NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a 23,743-square-foot development site located at 74-21 Queens Blvd. in the Elmhurst neighborhood of Queens, New York City. The site presently contains a vacant, single-story auto repair shop and is zoned for commercial or hotel development. The property traded for $3.57 million. Massey Knakal's Thomas Donovan was the sole broker in the deal between two undisclosed parties.
DANVERS, MASS. — Fantini & Gorga has arranged $3.1 million in permanent financing for an auto dealership property located in Danvers. The property consists of 7.45 acres with a 33,200-square-foot dealership building. It is leased to Herb Chambers Chevrolet, Buick, Pontiac & Hummer. The borrower, Barron Chevrolet, will use the loan proceeds to replace maturing debt. The lender was a Massachusetts institutional bank.
HARFORD COUNTY, MD. — St. John Properties will break ground during the second quarter on The Village Center at The GATE, a 60-acre shopping center near the Government and Technology Enterprise project in Harford County's Aberdeen Proving Ground. The Village Center will encompass 78,000 square feet in up to nine buildings, which includes five restaurant pad sites, two pad sites for banks and a 10,000-square-foot child-care facility. A 21,000-square-foot, multi-tenant building is also part of the project.
CARBONDALE, KAN. — A Colorado-based investor has purchased a 9,014-square-foot retail property, which is located in Carbondale. The single-tenant property is net-leased to Dollar General. A Kansas-based developer sold the property for $837,500 at a 9.02 percent cap rate. Ben Sgambati, Michael Lombardi and Adam Christofferson represented the seller; Sgambati and Lombardi also represented the buyer in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a Walgreens pharmacy located on New York City's Staten Island for $9.5 million. The recently built, 7,264-square-foot property is located at 2191 Richmond Ave. Walgreens occupies the building under a 75-year lease with the option to terminate after year 25. Steven Siegel and Scott Plasky of Marcus & Millichap's Manhattan office represented the seller, a Walgreens preferred developer. The property traded at a 7.25 percent cap rate. In addition, Plasky procured the buyer, a New York-based limited liability company, in the acquisition of another newly constructed Walgreens, which is also located in Staten Island at 570 Tompkins Ave. The property traded for $8.85 million at a 7.43 percent cap rate. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, New Jersey-based EDEN Hylan Tompkins LLC.
NEW BRAUNFELS, TEXAS — A 14-screen Starplex Cinemas will open late this year at the 400-acre New Braunfels Town Center at Creekside, according to NewQuest Properties. The property will be located in the interchange of Interstate 35 and Loop 306 in New Braunfels. Cinema features include Real D 3-D digital projection, stadium seating and a full concession area.
MOUNTAIN VIEW, CALIF. — Newmark Realty Capital has arranged the $41.25 million purchase of San Antonio Shopping Center located at 445 San Antonio Road in Mountain View. Merlone Geier Partners, the buyer, plans to redevelop the 180,000-square-foot shopping center, which is anchored by Sears. Newmark’s Eric Von Berg represented the private investment firm in the acquisition.
ST. CHARLES AND CHICAGO, ILL. — Titan Commercial, an affiliate of Magellan Development Group, has completed two lease transactions totaling $2.17 million in Illinois. In the first transaction, CPD Feather Rock purchased a 4,083-square-foot building, located at 2710 E. Main St. in St. Charles, for $1.96 million. T-Mobile and Qdoba currently occupy the two-unit retail property. The sellers were Shiner Group and Hilco Real Estate. Ben Rosenfield of Titan Commercial represented the buyer. In the second transaction, Avenir Publishing signed a lease for 3,941 square feet of space at 180 N. Wabash in Chicago. The landlord is Marc Realty. Rosenfield represented Avenir in the transaction. Additional terms of the transaction were not released.
SOUTHINGTON, CONN. — Wakefern Food Corp. plans to open a new Shop Rite in Southington. The new grocery store will occupy 60,000 square feet within Southington Plaza Shopping Center, which is located at 750 Queen St. The previous tenant was a SuperValu grocery store, which closed 2 years ago. The new Shop Rite will open as soon as renovations to the space are complete.
CORPUS CHRISTI, TEXAS — Trademark Property is nearing the completion of a $50 million renovation to La Palmera, a 40-year-old mall in Corpus Christi. The work includes a 600-seat food court, the upgraded Outdoor Lifestyle Court and a new Center Court. The renovation began in July 2008, and since that time, 19 new leases and 29 lease renewals have been signed. The newest tenants include Ulta, which will occupy a 9,800-square-foot store, and a 700-square-foot Wendy's, which will operate in the food court.