CHESAPEAKE, VA. — HHG Chesapeake has purchased 5.2 acres of land in the Kohls Crossing development in Chesapeake from Crystal Lake 64 Associates for $1.75 million. The buyer is planning to build a 25,000-square-foot hhgregg store on the land. An additional 25,000 square feet will be added as needed. David M. Smith of Thalhimer brokered the transaction.
Retail
ATCHISON, KAN. — Agree Realty Corp. has purchased a retail property in Atchison for $4.21 million. The property is currently net leased to CVS/Caremark Corp. Additional terms of the transaction were not disclosed.
SAN ANTONIO — NDS Construction will soon break ground on the first phase of a new Noah's Ark Self Storage & RV Storage location at the intersection of FM 1516 and IH 10 in San Antonio. The facility will contain temperature-controlled units, fully enclosed RV and boat storage, and a secured digital surveillance system. Regular storage units are offered in sizes from 25 square feet to 300 square feet.
MARYLAND AND VIRGINIA — PMIG LLC has borrowed an $8.31 million loan for five gas stations in Maryland and Virginia. Financed by John Marshall Bank, the 10-year loan carries a 20-year amortization. Matthew Kohlhoss of NorthMarq Capital arranged the loan.
NEW YORK CITY — The Hammacher Schlemmer Building, a 62,500-square-foot boutique retail and office building located at 145 E. 57th St. in New York City, was sold in a $34 million transaction. The building was constructed in 1926 as Hammacher Schlemmer's flagship building, and the catalogue company still occupies it today, though its lease will expire later this year. Darcy Stacom and Paul Gillen of CB Richard Ellis' Investment Properties Group, along with Robert Garrish of the firm's Private Client Group, represented the seller, Jenel Management Corp. The buyer was a Brazilian real estate developer.
DALLAS — A 30,770-square-foot Best Buy store will open in a former Circuit City location this August in Dallas. The space is in Prestonwood Town Center, which is located at the intersection of Beltline Road and Montfort Drive. Prestonwood also houses Barnes & Noble, PETCO, Office Depot, Michael's and Walmart. The Woodmont Co.'s Susan Ridley represented Best Buy in negotiations. Mark Reeder and Mark Newman of SRS Real Estate Partners represented the landlord.
BURLESON, TEXAS — Marcus & Millichap has brokered the sale of the 4,921-square-foot Christian Brothers Automotive store between two private parties for an undisclosed amount. The brand-new property, which is located at 350 NW John Jones Drive, is leased to the tenant for 15 years. The firm's John Erthein and Mark Thiel represented the buyer. Jason Vitorino and Philip Levy of the firm's Dallas office represented the seller.
FLORIDA — EZCORP has purchased eight pawn shops in central and south Florida from Legacy Equity Fund for an undisclosed amount. Five stores are located near St. Petersburg and three are in Miami. The stores, which currently operate as different brands, will be rebranded as Value Pawn locations. EZCORP now operates 85 stores in Florida.
ARLINGTON, VA. — Edens & Avant is redeveloping Arlington Ridge, a shopping center located at 2901-2955 S. Glebe Road in Arlington. The 84,502-square-foot project will include the development of pedestrian-friendly walkways, outdoor-dining spaces and extensive landscaping. Giant Foods and Gold’s Gym anchor the property. Completion of the project is scheduled for fall 2010.
EAST DUNDEE, ILL. — Laundry King has purchased a 9,088-square-foot retail building, which is located at 610 S. Dundee Ave. in East Dundee. The buyer plans to convert the property into a laundry mat. Trend Carpet and Tile sold the facility for an undisclosed price. Paul Montes and Eric Spiess of Inland Real Estate Brokerage represented the seller in the transaction.