WATERFORD, CONN. — Marcus & Millichap has arranged the $1.8 million sale of Stop & Shop Gas, a 44,431-square foot, net-leased property located in Waterford, located approximately 45 miles east of West Haven. Located at 155 Boston Post Road, the property was built in 2009 and offers immediate access to State Route 1. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, another private investor. Both parties requested anonymity.
LOS ANGELES — Marcus & Millichap has arranged the sale of a retail property located on North Tampa Avenue in Los Angeles’ Reseda neighborhood. A partnership acquired the asset for $9.3 million. The 13,000-square-foot property is net-leased to Yogurtland and Walgreens. At the time of sale, Walgreens had vacated the premises, but the retailer still has a lease in place through 2034. Brandon Michaels and Lior Regenstreif of Marcus & Millichap represented the undisclosed seller and buyer in the deal.
LAWNDALE, CALIF. — NAI Capital has directed the sale of a retail property located at 16711-16725 Hawthorne Blvd. in Lawndale. The asset sold for $2.9 million, or $252 per square foot. The names of the seller and buyer were not released. Built in 1955, the 11,700-square-foot asset was renovated in 2002 with contemporary architectural features. The building features two restrooms, HVAC, high ceilings, 34 parking spaces, a fenced and gated parking lot, two double doors and approximately 800 amps of electric power. At the time of sale, the property was owner occupied. Sheri Messerlian of NAI Capital’s Retail Services Group represented both parties in the transaction.
RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) has taken additional steps in response to the COVID-19 pandemic. Beginning April 19, the Minnesota-based company will temporarily furlough approximately 51,000 domestic hourly store employees, including nearly all part-time employees. Best Buy is retaining approximately 82 percent of its full-time store and field employees on its payroll, including the vast majority of in-home advisors and Geek Squad agents. Furloughed employees will maintain their health benefits at no cost to them for a minimum of three months. Also beginning April 19, some corporate employees will participate in voluntary reduced work weeks or voluntary furloughs. CEO Corie Barry will forego 50 percent of her base salary and the members of the board of directors will forego 50 percent of their cash retainer fees through at least Sept. 1. Company executives reporting directly to the CEO will take a 20 percent reduction in base salary through at least Sept. 1. Best Buy is also suspending its 401(k) company matching program. In order to assist employees financially impacted by the pandemic, Best Buy has partnered with its founder, Dick Schulze, to establish a $10 million employee assistance fund, available to all part- and full-time employees …
STREAMWOOD, ILL. — The Boulder Group has arranged the $2.2 million sale of an Andigo Credit Union ground lease in Streamwood, a northwest suburb of Chicago. Built in 2019, the single-tenant, net-leased property is located at 990 S. Barrington Road. Andigo has a 15-year lease at the building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate group. A Southwest-based private real estate company was the buyer. There are currently seven Andigo branches across metro Chicago. Andigo intends to merge with Consumers Credit Union later this year.
MIDDLETOWN, PA. — True Commercial Real Estate has negotiated a 3,500-square-foot retail lease for Great Clips at Mid-Town Plaza, a 102,000-square-foot retail center in the southeastern Harrisburg suburb of Middletown. A 59,000-square-foot Giant Supermarket anchors the shopping center, which is located at 450 E. Main St. Other tenants include Dollar Tree, AutoZone and H&R Block. The new lease brings the property to 100 percent occupancy. Steve Clipman of True Commercial represented Great Clips in the lease negotiations. Sidney Singer represented the landlord, Levin Management Corp., on an internal basis.
BALTIMORE — Continental Realty Corp. (CRC) has launched an internal program to aid the restaurant industry in the communities it serves. CRC owns and operates retail centers and multifamily properties in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Alabama, Georgia and Florida. Between April 14 and May 15, any CRC employee who provides a receipt for food items bought locally will be reimbursed up to $200. “We feel extremely strongly about initiating a program that benefits our loyal and hard-working team members and supports the restaurant sector,” says Crystal Frey, senior vice president of human resources for CRC. “With restaurants reduced to handling carry-out and curbside orders, we encourage other companies to follow our lead to minimize the disruption impacting both locally owned and nationally operated locations.” CRC is based in Baltimore and focuses on value-add properties throughout the Southeast.
FORT WALTON BEACH, FLA. — Marcus & Millichap has arranged the sale of Choctaw Plaza, a 93,650-square-foot retail center in Fort Walton Beach, as well as an outparcel property that is triple-net-leased to Compass Bank. The properties sold for a combined $9.8 million to different buyers. A private personal trust acquired Choctaw Plaza, located at 111 Racetrack Road NW, four miles north of downtown Fort Walton Beach. A Big Lots anchors the property, which was 89 percent leased at the time of sale to tenants including Dollar General, Rent-A-Center, Coldwell Banker, Little Caesars, the Department of Juvenile Justice and the U.S. government. An undisclosed private trust acquired Compass Bank, which is situated at 101 Racetrack Road NW as the outparcel to Choctaw Plaza. James Medefind and Cory Gross of Marcus & Millichap represented the seller, an undisclosed private investor, in the transactions.
KERNERSVILLE, N.C. — CBRE|Triad has brokered the sale of a 3.3-acre lot at 811 N.C. Highway 66 in Kernersville. The buyer is Lightning McClean Car Wash, an express car wash company with locations in Durham, N.C.; and Lynchburg and Danville, Va. Lightning McClean offers a three-minute car wash and free vacuum use for customers. A timeline for construction was not disclosed. Brian Craven of CBRE|Triad represented the seller, Red Cherry Capital LLC, in the transaction. The seller sold the land for an undisclosed amount.
SALEM, ORE. — Neville & Butler Commercial Real Estate has brokered the sale of a retail building located in Salem. Raider Hill Advisors sold the asset for an undisclosed price. Located at 1200 Lancaster Drive NE, the former Toys R Us property features 47,000 square feet of retail space. Steven Neville and Natalie Butler of Neville & Butler Commercial Real Estate represented the seller in the deal. The name of the buyer was not released.