SHEPHERDSVILLE, KY. — Bay Country Estates has purchased a 34,484-square-foot retail property in Shepherdsville that is ground-leased to Burger King. An entity doing business as Dixie Hwy Development #3 LLC sold the property for $1.6 million. Carrols Corp. operates the Burger King location, which has 18.5 years remaining on its lease. The property is located at 315 Keystone Crossing Drive, about 20 miles south of Louisville. Jesse Limon of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Jesse Limon and Colby Haugness of Marcus & Millichap’s Kentucky office represented the buyer.
WASHINGTON, D.C. — A joint venture between Cedar Realty Trust (NYSE: CDR), Asland Capital Partners and the Goldman Sachs Urban Investment Group has broken ground on the first phase of Northeast Heights. The $600 million mixed-use office and retail development is located in the Minnesota and Benning submarket of Washington, D.C.’s Ward 7 neighborhood. The property is located at 3924 Minnesota Ave. Construction has a completion date of late 2022 or early 2023. The first phase of Northeast Heights includes the construction of a 258,500-square-foot office building, as well as 18,000 square feet of street-level retail space. The office space is 100 percent leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. Northeast Heights is a multi-phase, mixed-use redevelopment of two existing retail shopping centers at the intersection of Minnesota Avenue and Benning Road. Cedar Realty Trust will lead future phases of the development, which will include the development of multifamily residential with designated affordable apartments, additional office space, community gathering areas and retail space including a new grocery store. The retail for the DGS building will be made up primarily of full-service and/or fast-casual restaurants, as well as service establishments for the 400 to 500 …
EAST PALO ALTO, CALIF. — Regency Centers has completed the sale of Gateway 101, a shopping center located at 1771 E. Bayshore Road in East Palo Alto. A private foreign investor acquired the property for $53.2 million. Built in 2000 and renovated in 2017, Gateway 101 features 92,110 square feet of retail space. At the time of sale, the property was fully occupied by Target and Nordstrom Rack. The asset is a part of a larger 430,000-square-foot retail property. Bryan Ley, Eric Kathrein and Tony Ensbury of JLL Capital Markets represented the seller in the deal.
BEVERLY HILLS, CALIF. — Gantry has secured $20 million to recapitalize the signature Beverly Hills location of Saks 5th Avenue. The loan was originated with one of Gantry’s correspondent life insurance company lenders and secured on behalf of the private client property owner. Situated on Wilshire Boulevard, the property is a landmark location for the luxury retailer. Saks 5th Avenue men’s and bridal departments occupy the entire building while the remaining departments are located in Saks’ separate building immediately east across Bedford Drive. The subject property also includes an adjacent parking structure. Braden Turnbull and Josh Natker of Gantry’s Los Angeles office placed the 25-year loan for the borrower.
NEW YORK CITY — Google will open its first physical retail store in Manhattan this summer, the Mountain View, Calif.-based tech giant said in a blog post yesterday. The store will be located on Google’s campus in the Chelsea neighborhood. At the Google store, customers can browse and buy Google products like Pixel phones, Nest products and Fitbit devices. Tech experts will also be available to troubleshoot issues with devices.
HUDSON, MASS. — JLL has negotiated the sale of Center at Hudson, an 85,000-square-foot shopping center in Hudson, about 30 miles west of Boston. A Stop & Shop grocery store anchors the property, which was 96 percent leased at the time of sale. Other tenants include Expo Nails, The Paper Store, Sperry’s Liquors and Eye Care Center. Nat Heald, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the transaction. The buyer was NNM Realty Trust, a regional owner-operator.
MERRILLVILLE, IND. — Quantum Real Estate Advisors Inc. has brokered the $7 million sale of Broadway Place, a shopping center located at 6001-6091 Broadway St. in Northwest Indiana’s Merrillville. At the time of sale, the property was fully leased to CitiTrends, B2 Digital, Aaron’s Rents, Shoppers World and a few local tenants. Jason Lenhoff of Quantum represented the seller, a Chicago-based private investor. A New York-based private investment firm was the buyer.
HIGHLAND CITY, UTAH — Midtown National Group (MNG) has purchased Highland Marketplace shopping center and 9.2 acres of development land in Highland City. Located at 5300 W. 11000 North, the shopping center offers 40,000 square feet of existing retail space with storefronts ranging from 1,010 square feet to 5,641 square feet. A 65,000-square-foot athletic facility is slated to be built on the development land, which is on the north boundary of the shopping center. Lance Pendleton of Mountain West Commercial Real Estate handled the transaction and will manage the retail and office leasing opportunities for the property.
SAN DIEGO — Thorofare Capital has funded an $18 million loan for a joint venture between New York-based Taconic Capital Advisors and Triangle Capital Group for the purchase of The Spreckels Building in San Diego. Located at 121 Broadway in the Gaslamp District, The Spreckels Building features 217,173 square feet of office, retail and theater space. The six-story building was built in 1912 and most recently renovated in 1982. The property was designated as one of San Diego’s historic sites in 1972 and placed on the National Register of Historic Places in 1975. Marc Renard led the Cushman & Wakefield team that represented the seller, a family trust associated with Jacquelyn Littlefield, while the buyer was self-represented in the transaction. CBRE will serve as the property’s manager under the new ownership.
GLENDALE, ARIZ. — JLL has arranged the sale of a single-tenant retail building located within Talavi Town Center in Glendale. The property traded for $16.2 million. A global discount department and grocery store tenant occupies the 33,300-square-foot property, which is situated on 3.4 acres at 5845 W. Bell Road. Adam Friedlander and Patrick Dempsey of JLL Capital Markets Investments Sales Advisory team represented the undisclosed seller in the deal. The name of the buyer was not released.