WARREN, OHIO – Marcus & Millichap has arranged the $2.4 million sale of Trumbull Plaza, a 189,996-square-foot retail property located in Warren, a city in northeast Ohio. Erin Patton, Scott Wile, and Craig Fuller investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, marketed the property on behalf of the seller, a developer, and represented the buyer, a limited liability company, in the transaction. Trumbull Plaza is located at Parkman Road and Route 422. Kmart and Sparkle Market are the two largest tenants at the center.
Retail
NAPERVILLE, ILL. – Quantum Real Estate Advisors Inc. has brokered the sale of a freestanding 37,582-square-foot, single-tenant ground lease in Naperville, a western suburb of Chicago. The developer of Freedom Commons in Naperville sold the property. A Florida-based company purchased the property, which is occupied by iFly and located at I-88 and Naper Boulevard. Chad Firsel and Dan Waszak at Quantum Real Estate Advisors represented both the buyer and the seller in the transaction.
NEW YORK CITY – Prince Realty Advisors has arranged the acquisition of a 49.5 percent, non-controlling interest in a 55,565-square-foot retail condominium at 510 Sixth Ave. in New York City, valued at just under $68 million, for Madison International Realty. David Ash of Prince Realty Advisors arranged the purchase for the buyer and worked with the seller, Ark Partners, in the transaction. Located on corridor between 13th and 14th streets, 510 Sixth Ave. is at the cusp of the West Village and Chelsea and close to the High Line and Union Square. Current tenants at the property include Urban Outfitters, Chipotle and LensCrafters.
AUSTIN, TEXAS — The Weitzman Group has brokered the sale of Anderson Mill Shopping Center, a 171,794-square-foot retail property in Austin. Located at the intersection of Lake Creek Parkway and U.S. Highway 183, the community center is currently anchored by 24 Hour Fitness and has co-anchor space available. Adam Zimel and Graham Carter of The Weitzman Group represented the purchaser, Anderson Mill Acquisitions LLC, which will rebrand the property Market at Lake Creek.
PORT ARTHUR, TEXAS — Full-service commercial real estate brokerage firm Baker Katz has acquired a 90,000-square-foot retail property in Port Arthur, a city near the Louisiana state border. Located at the intersection of Highway 69 and FM 365, the property previously housed a single occupant but will be redeveloped as a multi-tenant shopping center. To date, Hobby Lobby has signed a lease for 58,000 square feet, Party City has signed a lease for 13,000 square feet, and both tenants are expected to open this summer. Sutherland Lumber Co. sold the asset to Baker Katz, which also plans to construct an additional 7,000-square-foot outparcel at the site.
GAINESVILLE, VA. — The Peterson Cos., a commercial real estate developer, plans to open a new 29,000-square-foot Stein Mart store at Virginia Gateway, a 1.3 million-square-foot shopping center in Gainesville. The store is slated to open in October and will be Stein Mart’s third store in the Washington, D.C., area. Following Stein Mart’s lease and the opening of the 300,000-square-foot Promenade at Virginia Gateway lifestyle center in April, the total Virginia Gateway project is 98 percent leased.
CINCINNATI — Marcus & Millichap has arranged the $14.3 million sale of a 138,445-square-foot Lowe’s Home Improvement store ground lease in Cincinnati. The sale price equates to $103 per square foot. Craig Fuller, senior associate, and Scott Wiles, vice president of investments in Marcus & Millichap’s Cleveland office and Erin Patton, a vice president of investments in the firm’s Columbus office, represented the seller, a New York-based investment fund. Fuller, Wiles and Patton also represented the buyer, a national real estate investment trust. The home improvement store is located at 5385 Ridge Ave. and has 8.5 years remaining on the ground lease.
BANNOCKBURN, ILL. — Heinen’s Fine Foods has leased 61,965 square feet at Bannockburn Green in suburban Chicago, making it the new grocery anchor in the shopping center. Bannockburn Green is a 151,206-square-foot community center serving Deerfield, Lake Forest, Highland Park, Lincolnshire and Bannockburn. Other retail tenants at the property include Walgreens, Erehwon Mountain Outfitters, Sleepy’s, Panera Bread and GNC. The property is located at 2501 Waukegan Road in Bannockburn. Joe Parrott, a senior vice president at CBRE, assisted in the leasing transaction. Heinen's Fine Foods is a Cleveland, Ohio-based, family-owned grocery store established in 1929. Bannockburn will be its 20th store and its third store in Illinois.
BELLEVILLE, N.J. – A joint venture between Black Oak Associates and MCB Real Estate has acquired a 54,000-square-foot, grocery-anchored shopping center in Belleville for $10.5 million. The property was purchased from Mount Kellett Capital Management LP, owner of A&P grocery, and was structured as a sale-leaseback transaction. The shopping center is anchored by Pathmark, one of A&P’s grocery store banners, and is located about 10 miles west of New York City.
NEW YORK CITY – Savanna, a New York-based real estate private equity and asset management firm, has purchased the 20,676-square-foot retail condominium at 10 Madison Square W. in New York City from The Witkoff Group and Morgan Stanley Real Estate Investing. The retail space, part of a 16-story building that The Witkoff Group and Morgan Stanley Real Estate Investing are currently redeveloping into 125 luxury residential condominiums, includes approximately 12,000 square feet of ground-floor space and 4,800 square feet of basement space. Adam Spies and Douglas Harmon of Eastdil Secured represented the seller in the transaction. Laurie Grasso of Hunton & Williams served as Savanna’s counsel in the acquisition. Located on the northwest corner of West 24th Street and Broadway, 10 Madison Square W. overlooks Madison Square Park. Amy Zhen and Jeffrey Roseman of Newmark Grubb Knight Frank will represent Savanna in its leasing effort.