DICKINSON, TEXAS — Marcus & Millichap has arranged the sale of the 16,524-square-foot Bay Colony Center I, a shopping center located at 660 FM 517 W. The shopping center had a list price of $2.8 million. Justin Miller of Marcus & Millichap's Houston office represented the seller, a Houston-based developer, in the transaction. The buyer, a private investor from California, purchased the shopping center in a 1031 exchange.
MONTEREY PARK, CALIF. – Atlantic Times Square, a mixed-use property in Monterey Park, has received a $74-million refinance. The property is located on the southeast corner of North Atlantic Boulevard and West Hellmen Avenue. It contains 210 residential units atop 213,531 square feet of grade-level retail space. The retail component is currently 94 percent leased. Notable tenants include AMC Theatre and 24 Hour Fitness. The non-recourse loan was used to refinance a large portion of the property’s construction loan. The transaction was brokered by Mitch Paskover of Continental Funding Group.
FRESNO, CALIF. – Construction has begun on Marketplace at El Paseo, a 398,000-square-foot retail center in Fresno that will be anchored by Target. The $60-million project is scheduled to open in March 2014. It is currently 86 percent leased to tenants including Ross Dress for Less, Petco, Burlington Coat Factory, Marshall’s and Old Navy. It is being developed by a partnership between Rich Development, Gryphon Capital and N3 Real Estate.
NAPERVILLE, ILL. — Boombah, a sports apparel store, has opened a 6,435-square-foot location at Westridge Court in Naperville. The property is located on the northeast corner of Route 59 and Aurora Avenue, about 30 miles west of Chicago. Robert Schroedter of Yorkville, Ill.-based Site Solution Real Estate Advisors represented Boombah in the transaction. Brixmor is the owner of Westridge Court and was self-represented by Brad Ratajczak.
CLINTON, N.J. — Unity Bank, a subsidiary of Unity Bancorp Inc., has entered into an agreement with Gramercy Capital Corp. to purchase three of its branch locations in New Jersey for $4.3 million. The three properties are located at 1746 Oak Tree Road in Edison, 104 Raritan Ave. in Highland Park and 2426 Plainfield Ave. in South Plainfield.
WINDHAM, MAINE — Marcus & Millichap Real Estate Investment Services will market the ground lease on a 138,134-square-foot Lowe’s in Windham, located about 11 miles northwest of Portland, for $12.8 million, or $93 per square foot. The 20-year, triple-net lease has 12 years left on its term. The store is located at 64 Manchester Drive. Robert Horvath and Todd Tremblay of Marcus & Millichap’s Boston office are representing the seller, a regional developer.
HOUSTON — Marcus & Millichap has arranged the sale of a 11,740-square-foot shopping center, located at 1000 W. Gray St. in Houston. The property is situated on a 22,080-square-foot corner parcel at Montrose Boulevard and West Gray Street. Derek Hargrove and Justin Miller of Marcus & Millichap's Houston office represented the seller, a family trust, in the transaction. The buyer, Braun Enterprises, is rehabilitating the property to enhance its curb appeal, provide better visibility and increase parking.
FRESNO, CALIF. – Construction has begun on Marketplace at El Paseo, a 398,000-square-foot retail center in Fresno that will be anchored by Target. The $60-million project is scheduled to open in March 2014. It is currently 86 percent leased to tenants including Ross Dress for Less, Petco, Burlington Coat Factory, Marshall’s and Old Navy. It is being developed by a partnership between Rich Development, Gryphon Capital and N3 Real Estate.
BEVERLY HILLS, CALIF. — An 18,205-square-foot retail and office building in Beverly Hills that is fully leased to Giorgio Armani was sold to Jenel Management for an undisclosed sum. The building is located at 9533 Brighton Way between Rodeo and Camden driveswithin the city’s Golden Triangle district. The seller, GLL Real Estate Partners, was represented by Michael Zietsman and Patrick Inglis of Jones Lang LaSalle.
CHESAPEAKE, VA. — Cloud9 Trampoline Park has leased 18,802 square feet in Chesapeake to develop an entertainment, fitness and sports facility, scheduled to open this July. The facility will be located at 825 Greenbrier Circle Corporate Center. The site will feature a trampoline dodgeball stadium, a foam pit and numerous trampolines. On weekend nights, the facility will include laser lights and disc jockeys. Perry Frazer of CBRE|Hampton Roads represented the landlord in the transaction. Matt Wilbricht, also of CBRE|Hampton Roads, represented the tenant.