PHOENIX – A 2,654-square-foot space in Phoenix that is leased to Jack in the Box has sold to JIB BIT LLC for $2.2 million. The fast food restaurant is located at 2113 W. Happy Valley Road. The LLC was represented by Jim Casale of Lee & Associates’ San Diego office. The seller, Stine Development, was represented by Joe Caputo of Trivanta.
MIAMISBURG, OHIO — Oberer Cos. has completed the sale of the 81,438-square-foot Home Center shopping center located on SR 725 in Washington Township near Miamisburg. The price was not disclosed. Oberer had owned the 81,438-square-foot property since 1995 when it bought the property at auction. The combination of falling market capitalization rates and strong investor demand led the partnership owners to conclude that the timing was right to cash in on the long held asset. The retail center contains stores such as Hauer Music, Bargo’s Grill & Tap, Pour Haus and Creative Images. Hutchins Commercial Realty represented the undisclosed buyer in the transaction. Oberer Realty Services and Marcus Millichap represented the undisclosed seller in the transaction.
GLEN ELLYN, ILL. — Adelphia Properties has brokered the sale of a 3,400-square-foot freestanding retail building in Glen Ellyn. The vacant building is located on three-quarters of an acre at 369 Roosevelt Road in Glen Ellyn, 27 miles west of Chicago. The property sold for $750,000. Adelphia Properties’ Simeon Spirrison represented the seller, a private investor. George Spirrison of Adelphia represented the private buyer.
HALTOM CITY, TEXAS — Planet Fitness has leased 19,488 square feet of space in Haltom Commons Shopping Center, located at 3316 Denton Highway, for a new location. Greg McDonald, CCIM, of The Weitzman Group handled negotiations for the landlord. Ryan Jordan and Tyler Grisham of Edge Realty Partners represented the tenant. Kroger anchors Haltom Commons.
JACKSONVILLE BEACH, FLA. — Native Sun Natural Foods Market, an organic grocery chain based in Jacksonville, will open a new store at the corner of 3rd Street and 15th Avenue North in Jacksonville Beach in September. The new store will anchor North Beach Village, a 20,604-square-foot shopping center leased to tenants such as El Potro Mexican Restaurant and Philly’s Finest Cheesesteaks. Native Sun has begun hiring and expects to employ roughly 50 positions. The Jacksonville Beach store will be the grocer’s third location.
LOGAN, UTAH – A Maverik gas station and convenience store has opened on a 1.1-acre pad in Logan. The new spot is located at 300 South Main Street. Maverik is currently expanding in Logan. It has also secured stadium naming rights for Utah State University. Maverik contains more than 270 locations across 10 Western states.
NEW YORK CITY — Eastern Consolidated has arranged a $42 million bridge loan for the acquisition of a development site located at 131-01 39th Ave. in the Flushing neighborhood of Queens. The borrower, Triple Star Realty, acquired the former Assi Plaza supermarket location for more than $90 million. Triple Star Realty plans to raze the existing structures and develop a 631,752-square-foot mixed-use complex. The waterfront property will feature a 360-unit residential space, a 200-room hotel, retail space, a supermarket, general and medical office space and parking. Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons of Eastern Consolidated arranged the financing for the borrower.
WALLINGTON, N.J. — NorthMarq Capital has arranged $16 million in refinancing for Wallington Plaza, a retail property located at 375 Paterson Ave. in Wallington. ShopRite Supermarket is the major tenant at the 92,823-square-foot retail property. Robert Ranieri of NorthMarq Capital arranged the ground-lease financing, which features a seven-year term and 30-year amortization schedule, through a regional bank. The borrower was not released.
BENSALEM, PA. — Marcus & Millichap has brokered the sale of a net-leased property located at 1837 Street Road in Bensalem. The 100,000-square-foot asset sold for $3.5 million. The property is occupied by a Kmart, which has been at this location since 1983. John Reehil of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company, in the transaction. Mark Taylor, also of Marcus & Millichap, assisted in closing the deal.
MINNEAPOLIS — RJM Construction has completed a multi-million dollar renovation of RBC Plaza at Nicollet Mall in downtown Minneapolis. The transformation of the 709,690-square-foot Class A office and retail property took nearly 18 months to finish. RJM Construction converted the former four-story retail and food court space on the 3rd and 4th floors of the Nicollet Mall into a two-story atrium within the 40-story office tower located at 60 S. 6th St. New amenities include a state-of-the art conference center, fitness center with locker room, bike storage area, and meeting areas on the lower level and main lobby. The property also features two levels of retail stores and cafés, including D’Amico & Sons, Sprout Salad Company, Caribou Coffee, The Fresh Market, Affinity Federal Credit Union and management consulting firm Joern Samaha & Associates. KBS owns RBC Plaza, which is operated by KBS Capital Advisors. Mark Stevens of Cushman & Wakefield | NorthMarq represents RBC Plaza.