PHOENIX – Mattress Firm has signed three leases throughout Arizona. The bedding retailer signed leases for a 7,000-square-foot location at Emerald Center in Tempe; a 3,500-square-foot location in the Silverstone Marketplace in Scottsdale; and a 3,800-square-foot location in Mesa. Mattress Firm was represented by Darren Pitts and Michael Clark of Velocity Retail Group in all three transactions.
HOUSTON — Marcus & Millichap has arranged the sale of Shadowbriar Shopping Center, a 16,400-square-foot retail property located in Houston. James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. Marc Irvin of Marcus & Millichap’s Atlanta office secured and represented the buyer, a private investor. Shadowbriar Shopping Center is located at 12303 Westheimer Road.
TITUSVILLE, FLA. — Sean Glickman of Coldwell Banker Commercial NRT and Glickman Retail Group brokered the $16 million of Crossroads Marketplace, an 89,200-square-foot shopping center located at 3065 Columbia Blvd. in Titusville, a town in Central Florida. The asset was 95 percent leased at the time of sale to tenants such as Marshalls, Petco, Parish Medical, AT&T, GNC and Dollar Tree. The asset is also shadow-anchored by a Super Target. The buyer is an international investment firm. Glickman represented the seller, a 106-year-old family-owned company that owns shopping centers in 12 states in the Southeast.
SOUTH EUCLID, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $15.4 million sale of Cedar Center North, a 61,466-square-foot shopping plaza in the Cleveland suburb of South Euclid. The property is located at the intersection of Cedar Road and Warrensville Center Road at 13991 Cedar Road. John Carroll University is located less than a mile from the property and two super-regional shopping centers, Legacy Village and Beachwood Place, are within two miles. IPA senior directors Erin Patton, Craig Fuller and Scott Wiles represented the seller, a local northeast Ohio development group. The buyer is Inland Real Estate Corp.
MIAMI — FA Commercial has brokered the sale of retail spaces at Millecento, a 42-story mixed-use tower located at 1100 S. Miami Ave. in Miami’s Brickell neighborhood. A group of unnamed investors based in South America purchased the ground-floor retail spaces, totaling 17,500 square feet, for $10.5 million. Fabio Faerman of FA Commercial represented the buyer in the transaction. Since the sale, Faerman has leased the retail spaces to tenants such as Freddo Gelateria, Pizza Tonda, Prime Cigar and Level 1 Restaurant & Lounge.
JACKSONVILLE, N.C. — Faris Lee Investments has brokered the $7.9 million sale of a single-tenant retail property occupied by Hobby Lobby at 1290 Western Blvd. in Jacksonville. Hobby Lobby has just begun its triple-net, 15-year lease at the newly constructed 55,000-square-foot property. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a private equity fund based in New York, in the transaction. Mousavi and Luther also represented the seller, the North Carolina-based developer of the Hobby Lobby store. The buyer purchased the store at a 6.5 percent cap rate.
SCOTTSDALE, ARIZ. – A single-tenant property in Scottsdale that is leased to Red Revolver Night Club has sold to Tornga Family LLC for $2.1 million. The space is located at 7316 E. Stetson Drive in the Old Town district. The buyer was represented by Robert Jones of Torrey Pines Real Estate Investments. The seller, GEM Realty Advisors, was represented by CBRE’s Steve Julius and Jesse Goldsmith.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail co-op unit at 85 Fifth Ave. in Manhattan’s Ladies’ Mile Historic District. The property sold in an all-cash transaction for $86 million, or $6,643 per square foot. The 12,946-square-foot turnkey retail space features 6,406 square feet of ground floor space with 15-foot ceiling heights and 6,540 square feet of sellable lower level space with 10-foot ceiling heights. The property is currently leased to Anthropologie until April 2021. Bob Knakal and John Ciraulo of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
MIDDLETOWN, R.I. — RK Centers has acquired Middletown Village, a retail center located on Route 114 in Middletown, for $16.7 million. The 98,575-square-foot center is occupied by a variety of national tenants, including Barnes & Noble, Sports Authority, Michaels and Petco. The name of the seller was not released.
STILLWATER, MINN. — Marcus & Millichap has arranged the $8.9 million sale of Oak Park Ponds, a 98,157-square-foot shopping center in Stillwater. Oak Park Ponds is located at 5801 Neal Ave. N. Kowalski’s Markets is a long-term anchor at the property. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office, along Sean Doyle and Cory Villaume of the firm’s Minneapolis office, represented the seller, a limited liability company. Matt Hazelton, Adam ‘AJ’ Prins and Michael Marzinske of Marcus & Millichap’s Minneapolis office represented the buyer, another limited liability company.
