HOLMDEL, N.J. — Fitness Factory Health Club has opened a 20,000-square-foot facility at Bell Works, an office and retail development located in the Northern New Jersey community of Holmdel. A grand opening celebration took place on May 4. In addition to cardio and strength training equipment, the facility will offer a smoothie bar, a turfed functional training area, virtual training area and a recovery room. The location at Bell Works, a redevelopment of the former Bell Labs campus that is owned by Somerset Development, is the seventh for Fitness Factory.
WEST CHESTER, PA. — Colliers has arranged the sale of a 120,000-square-foot retail property in West Chester, a western suburb of Philadelphia, that houses a dealership for Mercedes-Benz. The property sits on 10 acres along U.S. Route 202. Virginia-based Capital Automotive sold the property to Piazza Auto Group for an undisclosed price. Rich Weitzman of Colliers brokered the deal in conjunction with CBRE.
NORTH KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant property occupied by Starbucks in North Kansas City for $2.3 million. The newly constructed building, which features a drive-thru, is located at 1930 Diamond Parkway near I-35. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, Omaha-based Woodsonia Real Estate Inc. A Warrensburg, Mo.-based private investor was the buyer.
PORT CHARLOTTE, FLA. — Franklin Street has brokered the $8.8 million sale of a single-tenant retail property within Port Charlotte Town Center, a shopping center in Port Charlotte anchored by Target and Publix. The 91,498-square-foot store is leased to Bealls and is one of the retailer’s top 10 performing stores in the country, according to Franklin Street. Bryan Belk, John Tennant, Chris Adams and Sam Roe of Franklin Street’s Atlanta office represented the seller, an affiliate of RCG Ventures, in the transaction. Texas-based Ford & Sons Real Estate Investors is the buyer.
SPARTA, N.J. — JLL has arranged a $21.5 million loan for the refinancing of Sparta Town Center, an 87,984-square-foot shopping center in Northern New Jersey. Anchored by grocer Stop & Shop, Sparta Town Center was fully leased at the time of the loan closing. Other tenants include Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium and Anthony Franco’s Pizza. Thomas Didio, Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Aegon Asset Management on behalf of the borrower, an affiliate of locally based developer Hekemian & Co. Inc.
KANSAS CITY, MO. — Northmarq has arranged a $3 million loan for the refinancing of the Shops at Shoal Creek in Kansas City. The 14,238-square-foot retail center, built in 2015, is located at 8250-8260 N. Booth Ave. The property is situated near a larger shopping center that is home to Target, Sam’s Club, Walmart Supercenter and The Home Depot. Bob Harrington of Northmarq arranged the fixed-rate loan, which features a 10-year term, two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
PERU, ILL. — Cawley Chicago has arranged the sale of a 3,600-square-foot retail building located at 1320 38th St. in Peru, about 60 miles north of Peoria. The sales price was undisclosed. Jon Chamlin of Cawley Chicago represented the seller, the Stark family. Kevin Schultz of Newmark represented the buyer, Stash Holding LLC, which is a cannabis dispensary group. Jimmy John’s previously occupied the property.
LAGUNA HILLS, CALIF. — Cape Point Development has acquired La Paz Village, a neighborhood shopping center in Laguna Hills. A consortium of private investors sold the asset for $23.5 million. Built in 1974 and refurbished in 2012, La Paz Village features 54,566 square feet of retail space. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, along with Steven Siegel, Glen Kunofksy and Anthony D’Ambrosia of Marcus & Millichap represented the seller, while Rose procured the buyer in the deal. Damon Wyler of Marcus & Millichap served as broker of record in California.
FLAGSTAFF, ARIZ. — Marcus & Millichap has arranged the sale of Canyon 66 Plaza, a retail property located at 1416 E. Route 66 in Flagstaff. A limited liability company sold the asset to an undisclosed buyer for $11.8 million. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Ruble and Lind procured the buyer in the deal. Currently being remodeled, Canyon 66 Plaza features 50,606 square feet of retail space.
CONYERS, GA. — JLL has brokered the $82 million sale of Conyers Crossroads, a 465,993-square-foot shopping center in the east Atlanta suburb of Conyers. Valley Stream, New York-based Serota Properties acquired the asset from a joint venture between Hendon Properties and Harbert Management Corp. Built in phases between 2000 and 2005, Conyers Crossroads was fully leased at the time of sale to tenants such as Kohl’s, Belk, AMC Theatres, T.J. Maxx, Best Buy, HomeGoods, Michaels, Old Navy, Five Below and Shoe Carnival. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller in the transaction.