TUCSON, ARIZ. — Marcus & Millichap has brokered the $3.5 million sale of a 13,905-square-foot Walgreens in Tucson. The brokerage firm’s Jacob Levy and Hamid Panahi represented the buyer and seller, respectively, of the single-tenant, net-leased property; both participants were limited-liability companies.
WEST PALM BEACH, FLA. — Regins Inn has purchased the 19,020-square-foot Walgreens at Summit retail center from Spring Estates South for $4.56 million. Located at 4509 Summit Blvd. in West Palm Beach, the property consists of a freestanding Walgreens and a two-tenant building, which will be demolished after its leases expire to make way for more Walgreens parking. David Donnellan, William Strauss, Todd Weintraub and Mike Millard of CB Richard Ellis represented the seller.
DICKSON CITY, PA. — Appliance and electronics retailer hhgregg has opened a new location in Dickson City. The 27,943-square-foot store is located within the Dickson City Crossings shopping center on Scranton Carbondale Highway. Centro Properties Group is the shopping center's owner and was represented in-house by Suzanne Cadden-Christman in lease negotiations.
EDGEWATER, N.J. — ARC Property Trust has acquired the ground lease for a CVS/pharmacy located in Edgewater. The property is situated on River Road within the 1 million-square-foot Riverside Park mixed-use development. CVS occupies the building under a 25-year lease. The seller's name and the acquisition price were not disclosed. ARC Property Trust was formed in January by ARC Properties and has the goal of investing $100 million in net-leased properties over the next 12 months.
HOUSTON — Investcorp Real Estate has purchased the 348,542-square-foot Deerbrook Marketplace shopping center from a private seller for an undisclosed price. The Houston property is 98.5 percent leased by tenants including Sports Authority, Best Buy, Bed Bath and Beyond, Marshalls, OfficeMax and PetsMart. Capital Trust provided financing for the acquisition, which will be managed by Global Fund Investments.
CERRITOS, CALIF. — Marcus & Millichap has brokered the more than $9.8 million sale of the 58,126-square-foot Del Amo Plaza neighborhood retail center located at 11853 Del Amo Blvd. in Cerritos. Built in 1963 but newly renovated, the 91 percent-occupied Del Amo Plaza is anchored by Starbucks Coffee, Bally Total Fitness and Quiznos. Marcus & Millichap’s Chris Maling and David Maling represented the seller in the transaction.
BOYNTON BEACH, FLA. — Regions Bank has acquired a Regions Bank branch from Pebb Enterprises Boynton for $3.92 million. Located at 1485 Gateway Blvd. in Boynton Beach, the former restaurant was renovated for Regions Bank by the seller last year. David Donnellan, William Strauss, Todd Weintraub and Mark Drazek of CB Richard Ellis represented the seller.
CHICAGO — CB Richard Ellis has brokered eight new leases for Block 37, which is located at 108 N. State St. in downtown Chicago. Ladies and Gentlemen, an Aveda lifestyle salon, has leased 5,284 square feet on Level 3; iCandylicious inked a deal for 1,619 square feet on the Pedway; Texas-based Which Wich signed for 1,523 square feet on the Pedway; Chicago-based Alternative Shoes leased 1,441 square feel on Level 1; Simply Thalia signed for 1,279 square feet on the Pedway; Andy’s Frozen Custard inked a deal for 967 square feet on the Pedway; Michelle Tan leased 659 square feet on Level 2; and Comic Vault leased 294 square feet on Level 3. Block 37 is a five-story, approximately 280,000-square-foot retail center in Chicago. Leslie Mader, Joe Parrott and Peter Graham of CB Richard brokered the transactions. Terms of the leases were not disclosed.
WEST ALLIS AND NEW BERLIN, WIS. — Milwaukee-based Inland Construction has completed two construction projects in West Allis and New Berlin. In the first project, Inland Construction completed a 3,500-square-foot tenant improvement project for Perfect Mattress Inc. The store is located at 3020 S. 108th St. in West Allis. In the second project, the company completed a structural renovation for Hawthrone Hill Barn. The 6,788-square-foot property is located at 16370 Small Road in New Berlin. Both project were completed in April.
CARMEL AND KATONAH, N.Y. — Urstadt Biddle Properties has acquired two retail properties in New York. In the first transaction, the REIT purchased a two-thirds equity interest in Putnam Plaza Shopping Center, a 193,000-square-foot property located in Carmel. Located along Route 6, the property is valued at $28.6 million. The tenant roster includes anchor Hannaford Brothers Supermarket, Rite Aid, NY Sports Club, Radio Shack, Starbucks and Dress Barn. Urstadt Biddle's partner in the property is a local real estate investor. The second transaction involved the outright purchase of three multi-use properties located in downtown Katonah. The buildings consist of 14,000 square feet of office space above 18,000 square feet of ground-floor retail. The office component is fully leased and the retail component is anchored by Mrs. Green's Natural Food Market. Urstadt Biddle purchased the buildings for $8.52 million.