LAS VEGAS — Dunbar Commercial represented Ashley Furniture in its $4.8 million purchase of a 37,707-square-foot free-standing retail building located at the Galleria at Sunset Mall in Las Vegas. Previously occupied by Linens Ôn Things, the property has been vacant for nearly 2 years. Bill Dunbar of Dunbar Commercial, an X Team International partner, represented the buyer, which will move from its 35,261-square-foot location at nearby Sunmark Plaza.
LAS VEGAS — Hanley Investment Group Real Estate Advisors has negotiated the more than $4.8 million sale of a four-tenant shopping center located at 1125-1175 East Charleston Blvd. in Las Vegas. Built in 2003 and 100 percent occupied at the time of sale, the 27,300-square-foot Family Place is home to 99 Cents Only, Burger King, Launderland and Moneytree. Hanley’s Eric Wohl and Edward Hanley represented both the buyer and seller — Commerce, Calif.-based 99 Cents Only Inc. and Family Place Station LLC of Salt Lake City, respectively — in the transaction.
MIAMI —Turnberry Associates has sold Biscayne Retail, a 75,000-square-foot shopping center, to DEER Capital for $15.25 million. The Miami property is anchored by Borders Books. Aztec Group brokered the sale and arranged $7.87 million in acquisition financing for the buyer.
DALLAS — Centro Properties Group has opened a 21,667-square-foot Save-A-Lot grocery store in its Jeff Davis Shopping Center in Dallas. The property is located at the intersection of West Jefferson Boulevard and North Plymouth Road. Venture Commercial Real Estate's Bryan Cornelius represented Save-A-Lot in the transaction. Centro Properties Group represented itself.
HENDERSON, NEV. — CB Richard Ellis negotiated the $3.3 million sale of approximately 13,969 square feet of retail space located at the northwest corner of Eastern Avenue and Pecos Ridge Parkway in Henderson. The brokerage company’s Christina Roush, Charles Moore and Marlene Fujita represented City National Bank in its sale to Fresh & Easy Neighborhood Market.
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.