Retail

CHICAGO WALGREENS PROPERTY SELLS FOR $13M

by admin January 21, 2014

CHICAGO — The Boulder Group has completed the $13 million sale of a single-tenant, triple-net leased Walgreens property at 6121 N. Broadway St. in Chicago. The property was sold at a 4.87 percent cap rate, the lowest cap rate ever recorded for a Walgreens property according to Real Capital Analytics. Walgreens is the sole occupant of the 14,820-square-foot retail building, which was developed by Crossroads Development Partners in 2013. The new build-to-suit Walgreens replaces an older store, which was previously located on the site under a 35-year lease that was expiring in August 2015. Walgreens’ new lease has more than 24 years remaining with 50 years of renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Crossroads Development Partners, in the transaction. The buyer was a Massachusetts-based limited partnership in a 1031 tax-deferred exchange.

January 21, 2014

QUANTUM BROKERS $1.8M SALE OF 2,280 SF STARBUCKS

by admin January 21, 2014

CHICAGO — Quantum Real Estate Advisors Inc. has arranged the $1.8 million sale of a 2,280-square-foot Starbucks Coffee property in suburban Chicago. A Florida-based investor purchased the property. Starbucks has 14 years remaining on its initial 15-year lease. Jordan Kaufman and Daniel Waszak of Quantum Real Estate Advisors represented the seller, a New York-based investor.

January 21, 2014

Northeast Retail

TARGET TO OPEN NEW STORE IN NORTH BRUNSWICK, N.J.

by admin January 21, 2014

NORTH BRUNSWICK, N.J. — Target has announced plans to open a new 140,000-square-foot store in North Brunswick, located about 30 miles southwest of Newark, in October. The store will be situated in the new development called Main Street North Brunswick. Target plans to open 10 stores in 2014. The store will include a selection of fresh produce, fresh-packaged meat and pre-packaged baked goods, as well as a Starbucks Coffee, a Target Pharmacy and Target Optical.

January 21, 2014

Retail Texas

M&M BROKERS $5.9M SHOPPING CENTER SALE IN SUGAR LAND

by admin January 21, 2014

SUGAR LAND, TEXAS — Marcus & Millichap has brokered the sale of Bonaventure Plaza, an 18,702-square-foot shopping center in the Houston suburb of Sugar Land, for $5.9 million. Constructed in 2008, the property is located at 636 State Highway 6, sharing an intersection with HEB, Walmart, Sam’s Club and Chase Bank. Derek Hargrove and Justin Miller of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Hargrove and Miller also secured the buyer, a Houston-based private investor.

January 21, 2014

Retail Texas

M&M BROKERS 31,837 SF RETAIL CENTER SALE IN DFW METROPLEX

by admin January 20, 2014

BEDFORD, TEXAS — Marcus & Millichap has brokered the sale of St. Michael’s Shopping Center, a 31,837-square-foot retail property in the Fort Worth suburb of Bedford. The center was 97 percent occupied at the time of the sale to tenants including Papa G’s Bar and Grill, Texas Back Care, Old West Café, Gray Wolf Promotions, Salon Cheveux and State Farm Insurance. Located at 2900 State Highway 121, near East Harwood Road, the asset is situated across from the north entrance to the DFW International Airport. Philip Levy and Chris Gainey of Marcus & Millichap marketed the property on behalf of the seller, a private investor, and also secured and represented the buyer, a partnership.

January 20, 2014

Retail Western

Craig Promenade Retail Center in North Las Vegas Sells for $10.1M

by admin January 20, 2014

LAS VEGAS — Craig Promenade Retail Center, an 86,395-square-foot shopping center in North Las Vegas, has sold to RREF II-KI Promenade LLC for $10.1 million. The center is located at located at 525-785 W. Craig Road. It was 70 percent occupied at the time of sale. Notable tenants include Big Lots and Metro PCS. RREF II-KI Promenade represented itself in the transaction. The seller, TNP SRT Craig Promenade, LLC, was represented by Faris Lee.

January 20, 2014

Northeast Retail

RAYMOUR & FLANGIAN BUYS 21,600 SF BARNES & NOBLE STORE

by admin January 17, 2014

FARMINGTON, CONN. — Raymour & Flanigan Properties LLC has acquired a freestanding 21,600-square-foot Barnes & Noble store in the West Farms Mall section of Farmington. The purchase price was undisclosed. Barnes & Noble has occupied the property for the past 20 years. Matt Halprin, principal at New England Retail Properties Inc., represented the buyer in the transaction. LA Drinkwater and Seth Richards of Marcus & Millichap represented the seller, BN (CT) QRS-1157 LLC, in transaction.

January 17, 2014

Retail Texas

SILVER GROUP BROKERS SINGLE-TENANT RETAIL SALE FOR $8.2M

by admin January 17, 2014

FLOWER MOUND, TEXAS — The Silver Group has brokered the sale of a single-tenant retail building leased to Academy Sports + Outdoors in the Metroplex suburb of Flower Mound for $8.2 million. Constructed in 2013 and sold upon completion, the 72,000-square-foot structure is located at 3621 Justin Road, near the street’s intersection with Long Prairie Road. Academy, which developed the property, sold the asset to a West Coast partnership completing a 1031 tax-deferred exchange. Both the buyer and seller were represented by The Silver Group.

January 17, 2014

Restaurant Texas

M&M BROKERS SALE OF 2,567 SF NET-LEASED PROPERTY IN RICHARDSON

by admin January 16, 2014

RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of a 2,567-square-foot property occupied by Gatti’s Pizza in Richardson. Originally constructed in 1978, the building is located at 2115 E. Belt Line Road, which boasts traffic counts in excess of 30,000 per day. At the time of the sale, Gatti’s had three years remaining on the triple-net lease. Blake Burnett of Marcus & Millichap represented the seller, an out-of-state family partnership, and also procured the buyer, a local limited partnership.

January 16, 2014

Retail Southeast

MATAN GAINS APPROVAL FOR NEW WALMART IN FREDERICK

by admin January 15, 2014

FREDERICK, MD. — Matan Cos. has been given the green light to go forward with its new 190,000-square-foot Walmart Supercenter in Frederick. The Frederick Planning Commission approved the measure at its last meeting. The new Walmart will be located on the northwest corner of Moncacy Boulevard and Route 26. Matan purchased the development site in 2010.

January 15, 2014

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