SHERMAN OAKS, CALIF. — A new 12,830-square-foot CVS/Pharmacy is set to open in Sherman Oaks, a Los Angeles submarket. The $3.5-million development is located at 5601 Van Nuys Blvd. It was developed by LandMark Retail Group. The 1.23-acre site previously housed an abandoned auto dealership.
TROY, MICH. — Canada-based Slate U.S. Opportunity (No. 1) Realty Trust has acquired Cambridge Crossings, a 238,963-square-foot community shopping center in Troy. The center is anchored by Walmart and additional tenants include Marshalls, Dollar Tree and Bailey's Pub & Grille. Walmart is currently expanding its store into a supercenter format. The center is located two miles from downtown Birmingham. Ben Wineman of Mid-America Real Estate Corp. and Daniel Stern of Mid-America Real Estate-Michigan Inc. represented the seller, a joint venture between LaSalle Investment Management and Kimco Realty, in the transaction.
GREEN BAY, WIS. — Rubicon US Reit has purchased Bellevue Town Center, a 74,270-square-foot grocery-anchored retail center in Green Bay for $12 million in an off-market transaction. The fully occupied center is anchored by a 64,470-square-foot Copps grocery store. The center also includes seven small shop spaces totaling 9,800 square feet. The property is located at 2064 Lime Kiln Road. Greg Dietz and Danny Spitz of Baum Realty Group represented the buyer in the transaction. The seller was Outlook Development Group.
SANTA MONICA, CALIF. – A 7,500-square-foot retail property in Santa Monica that is leased to Converse has received a $7-million, full cash-out loan. The property is located on Santa Monica’s Third Street Promenade. The 15-year loan features a 30-year amortization schedule and a 4.98 percent fixed interest rate. The loan was arranged by George Smith Partners. Barbara Tenzer of Tenzer Commercial represented the lessor in this transaction.
SHERMAN OAKS, CALIF. — A new 12,830-square-foot CVS/Pharmacy is set to open in Sherman Oaks, a Los Angeles submarket. The $3.5-million development is located at 5601 Van Nuys Blvd. It was developed by LandMark Retail Group. The 1.23-acre site previously housed an abandoned auto dealership.
DALLAS — Adolphus Tower, located at 1412 Main St. in downtown Dallas, has added Freshii, a new health-casual restaurant concept, to its tenant roster. Freshii will occupy 2,600 square feet of walk-up retail space on the Akard Street side of Adolphus Tower. Construction of the restaurant will begin this month and the tentative opening date is March 1, 2013.
MIAMI BEACH, FLA. — A two-story, 22,857-square-foot Walgreens on Collins Avenue in Miami Beach’s Art Deco District has sold for $30 million, representing the highest price attained by a net-leased asset in Miami Beach in 2012. Trans World Entertainment Corp. sold the drugstore property to an international investor. Sean Shahar Ziv of Marcus & Millichap’s San Diego office represented Trans World Entertainment Corp.
RIVIERA BEACH, FLA. — A 45,973-square-foot Winn-Dixie has traded for $7.3 million at 3700 Broadway in Riviera Beach. Douglas Mandel and Howard Bregman of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, a Miami Beach, Fla.-based limited liability company. Gabriel Britti of Marcus & Millichap’s Miami office represented the buyer, a limited liability company from Miami.
NEW YORK CITY — Vornado Realty Trust has closed on its previously announced acquisition of a retail condominium at 666 Fifth Ave. in New York CIty for $707 million. The condo is leased to Uniqulo, Hollister and Swatch. Vornado also owns one-half of the office building above. The company's retail portfolio now includes 2.3 million square feet.
WESTPORT, CONN. — An investment consortium from New York and Darien, Conn. has purchased a two-building retail property in Westport for $18.2 million. The buildings total 50,000 square feet and are situated on 3.4 acres. Anthropologie and Balducci's are the main tenants of the property. Bruce Wettenstein and David Fugitt of Vidal/Wettenstein Commercial Real Estate represented both parties in the transaction.