CINCINNATI — The Cooper Commercial Investment Group of Cleveland has brokered the ownership interest sale of a Dollar Tree/Deal$ ($5 and Less), which is located at 4224 Glenway Ave. in Cincinnati. The 15,925-square-foot property is situated within a retail corridor and receives additional rent for a parking lot lease with U-Haul. The asset sold for $2.08 million with an 8.94 percent CAP rate. Dan Cooper and Floyd Trillis III represented the owners, Cincinnati-based BDTR Properties, in the transaction.
Retail
GILBERT, ARIZ. – CB Richard Ellis (CBRE) has negotiated the $13.2 million sale of Val Vista Towne Center, a 93,372-square-foot community shopping center located at the intersection of Val Vista Drive and Warner Road in Gilbert. Built in 2000, Val Vista Towne Center was 96 percent leased at the time of sale and includes tenants such as Target, Ross Dress for Less, Staples and Petco. CBRE’s Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham represented the seller, Houston-based Weingarten Realty Investors, in the transaction. The buyer was North American Development Group.
CHANDLER, ARIZ. — Coaction Group has broken ground on the first phase of the $8 million Dobson and Pecos Village, a 30,000-square-foot medical and professional center located at the intersection of Dobson and Pecos roads in Chandler. Slated for completion in April 2010, the project features 25,000 square feet of professional medical offices; a bank is anticipated to join the mix in Phase II.
MILLSBORO, DEL. — Marcus & Millichap has brokered the sale of a McDonald's restaurant ground lease located in Millsboro. The McDonald's is situated on the outparcel to Bayshore Plaza, a 39,744-square-foot shopping center. The property is subject to a 20-year absolute net ground lease with structured rent increased every 5 years; approximately 18 years remained on the lease at the time of closing. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller, Bayshore Plaza Associates LLC. The end purchaser was McDonald's USA LLC, which acted on its first right of refusal under the lease. The property traded for approximately $1 million at a 6.67 percent cap rate. Taylor & Zang also brokered the sale of Bayshore Plaza earlier this year.
NEPTUNE BEACH, FLA. — Orlando-based Cuhaci & Peterson Architects will soon start design work on a 62,350-square-foot Publix-anchored shopping center. The property, to be developed by Jacksonville, Fla.-based Regency Centers, will be located on Atlantic Boulevard in Neptune Beach. In addition to the Publix, the property will contain 15,000 square feet of shop space.
BARTONSVILLE, PA. — The grand opening has been held for The Shoppes at Crossroads, a 140,000-square-foot regional shopping center located in Bartonsville. Situated at the intersection of routes 611 and 33, the center is anchored by a 76,000-square-foot Giant supermarket. Additional tenants include AT&T and Red Lobster. The project was developed by a joint venture between Tristate State Ventures and Cedar Shopping Centers. Fameco Real Estate leases and manages the property.
ATLANTA — Atlanta-based Jamestown has formed the Southeast Retail Joint Venture with Weingarten Realty Investors to invest in six grocery-anchored projects worth a total of $160 million. The developments are located in infill areas throughout the Southeast. Four of the deals, worth a total of $114 million, have already closed, and the two remaining projects will close when loans are secured. Jamestown’s net equity investment for 80 percent ownership of the developments is $53 million.
LAUDERHILL, FLA. — 440 University LP has borrowed $3.4 million in financing from a regional bank for its 120,390-square-foot Promenade at Inverrary. The un-anchored strip center, which is 78 percent leased, is located at 4400 University Dr. in Lauderhill. The 3-year loan carries a 6.95 percent interest rate and a 25-year amortization schedule. Joseph Hepp of Delray Beach, Fla.-based Dockerty Romer & Co. secured the loan.
NEW YORK CITY — A partnership of New York City investors has acquired the retail portion of the St. Regis New York hotel for $117 million. The space totals 24,700 square feet and is occupied by tenants such as Bottega Veneta, Pucci and De Beers. The buyer is GFC Fifth Avenue, a partnership that includes Crown Acquisitions, Goldman Properties and The Feil Organization. Darcy Stacom and Bill Shanahan of CB Richard Ellis represented the seller, Starwood Hotels & Resorts Worldwide. The St. Regis hotel is situated at 55th Street and Fifth Avenue in Manhattan and was constructed in 1904.
CLEVELAND, TENN. — Colliers International has brokered the sale of a 10,491-square-foot retail building between an institutional investment company and a private buyer for $1.17 million. The property, located at 138 Paul Huff Parkway in Cleveland, houses Ryan’s Grill, Buffet & Bakery. Financing for the transaction was secured through a local bank. Ian Schroeder and Maurice Nieman of Colliers’ Irvine, Calif., office brokered the sale.