MESQUITE —An 88,000-square-foot freestanding retail building in Mesquite, which is currently leased to Hobby Lobby and Mardel, has been sold to a New York-based investment group for an undisclosed price. A Dallas-based limited partnership sold the property, which fronts Galloway Road in Mesquite and sits just north of Highway 80. Gavin Kam of Net Realty Advisors and Brad Kam of TKG Property negotiated the transaction.
NEW YORK CITY — Beck Street Capital has disposed of an approximately 5,000-square-foot retail portfolio located in New York City for $34 million. The portfolio comprises six retail condominiums located in Manhattan's West Village at 367-369, 382-384 and 387 Bleecker St. At the time of closing, the portfolio was fully leased to a tenant roster that includes Burberry, Marc Jacobs, Michael Kors, Mulberry and A.P.C. Robert Knakal and James Nelson of Massey Knakal Realty Services represented Beck Street in the deal. The buyer's name was not released.
THE WOODLANDS — Houston-based Baker Katz has acquired the former Hollywood Video building at Grogan's Mill and Sawdust in The Woodlands. Baker Katz plans to renovate and expand the 7,500-square-foot building, and subdivide it and re-lease the spaces to individual tenants. Cathie Mann of Vista represented the seller, while Baker Katz was represented in house.
LAGUNA HILLS, CALIF. — NorthMarq Capital has arranged first-mortgage financing of $9.2 million for the 89,936-square-foot Courtyard At La Paz, located at 25232-25342 McIntyre Street in Laguna Hills. Financing for the retail property was based on a 5-year term with a 30-year amortization schedule and was arranged for the borrower, an Orange County-based private investment group, through a CMBS lender. Ory Schwartz of Minneapolis-based NorthMarq arranged the first-mortgage financing deal.
DAPHNE, ALA. — Coral Gables, Fla.-based American Real Estate Capital has closed on a $15.6 million loan for the acquisition of Jubilee Square in Daphne. The 340,000-square-foot is 90-percent leased by tenants, including Stein Mart, Rave Motion Pictures, TJ Maxx and Hobby Lobby. The property is managed by Blackwater Management. Additional terms of the financing were not released.
LINCOLNSHIRE, ILL. — An undisclosed buyer has acquired Village Green, a mixed-use commercial property located at the corner of Milwaukee Avenue and Half Day Road in Lincolnshire. The 121,000-square-foot property is 80 percent leased by a mix of tenants, including national and local retail, office, medical and restaurant tenants. Anchored by Flatlanders Brewery, the property sold for $12 million or approximately $100 per square foot. Jeff Baasch, Dan Elliot and Sean Lutz of Sperry Van Ness represented the buyer in the transaction.
RUTHERFORD, N.J. — A 25,000-square-foot retail building located at 310 Union Ave. in Rutherford has traded for $2.3 million. The building was formerly occupied by Shop Rite. Chuck Lanyard and Ryan Glastein of The Goldstein Group represented the seller, Union Avenue Rutherford Associates LLC. Florian Suserman and Curtis Nassau, also of Goldstein, represented the buyer, J.S. Rutherford LLC. Goldstein is also marketing the building for lease on behalf of the new owners.
ARCADIA, CALIF. — REZA Investment Group has completed the $70 million sale of the approximately 351,871-square-foot Arcadia Hub Shopping Center, an urban in-fill, grocery-anchored retail property located in Arcadia. Situated at the intersection of W. Duarte Rd. and S. Baldwin Ave., the two-level community shopping center is anchored by Pavilions, Burlington Coat Factory, Jo-Ann Fabrics & Crafts and LA Fitness.
CHICAGO AND CICERO, ILL. — JP Morgan Asset Management has completed the disposition of a four-property, self-storage portfolio for $13.5 million. The portfolio consists of approximately 321,000 square feet of rentable storage space and 2,285 storage units. Ladera Ranch, Calif.-based Strategic Capital Holdings acquired the property, which was 76 percent occupied at the time of acquisition. The assets are located at 1000 E. 95th St. and 2244 S. Western Ave. in Chicago, and 5701 W. Ogden Ave. and 5525 W. Roosevelt Road in Cicero. Marc Boorstein and Jeff Jacobson of MJ Partners Real Estate Services represented the seller in the transaction.
MANSFIELD, CONN. — Agree Realty Corp. has acquired a CVS/pharmacy located in Mansfield for $3.3 million. CVS currently has 16 years remaining on the base term of its lease for the building, which is located at the intersection of Storrs Road and Middle Turnpike Road. The seller's name was not released.