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.
Retail
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.
SAN ANTONIO — San Antonio-based USAA Real Estate Co. has acquired an 80 percent interest in the Regency Retail Portfolio, which consists of eight grocery-anchored retail centers totaling 813,193 square feet. The properties are located in major markets across the country, including Los Angeles, San Francisco, Houston, Dallas/Fort Worth, Atlanta, Orlando, Fla., and Raleigh/Durham, N.C. At the time of closing, the portfolio was 94 percent leased to tenants that include Kroger, Safeway, Publix, the United States Postal Service, CVS/pharmacy, Hallmark Gold Crown and Subway. The other stakeholder in the portfolio, Regency Centers Corp., will retain a 20 percent interest in the portfolio.
NORTH LAS VEGAS, NEV. — Glencoe Properties Inc. has purchased from Virgin Territory LLC a 31,363-square-foot retail pad at Lowe’s Plaza, a 171,347-square-foot shopping center located at Craig Road and Jones Boulevard in North Las Vegas. The company plans to operate a Burger King restaurant on the site. Territory Inc.’s Nick Hannon represented the seller, and Dan Adamson of ROI Commercial Real Estate represented the buyer.
MARICOPA, ARIZ. — Avalon Investments Inc. has finished Phase I of Edison Place, which includes a new freestanding 5,392-square-foot Big O Tires building. Construction of Phase I of the 5-acre retail development in Maricopa started in July 2009, and Phase II is expected to begin construction in spring 2010.