Retail

TALLAHASSEE, FLA. — Marcus & Millichap has arranged the $2.8 million sale of a 7,403-square-foot retail building in Tallahassee leased to Mavis Discount Tire. The building is located at 205 Magnolia Drive, two miles from downtown Tallahassee. The building was constructed in May 2018. Don McMinn of Marcus & Millichap represented the seller, Palmetto Tallahassee-Magnolia DR LLC, in the transaction. Steve Savlov of Salov Properties LLC represented the buyer, Roebling Investment Co. Inc.

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Poughkeepsie-Plaza-new-jersey

POUGHKEEPSIE, N.Y. — Cronheim Mortgage, a New Jersey-based firm, has arranged a $13.5 million construction loan for the redevelopment of Poughkeepsie Plaza in Upstate New York. Originally constructed in 1958, the 170,966-square-foot shopping center includes three pad sites for a total building area of 175,743 square feet. Current tenants include Home Depot, BJ’s, Hobby Lobby and Best Buy. The loan carries a seven-year term of interest-only payments followed by a 25-year amortization period.

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Monrovia-Landing-Monrovia-CA

MONROVIA, CALIF. — A partnership between Pasadena, Calif.-based Telos Capital and Warner Pacific Properties has completed the disposition of Monrovia Landing, a grocery-anchored retail asset located in Monrovia. A Los Angeles-based buyer acquired the property for $30.5 million as part of a 1031 exchange from a prior sale. Situated on more than six acres at 723-737 E. Huntington Drive, the center features 96,885 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of national-credit tenants, including ALDI Food Market, TJ Maxx/Home Goods, Ulta Beauty and O’Reilly Auto Parts. Philip Voorhees, Alex Kozakov, Patrick Wade, Sean Heitzler and Jimmy Slusher of CBRE represented the seller, while Sheila Alimadadian of Marcus & Millichap represented the buyer in the transaction.

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PORTLAND, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 704 NW 21st Ave. in Portland. A limited liability company sold the asset to a private investor for $1.2 million in an off-market transaction. Bhuna, a fast-casual Indian restaurant, occupies the 1,878-square-foot property on a net-leased basis. Joseph Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the seller. Michael Shall, also of Marcus & Millichap, represented the buyer in the deal. Neither party was disclosed.

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CHESAPEAKE, VA. — American Commercial Realty Corp. (ACR) has purchased Crossroads at Chesapeake Square, a 198,741-square-foot shopping center in Chesapeake. Ross Dress for Less, Aldi, Best Buy and Old Navy anchor the center. The Hampton Roads property was built in 1991 with Walmart as its anchor. Walmart relocated in 2005, making room for a new tenant mix. This is ACR’s first purchase in Virginia. Virginia Beach-based Divaris Real Estate will manage the leasing for the center.

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DULUTH, GA. — North American Properties (NAP) has revealed its first retail tenant lineup at Revel, its $900 million, Infinite Energy Center-anchored mixed-use development in Duluth. The first nine tenants announced at the Gwinnett County project include Superica, a Tex-Mex restaurant run by restaurateur Ford Fry; Regal Cinemas; The Painted Pin, which will be the second location for the bowling, entertainment and bar concept; JINYA Ramen Bar; American Barber; Secreto, chef Boyd Rose’s concept serving  Southern cuisine; The Local Expedition Wood Fired Grill; Maker’s Coffee & Wine; and Honeysuckle Gelato. The development will span 118 acres and will offer 300,000 square feet of curated retail, dining and entertainment; 650,000 square feet of office space; a 340-room, 4-star hotel; 900 single-family and multifamily residences; and 275,000 square feet of community greenspace. NAP is also redeveloping Infinite Energy Center, which includes Infinite Energy Arena, Forum and Theater. NAP is developing Revel through a public-private partnership with the Gwinnett County Convention and Visitors Bureau. A timeline for completion was not disclosed.

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SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Meadows Edge Shopping Center, a 4,800-square-foot strip retail property located along Interstate 45 in the northern Houston suburb of Spring. Shadow-anchored by Lowe’s Home Improvement, the property was fully leased at the time of sale to tenants such as Sprint, Leslie’s Pool Supplies, Lenny’s Grill & Subs and Paradise Grills. Burdette Huffman and Josh Jacobs of EDGE represented the seller, 20141 North Freeway LLC, in the transaction. Sam Affanhe of Hunington Properties represented the buyer.

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Bristol-place-mass

ATTLEBORO, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $58 million sale of Bristol Place, a retail center located about 30 miles south of Boston. At the time of sale, the property was 88 percent leased to tenants including Market Basket, Home Depot and Hobby Lobby. Joseph French, Glen Kunofsky, Thomas Dalzell, Russell Wachtler of IPA represented the undisclosed seller in the transaction. French procured the buyer, a joint venture between a Boston-based private real estate firm and an institutional investor.

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whole-foods-nyc

NEW YORK CITY — Whole Foods Market will open a 60,000-square-foot store within 63 Madison Avenue, a 15-story office building in Manhattan. The store will occupy 10,000 square feet on the ground floor of the building and 50,000 square feet on the second floor. The building owner, a partnership between George Comfort & Sons, Jamestown and Loeb Partners Realty, plans to renovate the first and second floors with glass walls and a new lobby. The time frame of the construction was not specified. Peter Duncan, Matt Coudert and Alex Bermingham of represented the landlord on an internal basis in the lease negotiations.

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