SAHUARITA, ARIZ. — Evergreen Development Co. has sold a 29,000-square-foot shopping center pad, located near the northwest corner of Interstate 19 and Nogales Highway at Madera Marketplace in Sahuarita, to Lifelong Learning Academy. Financial terms of the deal were not disclosed. Volk Company’s Brenna Lacey represented the seller in the transaction, and Rob Roach of Jones Lang LaSalle represented the buyer.
PITTSBURGH; AND NEWARK AND TEANECK, N.J. — Marcus & Millichap has completed the sale of a 5,104-square-foot IHOP restaurant at 1002 Sutherland Drive in Pittsburgh for $2.98 million. Charles Krushansky of the firm's Pittsburgh office and Jamie Medress of the firm's Phoenix office represented the seller, RCDG-Robinson TC LP. Gary Lucas, also of Marcus & Millichap, assisted in the transaction. In addition, Marcus & Millichap's New Jersey office arranged the sale of a 41-unit apartment property located in Newark for $2.74 million. Christopher Rizzolo represented the seller, a private New Jersey investor. Rizzolo partnered wit Maz Radwan, also of Marcus & Millichap, to represent the buyer, another New Jersey investor. Finally, Jeffrey Oram of Marcus & Millichap's National Office & Industrial Properties Group represented Newton, Mass.-based Bank Street Investment Partnership in the sale of an approximately 16,500-square-foot office property located at 2-8 Washington St. in Teaneck. Oram also procured the buyer, locally based Penobscot Management. The acquisition price was not disclosed.
MIAMI — Marcus & Millichap has brokered the $4.45 million sale of the 21,868-square-foot Bird 74 Shopping Center in Miami. Located at 7378 SW 40th St., the property houses IHOP, a day care center and a gym. Drew Kristol and Kirk Olson of Marcus & Millichap brokered the sale.
PHILADELPHIA — Berkadia Commercial Mortgage has secured $17.5 million in non-recourse funds for the refinancing of Red Lion Plaza in Philadelphia. The shopping center totals approximately 229,000 square feet. Tenants include Best Buy, Staples, American Signature Furniture and Planet Fitness. The loan carries a 6.25 percent fixed interest rate. Rob Lipson of Berkadia's Red Bank, N.J., office and Jim Badolato of the firm's Philadelphia office originated the loan on behalf of RL Shopping Center LP through a regional bank. In addition, Berkadia originated a $3 million permanent loan for the refinancing of the Curtis Building, a 558,000-square-foot industrial/office condo property located in Sharon Hill, Pa. Terms of the loan include a 10-year term, a 20-year amortization schedule and a fixed interest rate. Warren Higgins of Berkadia's Philadelphia office originated the loan through Sun Life Assurance Company of Canada. The borrower is Curtis Park Associates.
MARION, S.C. — Marion Properties has sold a 23,000-square-foot retail center to a private buyer for $2.72 million. The property, which sits next to a Walmart, is located on Enterprise Drive in Marion. Tenants in the center include Dollar Tree, CATO and Shoe Show. BB&T financed the purchase. Drew Fleming and Mark Joines of Atlanta-based Carter's retail sales investment team represented the seller.
DETROIT — SAL Plymouth Inc. has leased 16,000 square feet of retail space at Value Center Mini Mall in Detroit. The property is located at 20427 Plymouth Road. Scott Barrie of Friedman Real Estate Group represented the landlord, H.U.K. Inc., in the lease transaction. Terms of the lease were not disclosed.
YORK, PA. — Kohl's has announced plans to open a new location at West Manchester Mall in York. The department store will occupy an 80,000-square-foot anchor space, which is currently under construction and slated for an October completion. It will join co-anchors Wal-Mart Supercenter, Regal 13 Cinemas and Macy's. The Lightstone Malls, a division of The Lightstone Group, is the owner of West Manchester Mall. Kohl's currently operates 1,067 stores in 49 states.
THE WOODLANDS, TEXAS — Dhukani Properties has purchased 2.5 acres of land from The Woodlands Development Co. for a future retail center. No development schedule has been set for the land, which is located at the intersection of Harper's Landing Boulevard and South Trade Center Parkway. The center will feature a convenience store and gas station. Colliers International's Todd Edmonds and Cody Christoph represented the seller in the transaction.
HOUSTON — Midway Cos. is adding four new tenants this spring to its $500 million CITYCENTRE development in Houston. LMD Botique will open this month, and a BRIO Tuscan Grille location is slated to open in April. In May, Midway will welcome Cyclone Anaya's Mexican Kitchen, and Ruggles Green in set for a June opening. Plans are in the works for 2010 openings of Sur La Table and Republic of Couture. CITYCENTRE, a 37-acre mixed-use project, includes 1.8 million square feet of retail and office space, 700 multifamily units and a 244-room hotel.
BATON ROUGE, LA. — Campus Apartments is working toward a fall completion of the 30,000-square-foot College Row at Northgate retail center near the Louisiana State University campus in Baton Rouge. The project, which is currently 70 percent pre-leased, is located at the intersection of Highland Road and State Street. Tenants include CVS/pharmacy, PJ's Coffee, Menchie's Frozen Yogurt, Shanghai Tokyo Restaurant and Pita Pit.