Retail

Ripco Brokers Sale of 12,000 SF Mixed-Use Building for $26M in Manhattan

by Amy Works November 24, 2014

NEW YORK CITY — Ripco Real Estate has brokered the sale of a mixed-use commercial building located at 2307 Broadway in Manhattan’s Upper West Side neighborhood. Waterbridge Capital purchased the property for $26 million. The property offers 12,000 square feet of combined retail and office space. A Duane Reade drugstore that previously occupied the building is now closed, which offers the buyer re-tenanting options. The sellers were a private family. Doug Kleiman and Lee Spiegelman of Ripco Real Estate arranged the transaction.

November 24, 2014

Retail Texas

M&M Arranges Sale of Retail Property in Metro Austin

by Haisten Willis November 24, 2014

ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of K2 Plaza, a 9,600-square-foot retail property located in Round Rock. Michael Buckner and Richard Mireles of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Gus Lagos and Nik Kapetanakis of the firm’s Houston office represented the buyer, also a partnership. K2 Plaza is located at 399 W. Louis Henna Blvd. in Round Rock, a quarter-mile west of I-35. The property was built in 2001 on one acre.

November 24, 2014

New Jersey Northeast Retail

MJ Partners Self Storage Group Sells 565-Unit Storage Facility for $2.97M in New Jersey

by Amy Works November 24, 2014

BURLINGTON, N.J. — MJ Partners Self Storage Group has sold the Planet Self Storage facility, which is located at 555 Mitchell Ave. in Burlington. Winter Garden, Fla.-based iStorage purchased the property for $2.97 million. The property consists of 54,165 square feet of rentable space and 565 storage units. At the time of sale, the facility was approximately 70 percent occupied. The property will be rebranded as an iStorage self storage facility. iStorage operates 60 self-storage facilities in 11 states across the country. David Kohn of MJ Partners represented both parties in the transaction.

November 24, 2014

Illinois Midwest Retail

The Missner Group, Baker Development Break Ground on Fitness Center in Chicago

by Danielle Everson November 24, 2014

CHICAGO — The Missner Group and joint-venture partner, Baker Development Corp. have broken ground on a new 25,000-square-foot fitness facility for First Ascent at 3516 N. Spaulding in Chicago. First Ascent is a local, community-focused climbing gym catering to climbers of all levels. The new building, constructed by The Missner Group, will feature climbing, yoga and fitness facilities. The center will also include a café, pro-shop, locker rooms and community spaces. A groundbreaking ceremony for the project was held in October.

November 24, 2014

New York Northeast Retail

HLC Equity Sells 27,699 SF Retail Property in Bronxville

by Amy Works November 24, 2014

BRONXVILLE, N.Y. — HLC Equity, a national real estate investment holding group and property manager, has sold a retail property located at 12-14 Cedar St. in Bronxville. The 27,699-square-foot building sold for an undisclosed price. The retail property currently houses a longtime tenant, A&P, under the terms of a triple-net lease. Lawrence Porter and George Valliades of Newmark Grubb Knight Frank Capital Markets represented HLC Equity in the transaction. The buyer was not disclosed.

November 24, 2014

Indiana Midwest Retail

Forest Park Plaza Shopping Center in Brazil, Ind. Sells for $8.2M

by Danielle Everson November 21, 2014

BRAZIL, IND. — Cassidy Turley has arranged the $8.2 million sale of Forest Park Plaza shopping center in Brazil, approximately 60 miles southwest of Indianapolis. Forest Park Master LLC Tenants In Common (TIC) sold the property to Whitehouse, Ohio-based Devonshire REIT Inc. The 104,248-square-foot shopping center is located at 825 E. National Ave. and U.S. Highway 40. Jacque Haynes of Cassidy Turley represented the seller. Kroger anchors the shopping center. The plaza is 96 percent occupied by tenants such as Dollar General, Dollar Tree, Carquest Auto Parts, RadioShack, Family Video and Papa John’s Pizza.

November 21, 2014

Retail Texas

M&M Arranges Sale of Two Net-Leased Properties in Houston

by Haisten Willis November 21, 2014

HOUSTON — Marcus & Millichap has arranged the sale of two BlueWave Express Wash properties located in Houston. Farhan Kabani of the firm’s Dallas office arranged the loan. Bank financing was structured with a seven-year fixed term with an interest rate of 4.5 percent. The loan-to-value was 65 percent. The properties are located at 1665 Eldridge Pkwy. and 9801 Jones Road. Both properties were built in 2007 and had more than 20 years remaining on their original net leases. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, another limited liability company.

November 21, 2014

Alabama Retail Southeast

Marcus & Millichap Brokers $17M Sale of Birmingham Power Retail Center

by John Nelson November 21, 2014

BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $17 million sale of Eastwood Village, a 134,256-square-foot regional power center located at 1604-1624 Montclair Road in Birmingham. The property was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning. A 24-hour Walmart Supercenter shadow anchors the property. Phil Sambazis and Thomas Ladt of Marcus & Millichap’s Sambazis Retail Group in San Diego represented the undisclosed seller in the transaction. Zachary Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the undisclosed buyer. Andrew Chason of the firm’s Mobile, Ala., office assisted in the transaction.

November 21, 2014

New Jersey Northeast Retail

CBRE Brokers Sale of The Pier Shops at Caesars in Atlantic City

by Amy Works November 21, 2014

ATLANTIC CITY, N.J. — CBRE has brokered the sale of The Pier Shops at Caesars in Atlantic City. Tower Investments acquired the luxury shopping destination, which is connected to Caesars Hotel and Casino, for an undisclosed price. Constructed in 2006, the 290,210-square-foot shopping center is located at One Atlantic Ocean and was built on a pier that extends 900 feet from the New Jersey shoreline. Peter Stevens, Kevin McClernon and William Tourtellotte of CBRE represented the seller in the transaction.

November 21, 2014

Indiana Midwest Retail

Friedman Arranges Sale of 39,835 SF Retail Center in Clarksville, Ind.

by Danielle Everson November 20, 2014

CLARKSVILLE, IND. — Friedman Integrated Real Estate Solutions has arranged the sale of Veterans Parkway Plaza, a 39,835-square-foot retail center in Clarksville. The shopping center is located at the intersection of Veterans Parkway and I-65, and serves the Louisville metro area north of the Ohio River. Constructed in 2005 on a three-acre site, the asset is located across the street from a Walmart and Sam’s Club, and is adjacent to a Lowe’s. Barry Swatsenbarg and Richard Deptula of Friedman represented both the undisclosed seller and buyer.

November 20, 2014

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