NEW YORK CITY — David Johnson and Alan Miller of Eastern Consolidated have negotiated the $12 million sale of a four-building package located in the High-Line district in Manhattan, New York City. Located at 197-199 Tenth Ave., the property allows for approximately 25,000 buildable square feet with 50 feet of frontage. The buyer, Peter Moore of PMA Associates, is evaluating the possibility of constructing a boutique hotel, a condominium or both with high-end retail on the ground floor. Eastern Consolidated procured the buyer, and the seller, the Wynne Family, represented itself in the transaction.
Retail
MINEOLA, N.Y. — Harold D. Baker & Co. has arranged $5.5 million in financing for a CVS ground lease in Mineola. The leased property is a 1.31-acre site at the intersection of Jericho Turnpike and Roslyn Road. CVS plans to construct a 12,900-square-foot building on the property. The loan was funded by RiverSource Life Insurance Co.
ORLANDO, FLA. — TIAA-CREF’s Charlotte, N.C., office will build a 7,500-square-foot Sweet Tomatoes Restaurant in the Crossroads Shopping Center at Lake Buena Vista, located along S. Apopka-Vineland Road, in Orlando. The restaurant is projected for completion in fourth quarter 2008. Nick Boehme of CB Richard Ellis’ Orlando office will serve as the owner’s representative and oversee site modifications and construction. Dave Kreinest of CB Richard Ellis’ Jacksonville, Fla., office and Brit Christian of the Orlando office also negotiated the project management deal.
GADSDEN, ALA. — Atlanta-based RCG Ventures has acquired East Side Plaza, an 85,196-square-foot shopping center in Gadsden. The property is anchored by Fred’s discount store, Burke’s, Dollar General and Food World, which is separately owned. Also, Tractor Supply has signed a lease with RCG.
JOLIET, ILL. — A partnership between Los Angeles-based O&S Holdings and Hollywood, Fla.-based Strategic Retail Development has announced plans to develop 314 acres into a 1.27 million-square-foot mixed-use development called Bridge Street Towne Centre. The site is located at the intersection of interstates 55 and 80 in an unincorporated area of Joliet. The project will contain retail space, restaurants, a hotel and a movie theater. It is being designed by Baltimore-based Development Design Group.
JOLIET, ILL. — A partnership between Los Angeles-based O&S Holdings and Hollywood, Fla.-based Strategic Retail Development has announced plans to develop 314 acres into a 1.27 million-square-foot mixed-use development called Bridge Street Towne Centre. The site is located at the intersection of interstates 55 and 80 in an unincorporated area of Joliet. The project will contain retail space, restaurants, a hotel and a movie theater. It is being designed by Baltimore-based Development Design Group.
PARK FOREST, ILL. — New York-based Nassimi Realty Corp. has acquired Norwood Square, a 129,000-square-foot shopping center located at the corner of 26th Street and Western Avenue in Park Forest. Located on 15 acres, the property is currently occupied by Family Dollar and Currency Exchange. Nassimi is planning a multi-million dollar redevelopment of the property to increase occupancy; at least $1 million will be spent in the first 12 to 15 months. Jason Berngard of Baum Realty Group and Chad Firsel of NAI Hiffman represented the undisclosed seller. Nassimi utilized in-house representation. The acquisition price was also undisclosed.
PARK FOREST, ILL. — New York-based Nassimi Realty Corp. has acquired Norwood Square, a 129,000-square-foot shopping center located at the corner of 26th Street and Western Avenue in Park Forest. Located on 15 acres, the property is currently occupied by Family Dollar and Currency Exchange. Nassimi is planning a multi-million dollar redevelopment of the property to increase occupancy; at least $1 million will be spent in the first 12 to 15 months. Jason Berngard of Baum Realty Group and Chad Firsel of NAI Hiffman represented the undisclosed seller. Nassimi utilized in-house representation. The acquisition price was also undisclosed.
HENDERSON, NEV. — Forest City Enterprises, on behalf of a subsidiary, has closed on a 10-year, $160 million loan with the New York State Teachers Retirement System. The loan will refinance The Galleria at Sunset, an approximately 1 million-square-foot retail center in Henderson. Current tenants of the center include Dillard’s, Macy’s, Mervyn’s, Dick’s Clothing and Sporting Goods and JC Penney.
SANFORD, FLA. — Oakbrook, Ill.-based Inland Atlantic Development is building Seminole Commons, a $20 million, 81,000-square-foot retail center in Sanford. The property broke ground last December, and is scheduled for completion in the fourth quarter. Indiana-based hhgregg will open a store in the 11-acre center in May, and the retailer is set to open additional stores in Northern and Central Florida, including Jacksonville, Tallahassee and Daytona Beach, this spring.