MIAMI — Marcus & Millichap has facilitated the $5 million sale of the 24,700-square-foot Colony Shops, a retail strip center at 5058 Biscayne Blvd. in Miami’s Midtown district. The property is 100 percent occupied with a mix of local tenants including a Bikram Yoga studio, doctor’s office and law firm. Ryan Shaw of Marcus & Millichap represented the unlisted seller, and Scott Sandelin of Marcus & Millichap represented the buyer, a Miami Beach, Fla.-based limited liability company.
OAK BROOK, ILL — Inland American Real Estate Trust Inc. has acquired two necessity-based shopping centers in Oklahoma and Texas for approximately $94.7 million. The properties include Rockwell Plaza, a 254,690-square-foot shopping center in Oklahoma City and Stone Ridge Market, a 218,436-square-foot retail property in San Antonio.
NEW YORK CITY — TIAA-CREF has purchased 1511 Third Avenue on the Upper East Side for $60 million. The 60,000-square-foot retail building is one block south of East 86th Street, the main retail artery in the neighborhood. The property is fully leased to long-term tenants Gap and Equinox. Bob Knakal and Thomas Gammino of Massey Knakal represented both parties in the transaction.
OLD BRIDGE, N.J. — Construction is under way on Woodhaven Plaza, a new neighborhood shopping center on Texas Road in Old Bridge, about one mile from Monroe Township. The 118,000-square-foot center will serve as the retail component of Woodhaven Village, a planned residential community that currently contains a mix of 350 single-family homes, townhouses and apartments. Atlantic Realty is developing both the retail and residential areas, and R.J. Brunelli & Co. is serving as the leasing agent for the center.
PORTLAND, ORE. — Progress Ridge Townsquare, a 213,809-square-foot retail community center in Portland, has received $42 million in financing. The center is located at 14805 SW Barrows Road. The 10-year, 3.7 percent fixed-rate loan will replace a construction loan on the property. Progress Ridge is 86.5 percent leased to New Seasons, Cinetopia, Ace Hardware, Play Boutique, Fuddruckers, Umpqua Bank and Gentle Dental. The loan was arranged by HFF’s Casey Davidson and Lloyd Minten on behalf of Gramor Development. HFF will also service the loan.
BOLINGBROOK, ILL. — Penn Station Subs and Integrity Dental Associates have each signed leases for 1,600 square feet of retail space at Country Aire Commons shopping center in Bolingbrook. Both tenants are scheduled to open their doors in early 2013. Located in Country Aire Commons at 266-286 S. Weber Road, the center currently has two vacancies remaining. NAI Hiffman’s Claire Bitautas and Anne Callard represented Garber Properties, the landlord in the transaction. Bill Selonick of Newmark Knight Frank represented Penn Station Subs, and Karen Kramford of Ryan Hill Realty represented Integrity Dental.
LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has sold Chapel Ridge Shopping Center, a 90,000-square-foot retail property in Lee’s Summit. The center is anchored by Price Chopper grocery store and is located at the intersection of I-470 and Woods Chapel Road. Enterprise Lakewood LLC has agreed to purchase the building. David Block and Bill Maas of Block & Co. negotiated the transaction.
NEW YORK CITY — Investor Ben Ashkenazy, who has recently acquired several properties across New York, has purchased a retail condominium at 300 West 145th St. in Harlem for $21.5 million. The 50,000-square-foot property occupies the entire block from West 144th Street to West 145th Street. Tenants include Carver Federal Savings Bank and a local nursery. Bob Knakal and Jonathan Hageman of Massey Knakal represented both parties in the transaction.
PORTLAND, ORE. — Progress Ridge Townsquare, a 213,809-square-foot retail community center in Portland, has received $42 million in financing. The center is located at 14805 SW Barrows Road. The 10-year, 3.7 percent fixed-rate loan will replace a construction loan on the property. Progress Ridge is 86.5 percent leased to New Seasons, Cinetopia, Ace Hardware, Play Boutique, Fuddruckers, Umpqua Bank and Gentle Dental. The loan was arranged by HFF’s Casey Davidson and Lloyd Minten on behalf of Gramor Development. HFF will also service the loan.
WEST COVINA, CALIF. — A single-tenant restaurant space that sits adjacent to the West Covina Mall has sold to Olympic Harbor Investment Corporation for $4.2 million. It resides at 1360 W. Garvey Ave. in West Covina. The unnamed seller was represented by Patrick Barnes and Peter Spragg of Colliers International.