NEW YORK CITY — Marcus & Millichap has brokered the $16.2 million sale of a 28,819-square-foot retail building in The Bronx. The building at 2244 Westchester Ave. was constructed in 1970 and has housed the flagship branch and corporate headquarters of Ponce Bank for the past 25 years. Steven Siegel of Marcus & Millichap represented the seller, Arc Trust, in the transaction. Judson Kauffman of Surmount (formerly NNN Pro) represented the undisclosed buyer, which acquired the property via a 1031 exchange.
DEER PARK, ILL. — Brand Street Properties and AEW Capital Management have acquired Deer Park Town Center, a 410,000-square-foot, open-air shopping center in Deer Park, about 35 miles northwest of downtown Chicago. Conor Lalor, Kyle Minter and Keely Polczynski of Newmark represented the seller, PGIM, with support from colleagues James Sharpe V and Brian Schneiderman. The sales price was $125 million. Deer Park Town Center is home to more than 60 tenants, including Apple, Crate & Barrel, Williams-Sonoma, Gap, Lululemon, Anthropologie and Sephora. Restaurants include Biaggi’s Ristorante Italiano, Sweetgreen, Stoney River, Ancho & Agave and California Pizza Kitchen. Built in 2000, the property is currently 85 percent leased. Brand Street will be responsible for the day-to-day management, operations and leasing of the center, with the intent of growing occupancy. Public gathering spaces will be reimagined to drive traffic and enhance customer experience.
KEY BISCAYNE, FLA. — Berkadia has arranged a $9.8 million loan to refinance a 61,504-square-foot, two-story retail center located on Key Biscayne, a barrier island situated south of Miami. Charles Foschini, Christopher Apone, Shannon Wilson and Lourdes Carranza-Alvarez of Berkadia secured the 10-year, fixed-rate loan through a correspondent life insurance company on behalf of the undisclosed owner, which purchased the property in 1997. The financing features a 23 percent loan-to-value ratio. The retail property is situated on Crandon Boulevard, Key Biscayne’s primary commercial corridor and its only land connection to mainland Miami. Built in 1990, the center was 98.8 percent leased at the time of sale to a mix of tenants such as T-Mobile and Northern Trust.
COLUMBIA, S.C. — Trinity Partners has negotiated the sale of 2930 Devine Street and 618 Sims Avenue, a 19,615-square-foot, multi-tenant retail property located in Columbia. The property was fully leased at the time of sale to tenants including Arabesque on Devine, Best Mattress, Eggs Up Grill and Za’s on Devine. William Mills and Robbie Cook of Trinity Partners represented the seller and sourced the buyer in the transaction. Further details of the transaction were not disclosed.
MOUNT PROSPECT, ILL. — Newmark has arranged the $95 million sale of Randhurst Village, a 931,798-square-foot power center in Mount Prospect. Conor Lalor and Keely Polczynski of Newmark represented the seller, DLC, with support from colleague Brian Schneiderman. The buyer was Rhino Investment Group. The transaction follows DLC’s execution of a comprehensive business plan to enhance the asset’s value, drive leasing activity and strengthen the property’s tenant mix. Situated on more than 94 acres at the intersection of Rand and Elmhurst roads, Randhurst Village is home to anchor tenants Costco, Jewel-Osco and The Home Depot. Additional tenants include TJ Maxx, HomeGoods, AMC Theatres, Skechers, Orangetheory Fitness and PetSmart. The property was originally redeveloped from the former Randhurst Mall. 3650 Capital and Aquarian Real Estate Partners (AREP) originated $72.3 million in financing for the acquisition. The financing included a $45.6 million senior loan arranged by AREP and a $26.7 million mezzanine loan from 3650 Capital. In addition to the acquisition, the financing includes future funding for the buyer to execute its value-add plan, including leasing up vacant spaces and pursuing outparcel sales. Anthony Longo of Alpha Capital CRE served as the capital advisor on the whole loan financing.
RICHMOND, TEXAS — California-based brokerage firm RealSource Group has negotiated the $5.8 million sale of a 3,072-square-foot restaurant building in Richmond, a southwestern suburb of Houston. Shake Shack occupies the newly constructed building, which is located within Waterview Town Center, a 134-acre mixed-use development by Read King, on a 15-year, triple-net lease. Austin Blodgett and Jonathan Schiffer of RealSource Group, along with Parasell Inc., represented Read King in the sale. Anthony Cerrone of Marcus & Millichap represented the undisclosed buyer.
BURLESON, TEXAS — Westwood Financial, a California-based retail investment firm, has acquired South Town Crossing II, a 23,300-square-foot shopping center in Burleson, a southern suburb of Fort Worth. The center was fully leased at the time of sale to tenants such as Petco, Mathnasium, Mattress Firm and Glitz Nails. The seller and sales price were not disclosed. Westwood now owns 83,286 square feet within South Town Crossing.
HENDERSON, NEV. — IPA Capital Markets, a division of Marcus & Milichap, has arranged joint venture equity on behalf of VAC Development for The Cliff at Green Valley Ranch, an adaptive reuse redevelopment in Henderson. Jeremy Slocumb of IPA Capital Markets led the transaction. Upon completion, The Cliff at Green Valley Ranch will be Henderson’s first major open-air retail, dining and lifestyle development of its scale since 2004. The project will convert two obsolete office buildings, built in 2002 on 10 elevated acres at 2500-2550 Paseo Verde Parkway, into a 100,000-square-foot, Class A, pedestrian-friendly campus. The Cliff will feature 38 units ranging from 200-square-foot kiosks to a 16,000-square-foot Arhaus anchor, all organized around a 26,000-square-foot covered outdoor dining lounge. The project will emphasize experiential retail, chef-driven dining, wellness, art and community gathering space. Confirmed tenants include The Taco Stand, Lyte House, Barista Botanist and Killer Whale Creamery. Planned amenities include landscaped courtyards and breezeways, a central bar and outdoor lounge, covered patios, a food-kiosk alley, a children’s play area, public art and live music and performance zones. Deliveries will begin in second-quarter 2027, with first tenants opening in the second half of the year.
JUNCTION, TEXAS — Marcus & Millichap has brokered the sale of Gordo’s Travel Center, a 15,000-square-foot gas station and convenience store in Junction, about 115 miles northwest of San Antonio. Built in 2025, the property offers seven multi-product fuel pumps, six diesel stations and showers and restrooms, as well as food and beverages from brands such as Charleys Cheesesteaks, Sbarro and Starbucks. Ameer Adel and Jacob Luna of Marcus & Millichap represented the seller and procured the buyer in the transaction.
LOS ANGELES — Locally based Decron Properties has acquired 5550 Wilshire, a 163-unit apartment community in the Miracle Mile area of Los Angeles. According to the Los Angeles Business Journal, the seller was private equity real estate investor GID, headquartered in Atlanta. The asset sold for $114 million. Blake Rogers of JLL arranged the transaction. Developed in 2010, 5550 Wilshire offers one-, two- and three-bedroom apartments and townhomes. Amenities include a resort-style pool, hot tub, rooftop lounges, movie theater and parking for 484 vehicles. The property also includes 14,686 square feet of ground-floor retail space that is fully leased to tenants that include Chipotle, Five Guys and FedEx Office. Decron owns and manages approximately 10,000 multifamily units and approximately 1 million square feet of retail assets across California, Washington and Arizona.
Newer Posts