SAN DIEGO — The P & J Hennessey Irrevocable Trust has acquired a 4,500-square-foot restaurant building, located at 7811 Herschel Ave. in the La Jolla submarket of San Diego, for $1.375 million. Michael Spilky of Location Matters Restaurant & Retail Brokerage represented both the buyer and the seller, Buonsante Family Trust, in the transaction. For the past 24 years, BFT has operated the Santé Restaurant at the property, which will be completely renovated to house Hennessey’s Tavern’s 11th location and fourth in San Diego County.
NAPLES, FLA. — J.L. Wallace of Fort Myers, Fla., has finished work on a 12,900-square-foot CVS/pharmacy store located at 8831 Immokalee Road in Naples. Robert Reid Wedding Architects designed the property, which features a drive-thru area. Coastal Engineering Consultants also provided services.
SOMERS POINT, N.J. — Conshohocken, Pa.-based Soloff Realty & Development has acquired a 7,000-square-foot, freestanding retail property located in Somers Point. The building is net-leased to Advance Auto Parts. It is part of a three-pad retail development that also includes a CVS/pharmacy and a Wendy's. The seller was a locally based private trust.
SHIPPENSBURG, PA. — Marcus & Milllichap has completed the sale of a Lowe's Home Improvement Warehouse in Shippensburg for $17.55 million. The 171,069-square-foot store is located on 30 acres at 250 S. Conestoga Drive. It was built in 2008, at which time Lowe's signed a 22-year, triple-net lease for the property. The undisclosed buyer assumed a 22-year, self-amortizing loan at 7.2 percent with 20 percent down. Chris Rea, a vice president of investments with Marcus & Millichap, and Brian Munn of the firm's Atlanta office represented the seller. Jason Cropper of Marcus & Millichap's Little Rock, Ark., office represented the buyer. Spencer Yablon of Marcus & Millichap's Philadelphia office provided local representation.
NEW YORK CITY — Broad Street Development has announced plans to create a retail plaza at the street level of 55 Broadway in Downtown Manhattan. The glass-enclosed plaza will contain a total of 11,300 square feet of retail space, consisting of 4,900 square feet of ground-floor space and 6,400 square feet of mezzanine space. It will feature 30 feet of frontage along Broadway and will be complete by fall 2011. Robert K. Futterman Associates will be leasing the space. 55 Broadway is a 32-story office tower that totals more than 330,000 square feet of Class A space. It is currently more than 97 percent occupied.
MISSION VIEJO, CALIF. — Representing both parties, Grubb & Ellis has handled the $22 million sale of the 220,000-square-foot Kaleidoscope Retail Center located at 27741 Crown Valley Pkwy. in Mission Viejo. Westport Capital Partners LLC purchased the three-story lifestyle and entertainment center from C-III Asset Management LLC, the special servicer of the property formerly known as Centerline, in an all-cash transaction. Grubb & Ellis’ Dixie Walker represented both sides in the Kaleidoscope deal. Constructed in 2000, the property is 62 percent leased to tenants such as Regal Cinemas, Buffalo Wild Wings, Islands Restaurant, Riptide Restaurant, The Derby Restaurant and Piano Bar, and Laser Quest.
LENEXA, KAN. — Kansas Sampler (9750 Quivira LLC) has purchased a 40,000-square-foot retail space at Broadway Plaza Shopping Center in Lenexa. Located at 9750 Quivira Road, the former Feist Furniture property sold for an undisclosed price. Kansas Sampler’s new location is scheduled to open this summer. David Ye of Block & Company Realtors represented the seller, Feist Inc., in the transaction.
HAMILTON, N.J. — Levin Management Corp. has begun the renovation and expansion of Hamilton Plaza, a 184,272-square-foot shopping center located on Route 33 in Hamilton. The renovation will expand the center's current anchor, ShopRite, to 86,000 square feet. A portion of the building's front will be removed to add parking space, and additional square footage will be added in the building's rear. In addition, a 10,000-square-foot endcap space will be constructed. This expansion, when combined with two adjacent vacant parcels of 7,000 and 11,000 square feet, could create up to 28,000 continuous square feet for potential tenants. Two new pad sites will be added, ideally for a bank branch and a restaurant. Finally, several cosmetic improvements will be made, including new signage, a modernization of the building façade, redesigned landscaping and reconfigured parking.
LIMERICK, PA. — Costco has acquired 14 acres at Limerick's Gateway at Saratoga retail development project for the construction of a new location. Costco will anchor the 450,000-square-foot Phase I of the project, which is located along Route 422. Also being constructed as part of Phase I is 76,500 square feet of retail and restaurant space. Completion is expected in spring 2011. Phase II, which will open in fall 2011, will consist of approximately 190,000 square feet of retail, restaurant and hotel space.
NEW YORK CITY — Robert K. Futterman (RKF) & Associates has completed the sale of a retail condominium for $2.67 million. The condo is located at 8 W. 19th St. in Manhattan's Flatiron District. Its occupant is Food Works. RKF's Brian Segall, David Alani and Jonathan Butwin represented the buyer, 8 West 19 Retail LLC, and the seller, Bennco Properties.