NEW YORK CITY — Stan Johnson Co. has completed the $22 million sale of a retail condominium located at 1991 Broadway Ave. in Manhattan. The 7,500-square-foot property features 60 feet of frontage between 67th and 68th streets. Jason Maier and his team at Stan Johnson Co.’s New York office sold the property on behalf of Manhattan-based Small Fish Corp. to Ashkenazy Acquisition Corp. The space, which includes a public atrium, is located adjacent to the new Apple flagship store and close to the Lincoln Center, Julliard and the AOL Time Warner Center.
PARK CITY, UTAH — A six-building portfolio of retail properties along Historic Main Street in Park City has been acquired by 900 Lower Main Street Associates for an undisclosed sum. The buildings contain a total of about 44,000 square feet. They are currently home to 16 retail, restaurant and office tenants, including Vinto Pizzeria, Prudential, Prime Steakhouse, Park City Sports, The Mustang, Collie’s Sports Bar & Grill and Coda Gallery. The seller, Lower Main Street Venture, was represented by Bryce Blanchard and Mark Jensen of Newmark Grubb ACRES.
BOLINGBROOK, ILL. — Marcus & Millichap has arranged the $5.3 million sale of The Shops at Lily Cache Creek, a 17,960-square-foot retail property in Bolingbrook, a southwest suburb of Chicago. Adam Fortino, Austin Weisenbeck and Sean Sharko, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller, a limited liability company. Jason Cropper, an investment specialist at Marcus & Millichap, represented the buyer, a California-based limited liability company. The Shops at Lily Cache Creek is located at 741-769 E. Boughton Road and was 94 percent occupied at the time of the sale.
CINCINNATI — Cassidy Turley has arranged the sale of the former Red Lobster property at 6186 Glenway Road in Cincinnati. The buyer, franchisee owner John Clancy of Palm Beach Gardens, Fla., plans to locate a new Planet Fitness health club at the property. The former Red Lobster location was demolished, and construction has begun on the 1.7-acre site. The new Planet Fitness will span approximately 28,000 square feet and is slated to open in fall 2014. Clancy currently owns a Planet Fitness in Lexington, Ky., and plans to open another Planet Fitness in the Lexington area in 2014. He also has plans to open three of the health clubs in the St. Louis area in 2015.
SICKLERVILLE, N.J. — Marcus & Millichap has arranged the $6.6 million sale of Winslow Plaza, a 40,695-square-foot shopping center in Sicklerville, a city in southern New Jersey. Dean Zang, Mark Taylor and Christopher Munley, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a joint venture of RPC Real Estate and Wynnewood-based Merion Realty Partners. The agents also represented the buyer, Wheeler Interests, a newly formed public REIT based in Virginia Beach. Winslow Plaza is shadow anchored by a ShopRite grocery store and is located along Berlin-Cross Keys Road.
OLIVE BRANCH, MISS. — Inland Real Estate Income Trust Inc. has acquired Wedgewood Commons Shopping Center, a 159,258-square-foot shopping center in Olive Branch, a suburb of Memphis, Tenn. Inland purchased the asset for $33.9 million. The property is fully leased to TJ Maxx, HomeGoods, Michaels, Rack Room Shoes, AT&T, TCBY, GNC and Sports Clips. Lou Quilici of IREIT Business Manager & Advisors Inc. assisted Matthew Tice of Inland in the acquisition. David Disney of The Disney Group represented the seller in the transaction.
VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc., a Virginia Beach-based REIT that owns 23 properties in eight states, has purchased five grocery-anchored shopping centers in South Carolina for a combined $15.8 million, equating to about $60.38 per square foot. The portfolio spans 261,689 square feet and has an average occupancy rate of 91 percent. The properties include the 45,575-square-foot Clover Plaza in Clover, the 44,350-square-foot South Square in Lancaster, the 59,279-square-foot St. George Plaza in Dorchester County, the 49,750-square-foot Waterway Plaza in Little River and the 62,735-square-foot Westland Square in West Columbia.
MONTICELLO, MINN. — The Hampshire Cos., in a joint venture with The Lipsitz Cos., have sold an 86,479-square-foot retail building located at 300 Seventh St. W. in Monticello, about 38 miles northwest of Minneapolis. The property was sold to JR&RII LLC. The retail building was under lease with Kmart until November 2015, but was vacated in the first quarter of 2012 as part of parent company Sears Holding Corp.’s efforts to close a number of its underperforming retail stores. The recent sale allows Kmart to exit its lease on the building before its scheduled expiration, according to The Hampshire Cos. Wayne Elam of Commercial Realty Solutions represented the buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 711 Madison Avenue, a mixed-used property in Manhattan, for $49 million. A joint venture of Sitt Asset Management and Ashkenazy Acquisition purchased the five-story property from long-time owner, Madison Immobilier NV. Located at the southeast corner of East 63rd Street, 711 Madison Avenue is anchored by international women’s retailer Roberto Cavalli. The retailer occupies 1,600 square feet on the ground and second floors and the basement. The property also includes nine rental apartments on floors three through five, as well as 10,420 square feet of air rights. Adelaide Polsinelli, senior director with Eastern Consolidated and head of the firm’s retail sales group, arranged the transaction on behalf of the buyer and the seller.
NEW YORK CITY — Whitestone Grocery Shopping Center LLC, an entity controlled by Onyx Equities and Crow Holdings, has sold Waldbaum’s Shopping Center in Queens for $23.9 million. Feil Whitestone LLC, an entity controlled by The Feil Organization, purchased the fully leased, 62,000-square-foot shopping center. The property is located at the intersection of 10th Avenue and 154th Street in the Whitestone neighborhood. Waldbaum’s Supermarket anchors the center and master leases the entire property on a long-term, triple-net basis. The supermarket subleases the remaining portion to a mix of local tenants. Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented the buyer and the seller in the transaction.