NEW YORK CITY — Ascot Properties has acquired a retail condominium in New York City for $4.7 million. The unit is the ground floor of 129-135 Lafayette Street, a 12-story mixed-use building located in Manhattan. Cathay Bank currently occupies the space. Salmon & Marshall partners Kevin Salmon and Matthew Marshall represented the seller, Tribeach Holdings, and procured the buyer.
FRISCO, TEXAS — North American Development Group has purchased 22 acres of land for a future shopping center in Frisco from an undisclosed seller. The acreage is located at the southeast corner of F.M. 423 and Lebanon Road. NADG has proposed a development anchored by a 70,000-square-foot Tom Thumb Supermarket; the site will also include 24,000 square feet of inline retail space and 5 pad sites. Construction will begin this fall, and completion is expected early next summer.
PARAMOUNT, CALIF. — Faris Lee Investments has completed the $14 million sale of an 88,341-square-foot, single-tenant retail property located at 14601 Lakewood Blvd. in Paramount. Occupied by El Super Grocery Store, the property was remodeled in 2009 to also accommodate El Super’s corporate headquarters. Faris Lee’s Donald MacLellan and Richard Walter represented the seller, Phoenix-based LDR/DMG Paramount LLLP, in the all-cash transaction, and Mitch Conlee of Daum Commercial represented the buyer, Los Angeles-based Wolf Trust, which was completing a 1031 exchange.
LAS VEGAS — Vegas Retail Leasing has handled the sale of the 28,880-square-foot Plaza Las Americas located at 540 and 546 North Eastern Ave. in Las Vegas. Completed in late 2008, the retail center features 18 units and is 42 percent occupied. Grubb & Ellis’ Nelson Tressler and Michael Kammerling represented the buyer, Plaza Las Americas Holdings LLC, in the transaction, and Charlotte Sousa of Vegas Retail Leasing represented the seller, Nevada State Bank.
ORANGE PARK, FLA. — Marcus & Millichap has brokered the sale of the 13,800-square-foot 57 Heaven Center retail property between two undisclosed parties for $1.32 million. The property, which is fully occupied, is located at the intersection of Blanding Boulevard and Wells Road in Orange Park. The property is shadow-anchored by the 900,000-square-foot Orange Park Mall. David Hsieh and James Hoggatt of Marcus & Millichap brokered the sale.
COLUMBUS, OHIO — Glimcher Realty Trust has closed on a 10-year, $46 million mortgage loan for the refinancing of Polaris Towne Center in Columbus. The new loan, which will be sold into the CMBS market, carries a fixed-interest rate of 6.76 percent. Bank of America originated the loan, which was used to repay the previous mortgage on the property of $38.6 million.
WEST COLUMBIA AND KYLE, TEXAS — Alvin Mansour and Chris Gomes of Marcus & Millichap, along with Tim Speck, have brokered the $3.86 million sale of a Walgreens between two undisclosed parties. The 13,650-square-foot property, located at 110 E. Brazos Ave. in West Columbia, is net-leased to Walgreens for the next 73 years. The Walgreens is situated near an H-E-B Grocery, a Walmart and a Wells Fargo. Mansour, Gomes and Speck also brokered the sale of a 4,000-square-foot corporate Jack in the Box for $1.2 million. The property is located at the interchange of FM 1626 and IH 35 in Kyle. The tenant's 20-year, NNN-lease carries 10 percent rent increases every 5 years.
VANCOUVER, WASH. — Marcus & Millichap has brokered the $6.8 million sale of Mountain View Village Center, a 35,788-square-foot retail property located at 14415 SE Mill Plain Blvd. in Vancouver. Marcus & Millichap’s Justin Poor, Michael Kapnick and Greg Wendelken handled the transaction on behalf of the buyer and seller, both Oregon-based limited-liability corporations.
MENDOTA HEIGHTS, MINN. — St. Paul, Minn.-based Paster Enterprises has received financing approval for the redevelopment of Mendota Plaza in Mendota Heights. Scheduled to begin this spring, the project includes remodeling the existing 48,000-square-foot building, major parking improvements and landscaping enhancements. Completion is slated for this fall. Additionally, a standalone 14,820-square-foot Walgreens property will be constructed, with an expected completion date of spring 2011. During the next 4 years, additional phases will be added to the property, including retail buildings, senior housing, office space and a childcare facility.
COUNTRY CLUB HILLS AND WEST CHICAGO, ILL. — Inland Real Estate Corp. has brokered two leases totaling more than 101,000 square feet in the Chicago area. In the first transaction, Michael’s Fresh Market inked a deal for 56,118 square feet of space at the Shops at Coopers Grove, a 72,518-square-foot retail center located at 4044-4112 W. 183rd St. in Country Club Hills. In the second transaction, Tampico Fresh Market signed a lease for 45,000 square feet at Oliver Square, which is located at 1935 Neltnor in West Chicago. Jeff Howard of Inland Real Estate Corp. brokered the transactions. Terms of the transactions were not released.
