Retail

Cushman & Wakefield Brokers $1.8M Sale of Retail and Office Building in Queens

by Amy Works July 6, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail building located at 92-06/08 Jamaica Ave. in the Woodhaven neighborhood of Queens. The 7,760-square-foot building sold for $1.8 million, or $238 per square foot, in an all-cash transaction. The property features 3,200 square feet of first-floor retail space and two 2,280-square-foot office/storage spaces on the second and third floors. Brian Sarath of Cushman & Wakefield arranged the transaction. The names of the seller and buyer were not released.

July 6, 2015

New York Northeast Retail

Colt Equities Buys 3,800 SF Retail Space in Tribeca

by Amy Works July 6, 2015

NEW YORK CITY — Colt Equities has acquired a two-level retail condominium at 158 Franklin St. in Tribeca for an undisclosed price. The 3,800-square-foot space includes 20 feet of frontage on Franklin Street, a 2,000-square-foot ground-level retail space with 12-foot ceilings, a skylight and hardwood floors and a lower level with 10-foot ceilings and a private outdoor patio. The name of the seller was not released.

July 6, 2015

Georgia Retail Southeast

Earth Fare to Open First Store in Atlanta

by John Nelson July 6, 2015

ATLANTA — Earth Fare, a specialty organic and natural foods grocery chain, is set to open its first Atlanta store on Wednesday, July 8. The new 24,782-square-foot store is located at 1578 Avenue Place in Emory Point, a mixed-use development in Atlanta’s Druid Hills neighborhood. This is Earth Fare’s second location in the Atlanta metro area and fourth in Georgia. The store will feature Earth Fare’s first-ever urban concept design, which puts an emphasis on freshly prepared foods such as sandwiches, wraps, juices, smoothies, salads, coffee and in-house sushi. The location will also have a 50-seat indoor/outdoor café with free Wi-Fi. Ray Uttenhove, Steve Gunning and Sarah Williams of SRS Real Estate Partners represented Earth Fare in its lease. Darryl Bonner is the in-house representative for the landlord, Cousins Properties.

July 6, 2015

Georgia Retail Southeast

Marcus & Millichap Brokers $10.4M Sale of Shopping Center in Metro Atlanta

by John Nelson July 6, 2015

ROSWELL, GA. — Marcus & Millichap has brokered the $10.4 million sale of Crossville Village, a 74,790-square-foot shopping center located in Roswell, a northern suburb of Atlanta. Built in 1978 and remodeled in 2004, the shopping center is located at the intersection of Alpharetta Highway and Holcomb Bridge Road. The buyer, a private investment group led by John Perlman of Adams & Co. Real Estate Inc., assumed existing CMBS financing in the transaction. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office and principals of the Taylor-McMinn Team represented the seller and procured the buyer.

July 6, 2015

Trowbridge-Village-Retail-East-Lansing-MI

Loans Michigan Midwest Retail

Cohen Financial Secures $7.7M Loan for Grocery-Anchored Retail Property

by Amy Works July 2, 2015

EAST LANSING, MICH. — Cohen Financial has secured a $7.7 million CMBS loan on behalf of River Caddis Development for Trowbridge Village Retail Center in East Lansing. Located adjacent to Michigan State University, the 48,600-square-foot shopping center is anchored by Fresh Thyme Farmers Market, a Midwest-based natural foods grocery store. Cathy Bronkema of Cohen Financial secured the financing with a CMBS lender.

July 2, 2015

Michigan Midwest Restaurant Retail

NorthStar Commercial Brokers Sale of Restaurant Property in Michigan

by Amy Works July 2, 2015

HOLLAND, MICH. — NorthStar Commercial has brokered the sale of a standalone restaurant property located at 2332 N. Park Drive in Holland, approximately 29 miles southwest of Grand Rapids, Mich. An undisclosed buyer acquired the 6,007-square-foot property for $1.1 million. Aaron Eichenberg of NorthStar represented the seller, a Florida-based private investor, in the transaction. The property was previously occupied by Perkins Restaurant.

July 2, 2015

New York Northeast Retail

Cushman & Wakefield Brokers $24.3M Sale of Retail Property in Manhattan

by Amy Works July 2, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail condominium located in Manhattan’s East Village. The 15,311-square-foot property sold for $24.3 million, or $1,590 per square foot, and features more than 200 feet of wraparound frontage. The property is currently divided into three separate spaces on the ground floor and basement. Additionally, the property is undergoing renovation to include an additional 1,314 square feet of retail space. James Nelson and Bob Knakal of Cushman & Wakefield negotiated the transaction. The seller was Benchmark, but the name of the buyer was not released.

July 2, 2015

New York Northeast Retail

Thor Equities Acquires SoHo Retail Property

by Amy Works July 2, 2015

NEW YORK CITY — Thor Equities has acquired a retail property located at 51 Greene St. in SoHo for an undisclosed sum. The two-level, 30,000-square-foot building is currently occupied by Arcadia Fine Arts, a gallery specializing in sculptures, paintings and photographs by contemporary artists. The name of the seller was not disclosed.

July 2, 2015

New Jersey Northeast Retail

Marcus & Millichap Arranges $2.5M Sale of Retail Property in New Jersey

by Amy Works July 2, 2015

DENVILLE, N.J. — Marcus & Millichap has arranged the sale of a Denville Strip Center, a retail center located at 28 Diamond Spring Road in Denville. The 8,820-square-foot property sold for $2.5 million. Built in 1990, the property is 100 percent occupied by four tenants. Julienne Pape of Marcus & Millichap’s New Jersey office represented the seller, a developer, and the buyer, a partnership, in the transaction.

July 2, 2015

Loans Retail Texas

Metropolitan Capital Advisors Secures $12.8M Retail Loan in New Braunfels

by Haisten Willis July 2, 2015

NEW BRAUNFELS, TEXAS — Metropolitan Capital Advisors has arranged a loan totaling $12.8 million for a retail property located in New Braunfels. Walnut Square Shopping Center is a 95,952-square-foot retail shopping center shadow anchored by At Home (formerly known as Garden Ridge). Situated on 11.9 acres, the property’s tenant roster includes Chase Bank, AutoZone and Dollar Tree. The sponsor, a Dallas-based property company, plans to fill the largest vacant space — 31,442 square feet — with a big-box credit tenant. Metropolitan Capital placed the acquisition loan, which equated to 75 percent loan-to-cost, with a fixed interest rate of 4.5 percent. The loan structure also featured one year of interest-only payments and a 25-year amortization schedule.

July 2, 2015

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