NEW YORK CITY — Construction is complete for the renovation and repositioning of Manhattan Mall, a 400,000-square-foot retail center located in Manhattan, New York City. Renovations to the mall, which fronts Avenue of the Americas from 32nd Street to 33rd Street, included a renovation of the core and atrium, the relocation and addition of escalators and stairs, and the recladding of a portion of the property's façade. In addition, a 153,000-square-foot JCPenney was added, marking the retailer's first Manhattan location. The property is owned by Vornado Realty Trust, which acquired it in 2007. It was designed by architecture firm GreenbergFarrow. The companies also recently worked together on the 600,000-square-foot retail component of Rego Park Mall II in Queens, which is just wrapping up construction.
Retail
TORRANCE, CALIF. — Marcus & Millichap has brokered the $4.685 million sale of Makena Plaza, a 9,512-square-foot retail property located at 17405 Crenshaw Blvd. in Torrance. The 1-year-old building is anchored by Wachovia and T-Mobile. Marcus & Millichap’s Scott Hook represented the seller, a limited liability company, and the brokerage firm’s John Susank represented the buyer, a private investor.
MANCHESTER AND PORTSMOUTH, N.H. — CB Richard Ellis/New England (CBRE) has brokered the $7 million sale of two former Circuit City locations in New Hampshire. The first property is a 33,110-square-foot building located at 1100 S. Willow St. in Manchester and the second is a 34,960-square-foot building located at 1700 Woodbury Ave. in Portsmouth. Roger Dieker of CBRE's Manchester office represented the seller in both transactions, Dicker-Warmington Properties, with Kent White of CBRE's Portsmouth office assisting in the Portsmouth transaction. Dieker also procured the buyer of the Manchester property, Quirk Automotive Group. The buyer of the Portsmouth property was Ocean State Job Lot of Portsmouth LLC.
FORT WORTH, TEXAS — A new Kroger Marketplace will open this quarter at Alliance Town Center in Fort Worth. The 123,000-square-foot supermarket will be situated at the corner of Heritage Trace Parkway and Riverside Drive. It will feature expanded grocery and deli sections, a fuel center, a Nature's Market natural foods section, a drive-through pharmacy, a Fred Meyer Jeweler store and a home furnishing section featuring Ashley furniture. The new Kroger Marketplace is the fourth in Texas and the first in Tarrant County. Alliance Town Center is a 300-acre mixed-use development that is part of the AllianceTexas master-planned development, which is being developed jointly by Trademark Property Co. and Hillwood.
AMARILLO, TEXAS — Houston-based Weingarten Realty Investors has disposed of Wolflin Village, a 159,502-square-foot community retail center located in Amarillo. Situated on approximately 10 acres at the intersection of Wolflin Avenue and Georgia Street, the property is currently 92 percent leased to a tenant roster that includes Office Depot, Talbots, Starbucks Coffee, GNC and Cold Stone Creamery. Weingarten was represented by Doug Hazelbaker, Jim Batjer and Ryan Shore of Holliday Fenoglio Fowler. Dunhill Partners was the buyer and purchased the property for an undisclosed amount free and clear of debt.
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.
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.
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.
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.