SANTA MARIA, CALIF. — Woodland Hills-based NewMark Merrill Cos. has purchased North Broadway Plaza, a grocery-anchored neighborhood retail center at the northeast corner of North Broadway and East Grant Street in Santa Maria. Terms of the transaction were not released. North Broadway Plaza features 97,555 square feet of retail space. Current tenants include Food Maxx and CVS/pharmacy. Reza Investment Group represented NewMark Merrill and the seller in the deal.
SCHAUMBURG, ILL. — A joint venture between PCCP and KPR Centers has acquired Schaumburg Corners, a 160,301-square-foot shopping center in the Chicago suburb of Schaumburg. The purchase price was undisclosed. Anchored by Amazon Fresh, the fully leased property is also home to Bob’s Furniture, Office Depot, Petco and H Mart. Kensington Development Partners was the seller.
SAUGUS, MASS. — JLL has negotiated the $39.5 million sale of Saugus Plaza, a 165,800-square-foot shopping center in the northern Boston suburb of Saugus that is anchored by grocer Stop & Shop. Floor & Décor serves as the second anchor tenant of the center, which was 97 percent leased at the time of sale. Other tenants include Buffalo Wild Wings, North Shore Liquor and King Crab. Federal Realty Investment Trust (NYSE: FRT) sold the property to a partnership between The Grossman Cos. Inc. and Boston-based North Colony Asset Management. Nat Heald, Chris Angelone and Zach Nitsche of JLL brokered the deal.
NEW YORK CITY— Locally based private equity firm KPG Funds and LaSalle Global Partner Solutions have purchased 480 Broadway in Manhattan’s SoHo neighborhood with plans to redevelop the property into a boutique office building with retail space. The new ownership purchased the building in conjunction with 155 Spring, a nearby office and retail asset, from Maryland-based REIT Vornado Realty Trust (NYSE: VNO). The redevelopment will include rebranding the building as 40 Crosby.
COCONUT CREEK, FLA. — Marcus & Millichap has arranged the $10.4 million sale of a three-tenant retail property in Coconut Creek. Michael Salafia, Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap represented the seller, a publicly traded REIT, and procured the buyer, Boca Gas Co. The tenants at the two-building property include a Shell Station, Daily’s Convenience store and a Firestone Complete Auto Care Center. The property spans 94,090 square feet on 2.2 acres at 6350 N State Road 7 and 6330 US-331 South. Both properties are surrounded by retailers including BJs, Publix, Walmart Supercenter, Kohl’s, Starbucks and Chick-fil-A.
COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.4 million sale of Riverdale Village in the Minneapolis suburb of Coon Rapids. Constructed in 2021, the property consists of a 4,150-square-foot building with a drive-thru occupied by Bank of America and a two-tenant, 6,700-square-foot building occupied by Famous Dave’s and Banfield Hospital. The asset serves as an outparcel to Menards. Jeff Lefko and Bill Asher of Hanley, along with Robert Wise of CBRE, represented the seller, Florida-based OneCorp Global. Boston Weir of Henry Group Real Estate represented the buyer, a Colorado-based private investor completing a 1031 exchange.
ANDERSON, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 14,418-square-foot property occupied by Walgreens in Anderson, about 40 miles northeast of Indianapolis. The sales price was undisclosed. Constructed in 2004, the building is located at 320 S. Scatterfield Road. At the time of sale, Walgreens had roughly eight years remaining on its 25-year lease term. Dan Waszak of Quantum represented the buyer, a New York City-based 1031 investor. The seller was also based in New York.
IRVING, TEXAS — Locally based brokerage firm Structure Commercial has arranged the sale of Imperial Square, a 68,492-square-foot retail center in Irving. At the time of sale, the center was fully leased to a tenant roster that includes FedEx-Kinkos. Allegiance Staffing and Mint Mobile. Eric Deuillet and Jake Burns of Structure Commercial represented the seller in the transaction. Greg Nelson and Brent Bosworth of Paladin Partners represented the buyer, Global Unique Logistics Corp.
ERIE, COLO. — Evergreen Devco has broken ground for three buildings at Nine Mile Corner, a mixed-use project in Erie. Located at the southwest corner of U.S. 287 and Arapahoe Road, Nine Mile Corner consists of approximately 26 acres of retail, 12 acres of multifamily and 10 acres of open space. The project is a public-private partnership between Evergreen, the Town of Erie and the Town of Erie Urban Renewal Authority. The under-construction properties are two multi-tenant buildings, totaling 18,000 square feet, and an 8,000-square-foot UCHealth medical office building. Waner Construction is the serving as general contractor and G3 Architecture is serving as architect for the three buildings. Completion is slated for third-quarter 2022.
BREA, CALIF. — Brixmor Property Group has acquired Brea Gateway Center, a grocery- and drug-store-anchored retail center located at 101-407 W. Imperial Highway in Brea. An institutional investor sold the asset for $85.7 million. Brea Gateway Center comprises of 13 parcels on 12.5 acres offering a total of 181,891 square feet of retail space. At the time of sale, the property was 97.9 percent occupied. Current tenants include Ralphs, HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell and Panda Express. Gleb Lvovich, Bryan Ley, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in transaction.
