NEWBURGH, IND. — The Cooper Commercial Investment Group has arranged the $2.8 million sale of the grocery-anchored Apple Center in Newburgh, a city in southern Indiana. Dan Cooper, president and broker at Cooper Commercial in Cleveland, Ohio, represented the owner, an Atlanta-based private investment group out of Atlanta. The buyer was a New York City-based private investment group. Ruler Foods, a division of Kroger, and Ace Hardware anchor the center, which is 93 percent occupied. The 88,348-square-foot center is located along the State Route 66 corridor.
NEW YORK CITY — Prudential Real Estate Investors (PREI) has agreed to enter an $84 million joint venture with Madison Capital to acquire 18,889 square feet of ground-floor retail space at The Astor in New York City. Located at 2151 Broadway in the Upper West Side submarket, The Astor is a 13-story historic multifamily property. Barney’s and Lululemon Athletica anchor the retail space. PREI, acting on behalf of German institutional investors in its U.S. Property Fund V, is the real estate investment management and advisory business of Prudential Financial Inc.
AMARILLO, TEXAS — Quantum Real Estate Advisors Inc. has brokered the sale of an 8,000-square-foot Family Dollar location in Amarillo for $1.3 million. The build-to-suit facility is net-leased to Family Dollar for the next 10 years. Jordan Kaufman of Quantum represented the seller, a private developer based in Houston. Chad Firsel, also of Quantum, represented the buyer, a California-based private investor.
NAPLES, FLA. — Madison Marquette Retail Services has arranged three long-term lease transactions at Crossroads Market, a 126,834-square-foot shopping center in Naples. The new leases bring the center to 100 percent occupancy. The three new tenants joining anchors Publix and Walgreens are Physicians Regional Healthcare Group, Andis Insurance and Chase Bank. The new leases total 13,650 square feet. Also, Publix has renewed its 56,000-square-foot lease for five years.
CINCINNATI —Phillips Edison–ARC Shopping Center REIT Inc. has acquired 11 grocery-anchored shopping centers located throughout the U.S. for $156 million. The acquisition include a seven-property portfolio of Walmart Supercenter-anchored shopping centers located in Ohio, Michigan and Indiana; Southgate Shopping Center in Des Moines, Iowa; Sterling Pointe Shopping Center in Lincoln, Calif.; Arcadia Plaza in Phoenix; and Stop & Shop Plaza in Enfield, Conn. The properties total 1.3 million square feet. The acquisitions added two new states to the company’s portfolio, Michigan and Connecticut, as well as a new grocery anchor, Stop & Shop. Cincinnati-based Phillips Edison–ARC Shopping Center REIT’s portfolio now includes interests in 83 shopping centers anchored by 28 grocers in 23 states.
JOLIET, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.6 million loan for the acquisition of North Ridge Plaza, a 238,000-square-foot retail power center in Joliet. Richard Lynn, a director in MMCC’s Oak Brook office, arranged the loan. Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. Scott Wiles, Craig Fuller, Sean Sharko, Austin Weisenbeck and Erin Patton, also of Marcus & Millichap, represented the seller. The four-year loan carries a fixed interest rate of 4.5 percent and includes a 25-year amortization schedule. The loan-to-value is 75 percent. Current tenants at the retail center include Ultra Foods, OfficeMax, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty & Supply.
BETHEL, CONN. — Urstadt Biddle Properties Inc. has acquired the 30,940-square-foot Bethel Hub Shopping Center in Bethel, located about three miles south of Danbury, for $9 million. A 7,596-square-foot Rite Aid pharmacy and a 13,884-square-foot Caraluzzi’s liquor store anchor the property. Other tenants in the center include People’s Bank, which occupies 2,500 square feet, Wah Lah Soups Salads and More, Pizzeria Lauretano, a dry cleaner and a laundromat. The shopping center was fully occupied at the time of sale.
COLTS NECK, N.J. — Marcus & Millichap has arranged the $2.7 million sale of a ground lease for a 3,960-square-foot property occupied by Chase Bank in Colts Neck, located about 19 miles north of Brick. Michael Lombardi, senior associate, director of the Net Leased Property Group in Marcus & Millichap’s New Jersey office, represented the seller. Lombardi also secured and represented the buyer, a private investor. The triple-net leased bank branch sold at a 5 percent cap rate.
FORT LAUDERDALE, FLA. — Q Fort Lauderdale LLC, a member of the Qvale Automotive Group, has purchased two land parcels in Fort Lauderdale for approximately $7.9 million. The city of Fort Lauderdale has recently approved plans for a new $20 million Audi dealership and service center to be developed on the parcels, located at 1200 N. Federal Highway and 1400 Progresso Drive. The dealership will span 159,000 square feet and will feature a two-story glass showroom and a delivery/service center. The development will break ground in March and will employ approximately 90 people upon its opening, which is slated for December. Steve Hyatt of Berger Commercial Realty and Bill Rotella of The Rotella Group represented Q Fort Lauderdale in the land acquisitions. James Fazio sold the 1200 N. Federal Highway land parcel, and 13th Street Progresso and King Broward Holdings sold the 1400 Progresso Drive land parcel.
NEW YORK CITY — American Realty Capital Properties Inc. has completed its acquisition of a net lease portfolio from affiliates of funds managed by Fortress Investment Group LLC. The acquisition includes 120 properties, mostly retail, totaling 6.1 million square feet and a contract purchase price of $601.2 million. “With the acquisition of this portfolio from Fortress, we have closed on another one of our previously announced large property purchases,” says Nicholas Schorsch, executive chairman and CEO of ARCP. “We have further added to our best-in-class portfolio with the purchase of these high-quality net lease assets, diversified by geography, industry and tenant.”