NEW YORK CITY — NY Sports Club has signed a 20,000-square-foot lease renewal at 9901 Queens Blvd. in the Forest Hill area of Queens. The lease keeps the fitness operator, which has been a tenant at the building since 2006 and has plans for a future remodel, in its space through 2034. Blumenfeld Development Group owns the building. No third-party brokers were involved in the lease negotiations.
OCEANSIDE, CALIF. — Milan Capital Management has received a $12.1 million loan for the refinancing of Mission Promenade, a 105,700-square-foot retail center in Oceanside, approximately 40 miles northwest of San Diego. Built in 1972 and renovated in 1999, the property was 97 percent leased at the time of financing to tenants including El Super and dd’s Discounts. Jeff Sause and John Chun arranged the 10-year loan through a regional bank on behalf of the borrower.
NORTH BRUNSWICK, N.J. — Marcus & Millichap has arranged the sale of Church Lane Plaza, a 21,080-square-foot retail property in North Brunswick, about 40 miles southwest of Manhattan. The sales price was $4.4 million. Built on 2.9 acres in 1991, Church Lane Plaza was 90 percent leased at the time of sale to tenants such as Bagel Fresh, Brunswick US Cleaners, Karate School, F45 Fitness and Thai Lotus. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a New Jersey-based limited liability company, in the transaction.
FAIRFIELD, OHIO — Northmarq has arranged a $6.1 million loan for the refinancing of a four-building retail portfolio in Fairfield, about 25 miles north of Cincinnati. The portfolio is 99 percent leased and totals 62,720 square feet. Built in 1987, Diplomat Village consists of three buildings totaling 50,650 square feet. Kemper Ponds Plaza, built in 2005, totals 12,070 square feet. Noah Juran of Northmarq arranged the fixed-rate, three-year loan with a local bank.
KANSAS CITY, MO. — Blue West Capital has negotiated the sale of a single-tenant restaurant property occupied by Freddy’s Frozen Custard & Steakburgers in Kansas City for $2.4 million. Freddy’s has a new long-term, net lease at the property, which is located at 13628 Washington St. The lease includes 10 percent rental increases every five years and is guaranteed by M&M Custard, the third-largest Freddy’s franchisee. There are roughly 450 Freddy’s locations nationwide. Zach Wright and Brandon Wright of Blue West Capital represented the seller, a Midwest-based development company. The property sold to an all-cash buyer based in California.
DEDHAM, MASS. — JLL has arranged a $190 million loan for the refinancing of Legacy Place, a 675,000-square-foot shopping center in Dedham, a southwestern suburb of Boston. Whole Foods Market, The Apple Store, L.L. Bean and Showcase Cinemas anchor the center, which was built in phases between 2008 and 2009 and renovated between 2020 and 2022. Other tenants include Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard House. The property sits on a 37-acre site at the corner of I-95 and U.S. Route 1 within a trade area that totals more than 1.3 million people. A syndicate of lenders consisting of Wells Fargo and Truist provided the financing to the borrower, a partnership between Boston-based WS Development and Nuveen Real Estate. Brett Paulsrud, Henry Schaffer, Hugh Doherty, Chris Angelone and Zach Nitsche of JLL arranged the debt. Specific loan terms were not disclosed. According to the capital markets team that worked on the deal, Whole Foods is the most highly trafficked store in Massachusetts for the Austin-based grocer, and Legacy Place as a whole is the most visited lifestyle center in New England. “This transaction further proves that in spite of macroeconomic headwinds, large-format retail properties in premier …
Atlanta has historically been a favorite metro for real estate investors to consider when it comes to a market that checks all the boxes. The Peach State Capital and its surrounding suburbs always have been a beneficial and desirable region for residents to live and work. Topping the list as the most popular city for apartment renters in 2022, Atlanta offers more benefits to its residents than just an affordable city to live. Other benefits of living in and around the city include professional sports teams, a rich arts and entertainment scene and renowned restaurant and retail lineups, among others. Hartsfield-Jackson Atlanta International Airport also offers domestic and international flights to practically anywhere in the world, and it’s situated minutes from downtown. Home to 17 Fortune 500 company headquarters, including prominent names such as The Home Depot, United Parcel Service (UPS), Coca-Cola and Delta Airlines, Atlanta’s job growth is outpacing the rest of the country. Coming out of the pandemic, Atlanta recorded a job growth rate of nearly 23 percent since April 2020, which outperforms the comparative U.S. metric of 11.7 percent in the same time period. Atlanta has also historically held an unemployment rate below the national average. With …
MIDLOTHIAN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $4.9 million sale of Deer Run Village, a 56,900-square-foot shopping center located in Midlothian, roughly 15 miles west of Richmond. Food Lion anchors the property, which was fully leased at the time of sale. Catharine Spangler and Danielle Beckstoffer of Thalhimer represented the undisclosed seller in the transaction. The buyer was also not disclosed.
OAKLAND, CALIF. — CBRE has arranged a $15 million loan for the refinancing of Lincoln Square Shopping Center in Oakland. Safeway anchors the property, which comprises three buildings with 14 tenant suites. Other tenants at the center include CVS/pharmacy, Peet’s Coffee, Jamba Juice and the UPS Store. Originally built in 1963, the property underwent extensive redevelopment in 2019. Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra of CBRE arranged the non-recourse, 10-year, interest-only loan on behalf of the borrower, a California-based private retail real estate operating company.
SIMI VALLEY, CALIF. — NAI Capital Commercial has brokered the $2 million sale of a 5,708-square-foot restaurant building in Simi Valley. Situated within Woodlands Plaza, Cocos formerly occupied the now-vacant property. The new owner plans to open and operate a breakfast restaurant in the space. Michael Schiff of NAI represented both the buyer, SSA California Properties LLC, and the seller, Barsky Family Limited Partnership, in the transaction.