LA CAÑADA, CALIF. — A partnership of private individuals has acquired Foothill Promenade, a 42,093-square-foot shopping center located at 475 Foothill Blvd. in La Cañada. Redwood City, Calif.-based Dollinger Properties sold the property for $16 million. The 2.75-acre center is occupied by Trader Joe’s, Union Bank, Petco, Aaron Brothers, Starbucks and Han’s Beauty. Built in 1995, the property was 100 percent occupied at the time of acquisition. William Asher of Hanley Investment Group, Jim Barthe of Pasadena, Calif.-based Real Estate Portfolio Specialists, and Paul Strauss and Nathan Strauss of Monrovia, Calif.-based ASB Property Management represented the buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has brokered two Manhattan deals. First, the 8,426-square-foot retail component of Devonshire House, a condo tower located at 28 E. 10th St. in Greenwich Village, traded for $10.35 million. The street-level retail spaces average 605 square feet each, and the property includes 3,584 square feet of cellar space shared by six of the units. Occupancy was 100 percent at the time of closing. The Eastern Consolidated team of Ronald Solarz, Eric Anton, Brian Ezratty and Deborah Gutoff represented the seller, Devonshire Associates LLC, and procured the undisclosed buyer. In the second transaction, a six-story, 48-unit residential building located in West Harlem at 315 W. 115th St. traded for $6.7 million. The property is rent stabilized and fully occupied. Peter Carillo and Lipa Lieberman of Easter Consolidated represented the seller, West 115th Realty LLC, and procured the buyer, West 115 11-13 Associates LLC.
ARLINGTON, TEXAS — Messina Properties has sold a 162,000-square-foot store that formerly housed a Macy's to a private buyer for an undisclosed amount. The property is located on 14 acres at Six Flags Mall in Arlington and will be redeveloped. Cushman & Wakefield of Texas brokered the sale.
EDEN PRAIRIE, MINN. — RJM Construction has commenced construction on a new Bobby & Steve’s Auto World in Eden Prairie. The 19,000-square-foot building will be located at 8100 Flying Cloud Drive, which is adjacent to Eden Prairie Shopping Center. The new store, named Randy’s Bobby & Steve’s Auto World, is scheduled to open in January 2011. The $4.2 million property will feature a car wash, seven service bays, a convenience store and food service with an outdoor dining plaza, as well as plans for a car museum.
BEE CAVE, TEXAS — United Commercial Realty (UCR) has arranged a lease within Bee Cave's Hill Country Galleria on behalf of Parmida Home. The furnishings retailer will occupy 10,500 square feet within the shopping center. It will be the company's second location in Texas. Dean Vandergriff of UCR's Austin office arranged the deal between Parmida Home and the landlord, Galleria Texas LLC.
SOUTHFIELD AND TROY, MICH. — NorthMarq Capital has arranged $3.2 million in first mortgage financing for retail properties located in Southfield and Troy, both suburbs of Detroit. The asset contains 140,000 square feet of retail space and is occupied by Dick’s Sporting Goods, Barnes & Noble and LA Fitness. The financing, which was provided by Bethpage Federal Credit Union, was based on a 10-year term and a 10-year amortization schedule. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing for the undisclosed borrower.
FAIRVIEW, TEXAS — MGHerring has selected Cadence McShane Construction Co. to complete renovations to the Whole Foods Market located within the developer's Village at Fairview project in Fairview. Construction will include the replacement of the existing masonry façade with a contemporary masonry exterior. In addition, the exterior will be painted, and new metals panels and canopy extensions will be added. The project is scheduled for completion in the fall.
SAN DIEGO — San Diego-based Westcore Properties has completed the disposition of retail movie theatre properties to Knoxville, Tenn.-based Regal Entertainment Group for $29.14 million. The assets include UA Berkeley, a seven-stadium, 21,895-square-foot movie theatre located at 227 Hattuck Ave. in Berkeley, Calif.; UA Haggerty, a 14-stadium, 57,822-square-foot movie theatre at 3033 Springvale Drive in Walled Lake, Mich.; and Snowden Square, a 14-stadium, 58,250-square-foot theatre located at 9161 Commerce Centre in Columbia, Md. Westcore Properties originally acquired the properties in 2003.
KISSIMMEE, FLA. — Michael Jaworski of Marcus & Millichap’s Tampa represented the seller, a Florida-based developer, in the disposition of a Walgreens location in Kissimmee. Located at 5180 U.S. Highway 192, the 14,490-square-foot retail property sold for $5.6 million. The investment is a fee simple, new construction triple-net property, which opened last year. Paul Nudelman of Marcus & Millichap’s Miami office represented the buyer, a Florida-based limited liability company, in the transaction.
LEHIGHTON, PA. — Marcus & Millichap has brokered the sale of a Tractor Supply Co. retail location in Lehighton for $3.19 million. The freestanding, 19,097-square-foot building is situated on 5.3 acres along Blakeslee Boulevard. The tenant signed a 15-year, double-net lease in May 2009 that has 10 percent rent increases every 5 years. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, a North Carolina-based limited liability company. Jamie Harrison of Touchstone Commercial Partners represented the buyer, SS Realty.