CHICAGO — The Boulder Group has completed the sale of a CVS/pharmacy ground lease, which is located at 6355 W. Belmont Ave. in Chicago. A New York-based institutional real estate company acquired the single-tenant, net-leased property for $3.6 million. The property is 100 percent leased to CVS/pharmacy on a long-term lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private developer, in the transaction.
NEW YORK CITY — Off-price retailer Syms has signed a lease for 34,000 square feet of retail space in Manhattan for its new flagship location. The space is located at 530 Fifth Ave. It will be a joint store with Filene's Basement, which the company acquired in 2009. The store will consist of 6,500 square feet on the ground floor, 9,500 square feet on the lower level and 18,000 square feet on the second floor. Darrell Rubens and Lori Shabtai of Winick Realty Group represented the landlord, The Moinian Group, in lease negotiations.
MCPHERSON, KAN. — Oklahoma City-based MCPHSN LLC has completed the disposition of Plaza East Shopping Center in McPherson. Located at 2210 E. Kansas Ave., the 72,329-square-foot retail center was purchased by New York-based Cedar Hill Realty LLC for $3.65 million. The property is currently occupied by Hibbett Sports, Orscheln Farm & Home and Hutchinson Community College. Jason Little and Daniel Morris of Canopy Commercial | Auction, along with Gib Kerr of Sperry Van Ness | Gibson Kerr Company, represented the seller; Little also represented the buyer in the transaction. Mary Gardner and Michelle Roberts of Lawyers Title Company's Oklahoma City office provided title and escrow services for the transaction. Acquisition financing was provided by Bryan Geiger of Bank of Oklahoma NA.
EL PASO — The city of El Paso plans to tear down the old Northpark Mall for a new bus terminal and possible retail and condominium space. The city purchased the 23-acre property that includes the shopping center and its parking lot for $6 million. Located at 9530 Dyer, the mall opened in the 1960s with more than 50 stores. However, only Allstate Insurance, The Crystal Ballroom and Furniture Factory Warehouse remain in business today at the location.
MARIANNA, FLA. — An Arizona-based company has purchased Oak Station, a retail property in Marianna. Built in 1989, the 171,509-square-foot is located at 4700 Highway 90. Dorothy Jackman and Ron Schultz of Marcus & Millichap's Tampa, Florida, office represented the Florida-based seller. Terms of the transaction were not disclosed.
CORONA, CALIF. — Faris Lee Investments has completed two sales within The Shops at Sycamore Creek in Corona. Represented by Grubb & Ellis’ Skip Crane in an all-cash transaction, Knaak Family Partnership purchased the Vons fuel station for $2.13 million. Represented by Faris Lee’s Nick Coo, Los Angeles-based YFP Sycamore Creek LLC bought the 12,900-square-foot, stand-alone CVS/pharmacy for $4.93 million, also in an all-cash transaction. Faris Lee’s Dennis Vaccaro and Richard Walter represented the seller, Shops at Sycamore Creek LLC, in the two deals, which completed a three-parcel, break-up strategy totaling $9.66 million. Built in 2008 and 2009, The Shops at Sycamore Creek are situated just off Interstate 15 at Indian Truck Trail Rd.
EXETER TOWNSHIP, PA. — A joint venture between Toronto-based RioCan Real Estate Investment Trust and Port Washington, N.Y.-based Cedar Shopping Centers has closed on the $53 million acquisition of Exeter Commons shopping center in Exeter Township. The 361,000-square-foot center was completed in 2009. Its anchors include a 171,000-square-foot Lowe's Home Improvement Warehouse and an 82,000-square-foot Giant Food Stores, both of which are under 20-year leases. Other tenants include Staples, Petco, Famous Footwear, Five Below, Sleepy's, Five Guys Burgers & Fries, Hallmark, Red Robin, Affinity Bank and Sonic. Occupancy was 98 percent at the time of closing. The purchase was funded, in part, by a $30 million loan provided by New York Life Insurance Co. The loan carries a 10-year term, a 30-year amortization schedule and a 5.3 percent interest rate. Brad Nathanson of Marcus & Millichap's National Retail Group represented the undisclosed seller in the deal and procured the buyer.
TAMPA, FLA. — The Philadelphia office of NorthMarq Capital has arranged a $4.22 million first mortgage for Fowler Plaza, an 87,000-square-foot retail strip center in Tampa. Dollar General occupies a portion of the unanchored center. David Henrich of NorthMarq arranged the 10-year loan, which carries a 25-year amortization schedule, for the borrower through NorthMarq’s correspondent relationship with Symetra Financial.
HAMILTON TOWNSHIP, N.J. — Construction has commenced for the expansion and renovation of Hamilton Plaza, a 184,272-square-foot shopping center located at the intersection of Route 33 and White Horse-Hamilton Square Road in Hamilton Township. The $10 million project will include the expansion of the World Class ShopRite superstore, the addition of a 10,000-square-foot endcap, two new pad sites, and an updating to the center's signage, landscaping and façade. Levin Management Corp. is heading the Hamilton Plaza renovation as the center's exclusive leasing and managing agent.
HOUSTON — Stone Gate Shopping Center, a 31,570-square-foot retail property located at 9740 Barker Cypress Rd. in Houston, has changed hands for an undisclosed amount. Micha van Marcke and Josh Jacobs of Page Partners represented the seller, 9740 Barker Cypress Road Holdings LP, which sold the property to the Hooten Family Trust.