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Village-at-Cambridge-Crossing-CBRE
New JerseyNortheastRetail

CBRE Arranges Sale of Village at Cambridge Crossing in Mount Laurel

by Amy Works

MOUNT LAUREL, N.J. — Paramount Realty has completed the sale of Village at Cambridge Crossing in Mount Laurel. Cornerstone Real Estate Advisers acquired the shopping center for an undisclosed price. Tenants at the LA Fitness-anchored center include Chico’s, Ann Taylor Loft, Verizon Wireless, AAA Car Center, Ruby Tuesday and Charming Charlie. The property was 100 percent leased at the time of sale. Brad Nathanson, Thomas Gorman, Jeffery Dunne and David Gavin of CBRE represented the seller and procured the buyer in the deal.

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ColoradoRetailWestern

AmCap Buys The Gardens on Havana in Aurora for $86.3M

by John Nelson

AURORA, COLO. — AmCap has purchased The Gardens on Havana, a 496,561-square-foot open-air shopping center in Aurora, for $86.3 million. The center is located at 10551 E. Garden Drive. The retail center is 98.4 percent occupied. Notable tenants include Target, Sprouts Farmers Market, Kohl’s, Toys ‘R’ Us, Dick’s Sporting Goods, Petco, Ulta, Noodles & Company, Chick-fil-A and Starbucks. The Gardens on Havana was purchased on behalf of one of AmCap’s institutional investors. Miller Realty was the seller.

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LoansNew YorkNortheastRetail

Cronheim Mortgage Secures $7.7M in Financing for Nine Mall Plaza in New York

by Amy Works

POUGHKEEPSIE, N.Y. — Cronheim Mortgage has secured $7.7 million in financing for Nine Mall Plaza in Poughkeepsie. The 99,765-square-foot shopping center is occupied by Babies R Us, Aldi, H&R Block, Verizon, Supercuts and a variety of local retailers, including a dance studio and nail salon. The loan was structured with a 10-year initial term, a 22.5-year amortization schedule and flexible prepayment options for the borrower, Nine Mall Investors LLC. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.

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RiteAid
MidwestOhioRetail

M&M Brokers $3.9M Sale of Rite Aid Property in Toledo

by Danielle Everson

TOLEDO, OHIO — Marcus & Millichap has brokered the $3.9 million sale of Rite Aid, a 11,180-square-foot, net-leased property in Toledo. The property is located at 1605 Broadway St. The property was sold above its list price. Mark Lovering and Dan Yozwiak of Marcus & Millichap’s Columbus office represented the seller, a partnership, and the buyer, a REIT.

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IllinoisMidwestRetail

Baum Realty Group Arranges Lease for Brewery in Chicago

by Danielle Everson

CHICAGO — Baum Realty Group LLC has arranged a 3,000-square-foot lease for DryHop Brewers in Chicago. The property is located at 3446 N. Southport Ave., between Newport Ave. and Cornelia Ave. The new brewery will be called Corridor Brewery & Provisions and is scheduled to open summer 2015. Will Crowden and Allen Joffe of Baum Realty Group arranged the lease on behalf of DryHop.

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Strong Station
AlabamaRetailSoutheast

GBT Realty Signs Sprouts to Phase II of Strong Station in Huntsville

by John Nelson

HUNTSVILLE, ALA. — GBT Realty Corp. has signed Sprouts Farmers Market as part of the $16 million Phase II of Strong Station, a neighborhood retail center in Huntsville. The property is located at the intersection of US Highway 72 and Nance Road. Phase II, which spans 95,000 square feet, is nearly 96 percent leased to Sprouts, Hobby Lobby and Another Broken Egg. Phase I, which opened in 2012, includes Academy Sports + Outdoors. Phase II is currently under construction.

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verizon
RetailTexas

Verizon Destination Store Opens at BLVD Place in Houston

by Haisten Willis

HOUSTON — The third Verizon Destination Store in the United States has opened at BLVD Place in Houston. The store is four times the size of a typical Verizon store and is designed to showcase Verizon’s newest devices. The two-story Houston store spans 12,224 square feet, with consumer products on the first floor and business products located on the second floor. BLVD Place is a mixed-use project under development in Houston’s uptown district. The project includes a Whole Foods Market, Frost Bank’s Houston headquarters, shops and restaurants, office space and high-rise residences.

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MidwestOhioRetail

Cooper Commercial Arranges $5.4M Sale of Walgreens in Cleveland

by Danielle Everson

CLEVELAND — Cooper Commercial Investment Group has arranged the $5.3 million sale of a Walgreens located at 4071 Lee Road in Cleveland. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group in Cleveland represented the seller, a privately owned investment group out of New York. A Florida-based private investor purchased the property. The building was sold at 94 percent of its original list price, representing a 6.9 percent capitalization rate. Walgreens is on a 20-year, corporately guaranteed, triple-net-lease with approximately seven years of original term remaining. The freestanding building was built in 2002.

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jack-in-the-box-odessa
RestaurantRetailTexas

M&M Arranges Sale of 3,189 SF Restaurant Property in Odessa

by Haisten Willis

ODESSA, TEXAS — Marcus & Millichap has arranged the sale of Jack in the Box, a 3,189-square-foot, net-leased restaurant property located in Odessa. Jason Vitorino, Jared Aubrey and Adam Gottschalk of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, an out-of-state limited liability company. The agents negotiated a new lease between the buyer, seller and new franchisee. Jack in the Box is located at 2672 N. County Road, just south of Kermit Highway. The property was built in 2009 and sits on half an acre.

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