NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a three-story, 11,960-square-foot commercial building located at 1032-1034 Lexington Ave. on Manhattan's Upper East Side for $10.2 million. The space was the former home of Payard Patisserie & Bistro. Massey Knakal's Guthrie Garvin represented the undisclosed seller. The buyer's name was also not released.
PHILADELPHIA — The grand opening has been held for the newest Bottom Dollar Food. The 17,000-square-foot grocery store is located at the intersection of North Broad Street and Godfrey Avenue in Philadelphia's Oak Lane neighborhood. Soloff Realty & Development is the property owner.
SCOTTSDALE, ARIZ. — Whitestone REIT has purchased the 62,533-square-foot Desert Canyon Shopping Center, located at the intersection of East McDowell Mountain Ranch Road and 105th Street in northern Scottsdale, for $3.65 million. The retail property was bought out of foreclosure from a regional bank in an all-cash transaction. Situated within the 3,200-acre McDowell Mountain Ranch master-planned community, Desert Canyon Shopping Center was 65 percent occupied at the time of sale.
FAIRFAX, VA. — A cobranded ground lease between Walgreens and PNC Bank sold for $13.8 million, the largest net-leased retail transaction in the Washington, D.C., area in the last several years. Jeff Bogart of Calkain Companies' Reston, Va. office represented both the seller and the buyer.
PLAINWELL, MICH. — The Hampshire Companies has acquired a retail property from AC Green Associates for an undisclosed price. The 113,481-square-foot property is located at 1227 Michigan 89 in Plainwell. Fully occupied by The Home Depot, the property features a 98,839-square-foot retail space and an 18,642-square-foot garden center. Christopher Rider of Day Pitney LLP represented the buyer; John Marquis of Warner, Norcross & Judd represented the seller in the transaction.
MACHESNEY PARK, ILL. — Rockford, Ill.-based Orput Companies Inc. has broken ground for the development of a 6,125-square-foot, build-to-suit/leaseback Advance Auto Store property in Machesney Park. The property will join Aldi Foods, Verizon Wireless, FedEx Office, Pizza Hut and Buffalo Wild Wings in Orput's 26-acre Willow Creek Retail Center, which is located at the intersection of Alpine Road and Illinois 173. Rockford-based Cord Construction is constructing the project, which is slated to open in July. Alpine Bank is providing financing for the project. Allen Joffe of Baum Realty represented Advance Auto in the transaction.
MILLCREEK, PA. — WS Development and Olympic Realty & Development Corp. have closed on the acquisition of 42 acres of land located at 5242 W. Ridge Road in Millcreek. The developers plan to construct a 350,000-square-foot, open-air shopping center on the site. The purchase was made in partnership with Walmart, which will anchor the project. Construction is expected to begin this year. Jeffrey Johnson of Jeffrey Johnson & Associates assisted in brokering the land transactions.
HOUSTON — Northchase Plaza I, a 12,560-square-foot retail property located at 13626 Veterans Memorial Dr. in Houston, has changed hands. James Bell of Marcus & Millichap's Houston office represented the seller, which listed the property at $1.8 million. Meanwhile, Justin Miller, also of Marcus & Millichap's Houston office, represented the buyer. The property was built in 2004 and sits on 43,650 square feet of land.
HOOVER, ALA. — Grandbridge Real Estate Capital closed a $45 million loan for the 512,871-square-foot Patton Creek Shopping Center in Hoover. The first mortgage, 10-year term loan has a 30-year amortization and was secured through RBS Global Banking & Markets, part of the Royal Bank of Scotland Group, by Lance Lehman of Grandbridge's Ft. Lauderdale, Fla., office.
HOUSTON — De La Vega Capital has acquired Gulfgate Square in Houston for an undisclosed price. Situated on a 7.4-acre site at 6800 Gulf Freeway, the 78,690-square-foot shopping center is occupied by Office Depot, Conn's, Radio Shack, Subway, Whataburger and IHOP. Rusty Tamlyn and Trent Agnew of Holliday Fenoglio Fowler represented the seller, Moody Rambin Interests, in the transaction.