ELK RIVER, MINN. — Marcus & Millichap has arranged the sale of a 7,000-square-foot property occupied by Advance Auto Parts for $1.2 million. The net-leased property is located at 18260 Zane St. in Elk River, about 30 miles north of Minneapolis. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a personal trust, and the buyer, a partnership, in the deal.
NEW YORK CITY — Vornado Realty Trust has completed a $390 million loan for its retail condominium, located at 666 Fifth Ave. in New York City. The 10-year, interest-only loan carries 3.6 percent. The net proceeds from the financing were approximately $387 million. Vornado acquired the property in December for $707 million
WATERBURY, CONN. — Marcus & Millichap has arranged the sale of Mattatuck Plaza, a 146,930-square-foot shopping center in Waterbury, for $12.2 million. The plaza, located at 670 Wolcott St., was 80 percent leased at the time of sale. Joseph French and Thomas Dalzell of Marcus & Millichap represented the seller, a Boston-based private investment firm, and the buyer, a private investor based in Florida.
SAN FRANCISCO — Anchor Brewing has announced plans to develop a 212,000-square-foot facility at Pier 48, making it the first major tenant to sign onto San Francisco’s new $1.6-billion Mission Rock development. The new waterfront brewery will allow the craft brewer to quadruple its operation. Its annual production capacity is expected to increase from 180,000 barrels to 680,000 barrels. The company’s original facility in Potrero Hill will remain in operation. Anchor Brewing is known for its Anchor Steam Beer, which has been brewed in San Francisco since 1896. The new facility will feature brewing, distilling, packaging, storing and shipping production facilities, as well as a restaurant, museum and educational facility. Construction will begin in late 2014. Anchor Brewing will occupy 22 percent of the new Mission Rock project, which is being developed by the San Francisco Giants. The mixed-use project will contain up to 1,500 residential units, up to 1.7 million square feet office space, and up to 250,000 square feet of retail, restaurants and public amenities. Pier 48 is part of the Port’s Embarcadero Historic District.
SAN DIEGO – The 37,729-square-foot Bernardo Heights Plaza in the San Diego submarket of Rancho Bernardo has sold to ROIC BHP, LLC for $12.4 million. The center is located at 15727 & 15731 Bernardo Heights Parkway. The center is fully leased to tenants like Sprouts, Tuesday Morning, Bernardo Heights Dental Group, Majestic Nails & Spa, Sports Clips and Wholesome Choice Pet Market. William B. Asher and Edward B. Hanley of Hanley Investment Group Real Estate Advisors represented both the buyer and the seller, MPC Bernardo Heights, L.P., in this transaction.
LOS ANGELES – A 4,020-square-foot retail property near Los Angeles’ Melrose District has sold to an unnamed buyer for $6.8 million. The two-level, street-front property is located at 8455-8459 Melrose Place in West Hollywood. It is fully leased to Frederic Fekkaiand Equipment. Fekkaihas seven years remaining on its 10-year, NNN lease, while the clothing company just signed a new seven-year lease. The special servicer seller was represented by CBRE’s National Retail Investment Group-West in this REO sale.
TALLAHASSEE, FLA. — Cousins Properties Inc., with Watkins Retail Group and New Horizon Retail, has completed the development of the 147,000-square-foot Mahan Village in Tallahassee. The $26 million project is located at Capital Circle and Mahan Drive. A 67,664-square-foot Academy Sports + Outdoors, along with a 45,600-square-foot Publix anchor the property. The Publix relocated to Mahan Village from a smaller store across the street from the project. The Academy Sports + Outdoors is the only location for the company in Tallahassee. Other tenants include Uncle Maddio's Pizza Joint, Bruegger's Bagels, Moe's Southwest Grill and H&R Block.
BLAINE, MINN. — A 5,005-square-foot, net-leased restaurant property has sold for $1.8 million in Blaine, located about 20 miles north of Minneapolis. The building, which is occupied by Culver’s restaurant, is located at 10550 Baltimore St. Marcus & Millichap represented the seller, a limited liability company, in the deal.
SAN DIEGO – The 37,729-square-foot Bernardo Heights Plaza in the San Diego submarket of Rancho Bernardo has sold to ROIC BHP, LLC for $12.4 million. The center is located at 15727 & 15731 Bernardo Heights Parkway. The center is fully leased to tenants like Sprouts, Tuesday Morning, Bernardo Heights Dental Group, Majestic Nails & Spa, Sports Clips and Wholesome Choice Pet Market. William B. Asher and Edward B. Hanley of Hanley Investment Group Real Estate Advisors represented both the buyer and the seller, MPC Bernardo Heights, L.P., in this transaction.
LOS ANGELES – A 4,020-square-foot retail property near Los Angeles’ Melrose District has sold to an unnamed buyer for $6.8 million. The two-level, street-front property is located at 8455-8459 Melrose Place in West Hollywood. It is fully leased to Frederic Fekkai and Equipment. Fekkai has seven years remaining on its 10-year, NNN lease, while the clothing company just signed a new seven-year lease. The special servicer seller was represented by CBRE’s National Retail Investment Group-West in this REO sale.
