LAREDO, TEXAS — GBT Realty, a real estate developer based in Brentwood, Tenn., has completed the construction of the 10,000-square-foot McPherson Place, a retail development located on the corner of Bob Bullock Loop and McPherson Road in Laredo. The new property is fully leased to four retailers: James Avery, Orange Leaf, Starbucks Coffee Co. and AT&T. Including McPherson Place, GBT Realty's total number of developments in Texas is 77.
MODESTO, CALIF. — A 45,950-square-foot retail property in Modesto that is leased to Best Buy has sold to an unnamed buyer for $6 million. It is located off State Highway 99 and Sisk Road. There are seven years remaining on Best Buy’s 20-year, absolute triple-net lease. The lease also offers three, five-year renewal options with rental increases every five years. Rod Pickney and Chad Byerly of Stan Johnson Company represented the unnamed seller in this transaction.
WARRENVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant Bank of America ground lease, located at 28301 Diehl Road in Warrenville, for $3.4 million. Bank of America is the sole occupant of the 4,500-square-foot retail building, which was developed in 2003. The bank’s lease had 11 years remaining at the time of sale. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net-worth individual, in the transaction. The buyer was a Chicago-based private individual in a 1031 tax-deferred exchange.
BLOOMFIELD TOWNSHIP, MICH. — Lifetime Fitness Platinum Club has committed to a 67,500-square-foot, build-to-suit in Bloomfield Township, located about 25 miles north of Detroit. The fitness club will occupy a three-story building located at Dublin and Telegraph roads. John Lominack and Bob Hanzl of Colliers International represented Lifetime Fitness in the transaction.
FLORHAM PARK, NJ— A private investor has paid $25.8 million for four freestanding grocery store sites totaling 120,335 square feet of space in New York and northern New Jersey. HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Co. and its affiliates. The buyer purchased the properties and simultaneously leased the properties back to A&P, which continues to operate grocery stores at each of the sites. Properties acquired by the investor include 895 Paulison Ave. in Clifton, N.J.; 49 Old Highway 22 in Clinton, N.J.; 1886 Pleasantville Road in Briarcliff Manor, N.Y.; and 410 West 207th Street in New York, N.Y. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval of HFF represented the seller. Founded in 1859, A&P operates more than 300 supermarkets in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.
FLORHAM PARK, NJ— A private investor has paid $25.8 million for four freestanding grocery store sites totaling 120,335 square feet of space in New York and northern New Jersey. HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Co. and its affiliates. The buyer purchased the properties and simultaneously leased the properties back to A&P, which continues to operate grocery stores at each of the sites. Properties acquired by the investor include 895 Paulison Ave. in Clifton, N.J.; 49 Old Highway 22 in Clinton, N.J.; 1886 Pleasantville Road in Briarcliff Manor, N.Y.; and 410 West 207th Street in New York, N.Y. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval of HFF represented the seller. Founded in 1859, A&P operates more than 300 supermarkets in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.
JAMAICA PLAIN, MASS. — Rockland Trust has provided $8 million in financing to APW LLC & APV Realty LLC for the development of Arboretum Place in Jamaica Plain, a suburb of Boston. The credit facility includes a $2.1 million construction loan and $5.9 million in construction financing that was converted to a permanent mortgage through Rockland Trust’s New Markets Tax Credit program. The mixed-use property spans 40,000 square feet and is located at 3815 and 3840 Washington St. Tenants include Harvest Co-op Market, Boston Cat Hospital, Summer Search, Massachusetts Society for the Prevention of Cruelty to Children and Dane Street LLC. Construction on Arboretum Place began in October 2011 and was completed in early 2013.
GARDEN CITY, N.Y. — Metropolitan Realty Associates and its joint venture partner Angelo, Gordon & Co. LP have sold the retail condominiums located at 711 Stewart Ave. in Garden City to N.J.-based Hampshire Cos. for $66.3 million. The 176,000-square-foot property known as Garden City Square, is fully leased to two long-term tenants. BJ’s Wholesale Club opened in November 2012 and signed a 20-year lease for 121,000 square of space. LA Fitness will occupy the remaining 55,000 square feet for a 15-year term upon completion of its new, two-story building scheduled for this June. Jeffrey Dunne and David Gavin of CBRE represented ownership in the transaction. In addition to its retail space, Garden City Square contains 117,500 square feet of medical office space currently being marketed for sale by CBRE.
PLANO, TEXAS — Whitestone REIT has closed on the $25.7 million off-market purchase of the 89,134-square-foot Headquarters Village, a retail development located in the Preston Road retail corridor in Plano. The center is located on the northeast corner of Preston Road at Headquarters Drive. The property is 97 percent leased to tenants such as Paradise Bakery, Comerica Bank, Five Guys Burgers and Fries, Superior Abstract & Title and WCO Consulting. Whitestone funded the purchase through an unsecured revolving credit facility. Whitestone REIT owns and operates “community-centered properties,” which are defined as visibly located properties in established or developing culturally diverse neighborhoods. The firm has more than 4.4 million square feet of Community Centered Properties in its portfolio.
CHUBBUCK, IDAHO — Breneman Square, a 19,690-square-foot retail property in Chubbuck, has sold to an undisclosed buyer for $3.4 million. The center is located at 4335 Yellowstone Ave. It is 92 percent leased to national tenants, including GameStop, Sprint and H&R Block. The seller, a private investor, was represented by Michael F. Cisternino of Marcus & Millichap’s Oakland office/
