COLTS NECK, N.J. — Marcus & Millichap has arranged the $2.7 million sale of a ground lease for a 3,960-square-foot property occupied by Chase Bank in Colts Neck, located about 19 miles north of Brick. Michael Lombardi, senior associate, director of the Net Leased Property Group in Marcus & Millichap’s New Jersey office, represented the seller. Lombardi also secured and represented the buyer, a private investor. The triple-net leased bank branch sold at a 5 percent cap rate.
FORT LAUDERDALE, FLA. — Q Fort Lauderdale LLC, a member of the Qvale Automotive Group, has purchased two land parcels in Fort Lauderdale for approximately $7.9 million. The city of Fort Lauderdale has recently approved plans for a new $20 million Audi dealership and service center to be developed on the parcels, located at 1200 N. Federal Highway and 1400 Progresso Drive. The dealership will span 159,000 square feet and will feature a two-story glass showroom and a delivery/service center. The development will break ground in March and will employ approximately 90 people upon its opening, which is slated for December. Steve Hyatt of Berger Commercial Realty and Bill Rotella of The Rotella Group represented Q Fort Lauderdale in the land acquisitions. James Fazio sold the 1200 N. Federal Highway land parcel, and 13th Street Progresso and King Broward Holdings sold the 1400 Progresso Drive land parcel.
NEW YORK CITY — American Realty Capital Properties Inc. has completed its acquisition of a net lease portfolio from affiliates of funds managed by Fortress Investment Group LLC. The acquisition includes 120 properties, mostly retail, totaling 6.1 million square feet and a contract purchase price of $601.2 million. “With the acquisition of this portfolio from Fortress, we have closed on another one of our previously announced large property purchases,” says Nicholas Schorsch, executive chairman and CEO of ARCP. “We have further added to our best-in-class portfolio with the purchase of these high-quality net lease assets, diversified by geography, industry and tenant.”
SAVANNAH, GA. — Colliers International has arranged the $6.3 million sale of Southchase Shopping Center, an 87,348-square-foot retail property located at 1132 Abercorn St. in Savannah. Hobby Lobby will anchor the shopping center, which also includes a PetSmart. Hobby Lobby will move into its 58,595-square-foot space in the summer. Atlanta-based RCG-Savannah LLC purchased the property from Savannah-based Dean Forrest Partners LP. Ashley Smith of Colliers International represented the seller in the transaction, and Drew Fleming and Mark Joines of Cassidy Turley represented the buyer.
WEST DES MOINES, IOWA — Seattle-based Nordstrom Inc. has announced plans to open a 35,000-square-foot Nordstrom Rack store at the Plaza at Jordan Creek in West Des Moines. The store is scheduled to open this fall. Though Nordstrom has operated a 628,560-square-foot fulfillment center in Cedar Rapids since 1997, Nordstrom Rack will be the company’s first retail location in Iowa. Nordstrom Rack is the off-price retail division of Nordstrom Inc., which offers customers apparel, accessories and shoes at discounted prices. The new store will join Dick’s Sporting Goods, Lowe’s Home Improvement and an expanding list of retailers filling out the Plaza at Jordan Creek. Hurd Real Estate Services Inc. and Signature Real Estate Services Inc. are co-developing The Plaza at Jordan Creek.
PETOSKEY, MICH. — Hobby Lobby has signed a 42,241-square-foot, 10-year lease at Petoskey Town Center in Petoskey, a city in northern Michigan. Retrofitting the space is slated to begin later this month with a completion date set for the third quarter. Agree Realty Corp., which owns the property, arranged the lease. Glen's Market previously occupied the space.
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.
