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.
SAUKVILLE, WIS. — Barry Geller Mortgage & Investments has sold a 59,000-square-foot retail building occupied by Pick’n Save in Saukville for $6.5 million. The buyer is Fairfield, N.J.-based Executive Capital Group. The triple-net-lease store is located at 810 E. Green Bay Ave. in Saukville. The Milwaukee-based Redmond Co. completed construction of the store in 2004.
BOSTON — EagleBridge Capital has arranged a $6.24 million mortgage loan for the Verizon Wireless facility in Boston. The 56,870-square-foot facility is net leased to Verizon, which has been a tenant at 173 Boston St. for more than 38 years. The property includes a mix of office and service space including a carport and warehouse building. Ted Sidel and Brian Sheehan of locally based EagleBridge arranged the mortgage financing.
CHICAGO — Inland Real Estate Corp. has signed Old Time Pottery to a lease for a 78,271-square-foot store at the Mosaic Crossing shopping center in West Chicago. The store, which is expected to open this summer, will be the retailer’s third location in metro Chicago. The Mosaic Crossing shopping center is located at the intersection of Route 64 and 59 and is anchored by Dollar Tree and Hobby Lobby. Old Time Pottery is leasing 100 percent of Inland’s stake in Mosaic Crossing.
NEW YORK CITY — 130 Seventh Avenue South, a vacant single-story retail building, has sold for $6.1 million in New York City. The building, which is located at the corner of Seventh Avenue and West 10th St., was previously occupied by Veranda, a Mediterranean restaurant. Keystone Group purchased the property and plans to develop a high-end, mixed-use building on this site. Besen & Associates represented the buyer and seller in the deal.
FRISCO, TEXAS — Marcus & Millichap has arranged the $4.7 million sale of a 12,969-square-foot CVS/pharmacy in Frisco. Dan Yozwiak, Antoine Matthews, John Reehil, Dean Zang and Mark Taylor of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Tim Speck of Marcus & Millichap also assisted in the sale.