LAREDO, TEXAS — Marcus & Millichap has closed the sale of a 2,506-square foot restaurant property leased to Taco Bell at 2453 Monarch Drive in the south Texas border town of Laredo. The net-leased property is an outparcel to a 400,000-square-foot retail center anchored by an H-E-B grocery store. James Bell of Marcus & Millichap represented the seller, an undisclosed developer. The name and representative of the buyer, a Chicago-based entity, were not released.
NEW YORK CITY — Eastern Consolidated’s retail leasing division has arranged a 10-year lease at 48 Macdougal St. in SoHo for Raku, a Japanese restaurant. It will be Raku’s second location in Manhattan. The restaurant will occupy a 1,200-square-foot space located between West Houston and Prince Streets. Eastern Consolidated’s Joe Robinson arranged the lease for Raku, and David Graff of Compass represented the landlord.
LOS ANGELES — Red Mountain Group Inc. has acquired La Cienega Triangle, an 8.6-acre property located at the three-pronged intersection of La Cienega Boulevard, Centinela Avenue and La Tierja Boulevard in Los Angeles. The price was not disclosed. The local trade area is home to more than 826,000 residents in a five-mile radius, employs 321,000 and sees over 135,000 cars a day. A 117,838-square-foot urban redevelopment project calls for an immediate adaptive reuse of the existing 43,138 square feet of streetfront retail along La Tierja Boulevard. The redevelopment will be followed by an additional 42,700 square feet of ground-up improvements on the balance of the site. The development will include a grocery store, entertainment, soft goods carriers, sit-down food service facilities and four drive-thru operators. A 30,000-square-foot office building is also located on the site. Bill Bauman of Savills Studley and Luke Palmo of Coldwell Banker Commercial brokered the transaction.
PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a fee-simple ground lease underlying The Shops on Lake Avenue retail complex on South Lake Avenue in Pasadena. Macy’s anchors the property, but was not included in the sale. The price was not disclosed. Hanley Investment Group’s Carlos Lopez and Lee Csenar represented the seller, Macy’s Inc. The buyer, a private investor in San Diego, was self-represented. Other tenants at The Shops on Lake Avenue include T.J.Maxx, Trader Joe’s, Jos. A Bank, Orvis, Sola Salon, Paul Martin’s, Breakthru Fitness, Corner Bakery, Gymboree, AT&T, Nekter Juice Bar, Pieology Pizzeria, Tokyo Shabu Shabu, Coffee Bean & Tea Leaf, Yogurtland and Massage Envy. The property consists of two parcels totaling 5.3 acres with a total of 131,153 square feet at 345 and 401 S. Lake Ave. Over 61 years remain on the lease term, including two 10-year renewal options and rent increases every five years. All improvements on the property revert to the landowner upon expiration of the ground lease.
RIVERSIDE, CALIF. — Faris Lee Investments has arranged the $3.5 million sale of a 3,700-square-foot property net leased to Denny’s in Riverside. Denny’s has been at the location for 50 years and recently renewed its lease for another 20-year term. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller, Orange County-based HFC/PRP Madison LLC. Sonny Lee of RE/MAX Commercial represented the all-cash buyer, Arcadia-based Yuanqi International. The property sold at a cap rate of 4.66 percent and approximately $956 per square foot. Located at 3530 Madison St., Denny’s has been a tenant since the asset was built in 1967. The property underwent a renovation in 2016.
SCIO TOWNSHIP, MICH. — Forum Group, an NAI Farbman Group partner, has arranged the sale of an 8,000-square-foot retail building in Scio Township, five miles west of Ann Arbor. The sales price was not disclosed. The Class A building is located at 120 S. Zee Road, and is fully occupied by Starbucks, Jimmy John’s, Verizon and Kim’s Spa. Thomas D. Lasky of Forum Group represented the buyer, LPH Ventures LLC. Marcus & Millichap represented the undisclosed seller.
CARROLLTON, TEXAS — The Vitorino Group has closed the sale of Hebron Parkway Shopping Center, a 17,836-square-foot strip retail center in Carrollton, a northern suburb of Dallas. Bryce Gissler of Vitorino Group listed the property on behalf of the seller, an undisclosed private investor. The name and representative of the buyer, also a private investor, were not disclosed. The property was 100 percent leased at the time of sale.
BOSTON — Cottonwood Management Group is opening a new Boston regional office at 101 Seaport Blvd. in the city’s Seaport district. The California-based asset management and development company has also commenced pre-construction on its Seaport Square Parcel M1M2 development, which is located next door. The M1M2 project consists of 1 million square feet of mixed-use development over 3.5 acres in Seaport Square. The residential component includes 730-plus units in two condominium towers and one luxury rental tower. In addition to the residences, the project includes 125,000 square feet of two-story retail and restaurants centered around a vibrant public courtyard. Construction is scheduled to span three years with phased completion dates in late 2019 to early 2020. In addition to serving as its regional office, part of Cottonwood’s Seaport Boulevard space will be used as the sales center for the project’s residential component. The company is preparing for an official groundbreaking for the project in May.
SPRINGFIELD, PA. — Colliers International has arranged the $7.4 million sale of a multi-building, 5.5-acre retail parcel located at 5202 Baltimore Pike in Springfield. BET Investments bought the property, which is situated on a signalized corner at Baltimore Pike and Oak Avenue. Burlington Stores Inc. was the seller. Plans call for the site to be redeveloped for retail uses. The Colliers retail team of Todd Sussman and Josh Goldfine represented Burlington Stores. Colliers’ Rich Weitzman represented BET Investments.
CHANTILLY, VA. — Regency Centers Corp. has broken ground on The Field at Commonwealth, a $44.5 million, 180,000-square-foot shopping center located at the intersection of U.S. Highway 28 and Westfields Boulevard in Chantilly, roughly 25 miles west of Washington, D.C. The project will be anchored by a 120,000-square-foot Wegmans, a Rochester, N.Y.-based chain that operates large, upscale supermarkets. Regency Centers plans to deliver the shopping center in 2018.
