Retail

RICHMOND, VA. — Hungarybrook Shopping Center, located at 1200 Concord Ave. in Richmond, has sold for $5.7 million. Coastal Equities, a privately held investment, development and property management company with offices in Weston, Fla., and Garden City, N.Y., purchased the 87,190-square-foot retail property, which is anchored by Food Lion. Alexander Divaris and Jason Oliver of Divaris Real Estate (DRE) represented the special servicer, CW Capital Asset Management LLC, in the transaction. DRE has been retained as exclusive leasing agent for the neighborhood shopping center.

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ATLANTA — Retailers in Phase I of Emory Point, a $100 million mixed-use project by Cousins Properties and Gables Residential near Emory University in Atlanta, are open and the project is in the pre-development stage for Phase II, which will include a 40,000 square feet of retail and restaurant space. Phase I consists of 80,000 square feet of retail space and is 90 percent committed. Emory Point includes retailers Jos. A. Bank Clothiers, LOFT by Ann Taylor, Lizard Thicket, Francesca’s Collections, American Threads, Strippaggio and fab’rik.

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ADDISON, ILL. — A private investor has purchased the Addison Retail Center, a 9,504-square-foot retail property in Addison, Ill. for $3.7 million. The property is an outparcel to a Walmart and Sam’s Club, which is located at 1050 North Rohlwing Road, some 20 miles west of Chicago. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer. They also represented the seller, a Chicago-based partnership that developed the center.

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MICHIGAN CITY, IND. — A limited liability company has purchased a 37,150-square-foot office building that is home to Brown Mackie College in Michigan City, Ind., for $4.7 million. The college occupies approximately 77 percent of the building, which is located at 1007-1001 East U.S. Highway 20, some 60 miles east of Chicago. John Abuja of Marcus & Millichap represented the buyer and the seller, a partnership, in this deal.

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NEW YORK — Newmark Grubb Knight Frank Capital Group has completed the $80.5 million sale of a portfolio of five Citibank retail bank branches in the New York metro area. A joint venture between Madison Capital and an institutional owner purchased the portfolio. The portfolio consists of 18 Citibank-leased properties and includes: 181 Montague St.; 123 East 86th St.; 2261 Madison Ave.; 107-01 71st Ave,; and 1800 Williamsbridge Road. A Newmark team lead by Kenneth Zakin represented the seller, FGP West Street.

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SAN DIEGO — Kimco Realty Corp. has acquired its institutional partner’s 50 percent ownership interest in San Diego’s Santee Trolley Square. The acquisition was based on a gross purchase price of $98 million. The 311,000-square-foot power center is encumbered by a $48.5-million mortgage. It is anchored by T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target.

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EDISON, N.J. — A partnership between Lubert Adler and McCarthy Properties has secured a $36 million loan for Festival Plaza, a grocery-anchored retail center anchored by H Mart, in Edison. The transaction refinanced an acquisition and construction loan for the 151,429-square-foot site at 1711-1783 Route 27. CBRE Group arranged the five-year loan through Capital One. The partnership acquired the former Tops-anchored shopping center in 2008 and secured a lease with H Mart.

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NEW YORK CITY — Marcus & Millichap has arranged the $7.5 million sale of a 21,000-square-foot Walgreens property in Brooklyn. Walgreens Corp. is leasing the property, located at 1282 Fulton St., for 20 years. The property traded at a 5 percent cap rate. Glen Kunofsky and James Ventura of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Kunofsky, Russell Wachtler and John Stewart represented the buyer, also a limited liability company.

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