FLINT, STURGIS AND HARTFORD, MICH.; AND CAMPBELL, OHIO — Marcus & Millichap has brokered the approximately $6.34 million sale of four Rite Aid Corp. stores in Michigan and Ohio. The portfolio includes an 11,180-square-foot store located at 1810 Maplewood Ave. in Flint, which sold for approximately $1.54 million; a 10,167-square-foot facility located at 102 N. Centerville Rd. in Sturgis, which sold for approximately $1.76 million; another 10,167-square-foot store located at 302 W. Main St. in Hartford, which sold for approximately $1.5 million; and a 10,363-square-foot store located at 693 McCartney Rd. in Campbell, which sold for approximately $1.54 million. Additionally, two Rite Aid facilities in West Virginia — totaling more than 22,000 square feet — were acquired as part of the portfolio transaction. Simon Jonna and Brandon Hanna of Marcus & Millichap’s Detroit office represented the seller; Cesar Talavera of the firm’s Las Vegas office represented the buyer, John Tsern, in the transaction.
CORAL GABLES, FLA. — Florida-based Venera Holdings recently sold the 59,155-square-foot Whole Foods Market, located in Plaza San Remo in Coral Gables, for $31.1 million. The retail space anchors the shopping center, located at 6705 Red Road. Colliers Abood Wood-Fay represented the seller, and information about the buyer was not released.
NEW YORK CITY — The Carlyle Group and Crown Acquisitions have acquired a controlling interest in the retail portion of 666 Fifth Avenue in New York City from Kushner Cos. for $525 million. The 90,000-square-foot property is positioned on Fifth between 52nd and 53rd streets, and contains 200 feet of uninterrupted retail frontage. Carlton Advisory Services negotiated the transaction, as well as the financing, which was provided by a lending syndicate that includes Barclays and SL Green. Prior to completion of the transaction, Abercrombie & Fitch leased 20,000 square feet of space at the property, where it will join the NBA Store and Hickey Freeman.
DENVER — Gart Properties LLC has partnered with ING Clarion Partners LLC to purchase Denver Pavilions, a 347,000-square-foot shopping center located along 16th Street Mall in downtown Denver. Denver Pavilions Real Estate Owner LLC sold the property for $94.5 million. Current tenants include Niketown, Barnes & Noble, Virgin Megastore, Maggiano’s Little Italy, Corner Bakery Café, United Artists theaters and Jazz at Jack’s. The buyers are planning to invest an additional $25 million on renovations and new tenant incentives.
MIAMI — Bilzin Sunberg Baena Price & Axelrod closed an $85 million construction loan for MBeach1’s redevelopment of 1111 Lincoln Rd. in Miami. Mellon United National Bank served as the loan’s lead arranger, with SunTrust Bank and KeyBank also participating. When completed, 11 11 will offer residential units, a bank, two restaurants and 40,000 square feet of retail space. The architecture firm Herzog & DeMeuron, responsible the main venue of the 2008 Summer Olympics, designed the building.
ORLANDO, FLA. — Michael Collard Properties tapped Pertree Constructors to build 25,000 square feet of retail space at Saxon Crossing Retail Center, a shopping center in Orange City, Fla., anchored by an L.A. Fitness, for $2.1 million. The extra square footage will make room for as many as 18 businesses.
RIDGEWOOD, N.J. — Ridgewood-based Poskanzer Skott Architects (PSA) has been selected to provide design services for the adaptive reuse of the former Fairway Dodge auto dealership located in Ridgewood. Once complete, the renovated building will contain 12,000 square feet of Class A retail space; half of the building will be occupied by Coldwell Banker’s local office, and the other half is still being marketed. David Hirschman Realty Co. is serving as the owner’s representative and broker for the project.
PLANO, TEXAS — Dallas-based ASG Real Estate is close to completing the 50,000-square-foot final phase of Preston Creek in Plano. Located on Preston Road, the shopping center will total 83,000 square feet once complete later this month. Additionally, restaurant tenants MiChula’s Good Mexican, II Brothers Bar & Grill, Lenny’s Subs and L&L Hawaiian BBQ have signed leases at the center. They will join a tenant roster that includes restaurants Pei Wei, Masala Wok, Chick Pea Mediterranean Grill, and San Francisco Oven; as well as retailers The Maytag Store, Christy’s Draperies, Knockout’s and Imagique Salon Suites.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Meadowcreek Center, a 23,400-square-foot, multi-tenant retail center located on East Kerney Street in Mesquite. Tommy Tucker of Marcus & Millichap’s Dallas office represented the Texas-based seller. Ron Hebert, also of the firm’s Dallas office, represented the buyer, a Texas-based limited liability company. The acquisition price was not disclosed.
EDISON, N.J. — Philadelphia-based AMC Delaney Group had sold Edison Commons, a 150,000-square-foot shopping center located in Edison, for $28.35 million. The property is situated on Lincoln Highway near the New Jersey Turnpike. The property was acquired by a subsidiary of MCC Realty Investments. Metro Commercial Real Estate and CB Richard Ellis brokered the transaction.