NEW YORK CITY — CIM Group has acquired the retail portion of 225 Fifth Ave. in Manhattan's Flatiron District for a reported $80 million. The deal includes 40,079 square feet of retail space, which is fully leased to tenants such as JPMorgan Chase, 24 Hour Fitness, Verizon Wireless and the United States Postal Service. Located above the retail property is a 192-unit residential condominium building named The Grand Madison.
Retail
GOLDEN, COLO. — The Village at Golden Shopping Center has received a $4.4-million refinance. The center is located at 17700-17748 S. Golden Road in Golden. Notable tenants include Dollar Tree, Goodwill and TJ Maxx. Financing was arranged for the Denver-based borrowers by John M. Stewart and Ilan Reissner of NorthMarq’s Denver office.
ST. AUGUSTINE, FLA. — Canada-based H&R REIT purchased The Shoppes at Mission Trace, a Publix-anchored shopping center at 955 State Road 16 in St. Augustine, for $8.9 million. The 61,000-square-foot retail property was built in 2009 and is 93 percent leased. Tenants include AT&T Wireless, China Wok and a liquor store. Cliff Taylor of CBRE Private Capital Group in Jacksonville, Fla., represented the seller, a private development group based in north Florida.
LAKE WORTH, FLA. — A 9,600-square-foot Dollar General at 4400 10th Ave. North in Lake Worth has sold for $1.3 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The buyer was a California-based private partnership and the seller was a local Florida company.
GOLDEN, COLO. — The Village at Golden Shopping Center has received a $4.4-million refinance. The center is located at 17700-17748 S. Golden Road in Golden. Notable tenants include Dollar Tree, Goodwill and TJ Maxx. Financing was arranged for the Denver-based borrowers by John M. Stewart and Ilan Reissner of NorthMarq’s Denver office.
TEMPE, ARIZ. — Portillo’s has purchased a 2.38-acre parcel at the 1.3 million-square-footTempe Marketplace where it plans to open an outpost. The famous Chicago hot dog eatery will open a 7,000-square-foot location on the marketplace’s southwest corner in the summer of 2013.
ORLANDO, FLA. — A former Hertz rental car facility, which includes 19.44 acres of land for development at 5601 Butler National Dr. off Semoran Boulevard north of Orlando International Airport, has sold for $14.25 million. Los Angeles-based L&R Investment Co. acquired the property and intends to obtain a master plan for the development of retail parcels that front Semoran Boulevard and an off-airport parking facility. Kevin O’Connor and Matt Cichocki of NAI Realvest represented the seller, The Hertz Corp., which moved its operations onto airport grounds at Orlando International Airport.
CHESAPEAKE, RICHMOND AND CHESTERFIELD, VA. — Three absolute net-leased Jiffy Lube retail properties have sold in southern Virginia. The assets commanded sales prices of $1.3 million in Chesapeake, $930,000 in Richmond and $920,000 in Chesterfield. Michael Early and Matthew Greenspon of Marcus & Millichap’s Virginia and Raleigh, N.C., offices represented the sellers. The buyers were unlisted private investors and an unlisted large regional real estate operator. Each Jiffy Lube unit was available for purchase as an investment, operated on absolute net-leased structures by subsidiaries of the parent company, Lucor Inc., which owns and operates more than 165 Jiffy Lube retail properties.
CHARLOTTE, N.C. — Marsh Aviation has purchased an approximately 25,000-square-foot freestanding retail property from Regions Bank for $1 million. Home South, a new home furnishings retail concept, is planned to operate at the site at 7220 Smith Corners Blvd. in Charlotte. Todd Harrelson of Cushman & Wakefield/Thalhimer represented the seller in the transaction.
HOUSTON — Multi-Employer Property Trust (MEPT) has purchased the 134,000-square-foot Parkway Village, a grocery-anchored shopping center in Houston's Energy Corridor. Kroger anchors the center, which is currently 96 percent leased to 29 national, regional and local retailers. MEPT is a commingled real estate equity fund advised by Bentall Kennedy. The Parkway Village acquisition was brokered by HFF.