NEW YORK CITY — Gourmet Garage, an upscale market with five Manhattan locations, has signed a lease for approximately 10,000 square feet at Collect Pond House, a co-op building located at 366 Broadway. Gourmet Garage, which was represented by Chase Welles of The Shopping Center Group and Jonathan Clott of Vision Property Group LLC, will occupy approximately 6,435 square feet of ground-floor space, as well as 3,510 square feet in the lower level. An additional 910 square feet in the mezzanine will be used for seating. The storefront is located at the base of the building and features 20-foot ceilings, as well as 180 feet of wraparound corner frontage. Darrell Rubens, executive vice president, and Lee Block, broker at Winick Realty Group, represented the co-op board at Collect Pond House.
Retail
WYNOCOTE, PA. — Empire Beauty School has signed a lease for 9,100 square feet at Cedarbrook Plaza in Wyncote, a city located about 13 miles north of Philadelphia. Empire Beauty School will join retailers such as Walmart, Pathmark, Ross Dress for Less, K&G Fashions, Modell’s Sporting Goods and more at the 600,000-square-foot shopping center. Brian Wherty and Rob Samtmann, agents at Equity Retail Brokers, represented the tenant in the transaction. Cedarbrook Plaza LLC is the landlord. Empire Beauty School has more than 100 cosmetology schools in 22 states.
WAUSAU, WIS. — Marcus & Millichap has arranged the $8.2 million sale of Pick ’n Save, a 67,951-square-foot, net-leased property in Wausau, a city in northern Wisconsin. Austin Weisenbeck, Sean Sharko and Dominic Sulo, investment specialists in Marcus & Millichap’s Oak Brook, Ill. office, marketed the property on behalf of the seller, a private investor, and secured the buyer, a REIT. Pick ’n Save is located at 205 Central Bridge St. and is situated along the west bank of the Wausau River.
HICKSVILLE, N.Y. — Vornado Realty Trust has entered into an agreement to sell Broadway Mall in Hicksville, an unincorporated town on Long Island, for $94 million. The publicly traded REIT (NYSE: VNO) sold the 1.1-million-square foot Broadway Mall to an unidentified buyer for about 40 percent less than the $152.5 million it paid to purchase the property in December 2005. The mall includes the only Ikea store on Long Island, which is leased to the furniture retailer through 2088. Other tenants include Macy’s, Forever 21, a 12-screen movie theater and H&M and Target.
EXETER, N.H. — NAI Norwood Group has arranged a 4,000-square-foot lease of the former Gary Blake Motorcars location at 84 Portsmouth Ave. in Exeter, a coastal city located in southern New Hampshire. The freestanding building was leased to Northeast Credit Union. John Mueller of NAI Norwood Group represented the owner, Gary Blake, in the transaction. The tenant, Northeast Credit Union, is a financial services company that sought a long-term tenancy in a high-profile location.
GILBERT, ARIZ. — Gilbert Town Center, a 159,000-square-foot retail shopping center, has sold to BH Properties for $13.4 million. The Class A center is located at 1040 S. Gilbert Road in Gilbert. The seller was a TIC ownership. The transaction was executed by Greg Valladao of Cushman & Wakefield.
PHOENIX — North Park Plaza, a 101,361-square-foot shopping center in Phoenix, has completed its remodel. The three-building center is located at 5020 W. Osborn Road. It is anchored by Safeway. Notable tenants include Frazee Paint, Peter Piper Pizza, Subway and Great Clips. The property received a new façade, columns wrapped in stone, refreshed landscaping and a two-tone paint scheme. It is owned and operated by Westwood Financial Corp.
MIAMI — FA Commercial has arranged the sale of Plaza 8 St. Neighborhood Shopping Center, located at 9600 S.W. 8th St. in Miami. The 55,814-square-foot shopping center was 96 percent leased at the time of sale to tenants including New Era Health Center and Pizza Hut. The property sold for approximately $8.5 million. Fabio Faerman of FA Commercial represented the undisclosed seller in the transaction.
BROOKLYN PARK, MD. — The Greysteel Co. has arranged the $6.5 million sale of Arundel Village Plaza shopping center, a 54,480-square-foot shopping center located at 5501-5517 Ritchie Highway in Brooklyn Park, about five miles south of Baltimore. The property was 88 percent occupied at the time of sale to eleven tenants including a Taco Bell/Long John Silver’s combination restaurant, Domino’s Pizza, Valvoline Instant Oil Change and the state of Maryland Department of Health & Mental Hygiene. Gil Neuman led Greysteel’s retail division to represent the seller, BTR Capital Group, and procure the buyer, Oak Tree Management.
COLUMBUS, OHIO — A New Jersey-based private investor has sold Mill Valley Plaza in Columbus for $3.3 million, equaling an 8.34 percent cap rate. The Cooper Commercial Investment Group represented the seller in the transaction. The 18,353-square-foot retail plaza is 100 percent occupied, and most of the tenants have signed lease renewals, says Dan Cooper, broker and president of the Cooper Commercial Investment Group in Cleveland.