NEW YORK CITY — Sierra Realty LLC was named property manager for 875 Washington Street, a 75,000-square-foot retail building. Located in the Meatpacking District at the intersection of Washington Street and West 14th Street, the building was purchased in December by a partnership between Thor Equities LLC and ASB Real Estate Investments.
LOVELAND, COLO. – A First Tech Federal Credit Unionbuilding in Loveland has sold to a 1031 exchange investor from California for $3.2 million. It is located at 1371 Sculptor Drive within the Van De Water Plaza. The credit union has six years left on its 10-year lease with an additional 10-year option to renew. The seller was represented by CBRE’s National Retail Investment Group-Westin this all-cash transaction.
CHICAGO — Chicago Coffees and Teas has purchased a 42,000-square-foot industrial building, located at 2144 S. Carpenter St. in Chicago. The company chose the location due to its proximity to I-290 and I-90. The purchase price was not disclosed. Mark Nelson and Michael Nelson of NelsonHill represented the owner, Sitex Group. Dan Steinberg of Domain worked on behalf of the buyer in the deal. Chicago Coffees is a purveyor of sustainably grown gourmet coffees, teas and equipment for Chicago’s restaurants and hotels.
HARRISBURG, PA. — HFF has secured a $3.1 million loan for Uptown Shopping Plaza, a 150,000-square-foot retail center in Harrisburg. HFF worked on behalf of the borrower, LCL Management LLC, to secure the 10-year loan through Harrisburg-based financial services provider Metro Bank. Uptown Shopping Plaza is located at the intersection of North Seventh and Division streets. Save-A-Lot anchors the retail center and other tenants include Dollar Tree, Family Dollar, Subway, H&R Block, McDonald’s and Rainbow Apparel.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two vacant commercial condos for $4.3 million. The condos are located at 490-506 Greenwich St. in New York City. Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of The Shoppes at Brownstone, a 8,110-square-foot retail property located at 2410 W. Abram St. in Arlington. The retail property is fully leased to tenants such as Sugar Bee Sweets, Patty's Pantry, Oro Fino Custom Jewelry, Healthy Solutions, Derma Spa and Zen Salon. Chris Gainey and Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, Pennington Family LP, in the transaction. Mercer Lacy LLC purchased the property.
LOVELAND, COLO. – A First Tech Federal Credit Union building in Loveland has sold to a 1031 exchange investor from California for $3.2 million. It is located at 1371 Sculptor Drive within the Van De Water Plaza. The credit union has six years left on its 10-year lease with an additional 10-year option to renew. The seller was represented by CBRE’s National Retail Investment Group-Westin this all-cash transaction.
ORLANDO — Pennsylvania Real Estate Investment Trust has sold Orlando Fashion Square Mall for $35 million as part of its previously announced plan to dispose of certain non-core assets. The 1.1 million-square-foot regional mall is anchored by Dillard's, JC Penney, Macy's and Sears. As of Dec. 31, 2012, the mall was 80 percent leased and sales at the property were approximately $233 per square foot.
BIXBY, OKLA. — Wheeler Real Estate Investment Trust Inc. has a contract to purchase the 75,000-square-foot Bixby Commons, a freestanding retail property in Bixby, for $10.6 million. The purchase price equates to approximately $141.33 per square foot. The property is stabilized by a 20-year, triple-net lease with Associated Wholesale Grocers Inc., which subleases the property to Reasor's Goods. The lease will expire in 2033 and has four, five-year options to renew.
CEDAR RAPIDS, IOWA — Chicago-based HFF has arranged a $9.2 million loan for Collins Road Square, a 168,104-square-foot retail center in suburban Cedar Rapids, Iowa. HFF worked on behalf of Alex Brown Realty Inc. to secure the three-year, interest-only financing through Resource Capital Corp. (NYSE:RSO), a commercial mortgage REIT. Proceeds from the loan were used in part to refinance existing debt on the property. Collins Road Square is located at 1400 Twixt Town Road across from Lindale Mall. Renovated in 2011, the property is 79 percent leased and is anchored by Michaels.
