NEW YORK CITY — Marcus & Millichap has arranged the sale of a 1,916-square-foot retail building located at 1714 86th St. in Brooklyn, New York City. The property traded for $700,000, or $365 per square foot. Jeb Hollingsworth and Matthew Fotis of Marcus & Millichap's Brooklyn office represented the seller and the buyer, both private investors.
PHOENIX — Whitestone REIT has purchased the 111,227-square-foot Sunnyslope Village, located in central Phoenix, for $6.4 million. The Class B community retail center is the second acquisition the Houston-based company has made using the proceeds of its August IPO.
PALM BEACH GARDENS, FLA. — Deerfield Beach, Fla.-based SIKON Construction has completed the construction of a $7.5 million Publix at Frenchman's Crossing shopping center in Palm Beach Gardens. The 10-acre, 62,631-square-foot center is located at the northwest corner of Hood Road and Alternate A1A. The center includes the new 46,031-square-foot Publix and 16,600 square feet of additional retail space. Architect Marc Winter of Boca Raton, Fla., designed the property.
CHICAGO — Strategic Storage Trust Inc. has acquired three self-storage facilities totaling 281,000 rentable square feet with approximately 2,030 units. The assets include 1000 E. 95th Street in Chicago, which offers 690 units with 72,000 rentable square feet; 2244 S. Western Ave. in Chicago, which features 590 units with 59,000 rentable square feet; and 5701 W. Ogden Ave. in Cicero, Ill., which offers 750 units with 65,000 rentable square feet. The facilities will be rebranded under the SmartStop SM Self Storage trade name. Terms of the transaction were not released.
RIVERSIDE, CALIF. — Faris Lee Investments has completed the $6.75 million sale of Magnolia Village Plaza, a 38,060-square-foot retail center located at 10901 – 10995 Magnolia Ave. in Riverside. Built in 1988 and renovated in 2007, Magnolia Village Plaza features a freestanding Taco Bell with drive-thru, two retail pads and in-line shops anchored by Kaiser Permanente. The property was 87 percent occupied at the close of escrow. Faris Lee Investments’ Nick Coo represented the private-investor seller, B U Management, in the transaction, and Reza Kassrian of Pars Global represented the buyer, Newell Owenby Trust.
WASHINGTON, D.C. — BGG Associates-DC and BGG Associates-DCGL have purchased a CVS/pharmacy property, which is located at 1751 Columbia Road in Washington, D.C.'s Adams Morgan neighborhood. The triple-net leased retail property sold for $11.74 million or $932 per square foot. Rick Fernandez of Calkain Cos. represented the buyer, while Jonathan Hipp and David Sobelman, also of Calkain Cos., represented the undisclosed seller in the transaction.
SANDY, UTAH — A&B Properties has acquired Little Cottonwood Center, a 141,600-square-foot neighborhood shopping center in Sandy, for $20.5 million. The real estate subsidiary of Honolulu-headquartered Alexander & Baldwin reinvested 1031-exchange proceeds in buying the grocery-anchored shopping center, which is located approximately 17 miles from downtown Salt Lake City. Ninety-seven percent occupied at the time of purchase, the property includes Fresh Market, McDonald’s, Starbucks Coffee, Discount Tires and Texaco in its tenant lineup.
ORLANDO, FLA. — Armonk, N.Y.-based Kayne Anderson Real Estate Partners I has partnered with Orlando-based Flagship Investment Group to acquire a five-property portfolio of self-storage facilities across Florida. The 375,097-square-foot portfolio offers 3,187 units located throughout the Greater Orlando and Jacksonville areas, including Orange Park, Fleming Island, Clermont and Minneola. The portfolio sold for approximately $25 million. Additional terms of the transaction were not released.
LIVONIA, MICH. — Jason Brown of CBRE Capital Markets, Debt & Equity Finance, has arranged $1.87 million in first mortgage financing for a two-tenant retail property located in Livonia. A local credit union provided the financing at a sub 5.75 percent interest rate.
NEW YORK AND NEW JERSEY — On the heels of its recent announcement that a new store will open next fall in Manhattan, outdoor retailer REI has announced plans to open three new stores next spring in the Tri-State area. The stores will be located in Yonkers and Carle Place, N.Y., and Paramus, N.J. Each will measure approximately 25,000 square feet and will feature a bike shop in addition to the store's usual offerings. The retailer currently operates 114 stores nationwide.