SACRAMENTO, CALIF. — Marcus & Millichap has brokered the sale of a 7,515-square-foot Aaron Rents property located at 3138 Northgate Blvd. in Sacramento. The tenant has signed a 10-year NNN lease. Marcus & Millichap’s Alvin Mansour represented the seller in the transaction.
Retail
OAKLAND PARK, FLA. — Strategic Storage Trust has purchased a 1,600-unit self-storage property from a private seller for an undisclosed price. The 93,700-square-foot facility is located at 4950 N. Dixie Highway in Oakland Park. Five of the development's units offer storefront retail space. This marks Strategic Storage Trust's fifth acquisition in Florida.
COLUMBUS AND CINCINNATI, OHIO — Viking Partners has acquired two non-performing notes with a total face value of $8.6 million for two retail centers in Ohio. The company purchased the $4.5 million note for Galloway Crossing, a 28,000-square-foot center in Columbus, and the $4.1 million note for Deerfield South, a 20,000-square-foot property in Cincinnati. Viking is currently seeking non-performing and maturity default loans with a transaction range of $1 to $25 million in the Midwest and Southeast.
WEBSTER, TEXAS — Twin Peaks Restaurant has leased 86,893 square feet from NewQuest Properties in Webster Town Center. The shopping center is located at the interchange of Interstate 45 South and Nasa Bypass in Webster. Mark Sondock served as in-house representation for NewQuest. Paige Partners' Nick Hernandez represented Twin Peaks Restaurant in the transaction.
HOUSTON — Auction Management Corp. has brokered the sale of the former Landmark Chevrolet building in Houston at auction for nearly $3 million. Located at 9111 North Freeway, the property, which closed 2 years ago, was purchased by an undisclosed party. According to Dan Hays, a U.S. Bankruptcy Trustee, the asset had been listed for sale through traditional means, but had not received an acceptable offer.
FORT WORTH, TEXAS — Jeanne Cronin of Q10|New York Realty Advisors has arranged a $4.5 million loan for the 135,000-square-foot Westcliff Shopping Center. The property is located on West Biddison Street in Fort Worth. Westcliff is currently 90 percent occupied. A Texas-based bank provided financing for the 5-year, non-recourse loan, which carries a 6.65 percent interest rate. Stuart Berg of Kurzman Eisenberg Corbin & Lever represented the borrower.
ROCKY MOUNT, N.C. — RCG Ventures has purchased the 95,000-square-foot Tiffany Square from a private party for an undisclosed amount. The property, which is located adjacent to the Golden East Mall in Rocky Mount, is anchored by JC Penney, Belk, Books-A-Million, Best Buy and Petco. Parker Blanchard served as in-house representation for RCG Ventures.
DES PLAINES, ILL. — Midwest Gaming has been awarded the final Illinois casino license and plans to develop a 200,000-square-foot casino facility at 3000 River Road in Des Plaines. In order to develop the new facility, Midwest Gaming executed its options to purchase and terminate its current lease at Revere Mills, which is owned by Marc Realty. In May, Revere Mills is relocating to a 10,000-square-foot office property at 2840 River Road in Des Plaines and a 182,000-square-foot warehouse in Greenville, S.C. Ben Rosenfield of Titan Commercial arranged the transaction, which involved renegotiating leases, purchase rights and termination agreements. The deal involved Midwest Gaming, Marc Realty and Revere Mills International Group.
NEW YORK CITY — T.J. Maxx has signed a lease for 27,639 square feet of retail space in Manhattan. The retailer will occupy the bottom three floors of 250 West 57th Street, a 26-story, 535,000-square-foot office building owned by W&H Properties. T.J. Maxx will take occupancy for a 10-year term beginning later this year. This marks the retailer's third Manhattan location. Joanne Podell, Matthew Seigel and Barry Zeller of Cushman & Wakefield represented the landlord in lease negotiations. Peter Ripka of Ripco Real Estate represented the tenant.
SAN MARCOS, TEXAS — 1180 Thorpe Ltd. has purchased a 103,504-square-foot building from Target for an undisclosed price. The former Target store is located adjacent to Springtown Mall at 1180 Thorpe Lane in San Marcos. Target relocated its store to East McCarthy Lane last September. Epic Real Estate Ventures' Daniel Jay Holland represented the buyer. Mark Reeder and Todd Wallace of SRS Real Estate Partners represented Target.