NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has arranged a 49-year ground lease for a 23,000-square-foot retail property located at 22-44 Church Ave. in the Flatbush neighborhood of Brooklyn. The property is currently occupied by a closed White Castle restaurant; it will soon house a new International House of Pancakes location, along with 9,000 square feet of retail space. Completion of the renovation is scheduled for mid-2009. KDA’s Allison Chambers represented the lessee, a locally based and investor, and Bob Klein, also of KDA, represented the landlord, Richard Ull.
WESTPORT, CONN. — Retailer Crate & Barrel has opened a new 38,000-square-foot location at 1200 Post Rd. in Westport. The lease transaction was arranged on behalf of Crate & Barrel by Eric Goldschmidt of Scarsdale, N.Y.-based Goldschmidt & Associates. The new store represents the retailer’s first location in Fairfield County. Building ownership was represented by Steven Crowley of SCA Realty.
MATAWAN, N.J. — CB Richard Ellis (CBRE) has secured $3.5 million in permanent financing for the acquisition of Town Square Shopping Center, a 38,836-square-foot retail property located at 343-351 Matawan Rd. in Matawan. Town Square is a retail strip center located opposite a 212,000-square-foot, Class A office building. Major tenants include Party & Play, Pizza Hut and Dunkin’ Donuts. James Gunning and Donna Falzarano of CBRE Debt & Equity Finance arranged the loan on behalf of the borrower, T & JK Associates. The lender and the terms of the loan were not disclosed.
WYLIE, TEXAS — Dallas-based Henry S. Miller Brokerage (HSMB) has completed the acquisition of a 1.45-acre pad site, located at the intersection of FM 544 and Highway 78 in Wylie. The parcel is located directly across from an Albertson’s, east of a Chili’s and west of a post office. It was subsequently split into a 50,000-square-foot tract and a 13,000-square-foot tract, the latter of which was immediately sold to an adjacent property owner to accommodate a parking lot expansion. Tom Grunnah of HSMB represented the buyer, Dallas-based Wylie Commerce Ltd. The seller, the Unites States Postal Service, was represented by Rick Tiller of the Dallas office of Grubb & Ellis. Future plans for the site were not disclosed.
SCOTTSDALE, ARIZ. — Emerson Properties Inc. has purchased a two-building retail property, which is located at 15425 and 15435 N. Scottsdale Rd. in Scottsdale. Scottsdale Place LLC sold the 26,595-square-foot property for $16.75 million. Cathy Jones, Paul Miachika, Logan Schrumpf, Jason Miszuk and Brad Spies of Sun Commercial Real Estate Inc. represented the buyer; Ari Spiro of Sperry Van Ness represented the seller in the transaction.
PRESCOTT, ARIZ. — Orange County, Calif.-based 277 Walker Road LLC has acquired a single-tenant retail property in Prescott for approximately $4.77 million. Located at 277 N. Walker Rd., the 22,036-square-foot property is fully occupied by PetSmart. Los Angeles-based PRICPETS Prescott Trust sold the property, which was constructed in 1997. Patrick Kent of Irvine, Calif.-based Faris Lee Investments represented the buyer; Dennis Vaccaro, also of Faris Lee Investments, represented the seller in the transaction. The property sold at a 6.1 percent cap rate.
LAS VEGAS — Jim Hamer of H&H Properties Inc. represented Circle City Plaza LLC in the acquisition of a four-building retail investment property in Las Vegas. Located at 5960-6020 Spring Mountain Rd., the property offers 24,860 square feet of retail space. 6000 Spring Mountain LLC and Festival Outdoor Advertising LLC sold the property for $8.4 million. Cathy Jones, Logan Schrumpf and Jason Miszuk of Sun Commercial Real Estate Inc. represented the seller in the transaction.
MANAHAWKIN, N.J. — Marcus & Millichap has brokered the sale of a 14-acre ground lease to a BJ’s Wholesale Club located in Manahawkin for $14.9 million. Situated at the corner of Route 72 and Doc Cramer Boulevard, the site neighbors a power center anchored by Kohl’s, TJ Maxx and Staples, as well as a grocery-anchored shopping center. The BJ’s Wholesale Club building, which was constructed in 2007, is subject to a 20-year, triple-net, unsubordinated ground lease with rent escalations every 5 years. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap’s Philadelphia office represented the seller, New Jersey-based SP 72 LLC. The buyer, New York City-based Shubert and Booth Theatre LLC, was represented by Bayard Street Capital and Real Estate Foundations Inc. The BJ’s parcel is part of a larger retail development, which the seller will retain ownership over for the purposes of constructing additional retail buildings in the future. The buyer was participating in a 1031 exchange.
PEARLAND, TEXAS — Chattanooga, Tenn.-based CBL & Associates Properties has held the grand opening for one of the anchors for the retail component of Pearland Town Center, a 1.2 million-square-foot mixed-use center located in the Houston suburb of Pearland. The store, a 140,000-square-foot Dillard’s, will join co-anchor Macy’s in the 718,000-square-foot, open-air lifestyle center. Other tenants include Barnes & Noble, Forever 21, Coach, Pac Sun, Red Robin and Mimi’s Café. The center held its grand opening in July.
INDIAN LAND, S.C. — Charlotte, N.C.-based RED Partners has secured a bevy of new tenants for its 200,000-square-foot Carolina Commons. Located in Indian Land, the Harris Teeter-anchored shopping center is home to a newly opened CVS/pharmacy, and a Wendy’s will open during the first quarter of next year. New retailers include BB&T, Comporium, UPS Store, Quizno’s Subs, Great Clips, Salon Salon, Beautiful Nails, AAA Insurance, Gentle Care Cleaners and Frankie’s Pizza. An additional bank is also slated to move into the center. A 60,000-square-foot medical office building joins the retail component, with Presbyterian Healthcare signing on as a major tenant. Carolina Commons will have its grand opening next spring.