NEW YORK CITY — Eastern Consolidated has arranged the sale the Ridge Street portfolio, three contiguous mixed-use buildings located on the Lower East Side. A partnership between Admiral Capital Group and Four Winds Realty purchased the properties for $50 million from Judah Klausner and Richard Freedman. Located at 198-200 Rivington St., 110-114 Ridge St. and 118 Ridge St., the portfolio includes 64,000 square feet featuring 61 residential units, three retail stores and one 6,250-square-foot community facility space. Deborah Gutoff of Eastern Consolidated procured the buyer, while Gutoff and Ronda Rogovin, also of Eastern Consolidated, represented the sellers in the transaction.
PAOLI, PA. — HFF has arranged $38.3 million in financing for Paoli Shopping Center, a grocery-anchored retail center in Paoli. HFF worked on behalf of Berwyn, Pa.-based Brandolini Cos. to secure the long-term, fixed-rate mortgage through an institutional lender advised by Quadrant Real Estate Advisors. The loan will be used to refinance existing debts. Situated on 18.8 acres, the 165,617-square-foot center is 96.8 percent occupied by a variety of tenants, including Acme Markets, Pier 1 Imports, Talbots, Loft, Chico’s, JoS. A. Bank, Francesca’s, Einstein’s Bagels, Bravo’s Pizza and Kitchen Capers. Ryan Ade led the HFF team that represented the borrower in the financing.
NEW YORK CITY AND GREENWICH, CONN. — Avant Capital Partners has originated $6.3 million in bridge loans for two properties in Manhattan and Greenwich. The project located in Manhattan’s Midtown West neighborhood comprises three contiguous mixed-use properties offering 20 apartments and three ground-floor retail units in a total of 16,916 square feet. In Greenwich, the asset consists of four under-construction condominium units. Each unit will feature three bedrooms, 3.5 bathrooms and high-end interior finishes, including hardwood floors and high ceilings. The average unit size for the condos is 3,650 square feet.
LOS ANGELES – Planet Fitness has leased a 21,257-square-foot retail location in Downtown Los Angeles. The space is located at 1000 E. Washington Blvd. It was previously occupied by Casa Linda Furniture. The space will undergo significant renovations. Planet Fitness is scheduled to occupy the space this October. Other tenants at the property include Auto Zone, Boost Cellular and Subway. The 10-year lease is valued at $5.7 million. Planet Fitness was represented by SRS Real Estate Partners. The landlord, Miracle Mile Properties, was represented by George Russell of Charles Dunn Company.
ALGONQUIN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $9.5 million sale of a 26,864-square-foot retail complex divided in three buildings in Algonquin. Woods Creek Commons is located at 750-790 S. Randall Road. The multitenant retail center includes three buildings with tenants such as ATI Physical Therapy, Supercuts, GameStop, Pie Five Pizza, Mattress Firm, Starbucks Coffee, Massage Envy and Soma Medi Spa. The properties are an outlot to the Woodscreek Shopping Center, a 400,000-square-foot shopping center. The seller was a local development group based in Illinois. The buyer was a private real estate investor based in Wisconsin. Chad Firsel of Quantum was the sole broker in this transaction.
MASSILLON, OHIO — Marcus & Millichap has brokered the $5.8 million sale of Massillon City Center, a 50,266-square-foot retail property located on Lincoln Way West in Massillon. The center is 91 percent occupied. Tenants at the property include Buffalo Wild Wings, Verizon Wireless and Rockne’s. A Bob Evans restaurant is an outparcel at the property. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a private fund, and the buyer, an individual New York-based investor.
MILWAUKEE AND WESTCHESTER, ILL. — NAI Hiffman has arranged five new leases for Burger King in Wisconsin and Illinois. The new leases include four locations in Wisconsin: the northwest corner of 14th and Wells streets in Milwaukee; the southeast corner of North and Prospect avenues in Milwaukee; the southeast corner of Moorland Road and College Avenue in Muskego, Wis.; and the southwest corner of College and Chicago avenues in South Milwaukee. The fifth lease is a co-brand concept with BP Amoco located at the southeast corner of I-290 and Mannheim Road in Westchester. Michael Meksto of NAI Hiffman represented Burger King in the transactions. Over 10 new leases are expected for completion in 2015 across Illinois, Wisconsin and Indiana. Burger King selected Meksto to lead expansion efforts into Michigan, Ohio, Kentucky, Western Iowa and Tennessee.
MIAMI — CocoWalk, a 198,000-square-foot lifestyle center located in Miami’s Coconut Grove neighborhood, has sold for $87.5 million. The property was constructed in 1990 and is located approximately two miles from the University of Miami. Federal Realty Investment Trust purchased an 80 percent interest in the property. The REIT purchased the stake with local market partners Grass River Property and The Comras Co.
BRANFORD, CONN. — Thimble Island Brewing Co. (TIBC) has signed a lease for a 30,000-square-foot building, located at 16 Business Park Dr. in Branford. TIBC is expected to open the doors of the newly renovated and expanded facility this summer. Founded in 2012, TIBC now offers several standard varieties on tap at bars and restaurants throughout the Connecticut shoreline, as well as specialty brews in the brewery’s tasting room. Tim McMahon of O,R&L Commercial represented TIBC in the transaction.
LOS ANGELES — Juanita Tate Marketplace, a 77,000-square-foot shopping center in Los Angeles, has received a $22 million refinance. The center is located at the intersection of East Slauson and South Central avenues in the city’s South Central neighborhood. Juanita Tate is anchored by CVS and Northgate González Markets. It was recently purchased by the borrowers, Optimus Properties and Infinity Redevelopment, who plan to make minor upgrades and modifications to the newly built property. The 10-year, fixed-rate loan features a 4.1 percent interest rate with two years of interest-only and a 30-year amortization schedule. It was arranged by Shahin Yazdi of George Smith Partners. The center was originally developed in partnership with the City of Los Angeles and the non-profit organization Concerned Citizens of South Los Angeles (CCSCLA) to bring retail options and jobs to the region. The property’s construction loan was a city-funded Section 108 loan. This kind of loan is provided by cities for projects that will help revitalize neighborhoods through new low-income housing or job creation. The deal was made a little easier by the fact that the center’s purchase price “far exceeded” its valuation, according to Yazdi. He notes the property value was estimated in the …