NEW YORK CITY — Lee & Associates has brokered the $32.2 million sale of a 50,000-square-foot parking garage in Manhattan’s Flatiron district. Located at 41-47 E. 21st St., the four-story garage is six blocks from the 4, 5, 6, L, N, Q, R and W trains. Steve Lorenzo, Mitchell Salmon and Christopher Ventura of Lee & Associates represented the buyer, Mequity Cos., in the transaction. Sidney Rosenthal of Lee & Associates represented the seller, Zucker Organization.
ARDSLEY, N.Y. — Houlihan-Parnes Realtors has secured a $1.7 million loan to refinance Ardsley Shopping Center in Ardsley. Located at 717-725 Saw Mill River Road, the center, which is anchored by a CVS Pharmacy, is approximately 19 miles north of Manhattan. James J. Houlihan, Christie L. Houlihan and Bryan J. Houlihan of Houlihan-Parnes secured the financing on behalf of the undisclosed borrower. The lender was a local bank. Terms of the financing included a five-year term with a 4.6 percent interest rate.
LIBERTYVILLE, ILL. — Tide Cleaners will open its seventh Chicagoland location at Red Top Plaza in Libertyville. The property is situated at the southeast corner of Milwaukee Avenue and Red Top Drive. Allen Joffe of Baum Realty Group represented Tide in the lease transaction with the landlord, IRC. Tide offers 24-hour drop-off and pickup and has more than 128 locations nationwide.
Austin’s retail and restaurant market is rapidly becoming one of the hippest and most dynamic scenes in the country, as new concepts are flocking to the state capital in lockstep with its remarkable job and population growth. The push by both new and established retailers and restaurants to grab a piece of the Austin pie has driven the city’s retail occupancy rate to roughly 93 percent. Annual rent growth has exceeded 10 percent at Class A properties in submarkets such as the Central Business District (CBD) and East Austin. But while demand for retail and restaurant space in Austin’s urban core is at an all-time high, so too are rates of turnover among these users. A Gentrified Market The driving factors behind these trends are fairly straightforward. Buoyed by the still-surging job growth in the tech industry, the median age of Austin’s population is getting lower, currently sitting at about 34 years. Many of these residents have high-paying jobs, are new to the city and are eager to take advantage of its thriving food, beverage and entertainment options. The gentrification of some of Austin’s historic neighborhoods is well underway and expected to continue in the near future as tech giants …
ROSWELL, GA. AND LELAND, N.C. — Branch Properties has acquired two grocery-anchored shopping centers in the Southeast. The first, Roswell Market Place, is a 95,522-square-foot shopping center anchored by Sprouts Farmers Market. Branch Properties bought the asset for $32 million. The center, which is located at 10800 Alpharetta Highway, 24 miles north of downtown Atlanta, was built in 1986 and renovated two years ago. Roswell Market Place was 88 percent leased at the time of the sale. The second property is Waterford Village, a 108,249-square-foot shopping center anchored by Harris Teeter that was purchased for $25 million. Waterford Village sits on 15.8 acres at 2013 Olde Waterford Way in Leland, nine miles west of downtown Wilmington. The asset was 90 percent leased at the time of the sale.
DELAWARE, OHIO — Marcus & Millichap has brokered the sale of a 14,490-square-foot property net leased to Walgreens for $2.7 million. The building is situated on 1.7 acres at 19 London Road in Delaware, about 30 miles north of Columbus. The property was built in 2001. Walgreens recently extended its lease through 2026. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Brandon Hanna of Encore Real Estate Investment Services secured and represented the buyer, a private investor.
MCKINNEY, TEXAS — Cinemark Holdings Inc. (NYSE: CNK) has opened a 14-screen theater at the intersection of U.S. Highway 380 and Hardin Boulevard in the northern Dallas suburb of McKinney. The freestanding venue features wall-to-wall screens, oversized recliners with footrests, an arcade and a variety of food and beverage options. The theater is Cinemark’s 27th in the metroplex.
GREAT FALLS, MONT. — SSG Realty Partners has arranged the sale of Westwood Plaza, a retail center located along the Northwest Bypass in Great Falls, for an undisclosed price. Originally developed as a Pay ‘N Save and Ernst Home Center, the 70,000-square-foot shopping center was renovated in recent years. The current tenant mix includes ULTA Beauty and TJ Maxx. Greg Swedelson and Jon Eric Greene of SSG Realty Partners represented the seller and undisclosed buyer in the deal.
NEW YORK CITY — The national retail vacancy rate stood at 10.2 percent at the end of the first quarter of 2019, unchanged from the previous period and up 20 basis from the first quarter of 2018, according to New York-based commercial real estate analytics firm Reis. The report was based on analysis of the company’s internal information on retail properties in 77 American metros. The average asking rent for U.S. retail space closed the quarter at $21.30 per square foot, up 1.6 percent from a year ago, per the report. Net absorption for the opening quarter was 949,000 square feet, which represents a small decline from that period in 2018. However, the report notes that a slower pace of new construction has helped offset occupancy dips brought on by brick-and-mortar store closures. Less than a million square feet of new product was delivered during the first quarter of 2019. In the first quarter of 2018, the volume of new deliveries was more than double that figure, and in the fourth quarter of 2018, supply additions nearly tripled that number. Reis projects that new construction will ramp up as the year unfolds, with the total U.S. retail inventory projected to …
SPRINGFIELD, VA. — Federal Realty Investment Trust has unveiled plans to redevelop Old Keene Mill, a 90,000-square-foot shopping center in Springfield. Whole Foods Market, Planet Fitness and Walgreens anchor the center, which is situated at the corner of Old Keene Mill and Rolling roads, about 16 miles southwest of downtown Washington, D.C. Redevelopment plans include introducing an outdoor fireplace, communal village design, new landscapes, wide sidewalks and new façade and signage. Completion is expected before Thanksgiving.
