GREENWICH, CONN. — Urstadt Biddle Properties Inc. has acquired two properties totaling 89,000 square feet in Greenwich. The first property is a three-story, 48,000-square-foot mixed-used building located on Boston Post Road. It was 97 percent occupied at the time of sale and is occupied by retail tenants including CVS/Pharmacy, Robek’s, Domino’s Pizza and Member’s Credit Union. The second property is a group of two-story mixed-use properties located at the intersection of Sound Beach Avenue and Arcadia Road. The property is anchored by an 18,200-square-foot King’s Supermarket, with other tenants including Dunkin’ Donuts, Panache Salon and Chillybear.
Retail
NEW BRITAIN, CONN. — The Grossman Cos. has acquired Columbus Plaza, a 54,450-square-foot shopping plaza in New Britain, for $7.7 million. The acquisition is Grossman’s sixth in Connecticut in the last two years. Jeff Dunne, David Gavin, Erik Edeen, Chris Angelone, Bill Moylan and Nat Heald from CBRE’s New York and Boston offices brokered the transaction. Peter Kenn of Goedecke & Co. arranged mortgage financing with Blue Hills Bank. Columbus Plaza is located at 150-174 Columbus Blvd. directly off Route 9.
BOLINGBROOK, ILL. — Marcus & Millichap has arranged the $5.9 million sale of Shops at Lily Cache Creek, a 17,960-square-foot retail property in Bolingbrook, a suburb of Chicago. The shopping center is located at 741-769 E. Boughton Road and is nearly 93 percent occupied. A majority of the current leases are set to expire in 2016 or later with each tenant operating under a net-lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a privately owned limited liability company, and the buyer, a national shopping center owner.
CANTON, LANSING AND OKEMOS, MICH. — Bernard Financial Group has arranged a $4.1 million loan for a four-property retail portfolio in Michigan totaling 39,409 square feet. Two of the four shopping centers are located in Canton and the other two are located in Lansing and Okemos. Dave Dismondy of Bernard Financial arranged the loan on behalf of the borrower, GK Retail Portfolio Inc.
DAVIS, CALIF. – A 4,022-square-foot property in Davis that is net leased to IHOP has sold to a partnership for $3.5 million. The building is located at 1745 Cowell Blvd. IHOP has about 13 years remaining on the lease. Steve Sauter of Marcus & Millichap’s Palo Alto office represented both the buyer and seller, an individual/personal trust, in this transaction.
FLOWOOD, MISS. — UCR Properties has arranged the $2.6 million sale of Flowood Plaza, a 28,000-square-foot shopping center located in Flowood, a suburb of Jackson. The property’s tenant roster includes HobbyTown USA, Papa John’s Pizza and Anytime Fitness, and it is shadow-anchored by Walmart. The asset was 77 percent leased at the time of the sale. Micah McCullough and Brett Bailey of UCR Properties represented the seller, Wells Fargo Bank, and procured the buyer, a Louisiana-based private investor.
ROCK HILL, S.C. — Westwood Financial Corp. has signed Publix to anchor Cherry Road Crossing, a 78,890-square-foot shopping center on Cherry Road in Rock Hill, a suburb of Charlotte. Publix will occupy the 63,241-square-foot store formerly occupied by Bi-Lo. This marks the seventh former Bi-Lo location that Publix has replaced in the past year. Cherry Road Crossing is 90 percent leased to Publix, Jackson Hewitt Tax Services, The Wireless Co., Sally Beauty Supply and Americash.
NEW YORK — Related Cos., Oxford Properties Group and Neiman Marcus Group Inc. plan to open a flagship Neiman Marcus store on Manhattan’s west side at Hudson Yards. The 250,000-square-foot, multi-level store is scheduled to open in 2018 and will be the first for the brand in New York City. The three-level Neiman Marcus will anchor the 1 million-square-foot Shops at Hudson Yards. Related Cos. and Oxford Properties Group developed the 28-acre Hudson Yards, which includes more than 17 million square feet of commercial and residential space. The property also features more than 100 shops and restaurants, approximately 5,000 residences, a 750-seat public school and a 175-room luxury hotel.
COMMACK, N.Y. — Stein Mart has signed a 30,800-square-foot- lease at the Mayfair Shopping Center in Commack. Jake Frantzman of Levin Management negotiated the transaction. SRS Real Estate Partners represented the tenant. Stein Mart will move into the space formerly occupied by MJM Designer Shoes. A 60,000-square-foot Waldbaum's supermarket anchors the 221,000-square-foot Mayfair Shopping Center.
HIGHLAND HEIGHTS, OHIO — Osborne Capital Group has arranged a 10-year, $4 million financing with Ladder Capital Finance for the company's Brainard Crossing retail center in Highland Heights, a suburb approximately 15 miles east of Cleveland. Brainard Crossing is located on Wilson Mills Road between Brainard Road and Interstate 271. Brainard Crossing will comprise of the redevelopment of a long-vacant supermarket into a 40,000-square-foot shopping center anchored by Fitworks. The small shop space includes TNT Tanning, Highland Wellness and Grind Burger.