Retail

NEW YORK CITY — In a public/private retail venture, the Metropolitan Transportation Authority (MTA) has selected Columbus Development LLC to develop and manage Shop//Stop, a retail destination on the concourse of the 59th Street-Columbus Circle subway station in New York City. Shop//Stop will occupy the 27,000-square-foot retail concourse and include up to 30 retailers ranging from food and beverage to apparel and technology accessories. Columbus Development will invest $6.5 million to improve the space, including upgraded signage, furniture and finishes, along with the installation of air conditioning throughout the concourse. The project is slated for an early 2015 completion. Susan Fine, principal with Columbus Development, is the principal developer on the project.

DUNKIRK, N.Y. — The Boulder Group has arranged the $3.5 million sale of a single-tenant, net-leased CVS/pharmacy property in Dunkirk, located about 50 miles southwest of Buffalo. CVS has 25 years remaining on its lease at the 10,125-square-foot building. Developed in 2000, the property is on a 35,980-square-foot parcel at the corner of E. 4th and Main streets. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private individual based in the Midwest, in the transaction. The seller was a Texas-based investment firm.

WESTBURY, N.Y. — HFF has arranged an $85 million loan for Roosevelt Raceway Center, a 428,395-square-foot retail power center in Westbury, located about 27 miles east of New York City. Working on behalf of the borrower, a joint venture between Mattone Group LLC and Gartenstein Properties, HFF placed the fixed-rate loan with New York Community Bank. Completed in 1995, the property is leased to tenants including Fairway Market, The Home Depot, Michaels, Babies “R” Us, Sprint, AMC Theatres, Applebee’s and Chili’s. Robert Delitsky, managing director, led the HFF team representing the borrower.

DEPTFORD, N.J. — Marcus & Millichap has arranged the $6.2 million sale of Staples Shopping Center, a 26,115-square-foot shopping center in Deptford, a city in southwest New Jersey. The sales price equates to $235.88 per square foot. Constructed in the mid-1980s, the transaction marks the first time the shopping center has traded hands. The property is located at the corner of Deptford Center and Hurffville roads. Staples anchors the shopping center, which includes tenants such as Visionworks, Peddler’s Bike Shop, and Dunkin’ Donuts. Brad Nathanson, first vice president of investments in Marcus & Millichap’s Philadelphia office, represented the seller and the buyer in the transaction.

CHESTER, N.J. — HFF has arranged a $22 million loan on behalf of Heitman and Ramco-Gershenson Properties Trust for a 223,068-square-foot, grocery-anchored shopping center in Chester. A national bank provided the three-year loan, which includes a floating interest rate. Situated on approximately 20.4 acres, Chester Springs Shopping Center is located at the intersection of U.S. Highway 206 and Maple Avenue. The retail property is 96.6 percent leased and is anchored by ShopRite. Other tenants includes Marshalls, Staples and CVS/pharmacy. Eric Tupler and Jon Mikula, senior managing directors, and Kristian Lichtenfels and Michael Cerulo, real estate analysts, led the HFF team representing the borrower.