NEW YORK CITY — Kamber Management Co. has purchased Riverside Garage portfolio, a parking garage portfolio located in Manhattan’s Upper West Side, for $50 million. The portfolio consists of three parking garage condominiums located at 80, 100-120 and 220-240 Riverside Blvd. David Shechtman, Lipa Lieberman and Abie Kassin of Meridian Capital Group represented the seller, 80-20 LLC, while Steven Levy represented the buyer in the deal.
SACO, MAINE — An entity operated by Charterhouse Development Corp. has acquired a retail property located at 461 Maine St. in Saco. Spirit RA Saco ME LLC sold the property for $3 million. Rite Aid occupies the 11,180-square-foot retail property. John Gendron of Gendron Commercial Brokers negotiated the acquisition.
WILMINGTON, DEL. — The Philadelphia 76ers and The Buccini/Pollin Group are developing 76ers Fieldhouse in Wilmington. Situated on 8.9 acres, the 140,000-square-foot multi-purpose sports complex and youth training center will be the new home for the 76ers NBA G League affiliate team, the Delaware 87ers. In addition to use by the affiliate team, the facility will be used to provide local youth with new sports programming and opportunities. The Buccini/Pollin Group will manage the development and construction of the facility, which is being designed by Rossetti Architects. The facility is situated on a site currently owned by Riverfront Development Corp.
BROOKHAVEN, GA. — Coro Realty Advisors and Easlan Capital have sold Brookleigh Marketplace, a 26,179-square-foot shopping center in Brookhaven, a city 11 miles north of downtown Atlanta. The property is located on Johnson Ferry Road at the entrance to a 56-acre mixed-use community. At the time of sale, Brookleigh Marketplace was fully leased to tenants including Primrose Schools, Burn Cycle/Kick/Yoga, Marlow’s Tavern, Jade Nails & Day Spa, Bon Glaze and PT Solutions. Mark Joines and Drew Fleming of NKF Capital Markets arranged the transaction on behalf of Coro and Easlan. Other terms of the deal were not disclosed.
MIDLAND, MICH. — Realty Income has acquired a 102,513-square-foot retail building in Midland, located in central Michigan, for $10.2 million. Home Depot owns the building and currently has a long-term ground lease at the property, which is located at 1100 Joe Mann Blvd. near the Midland Mall. Home Depot has six years remaining on a 20-year lease. Jon Busse and Earl Clements of Colliers International represented the seller, Burlingame Midland LLC. Realty Income was self-represented in the transaction.
LOS ANGELES — OnlyRoses, a specialty rose gift brand, will open its first U.S. retail location and second non-franchise store in the Los Angeles submarket of Beverly Hills. The Beverly Hills location will be the company’s second non-franchise boutique in the world and home base in the U.S. for nationwide shipments, which will come from the company’s new warehouse in Hollywood. Italian architecture firm Baciocchi Associati designed the store. Roses are ethically sourced directly from farms in the Andes mountains near Quito, Ecuador. Originally founded by husband-and-wife team Anian and Sabine Schmitt in 2007, the original London-based OnlyRoses store is located in London’s Knightsbridge neighborhood on the block adjacent to Harrod’s. In the last decade, the business has expanded with franchise locations in Dubai, Abu Dhabi, Doha, Riyadh and Kuwait City.
LAS VEGAS — An affiliate of Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the real estate assets of Harrah’s Las Vegas Hotel and Casino on the Las Vegas Strip for $1.14 billion. The buyer is VICI Properties Inc. (OTC: VICI), a Las Vegas-based REIT spun off last month from Caesars Entertainment Operating Co. Inc., a subsidiary of Caesars Entertainment. As part of the transaction, VICI will lease back the land and real estate to Caesars under a 15-year, triple-net lease agreement with four five-year renewal options. Harrah’s Las Vegas spans 4.1 million square feet and contains 90,600 square feet of casino space and 2,530 hotel rooms. The property features a Mardi Gras and carnival theme, with 16 restaurants and bars, retail shopping, spa services, a parking garage and 24,000 square feet of meeting space. VICI Properties also entered into a definitive agreement with Caesars to sell approximately 18.4 acres of undeveloped land located behind the LINQ Hotel & Casino and Harrah’s Las Vegas for $73.6 million. It is expected that Caesars will use the land with certain other parcels to construct a convention center adjacent to Harrah’s Las Vegas. “These transactions illustrate the growth potential provided by our …
DALLAS — Stream Realty Partners has negotiated a pair of restaurant leases at Trammell Crow Center in Uptown Dallas. Urban market chain Royal Blue Grocery signed a lease for a 3,300-square-foot store and a 2,000-square-foot kitchen, and restaurant operator NL Group Inc. signed a lease for 3,100-square-foot space capable of accommodating up to 80 patrons. Trammell Crow Center, a 1.2 million-square-foot office tower located at 2001 Ross Ave. near Klyde Warren Park, is currently undergoing a redevelopment of its lobby, plaza and lower exterior.
CHANDLER, ARIZ. — CBRE has arranged the $13.9 million sale of Dobson Center, a 41,546-square-foot retail and medical office center in Chandler. Dobson Center includes a freestanding Starbucks Coffee, 12,842 square feet of retail space and a 26,704-square-foot medical office building. At the time of sale, the property was more than 97 percent leased to tenants including MomDoc, Sonora Quest, Pure Barre, East Valley Internal Medicine and Solis Mammography. Andrew Fosberg, Chris Ackel and Dylan Brown of CBRE arranged the transaction on behalf of the seller, Dobson Center LLC, an entity formed by ZDI LLC. Marilyn Kidd of Coldwell Banker Commercial represented the buyer, Philip Landry and Donna Landry Family Trust.
FAIR OAKS, CALIF. — NewMark Merrill Cos. has acquired Madison Marketplace, a 258,981-square-foot retail center in Fair Oaks, located 18 miles east of Sacramento. Raley’s Supermarket and TJ Maxx anchor the center, which was 93 percent leased at the time of sale to tenants including Petco, Dollar Tree, O’Reilly Auto Parts, Chipotle Mexican Grill, GameStop, Leslie Pool Supplies, McDonalds and Starbucks Coffee. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill represented the company internally in the transaction. Roman Benvenuti and Bill Palmer of Palmer Capital Inc. represented the seller, TA Realty. The price was not disclosed. Kostas Kavayiotidis of Pacific Southwest Realty Services arranged a 10-year, fixed-rate loan through John Hancock Insurance on behalf of NewMark Merrill.