavilion Crossings Development, which is located at U.S. Highway 301 and Falkenburg Road in Brandon. The site will be developed with a 45,600-square-foot Publix Supermarket and a 5,000-square-foot Fifth Third Bank. The projects are scheduled for completion in late 2011. Howard Taft and Charles Penan of Aztec Group represented Adler Group in the transaction. Terms of the transaction were not released.
CHICAGO — Newcastle Limited has acquired 227 East Ontario, a 15,500-square-foot retail property located in Chicago's Streeterville neighborhood. Newcastle plans to add 885 square feet of additional space to the two-story building, which was purchased for $5.9 million, and redevelop the property into a premier retail property. The property was recently vacated by the U.S. Postal Service. Paul Bryant and David Stensby of Mid America Real Estate represented the undisclosed sellers in the transaction. Additionally, Newcastle has retained Mid America to market the redeveloped property.
ST. PAUL, MINN. — The Boulder Group has brokered the sale of a single-tenant retail property in St. Paul. The 14,490-square-foot property, which is net leased to Walgreens, sold for $5.9 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the 1031 exchange buyer, a California-based private family trust, in the transaction. The seller was a Midwest Walgreens developer.