BEDFORD, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $54.5 million sale of Bedford Marketplace, a 153,000-square-foot shopping center in the northwestern Boston suburb of Bedford. The sales price equates to $355 per square foot. Whole Foods Market anchors the center, which also houses tenants such as Marshalls, Cambridge Savings Bank, Bank of America, Brookline Bank, U.S. Post Office, AFC Urgent Care and Lincoln Liquors. Jim Koury of IPA represented the seller, RFPS 181 Owner LLC, and procured the buyer, Ramco Property Acquisitions LLC. Bedford Marketplace was 97 percent leased at the time of sale.
EWING, N.J. — Neuman Commercial Group LLC has brokered the $8.6 million sale of a 98,005-square-foot retail and industrial building in Ewing, a suburb of Trenton. Built in 1955 on 6.7 acres, the property was 98 percent occupied at the time of sale by tenants such as Dollar General, Dunkin’ and the State of New Jersey Department of Motor Vehicles. Gil Neuman of Neuman Commercial represented the seller, Black Oak Associates, and procured the undisclosed, locally based buyer.
WESTBURY, N.Y. — X-Golf, an entertainment concept that features golf simulations and food and beverage offerings, has signed a 6,200-square-foot lease at Samanea Mall in the Long Island village of Westbury. Matthew Kucker, Jordan Baruch and Herb Agin of Colliers International, along with internal agent Dominic Coluccio, represented the landlord, Lesso Mall Development, in the lease negotiations. Bradley Diamond of Parallel Realty represented the tenant, which will backfill a space previously occupied by David’s Bridal. Other entertainment concepts at Samanea Mall include Dave & Buster’s and Empire Adventure Park.
NEW YORK CITY — CycleBar and Pure Barre, two concepts owned by Xponential Fitness, have signed 10-year leases to open exercise studios at 1151 Third Avenue, a 14,820-square-foot building on Manhattan’s Upper East Side. The fitness users will share a 5,300-square-foot space that spans the entire second and third floors. The Feil Organization owns 1151 Third Avenue, which was originally built in 1910. With these leases, the property is now fully leased. The fitness studios opened on July 28.
CHANDLER, ARIZ. — Armstrong Capital Development has acquired The Plant Shops North and South, two adjacent shopping centers in Chandler, for $18.3 million. The name of the seller was not released. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transaction. Situated at 4205 and 4225 S. Gilbert Road, the properties were developed in 2018. Totaling 30,820 square feet, the portfolio was 92 percent leased at the time of sale. Current tenants include Barre3, AT&T, Zoyo Yogurt, Tryst Café and Dunkin Donuts.
RIVERSIDE, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail anchor space located at 9185 Magnolia Ave. in Riverside. A Riverside County-based private investor sold the asset to Pioneer Cash & Carry for $1.7 million. The 10,128-square-foot space will be Pioneer Cash & Carry’s first location in the Inland Empire. The store is slated to open in 2022. The family-owned and -operated grocer offers an extensive variety of fresh Indian and ethnic produce and a wide array of unique, Indian, brand-name products. Remodeled in 2016, the space features an open floor plan, two loading docks, ample parking and monument signage. Albert Lopez of Progressive Real Estate Partners represented the seller in the deal.
MILTON, FLA. — Branch Properties has broken ground on Merganser Commons at Dogwood Estates, a Publix-anchored shopping center in Milton. The grocer will occupy 46,811 square feet and be the first Publix store in the city. Overall, Merganser Commons will span 66,921 square feet and feature retail, dining and service-oriented tenants. Branch Properties’ partner on the project is Merganser Enterprises LLC, a retail developer based in Smyrna, Ga. Branch Properties plans to deliver the center in spring 2022. Merganser Commons is the sixth shopping center in Branch Properties’ development pipeline, including three in metro Atlanta, one in Huntsville and another in Upstate South Carolina.
MARIETTA, GA. — SRS Real Estate Partners has brokered the $11 million sale of Market Square, a 137,889-square-foot shopping center located at 2932 Canton Road in Marietta. The center sits on 13.4 acres and houses tenants such as Big Lots, Ace Hardware and Planet Fitness. A privately held entity doing business as MSQ Realty LLC purchased the asset from an entity doing business as Wood Marietta Center LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented.
NEW YORK CITY — Regional grocer Wegmans will open an 82,000-square-foot store at 770 Broadway in the Greenwich Village neighborhood of Manhattan. RIPCO Real Estate LLC represented Wegmans in the negotiations for the 30-year lease. Vornado Realty Trust (NYSE: VNO) owns the 1.2 million-square-foot building, which occupies a full city block. The opening, which will be the first for Wegmans in New York City since the debut of the Brooklyn Navy Yard store in October 2019, is scheduled for the second half of 2023.
BRIDGEVIEW, ILL. — Adelphia Properties has negotiated the $3.6 million sale of a single-tenant retail building occupied by Panera Bread in Bridgeview, about 15 miles southwest of Chicago. The newly constructed, 4,380-square-foot property is located at 8115 S. Harlem Ave. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Chicago-based private investor. A Chicago-based developer was the seller. There are 15 years remaining on Panera Bread’s lease.