ST. JOHN, IND. — A Midwest-based developer has sold a net-leased Walgreens property, located at 9290 Wicker Ave. in St. John, about 20 miles north of Fort Wayne, for $3.5 million. Walgreens has approximately five years left on its lease at the 13,905-square-foot retail property. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer was a private net-leased investment fund and was self-represented.
ROSEDALE, N.Y. — Ivy Equities has purchased Cross Island Plaza, a 230,000-square-foot office building at 133-33 Brookville Blvd. in Queens. Offered for sale under a bankruptcy court-approved plan, the building traded for $24.2 million, or approximately $108 per square foot. Cross Island Plaza has 75 tenants and was 88 percent leased at the time of sale. David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett, Phil D’Avanzo and Grace Braverman of Cushman & Wakefield represented the seller, Block 12892 Realty Corp., in the transaction. The Cushman & Wakefield team also procured the buyer, Montvale, N.J.-based Ivy Equities.
MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of a Sam’s Club ground lease, a 528,382-square-foot, net-leased property located in Mount Olive, about 38 miles west of Newark, for $9.3 million. Sam’s Club occupies the building. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap marketed the property on behalf of the seller, a New Jersey-based developer. Mark Taylor, Dean Zang and Christopher Munley represented the buyer, a developer, in the transaction.
OKLAHOMA CITY AND AUSTIN, TEXAS — Steadfast Income REIT has acquired two apartment communities in separate transactions totaling $61 million. The communities include Deep Deuce at Bricktown in Oklahoma City and Vantage at Buda Ranch in Austin. Deep Deuce at Bricktown is a 294-unit property built in 2001. The community is 99 percent occupied and is located in downtown Oklahoma City's Bricktown neighborhood. The apartment community sold for approximately $38.22 million. Vantage at Buda Ranch is a 264-unit apartment community that Vantage Communities built in 2009. The property is 96 percent occupied and sold for approximately $23 million. Vantage at Buda Ranch is Steadfast's fourth apartment community in Austin.
KINGWOOD, TEXAS — Arch-Con Construction has commenced construction on a 123,000-square-foot Kroger Marketplace at the 24-acre Northpark Retail Center III in Kingwood. Northpark Retail Center III includes approximately 25,000 square feet of retail space in addition to the grocery anchor, as well as five outparcels. The development is located at Northpark Drive and Highway 59. The property will be the fourth Kroger Marketplace in the greater Houston area. The project team includes site development architect CDA Architects, site development engineer LJA Engineering and Kroger's architect Robertson Loia Roof. The Kroger Marketplace is slated to open in the fall.
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/
CALABASAS, CALIF. — The Courtyard at the Commons, a Class A retail center in the Los Angeles submarket of Calabasas, has sold to an undisclosed global asset management firm for $50 million. The center is located just off Highway 101 across from The Commons at Calabasas. Notable tenants at the Courtyard include Babies-R-Us, Wells Fargo, Chase, Bank of America, Riviera Wine Bar & Bistro and Sotheby’s. The buyer represented itself in this all-cash transaction, while the seller, an undisclosed public employee pension fund advised by CBRE Global Investors, was represented by CBRE’s Private Capital Group Los Angeles Retail Team, including Sam Alison, Dan Riley and Ben Cherney, as well as by CBRE’s National Retail Investment Group – West, including Todd Goodman, Gleb Lvovich, Prestow Fetrow and Kirk Brummer.
RALEIGH, N.C. — Marcus & Millichap has brokered the $9.8 million sale of a Food Lion-anchored center in Raleigh. The 75,927-square-foot property is 98 percent occupied. The center sold at an 8.69 percent cap rate. The population within five miles of the center includes 98,346 people. Sonny Molloy with Marcus & Millichap represented both the buyer, River City Capital LLC, and the seller, EIG Wakefield Crossing LLC.
ST. PETERSBURG, FLA. — CBRE has arranged $15 million in permanent financing for Crossroads Shopping Center, a 341,682-square-foot power center in St. Petersburg. The loan will be used to refinance a mortgage originally placed in 2004. Crossroads Shopping Center is fully occupied by a mix of tenants, including Home Depot, T.J. Maxx, West Marine and Ross Dress for Less. Michael Strober, Donald Jennewein and Amanda Valenti of CBRE arranged the loan through a correspondent life company.
KENOSHA, WIS. — Marcus & Millichap has arranged the $1.1 million sale of a 7,000-square-foot, net-leased property occupied by Advance Auto Parts in Kenosha, about 40 miles south of Milwaukee. Advance Auto Parts is located at 7545 Sheridan Road. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a REIT.
