BOSTON — Vornado Realty Trust has agreed to sell its Mart segment properties, which includes the Boston Design Center at 300 D. St. SW in Boston, for $228 million. Vornado expects to post a net gain of $144 million on the sales. The properties also include Washington Design Center, the L.a. Mart and the Canadian Trade Shows. The sales of the L.A. and Canadian assets have already closed and Vornado expects the other two showroom properties to close in the current quarter.
NEW YORK CITY — Staples has signed a 15,584-square-foot lease at 641 Sixth Ave. in Chelsea. The two-level store will include 4,696 square feet of space on the ground floor and 10,888 square feet on the lower level. Staples plans to relocate from 699 Sixth Ave. by this December. Robert Futterman, Gary Alterman and Ross Berkowitz of RKF represented the landlord, Atlas Capital, in the transaction. Chase Welles of SCG Retail represented Staples.
MIAMI BEACH, FLA. — Vornado Realty Trust has acquired the 167,000-square-foot 1100 Lincoln Road, a retail property located in Miami Beach, for $132 million. The property, which was acquired through Vornado Capital Partners LP., is 97 percent leased and tenants include Regal Cinemas, Anthropologie and Banana Republic. The acquisition was partially funded by a new $66 million mortgage loan.
MERRIAM, KAN. — Construction is under way on three new car dealership locations in Merriam. Each dealership will be located within a 24-acre site off Interstate 35 and 67th Street, known as Merriam Pointe. A Lexus dealership has purchased seven acres and Merriam Auto Mall Developers acquired a five-acre tract for a dealership that will be announced later. A Toyota dealership is under construction on a 12-acre site. David Block of Block & Co. represented the land owner, Merriam Investors, in the sale of all three sites. Jeff Clayton of JMC Realty represented Merriam Auto Mall Developers.
PORTLAND, IND. — Portland Development has purchased a 14,770-square-foot retail shopping center in Portland. The center is located at 1061 W. Votaw St. Stan Phillips of NAI Harding Dahm represented the seller, Rosefield Properties, in the transaction. Phillips also represented the buyer.
DALLAS — LA Fitness has signed a long-term lease agreement to build a 45,000-square-foot facility in the Old Town Shopping Center, located at the northeast corner of Lovers Land and Greenville Avenue in Dallas, on the site of a former Borders Books & Music store. Construction has commenced for the new facility. John Zikos, Jonathan Cooper and Chris Booras of Venture Commercial, along with Walt Brown Jr. and Tim Dollander of Diversified Partners, represented LA Fitness in the lease transaction. Elizabeth Allen and Michelle Caplan of The Weitzman Group represented the landlord.
HOUSTON — NewQuest Properties has arranged the sale of 37,135 square feet of land, located at Imperial Drive and Bammel Road in Houston, for a future Dollar General store. Vaughan Ford of NewQuest represented the buyer, Houston DG Ltd., in the transaction. Jeff Scarborough of Scarborough Real Estate represented the seller.
SILVER SPRING, MD. — A 65,000-square-foot ShopRite, located on Cherry Hill Road in Silver Spring, has sold for $13.7 million. The grocery store shares co-tenancy with Target, Kohl's, Babies “R” Us and Staples. Bill Kent, Chris Bosworth, Gary Lawrence and Will Pike of CBRE Group represented the seller, Acadia-MCB Holding Co., a joint venture between MCB Real Estate and Acadia Realty Trust, in the transaction. The buyer was an entity advised by Mark Holdings.
CHARLOTTE, N.C. — Kimco Realty Trust has acquired a four-property portfolio that includes four shopping centers in the Carolinas from EDENS. The properties include the 51,691-square-foot Forest Park in Greenville, S.C.; the 88,955-square-foot Davidson Commons in Davidson; the 73,230-square-foot Mountain Island Marketplace in Charlotte; and the 153,820-square-foot Overlook Village in Asheville, N.C. Berkeley Capital Advisors represented the seller in the transaction.
WEST PALM BEACH, FLA. — Marcus & Millichap has negotiated the $1.93 million sale of a 6,800-square-foot Sweet Tomatoes ground lease, located at 1900 Palm Beach Lakes Blvd. in West Palm Beach. The restaurant has 13 years remaining on the ground lease, with provided rental increases every five years. Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office, along with Robert Granada of the firm's Fort Lauderdale, Fla., office, represented the seller, a New Jersey-based limited liability company, in the transaction. Gorman, Shover, Granada and Douglas Mandel, also of the firm's Fort Lauderdale office, represented the buyer, a South Florida-based limited liability company.