NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 159-18 Northern Blvd. in the Flushing area of Queens in New York City. Flushing Bank sold the property to an undisclosed local buyer for $13.2 million. The 28,764-square-foot site has more than 112 square feet of frontage along Northern Boulevard and 55 square feet of frontage along 159th Street. The site includes a two-story, 9,213-square-foot commercial building and 38,831 square feet of air rights. Stephen Palmese and Stephen Preuss of Cushman & Wakefield handled the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of a retail center located at 6661 Broadway in the North Riverdale neighborhood of The Bronx, the northernmost borough of New York City. A local investor acquired the 4,750-square-foot property for $1.5 million. The property consists of six stores and 30,000 square feet of air rights. Shawn Sadaghati of GFI Realty represented the seller, a local investor, while Aron Taub, also of GFI, represented the buyer in the transaction.
ALTUS, OKLA. — Hobby Lobby Stores Inc. has leased 59,318 square feet of retail space within Northtown Center, located at 1700 N. Main St. in Altus. The landlord is Northtown Altus LLC. Mark Inman and Stuart Graham of CBRE’s Oklahoma City office represented the tenant in the deal.
MONTGOMERY, ALA. — Montgomery-based Jim Wilson & Associates LLC (JWA) plans to develop Eastchase Central, a shopping center in Montgomery that will be anchored by a roughly 40,000-square-foot Marshalls/HomeGoods store. The shopping center will also feature an 8,500-square-foot Five Below store, as well as other retailers that have yet to be announced. Eastchase Central will be situated on 6.7 acres at the midway point of Eastchase Parkway and directly across from a Hampton Inn & Suites. JWA plans to deliver Eastchase Central in late fall 2017.
SANTA MONICA, CALIF. — Palisades Capital Partners has acquired a mixed-use property located at 631 Wilshire Blvd. in downtown Santa Monica for $33 million. Originally built in 1958, the property has undergone $4 million in upgrades since 2013, including a remodeled lobby, outdoor common areas and locally focused murals. The 40,000-square-foot office and retail property features 11,000 square feet of retail space along Wilshire Boulevard. Mike Long of CBRE and Kevin Shannon, Rob Hannan and Ken White of Newmark Grubb Knight Frank represented the sellers, PacShore Partners and GreenOak Real Estate LP, in the deal.
LOS BANOS AND SACRAMENTO, CALIF. — Continental Partners, formerly known as Continental Funding Group, has secured $21.4 million in refinancing for two shopping centers located in Sacramento and Los Banos. J.M. Grimaldi of Continental arranged a $9.5 million loan to refinance a 149,620-square-foot retail property located at 911-963 W. Pacheco Blvd. in Los Banos; and an $11.9 million loan to refinance a 152,719-square-foot shopping center located at 5400 Date Ave. in Sacramento. The borrower was an undisclosed private real estate investor that specializes in acquiring and repositioning underperforming assets.
LATHROP, CALIF. — Faris Lee Investments has brokered the sale of Lathrop Crossing, a multi-tenant retail property located at 15320-15346 S. Harlan Road in Lathrop. San Francisco-based Lathrop Crossing LLC sold the property to Los Gatos-based Vattadi Lathrop Crossing LLC for $5.2 million, or $319 per square foot. Built in 2008 and situated on 2.5 acres, six tenants occupy the 16,303-square-foot property, including Little Caesars Pizza, Dickey’s BBQ, Subway and In-Shape Fitness. Jeff Conover of Faris Lee represented the seller in the deal.
LA HABRA, CALIF. — SBH Real Estate Group has purchased a retail property located at 250 N. Harbor Road in La Habra. Interhealth Corp. sold the property for $4.5 million, or $203 per square foot. The 22,297-square-foot property was vacant at the time of sale. Scott Hook and Dan Tyner of Hook Retail Advisors represented the buyer, while Greg Jones of Jones Real Estate represented the seller it the transaction.
NASHUA, N.H. — Linear Retail Properties has acquired two retail properties along the Daniel Webster Highway and Spit Brook Road in Nashua for $12.5 million. Old Navy and Burger King occupy the two freestanding buildings, which total 27,673 square feet. Geoffrey MIllerd and Justin Smith of Newmark Grubb Knight Frank represented the undisclosed seller, while Aubrey Cannuscio provided in-house representation for Linear Retail Properties.
NORWOOD, MASS., EAST ISLIP, N.Y., AND GREENSBURG, PA. — Horvath & Tremblay has arranged the sales of three retail assets in Norwood, East Islip and Greensburg. The firm facilitated the $1.9 million sale of a leasehold interest of TD Bank in Norwood and the $1.5 million sale of a leasehold interest of a TD Bank in East Islip. Bob Horvath, Todd Tremblay and Peter Butler of Horvath & Tremblay represented the undisclosed seller and procured the undisclosed buyer. Additionally, Horvath & Tremblay arranged the $2.1 million sale of an Applebee’s restaurant located at the Westmoreland Mall in Greensburg. Mark Brockwell, Bob Horvath and Todd Tremblay represented the undisclosed seller in the deal.