SCHAUMBURG, ILL. — Adelphia Properties has arranged the $4.2 million sale of a triple-net-leased, single-tenant Joe’s Crab Shack restaurant in Schaumburg. The property is located at 2000 E. Golf Road. The property sold at a 6.5 percent capitalization rate. Joe’s Crab Shack is the sole occupant of the 7,500-square-foot, freestanding building, which was built in 1994. George Spirrison & Simeon Spirrison represented the seller, a private group. An out-of-state investment group purchased the property in a 1031 tax-deferred exchange.
Retail
FULLERTON, CALIF. — Shin Yen International Pty Ltd. has acquired Amerige Heights Town Center, a 163,514-square-foot retail center in Fullerton, for $48.5 million. The center is located at 1895-1897 West Malvern Ave. Notable tenants at the center include Barnes & Nobles, Gold’s Gym, Ross Dress for Less, Olympic Golf and T-Mobile. Amerige is shadow anchored by Target and Albertson’s, which were not included in the sale. Shin Yen was represented by Michael Randall of Randall Realty Advisors. The seller, an institutional investment manager, was represented by HFF’s Ryan Gallagher and CJ Osbrink.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Melbourne Shopping Center, a 6,820-square-foot retail property located in Hurst, one of the mid-cities between Dallas and Fort Worth. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Levy also represented the buyer, another private investor. Melbourne Shopping Center is located at 805-813 Melbourne Road. The property was 84 percent occupied at the time of sale and all leases are triple-net. The building was constructed in 1979 on 1.1 acres. Tenants include Payless ShoeSource, Texas Mini Mart and Model Nails.
ELIZABETHTOWN, KY. — GBT Realty Corp. has purchased more than 13 acres in Elizabethtown to develop Woodland Commons, a $20 million community retail center. The 126,000-square-foot project is currently 90 percent pre-leased to anchors Hobby Lobby and Academy Sports + Outdoors, which each occupy 60,000 square feet. Site work on the project is nearly 50 percent complete with vertical construction set to begin in October. GBT purchased the land at the intersection of Ring Road and Woodland Drive from Woodland Partnership for an undisclosed amount. GBT expects to deliver the property by spring 2015. The development team includes Haines Gipson and Associates Engineers, MJM Architects, Kelsey Construction and TD Farrell Construction.
BIRMINGHAM, ALA. — Cohen Commercial Properties has refinanced Roebuck Marketplace, a 193,481-square-foot, open-air shopping center located at 91920 Parkway E. in Birmingham. Cohen’s 10-year, $16.5 million loan is structured at 75 percent LTV with a 4.8 percent interest rate. The shopping center is 93.5 percent leased to tenants such as Planet Fitness, Citi Trends, Rite Aid, Dollar Tree, Harbor Freight Tools, Rainbow USA and It’s Fashion Metro. The property is shadow-anchored by a Walmart Supercenter.
ALTOONA, PA. — Marcus & Millichap has brokered the sale of a Sheetz gas/convenience store in Altoona. The 6,902-square-foot, net-leased property sold for $1.8 million. Located at Frankstown Road and Amelia Avenue, Sheetz recently executed a 20-year corporately guaranteed absolute-net ground lease with rental increases in the option period on the 3.1-arce property. Matthew Gorman and Michael Shover of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, as well as secured the represented the buyer, in the transaction.
FOUNTAIN HILLS, ARIZ. — Four Peaks Plaza, a 140,390-square-foot power retail center in Fountain Hills, has sold to an affiliate of Sandor Development, NSHE Los Gatos LLC for $9.9 million. The center is located at 16735-16845 East Shea Blvd. It was built in 2002. Four Peaks was 74 percent occupied at the time of sale. Notable tenants include Pier One Imports, Hi-Health, Starbuck’s, Subway and O’Reilly Automotive. The center is anchored by Target, which was not part of the sale. The seller, Retail Properties of America, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
BIRMINGHAM, ALA. — Heritage Town Center Partners LLC has purchased Heritage Towne Centre, an 85,289-square-foot shopping center at 873 Dennison Ave. S.W. in Birmingham, for $5.6 million. The property’s tenant roster includes Roses Express, Save-A-Lot, Rainbow Apparel, Subway and H&R Block. The seller was Heritage Towne Centre LLC. Michael Randman of Southpace Properties Inc. in Birmingham brokered the transaction on behalf of the seller.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a three-story retail building located at 2202-2210 Third Ave. in New York’s East Harlem. According to property records, the sale price was $5.35 million. The 12,000-square-foot property is currently occupied by Rent-A-Center, whose triple-net lease expires in November 2015. The property also has an additional 17,000 square feet in available air rights. Eastern Consolidated represented both the buyer and the seller. Adelaide Polsinelli and Chad Sinsheimer of Eastern Consolidated represented the seller and managing partner, Joseph Rishty of 2202 Third Ave. LLC, in the transaction. Cliff Schwartz of Schwartz & Blumenstein PC served as legal counsel for the seller, while Jay Yackow, Esq., served as attorney for the buyer.
COMMACK, MIDDLE ISLAND AND SYOSSET, N.Y. — Smithtown, N.Y.-based Island Associates Real Estate Inc., a commercial real estate brokerage and management firm, has brokered three lease transactions in Suffolk County, N.Y. In the first transaction, Long Island Fitness & Wellness leased 4,225 square feet of retail space at 6160 Jericho Turnpike in Commack for $1.2 million. Suzanne Lopes of Island Associates represented the landlord, while Steven Reichman of Coldwell Banker Commercial Island Corporate Services represented the tenant. In Middle Island, FMI Wireless Inc., a Sprint franchise, leased a 1,095-square-foot retail space within Strathmore Commons at 1245 Middle Country Road. Lopez represented both the landlord and tenant in the transaction. In the final transaction, Tropical Smoothie Café leased 1,500 square feet of retail space at 365 Jericho Turnpike in Syosset. Roger Delisle of Island Associates represented the tenant, while Island Associates also represented the landlord.