LAS VEGAS — Commercial Executives’ Lance Robbins represented Winner Properties LLC in its nearly $2.07 million purchase of an approximately 13,800-square-foot retail building, located at 7795 W. Sahara Ave. in Las Vegas, from Bank of America.
FREEHOLD, N.J. — Groundbreaking has occurred for the new BMW of Freehold car dealership at 4225 U.S. Highway 9 North in Freehold. Construction will consist of the demolition of an existing structure, the construction of a 28,000-square-foot showroom building, the expansion and renovation of an existing mechanic shop, and the renovation of an existing 10,000-square-foot body shop. The owner of the project is DCH Auto Group. The general contractor is McGowan Builders and the architect is GreenbergFarrow. The construction timetable was not released.
DENVER — Marcus & Millichap has brokered the $13 million sale of a 125,601-square-foot site that is ground-leased to Lowe’s Home Improvement Warehouse. The brokerage firm’s Jamie Medress, Mark Ruble and Michael Hoffman represented both the buyer, a Phoenix-based real estate investment firm, and the seller, an Idaho-based developer, in the transaction. According to Ruble, Brighton Corp. demolished an old shopping center at the site, which is located at 2220 West Alameda Ave. in the Mile High City.
OMAHA, NEB. — Cox Communications has leased 2,121 square feet of retail space in Benson Park Plaza, which is located at 72nd Street and Ames Avenue in Omaha. The company plans to open the located in March. Dan Dutton of World Group Commercial Real Estate represented the undisclosed landlord in the transaction. Terms of the lease were not released.
NEW YORK CITY — Meridian Capital Group has arranged a $27.6 million loan for the refinancing of a retail condominium portfolio in New York City. The five-property portfolio totals 28,000 square feet and is located on the Upper West Side. The loan carries a 7-year term with a 5.31 percent fixed interest rate. The lender was UBS. Joseph Taub of Meridian's New York City office originated the loan on behalf of the undisclosed borrower.
BOSTON — Fantini & Gorga has arranged a $5.6 million loan for the refinancing of a retail center located in Boston's Mattapan neighborhood. The property totals 62,345 square feet and was fully leased at the time of closing. The proceeds will be used to refinance the borrower's existing acquisition and renovation debt. George Fantini, Jr., and Mark Whelan arranged the loan through a local financial institution.
MESA, ARIZ. — Marcus & Millichap has negotiated the $2.05 million sale of a ground lease for a 6,483-square-foot P.F. Chang's China Bistro located at 6610 E. Superstition Springs Blvd. in Mesa. The single-tenant, net-leased property is situated near the 1.2 million-square-foot Superstition Springs Mall. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the private-investor seller in the transaction.
TACOMA, WASH. — Marcus & Millichap has facilitated the nearly $1.87 million sale of a 3,723-square-foot Burger King, located at 1420 72nd Street East in Tacoma. Constructed in 2002, the single-tenant, net-leased property sits on a 0.69-acre parcel. Marcus & Millichap’s Peter Nisbet represented the private-investor seller in the transaction.
ALPHARETTTA, GA. — New York-based Marathon Asset Management, a corporate, structured and real estate credit investment manager, has closed on East Village Shopping Center, located on Holcomb Bridge Road in Alpharetta, through its real estate lending and distressed debt program. The acquisition involved the purchase of a distressed senior mortgage and simultaneous transfer of ownership through a pre-negotiated deed in lieu of foreclosure. The former borrower, Concordia Properties, will remain the property manager and developer of the shopping center, and Atlanta-based Synergy Resolution Services, a real estate asset manager and co-investor with Marathon, will oversee the on-site business plan implementation. Built in 2008, East Village Shopping Center includes 83,319 square feet of existing retail space with 112,296 square feet of planned development for which much of the infrastructure, planning and pre-development work has been completed. The retail property is shadow anchored by Super Target.
SMYRNA, GA. — Westchester, Ill.-based Tri-Land Properties has broken ground for the redevelopment of The Crossings at Four Corners in Smyrna. Situated on 8 acres, the project will be anchored by a 96,000-square-foot Kroger. The redevelopment project includes the installation of a traffic light at the north property line and South Cobb Drive, the renovation of 60,000 square feet of retail space and the development of eight outparcels and a 25,000-square-foot pad. The project is slated for completion in November.