CHARLOTTE, N.C. — The Royston Group has brokered the sale of a 50,000-square-foot, single-tenant retail property in Charlotte. Situated on 5 acres, the property was built in 1994 and renovated in 2002. Best Buy signed a 20-year absolute triple net lease on the property in 2003. Rob Sutton and Greg Cortese of The Royston Group represented the undisclosed seller and the undisclosed buyer in the $8.5 million transaction.
NEW YORK CITY — The State Teachers Retirement System of Ohio has acquired the retail portion of the 15 Union Square West residential tower in New York City from Brack Capital Real Estate for $57.88 million. The condominium totals 14,494 square feet and consists of four spaces. Tenants include HSBC Bank, Lululemon Athletica and Sketchers. The fourth space is vacant. Bill Shanahan and Darcy Stacom of CB Richard Ellis represented the seller in the deal.
EAST WINDSOR, N.J. — Marcus & Millichap has brokered the sale of a New Jersey retail center for $14.5 million. Windsor Crossing is an 80,009-square-foot property located at 761 Route 33 West. The center has 14 tenants including Gold's Gym, The Learning Experience, New York Community Bank, a Japanese restaurant and a grocery store. It is part of a master-planned development that also includes The Home Depot, Walmart and 102 single-family homes. Brad Nathanson and Christopher Munley of Marcus & Millichap's Philadelphia office represented the seller, Windsor Crossing West #4 LLC. The pair also procured the buyer, a New York-based shopping center operator. Michael Fasano of Marcus & Millichap's New Jersey office assisted in the deal.
BROWNSBURG, IND. — BMC Capital has originated a $1.6 million loan for the refinancing of a maturing CMBS loan on a CVS/pharmacy property, located at 21 W. Main St. in Brownsburg. Barrett Linburg of BMC Capital arranged the 10-year, fixed-rate loan, which has a 50 percent loan-to-value and a 25-year amortization schedule, for the undisclosed borrower.
SOUTHLAKE — Southlake-based N3 Real Estate recently introduced its $200 million Delton Retail Fund, which is aimed at expanding N3's net lease portfolio in the U.S. retail real estate market. The Delton Retail Fund is an international joint venture between N3 and Toronto, Canada-based Alex Shnaider, co-founder of the Midland Group. The introduction of the Delton Retail Fund combines with $50 million of equity being raised by Dallas-based Rainier Capital for its joint venture with N3, Net Lease Retail Partners LP. N3 estimates it will have the capacity to develop and acquire close to $400 million of retail real estate during the next 2 to 3 years with its current equity commitments from Delton and Rainier.
COSTA MESA, CALIF. — Renovation of the 300,000-square-foot South Coast Collection, a retail center consisting of eight showroom buildings, creative studios, general retail and food service located at 3303-3323 Hyland Ave. in Costa Mesa, has been completed. Branded as SoCo, the revamped property near Interstate 405 offers a wide variety of home furnishings and accessories, as well as many other specialty stores. Newport Beach, Calif.-based Burnham Ward Properties was the developer, Ware Malcomb of Irvine, Calif., was the project designer and Brea, Calif.-based KPRS Construction Services was the general contractor.
CLEBURNE — A 4,780-square-foot Applebee's restaurant, located at 216 W. Katherine P. Raines Rd. in Cleburne, has sold for $2.4 million. Philip Levy and Jason Vitorino of Marcus & Millichap's Fort Worth office represented the seller, a limited liability company, as well as the buyer, an individual trust.
ROCHESTER HILLS, MICH. — Emagine Theatres has opened a 47,884-square-foot location at Hampton Village Centre on Rochester Road in Rochester Hills. Alex Bieri of Detroit-based The Bieri Company and Brooke Wolf of Southfield, Mich.-based LaKritz Weber represented the tenant. Justine O'Brien provided in-house representation for the owner, Centro Properties Group, in the transaction. Terms of the lease were not released.
ATLANTA — Angelic Real Estate has closed the sale and leaseback of seven Aaron's retail locations, three in Texas, on behalf of a privately held institutional fund for $9.6 million. The properties were leased back to Aaron's for 15-year initial lease terms. Gabriel Silverstein and Louis D'Lando of Angelic Real Estate arranged the transaction directly with Atlanta-based Aaron's. The properties are located in Texas, Alabama, Ohio, North Carolina and Pennsylvania.
CARY, N.C. — NorthMarq Capital has arranged $12.6 million in first mortgage financing for Tryon Village in Cary. Located at 1151 Tryon Village Dr., the 103,775-square-foot retail center is occupied by Harris Teeter, Brueggers Bagels and Starbucks Coffee. Financing was based on a 25-year term with a 25-year amortization schedule. Todd Crouse of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq's relationship with Genworth Financial.