MCALLEN, TEXAS — An undisclosed developer has sold an 88,248-square-foot Kohl's department store to a private buyer for $7.3 million. The property, which is leased by the tenant for the next 20 years, is located in Trenton Crossing at 7900 N. 10th St. in McAllen. Kohl's lease is broken into six, 5-year options, which each carry a 5 percent rent increase. Trenton Crossing also houses Old Navy, Office Max, Best Buy and Ross Dress for Less. Alvin Mansour and Chris Gomes of Marcus & Millichap brokered the same with Tim Speck's assistance.
LAREDO, TEXAS — Marcus & Millichap has brokered the $7.78 million sale of a Walgreens in Laredo between two undisclosed parties. The 14,820-square-foot property is located on 1.77 acres at the intersection of McPherson Avenue and Guadalupe Street. Phil Sambazis and Alvin Mansour of Marcus & Millichap's San Diego office brokered the sale with assistance from Tim Speck.
BEAUFORT, S.C. — Greenville, S.C.-based RealtyLink has completed a Verizon Wireless retail store in Beaufort. The 4,500-square-foot property is located on Highway 70 and is part of a development that houses Goodyear, Arby's and IHOP.
APPLE VALLEY, MINN. — Gemini Real Estate Advisors, on behalf of its Gemini Opportunity Fund III, has acquired a $9.2 million first mortgage note. The performing whole loan was purchased at an undisclosed discount to par value. The underlying asset is a standalone retail property, which is leased to LA Fitness, in Apple Valley. The primary term of the lease runs through 2022, with additional extension options. The seller was not disclosed.
DEWITT, N.Y. — Phase I construction is complete for the redevelopment of the former Erie Boulevard Hechinger Plaza in Dewitt. Now known as Paradise Plaza, the market-style retail center has three new tenants. Master tenant Paradise Companies 2 has opened Paradise Market, a 70,000-square-foot indoor market that features more than 200 vendors. A 30,000-square-foot antique mall is also set to take the place of the former Price Chopper. Finally, Empire Buffet, a Chinese restaurant, will soon open in a 10,000-square-foot space. Existing tenant Factory Card Outlet is renewing its lease at the center as well. Konover Development Corp. is the project's developer.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a 23,743-square-foot development site located at 74-21 Queens Blvd. in the Elmhurst neighborhood of Queens, New York City. The site presently contains a vacant, single-story auto repair shop and is zoned for commercial or hotel development. The property traded for $3.57 million. Massey Knakal's Thomas Donovan was the sole broker in the deal between two undisclosed parties.
DANVERS, MASS. — Fantini & Gorga has arranged $3.1 million in permanent financing for an auto dealership property located in Danvers. The property consists of 7.45 acres with a 33,200-square-foot dealership building. It is leased to Herb Chambers Chevrolet, Buick, Pontiac & Hummer. The borrower, Barron Chevrolet, will use the loan proceeds to replace maturing debt. The lender was a Massachusetts institutional bank.
HARFORD COUNTY, MD. — St. John Properties will break ground during the second quarter on The Village Center at The GATE, a 60-acre shopping center near the Government and Technology Enterprise project in Harford County's Aberdeen Proving Ground. The Village Center will encompass 78,000 square feet in up to nine buildings, which includes five restaurant pad sites, two pad sites for banks and a 10,000-square-foot child-care facility. A 21,000-square-foot, multi-tenant building is also part of the project.
CARBONDALE, KAN. — A Colorado-based investor has purchased a 9,014-square-foot retail property, which is located in Carbondale. The single-tenant property is net-leased to Dollar General. A Kansas-based developer sold the property for $837,500 at a 9.02 percent cap rate. Ben Sgambati, Michael Lombardi and Adam Christofferson represented the seller; Sgambati and Lombardi also represented the buyer in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a Walgreens pharmacy located on New York City's Staten Island for $9.5 million. The recently built, 7,264-square-foot property is located at 2191 Richmond Ave. Walgreens occupies the building under a 75-year lease with the option to terminate after year 25. Steven Siegel and Scott Plasky of Marcus & Millichap's Manhattan office represented the seller, a Walgreens preferred developer. The property traded at a 7.25 percent cap rate. In addition, Plasky procured the buyer, a New York-based limited liability company, in the acquisition of another newly constructed Walgreens, which is also located in Staten Island at 570 Tompkins Ave. The property traded for $8.85 million at a 7.43 percent cap rate. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, New Jersey-based EDEN Hylan Tompkins LLC.