TEANECK, N.J. — Marcus & Millichap has completed the sale of a 42,047-square-foot retail center located at 665 American Legion Drive in Teaneck. Constructed in 1961, the building's sole tenant is Stop & Shop, which currently has 8 years remaining on a 20-year, triple-net lease but has four 5-year extension options. The tenant recently completed a $1 million renovation. The Marcus & Millichap team of Bob Horvath, Todd Tremblay and Mike Lombardi represented the seller, FW Teaneck LLC, and procured the buyer, H&R LLC.
CHARLOTTE, N.C. — Tower Place Festival, an 114,876-square-foot community center located at 8700 Pineville Matthews Rd. in Charlotte, sold for $12.7 million. It is 80 percent leased and anchored by a Bally Total Fitness with several other national tenants including Bruegger's Bagels, Empire Beauty Academy and Once Upon A Child. Robert Podewils of the Charlotte-based Divaris Real Estate, represented the seller. The buyer was a New York-based group of private investors.
SOUTHAVEN, MISS. — Myers Tire Supply signed a 55,575-square-foot lease with IDI at Class A business park Airways Distribution Center, Building F, located in Southaven. Myers Tire Supply is in the process of consolidating several regional distribution branches to this location, where they plan to begin operating in May. The price of the lease was undisclosed. Myers Tire Supply was represented by Bobby Daush, Jim Mercer and Patrick Burke of CB Richard Ellis in Memphis, Tenn., and Kevin Malinowski of the CB Richard Ellis Global Corporate Services in Cleveland, Ohio. IDI was represented by Tim Moore.
ANNISTON, ALA.; AND FAYETTEVILLE, N.C. — A $2.1 million loan was secured by a first mortgage on a Winn Dixie in Anniston and a Rite Aid in Fayetteville. The deal was brokered by Jeanne Cronin of White Plains, N.Y.-based Q10 | New York Realty Advisors on behalf of the undisclosed borrower. The loan was placed with a leading commercial bank.
OTTUMWA, IOWA, AND MANSFIELD, OHIO — Cassidy Turley Commercial Real Estate Services' Columbus, Ohio, office has brokered the sale of two Walgreens stores in Iowa and Ohio. New York-based American Realty Capital II has acquired 327 West Fourth Street in Ottumwa for $4.3 million and 1000 West Park Avenue in Mansfield for $4.69 million. Zane Fry, Micha Bitton and Kevin James of Cassidy Turley represented the undisclosed New York-based seller in the transaction.
HOUSTON — Sundance Cinemas, The Cordish Companies and the City of Houston have announced that a lease has been signed for the former Angelika center space at Bayou Place in the theatre district of downtown Houston. Sundance expects extensive refurbishment work to begin immediately on the eight-screen complex with a target opening date set for November. Sundance Cinemas Houston will offer specialized film programming culled from film festivals and the best in general release. The venue will offer drinking and dining, all reserved seating, digital stereo sound and presentation, filmmaker screenings and exclusive events. Sundance Cinemas Houston will be the third of its kind, joining Sundance Cinemas in San Francisco and Madison, Wisc.
LOMA LINDA, CALIF. — DMP Properties has purchased a 16,836-square-foot retail building, located at 25710 Barton Road in Loma Linda, from a private investor for $3.6 million. Cassidy Turley BRE Commercial’s Chuck Klein and Kevin Held represented the seller in the transaction; the buyer’s representation was not disclosed.
HUNTSVILLE, ALA. — Construction commenced in late March on a 64,000-square-foot Kohl's in Huntsville. When the site opens in November, it will be the second Kohl's located in Alabama. The stand-alone building is located near the intersection of Ledges and Carl T. Jones Drive. RBJ Signature Holdings, the owner, was represented by The Shopping Center Group's Don Beck of the Hunstville office in negotiations for a long-term ground lease. UCR Dallas represented Kohl's. Terms were not disclosed.
HUNTINGTON STATION, N.Y. — Kimco Realty Corp. has purchased a Long Island shopping center from Centro Properties Group for $7.9 million. Turnpike Plaza is a 53,000-square-foot property located at 695-731 E. Jericho Turnpike in Huntington Station. It was 95 percent leased at the time of closing, and its anchors include Waldbaum's, whose lease will expire soon, and Rite Aid. The Cushman & Wakefield team of Gary Gabriel, Andrew Merin, David Bernhaut and Grace Braverman arranged the deal.
NEW YORK CITY — Madison International Realty has made a $172.3 million equity investment in a portfolio of New York City metro area retail properties owned by Forest City Enterprises. For its investment, Madison International will obtain a 49 percent interest in the partnership, with Forest City controlling the other 51 percent and maintaining leasing and management duties. The portfolio is valued at $851.5 million including $500 million in debt. The properties include three centers each in Brooklyn, the Bronx and Queens; two centers each in Manhattan and Staten Island; and one center in North Bergen, N.J.