NEW YORK CITY — Marcus & Millichap has brokered the sale of a 17,720-square-foot retail property lease by Pep Boys that is located at 1941 Forest Ave. in Staten Island. The property traded for $5.77 million at a 7.69 percent cap rate. Scott Plansky of Marcus & Millichap's Manhattan office represented the seller, a fund manager. The buyer's name was undisclosed. Marcus & Millichap also arranged the sale of an 11-unit apartment building located at 535 E. 87th St. in Manhattan. Eight of the units were vacant at the time of closing and in need of renovation. The property traded for $2.75 million and was acquired by a local party completing a 1031 exchange. Joe Koicim and Peter Von Der Ahe of Marcus & Millichap's Manhattan office represented the out-of-state seller.
Retail
LAKE CITY, FLA. — Lake City Commons Retail has sold the 66,510-square-foot Lake City Commons shopping center to an affiliate of the Illinois-based Inland Group for $10.55 million. Located at the interchange of U.S. Highway 90 and State Road 247 in Lake City, the 2-year-old property is anchored by a 45,600-square-foot Publix. Cliff Taylor of CB Richard Ellis' Jacksonville, Fla., office and brokers in CBRE's Miami office represented the seller.
RESTON, VA. — Edens & Avant has purchased the 120,195-square-foot Hunters Woods shopping center from a private party for an undisclosed amount. The property is located at the intersection of Colts Neck Road and Glade Drive in Reston. The property, which is anchored by Safeway, will be redeveloped next year.
FAIRLAWN, OHIO — Bryn Mawr, Pa.-based WP Realty has acquired Fairlawn Town Centre in Fairlawn, Ohio, for an undisclosed price. The five-building, 447,0037-square-foot retail center is occupied by Giant Eagle, Target, Home Goods, Pet Supplies Plus, Marc’s, U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and Radio Shack. The acquisition also included a vacant 39,840-square-foot junior anchor box, which was formerly occupied by Circuit City.
MIAMI — Simon Property Group and Institutional Mall Investors have borrowed $79 million in refinancing for The Shops at Sunset Place. Located at 5701 Sunset Drive in Miami, the property includes AMC Theaters, LA Fitness, Gameworks and Splitsville. Manny de Zarraga, Luis Castillo, Danny Finkle, Claudia Steeb and John Pelusi, Jr., of Holliday Fenoglio Fowler arranged the financing. JP Morgan Securities funded the 10-year, fixed-rate loan.
MONTGOMERY AND UNION TOWNSHIP, OHIO — Cassidy Turley has brokered two transactions totaling approximately $2.07 million in Ohio. In the first transaction, ITIS Group purchased 32,000 square feet of retail space at 11033 Montgomery Road in Montgomery from National City Trust for $1.2 million. Andrew Sellet, Sean Wall and Mike Heekin of Cassidy Turley represented the seller in the transaction. In the second transaction, Clermont County Public Library has acquired 11,093-square-foot former Ryan’s Steakhouse, which is located at 4450 Ryan’s Way in Union Township. Figryanah LLC sold the property for $875,000. Sellet, Wall and Heekin represented the seller in the transaction.
LINDALE — GVentures LLC has sold Lindale Corners Shopping Center to a private party for an undisclosed amount. The 20,000-square-foot property is located on South Main Street in Lindale next to a Wal Mart and a Lowe's Home Improvement Center. The shopping center is fully leased.
TEMECULA, CALIF. — Grubb & Ellis has negotiated the sale of the 69,000-square-foot Temecula Creek Plaza, a retail center located at 31021 – 31141 Temecula Pkwy. in Temecula. Financial terms of the deal were not disclosed. Built in 2007 and 68 percent leased at the time of sale, Temecula Creek Plaza is anchored by CVS/pharmacy and Guaranty Bank. Grubb & Ellis’ Michelle Schierberl and Donald Ellis, with assistance from Robert Griffith of Financial Services Asset Management, represented the property’s receivership in the transaction, and William Meinhold of Swoboda Hospitality Specialists represented the private-investor buyer.
VOORHEES, N.J. — CB Richard Ellis (CBRE) Capital Markets has secured $12.6 million for the recapitalization of the Lowe's Home Improvement Warehouse located in Voorhees. The permanent loan is non recourse, self amortizing and carries a 5.47 percent interest rate. The lender is CTL Capital. The 168,382-square-foot Lowe's is located at 144 Route 73 North and is part of Cedar Hill Shopping Center. The property is subject to a ground lease. Enoch Lawrence and Rayna Karaivanov of CBRE Capital Markets arranged the transaction. The borrower's name was not disclosed.
DALLAS — Centro Properties Group has opened a 14,650-square-foot Anna's Linens store in Wynnewood Village Shopping Center. The property is located at the intersection of West Illinois Avenue and South Zang Boulevard in Dallas. Brian Heitzman is in charge of leasing the property for Centro.