BEDMINSTER, N.J. — JLL has brokered the sale of The Hills Village Center, a 110,453-square-foot shopping center in Bedminster, about 40 miles west of Manhattan. Kings Food Market anchors the center, which was built on 13 acres in 1988 and is also home to tenants such as CVS, Cold Stone Creamery, PNC Bank, Starbucks, Great Clips and Orangetheory Fitness. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the undisclosed seller in the transaction and procured the buyer, Boston-based Longpoint Partners.
SEATTLE — Jay Bhullar has acquired the Colman Building, a historic retail and office building in downtown Seattle, through a receivership partnership. Kidder Mathews’ Darren Tappen, Andy Miller, Pete Beauchamp and Nathan Thinnes represented John A. Rothschild of Newmark, the court-appointed receiver, in facilitating the sale. Terms of the transaction were not released. Constructed more than 125 years ago, the 143,922-square-foot Colman Building is located at 811 1st Ave. The property offers proximity to the ferry terminal, Marion Street Pedestrian Bridge and Seattle Waterfront. The buyer plans to reactivate the property’s street-level retail spaces, which were vacated during the pandemic, and lease out the vacant office suites across the building’s upper five floors.
SEATTLE — CBRE has facilitated the $13.9 million sale of a multi-tenant retail property in North Seattle. A private investor acquired the property from Madison Development, which originally developed in the asset in 2007. Dino Christophilis and Daniel Tibeau of CBRE represented seller in the deal. Situated on 3.7 acres at 13244 Aurora Ave. N., the 51,329-square-foot property consists of two components — a 45,000-square-foot building leased to LA Fitness and a 6,329-square-foot pad building that is fully leased to Jersey Mike’s Subs, IRG Physical Therapy and T-Mobile.
AURORA, ILL. — Marcus & Millichap has negotiated the $3.4 million sale of a six-suite retail strip center in Aurora. The 12,684-square-foot property was fully occupied at the time of sale to local restaurants, healthcare providers and technology retailers. Built in 2010, the asset is located at 5 N. Root St. Coult Greenwell and Mitchell Kiven of Marcus & Millichap represented the seller, a private investor based in the western Chicago suburbs. The duo also procured the buyer, a private investor who is in the process of growing a portfolio of neighborhood retail centers.
HOUSTON — A partnership between two local developers, Radom Capital and MetroNational, will undertake a 35,000-square-foot retail redevelopment project in Houston. The project will convert a former warehouse located at 1085 Gessner Road in the Memorial City area into a facility with service retail and food-and-beverage spaces, as well as communal gathering areas. Michael Hsu Office of Architecture is designing the project, which will be known as Greenside. Construction is set to begin in the spring.
NEW YORK CITY — Lincoln Market will open a 35,809-square-foot grocery store at 660 W. 42nd St. in Midtown Manhattan. The store will be located within the River Place apartment complex and will be the grocer’s ninth overall. Scott Sher of Katz & Associates represented Lincoln Market in the negotiations for the 20-year lease. Sean Moran, Steven Soutendijk, Alan Schmerzler, Michael O’Neill and Taylor Reynolds of Cushman & Wakefield represented the landlord, Silverstein Properties. The opening is slated for the fourth quarter.
WAYZATA, MINN. — JLL Capital Markets has arranged the $17.5 million sale of 401 Lake Street, a Class A building with office and retail space in the western Minneapolis suburb of Wayzata. Completed in 2022, the three-story property totals 19,014 square feet and features a 4,600-square-foot roof deck, wraparound balconies on each floor and underground parking for 40 vehicles. Currently 45.8 percent occupied, the asset is home to Brick + Linen and Compass. Colin Ryan and Dave Berglund of JLL represented the seller, Lothenbach Properties LLC, and procured the undisclosed buyer. The sale represents the highest price per square foot for office sales in Minnesota history, according to JLL.
NORMAL, ILL. — Marcus & Millichap has negotiated the $3 million sale of a retail property leased to Chipotle and Blaze Pizza in Normal, which is located just north of Bloomington. The 5,311-square-foot building, located at 1601 E. College Ave., was constructed in 2016. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a Delaware-based limited liability company. The buyer plans to hold the property as a long-term investment.
BOSTON — Marcus & Millichap has brokered the $88.5 million sale of a portfolio of 31 single-tenant retail properties that are located in various markets throughout the Northeast. The addresses of the standalone properties, which are all net leased to automotive services provider Town Fair Tire, were not disclosed, but they comprise locations in Connecticut, Massachusetts, New Hampshire, Maine, New York, Rhode Island and Vermont. Town Fair Tire has 16 years remaining on the leases at each location. James Koury and Alex Quinn of Marcus & Millichap, in conjunction with Dan Plotkin of Northeast Retail, represented the seller, the estate of Town Fair Tire founder Neil Mellen, in the transaction. Koury and Quinn also procured the buyer, Orion Buying Corp.
LAKE GROVE, N.Y. — Regional grocer Wegmans Food Markets will open a 101,000-square-foot store in Lake Grove, a hamlet on Long Island. The store, which will be the grocer’s first on Long Island, will be located at 3270 Middle Country Road and has a grand opening date of Wednesday, Feb. 26. Wegmans expects to employ about 500 people at the store on full- and part-time bases.