N.J., N.Y. & PA. — Strategic Storage Trust, Inc. (SSTI), has acquired a 6,300-unit self-storage portfolio with four properties in the Northeast for $44 million. The sites are: a 660-unit property in Trenton; a 690-unit property in Ballston Spa; a 540-unit property in Collegeville; and a 390-unit property in Skippack; all of which will be rebranded under the SmartStop Self Storage name. Additionally, the portfolio contained seven properties in the Southeast.
Retail
NEW YORK CITY — New York City-based Massey Knakal has arranged the $3.6 million sale of The Cove Club Retail, a portfolio consisting of three retail sites within a nine-story condominium building located at 2 South End Ave. C-1 in New York City. The units are occupied by Kumon Learning Center, a dry cleaner and a local ballet school. Nick Petkoff of Massy Knakal represented the seller.
LAS VEGAS — Denny's has leased 6,306 square feet of space at Neonopolis, a 300,000-square-foot mall located in Las Vegas' Fremont Street district. DZ Realty, LLC negotiated the 20-year lease, which was valued at $15 million.
PINECREST, FLA. — Publix Supermarkets Inc. has purchased a 4.93-acre former Hallett Pontiac dealership, located at 13401 S. Dixie Hwy. in Pinecrest, from ESF Holdings. Michael T. Fay of Colliers International's South Florida office was the sole broker in the transaction. Additionally, Brandon Partners, the developer, represented Publix.
TOCCOA, GA. — A 14,673-square-foot, triple-net leased Rite Aid Pharmacy in Toccoa has sold for $3.79 million. Lori Schneider of Marcus & Millichap's Fort Lauderdale office represented the seller, a company from Alpharetta, Ga., and John E. Brigel of Marcus & Millichap's Tampa, Fla., office secured the buyer, a Whitestone, N.Y.-based private investor.
ALGONQUIN, ILL. — Marcus & Millichap has sold Harlem Furniture, a 34,950-square-foot, single-tenant, net-leased property, located at 2471 Randall Rd. in Algonquin, for $3.55 million. The buyer, a private investor, secured insurance debt on the property with 60 percent LTV and a 6 percent interest rate.
PRINCETON, N.J. — Marcus & Millichap has facilitated the sale of the 21,095-square-foot Clifftown Center in Princeton for $3.75 million. Christopher Munley, Mark Taylor and Dean Zang of the firm's Philadelphia office represented the seller, New Jersey-based Xanadu Associates, and procured the buyer, New York-based Jemstone Acquisitions Corp.
HOUSTON — Westheimer Crossing Shopping Center, a 94,053-square-foot retail center located at the northwest corner of Westheimer and Voss roads in Houston, has sold. Gulf Coast Commercial Group sold the property to Delta Troy Interests Ltd. for an undisclosed price. It was approximately 90 percent occupied at the time of sale to multiple tenants such as DSW Inc., REI and Michaels. Westheimer Crossing Shopping Center is situated approximately 2 miles west of the Galleria submarket and Loop 610 in Houston.
BEVERLY HILLS, CALIF. — Cardinal Equities has purchased a 50,000-square-foot retail and office complex in Thousand Oaks through its affiliate, Paradise Capital Group. The complex is located inside the master-planned community of Dos Vientos Ranch. It includes 40,000 square feet of ground-level retail and restaurant space with outdoor dining, as well as 10,000 square feet of office space. Paraiso Town Center was built in 2008 and foreclosed on by the construction lender in late 2009. It is currently 20 percent occupied.
PALMDALE, CALIF. — AutoZone has leased the 6,300-square-foot retail space at 5022 W Avenue N in Palmdale. The value of the 10-year lease was not disclosed. NAI’s John Cserkutiand Bert Abel represented the landlord, Division K Properties, in the transaction. AutoZone was represented by independent broker, Mike Lundin.