HILLSBORO, TEXAS — The Vitorino Group has brokered the sale of Hillsboro Shopping Center, a 15,750-square-foot, multi-tenant retail property built in 2007. Bryce Gissler, Michael Austry and James Mangum of the Vitorino Group negotiated the transaction between a Dallas-based real estate investment firm and a local private investor.
GAINESVILLE, FLA. — NorthMarq Capital has arranged the $10.4 million refinancing of Publix Market Square, a 71,007-square-foot, Publix-anchored shopping center located at 2625-2835 S.W. 91st St. in Gainesville. Bob Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through an unnamed life insurance company on behalf of the borrower, Mega A LLC.
WESTWOOD, MASS. — American Realty Advisors, an institutional real estate investment manager, has acquired the shops at University Station, a newly constructed, 400,000-square-foot retail asset in the Boston suburb of Westwood. Located within a 130-acre mixed-use development, the purchase price was $206 million. Wegmans, a regional supermarket chain, anchors the retail portion of University Station. Other tenants include Nordstrom Rack, Marshalls and PetSmart. “The average term of in-place leases for the property is approximately 15 years, while 95 percent of the asset’s total income is generated from its national tenant base,” says Shelley. “We believe these characteristics will provide stabilized, risk-adjusted returns for our investors over time.” University Station services a 13-town area with 214,700 residents and an average annual household income in excess of $121,000. The property is situated 15 miles from downtown Boston near I-95 and Route 128, which draw 140,000 vehicles per day. It is located across the street from the area’s sole Amtrak/MBTA commuter rail station, which transports 1.3 million travelers annually. New England Development will continue to serve as the management and leasing agent for the retail center. Robert Griffin Jr., who was with Cushman & Wakefield and is now with Newmark Grubb Knight Frank, …
WILLISTON, VT. — Cypress Equities has acquired Maple Tree Place, a mixed-use retail/office property located in Williston. Retail Properties of America sold the 488,975-square-foot property for $90 million. Developed between 2001 and 2005, Maple Tree Place is anchored by a variety of national and regional retailers including Dick’s Sporting Goods, Christmas Tree Shops, Best Buy, Shaw’s, Staples, Guitar Center and Majestic Cinemas. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 73 Hudson St. in Tribeca. An undisclosed buyer acquired the five-story building for $15.1 million, or $1,315 per square foot. The building contains 11,500 square feet as built and offers approximately 2,800 square feet of unused development rights. The building features a ground-floor retail unit and four floor-through units above, which were delivered vacant upon sale. Will Suarez, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed sellers, while Alex Pisa of The Corcoran Group represented the buyer.
HOBOKEN, N.J. — Monrovia, Calif.-based Trader Joe’s has signed a lease to open a new location at Harlow Hoboken at the southeast corner of Willow Avenue and 14th Street in Hoboken. The 11,700-square-foot location is slated to open in the first half of 2017. Trader Joe’s carries an extensive array of domestic and imported foods and beverages.
LOCKHART, TEXAS — Colliers International has arranged the $2 million sale of a single-tenant, net-leased retail building located on at 700 S. Colorado St. in Lockhart. Advance Auto Parts has a remaining 15-year lease on the newly constructed, 6,912-square-foot building. Jon Busse of Colliers International represented the buyer, The Douglas and Diane Paulson Family Trust ,an Austin-based private investor that purchased the property in an all-cash transaction. Brad Motley of KW Net Lease represented the seller and property developer, LG Lockhart LLC.
POOLER, GA. — Tanger Outlet Centers Inc. has bought out partner Ben Carter Enterprises’ (BCE) ownership stake in Tanger Outlets Savannah, a 420,000-square-foot upscale outlet mall adjacent to the Savannah International Airport in Pooler. The property was 99 percent leased at the time of the transaction. As the sole owner, Tanger Outlets, a Greensboro, N.C.-based REIT, will continue the outlet mall’s Phase III expansion, which will include Texas Roadhouse, Rise Pies and Metro Diner. As part of the transaction, BCE acquired full ownership of the 56 acres of outparcels surrounding Tanger Outlets Savannah, including the existing Applebee’s and Panda Express sites. Tanger Outlet Centers contributed the outparcel land and $15 million in cash in exchange for BCE’s ownership stake in the outlet center. BCE will develop more than 500,000 square feet of commercial space around the outlet mall, including a Holiday Inn and Suites hotel and Vaden Chevrolet of Pooler dealership, both of which are set to open in 2017. BCE also plans to develop a 151,000-square-foot shopping center leased to Dick’s Sporting Goods, Hobby Lobby, Home Goods and Ulta Beauty.
CHICAGO — Baum Realty Group LLC has brokered the sale of 24,000 square feet of ground-floor retail space at 1000 W. Washington Blvd. in Chicago’s West Loop neighborhood for $7.2 million. A partnership between R2 and Marc Realty Capital acquired the property from a local developer. Existing tenants include French restaurant La Sardine and Subway. The property, which includes 10 parking spaces, has 18,000 square feet available for lease. Danny Spitz and Greg Dietz of Baum Realty represented the seller in the transaction, and Doug Renner and Trevor Jack of Baum Realty have been retained to market the property.
DETROIT — Wahlburgers has opened a new restaurant at 569 Monroe St. in Detroit’s Greektown neighborhood. The two-story, 4,200-square-foot burger joint includes a full bar and will serve lunch and dinner daily. This is the chain’s first location in Michigan, but there are plans for six more. Wahlburgers also has locations in Florida, Massachusetts, Nevada, New York, Pennsylvania and Canada. Wahlburgers was founded by chef Paul Wahlburg, brother of celebrities Mark and Donnie Wahlburg, who are actors and singers. The trio star in the A&E reality TV show “Wahlburgers”.
