NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 92-94 Ludlow St. in Manhattan’s Lower East Side. The property sold in an all-cash transaction for $9 million, or $442 per buildable square foot. The site offers up to 20,342 buildable square feet and currently includes a 3,390-square-foot single-story commercial building. Zoned C6-1, the site allows for the development of commercial, residential or community facility spaces. The existing building is currently leased to Hotel Chantelle, a restaurant and club. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.
MONTROSE, TEXAS — Davis Commercial Real Estate has arranged the sale of a commercial land parcel located at 223 Westheimer in Montrose. Gazebo Management Inc. acquired the 8,250-square-foot site for the development of a dumpling restaurant. Mark Davis of Davis Commercial represented the undisclosed seller, while Charles Kwon of Realm Real Estate Professionals represented the buyer. The acquisition price was not released.
MAHOPAC, N.Y. — Heidenberg Properties Group has received final site-plan approval by the planning board of the town of Carmel for the renovation and expansion of Lake Plaza Shopping Center in Mahopac, a hamlet within Carmel. The redevelopment plan includes the demolition of an existing 24,000-square-foot Key Food supermarket and 7,800-square-foot CVS/pharmacy. That will clear room for a 54,000-square-foot Stop & Shop resulting in a new building footprint more than 20,000 square feet larger than the two existing stores. Additionally, the overall retail center will expand from 141,000 square feet to 165,000 square feet. The project also includes the renovation of the façade, repaving of the parking area and upgraded site lighting. Heidenberg Properties plans to start construction in spring 2017.
LUBBOCK, TEXAS — Marcus & Millichap has arranged the sale of a retail property located at 7901 University Ave. in Lubbock. The 2,807-square-foot property was acquired by an individual/private trust in a 1031 exchange for an undisclosed sum. The property is net-leased to Dunkin’ Donuts and Baskin-Robbins. Michael Buckner and Richard Mireles of Marcus & Millichap represented the seller, a limited liability company, while Bruce Bentley III and Douglas Diffie, also of Marcus & Millichap, represented the buyer in the transaction.
ROUND ROCK, TEXAS — Retail Solutions has brokered three leases totaling 6,870 square feet in Round Rock, a suburb 20 miles north of Austin. In the first deal, Plato’s Closet leased 3,950 square feet of retail space at Sky Ridge Plaza, located at 2000 S IH-35. Andrew Perkel of Retail Solutions represented the tenant, while Drew Smith, also of Retail Solutions, represented the undisclosed landlord. In the second lease, Comet Cleaners leased 1,460 square feet of retail space at 1304 Round Rock Ave. Tucker Francis and Smith of Retail Solutions represented the undisclosed landlord. In the third transaction, Baby Face Salon leased 1,460 square feet of retail space at 1300 Round Rock Ave. Francis and Smith represented the undisclosed landlord in the deal.
DALLAS — NAI Robert Lynn has represented two tenants in the leasing of restaurant space at Preston Center in Highland Park in Dallas. Go Fish Poke has inked a deal for 2,574 square feet of restaurant space at 6030 Luther Lane for the city’s first true poke concept restaurant. Poke is a raw fish salad or entrée that is traditionally served in Hawaii. Additionally, Yolk has leased 4,604 square feet of space at 8315 Westchester Drive. This will be the breakfast and lunch restaurant’s third location in Dallas. Kornel Romada of NAI Robert Lynn represented the tenants in both transactions. Ryan Stewart provided in-house representation for the landlord, Rosebriar Properties, in the Go Fish Poke transaction, while the Weitzman Group represented the sub-lease of LYFE Kitchen for the Yolk deal.
BENSALEM, MEDIA AND LIONVILLE, PA. — ECHO Realty Partners has acquired a portfolio of three grocery-anchored shopping centers located in metropolitan Philadelphia for an undisclosed sum. The properties are the 88,500-square-foot Giant Marketplace at Bensalem, anchored by Giant; the 71,000-square-foot Media Shopping Center, anchored by Acme; and the 79,000-square-foot Lionville Station. The name of the seller was not released.
WESTPORT, CONN. — Stamford, Conn.-based RHYS has arranged the sale of a retail building located at 950 Post Road in Westport. Ewkai 950 Post Road East LLC acquired the property for $5 million, or $756 per square foot, and plans to hold the property as a long-term investment. The 6,616-square-foot building is triple net-leased to the parent company of Men’s Wearhouse, which occupies the building. Christian Bangert and Cory Gubner of RHYS represented the buyer and seller, Forstone 950 Post LLC, in the transaction.
SAN DIEGO — Pacific Castle has completed the disposition of Santee Town Center, a 120,000-square-foot retail center in the San Diego submarket of Santee. An undisclosed buyer acquired the property for $27 million. Ross Dress for Less, Michael’s and Office Depot occupy the center. REZA Investment Group represented Pacific Castle in the deal.
FOREST PARK, OHIO — Phillips Edison & Co. has signed an incentive agreement with the city of Forest Park for the redevelopment of Civic Center Shopping Center. Forest Park is located about 20 miles north of Cincinnati. The city has approved a $35,000 grant to invest in capital improvements at the shopping center for retaining and attracting retailers. The 87,757-square-foot center is located at the corner of Waycross Road and Hamilton Avenue, and is anchored by Ollie’s Bargain Outlet and O’Reilly Auto Parts.