SOMERVILLE, N.J. — Marcus & Millichap has brokered the $3.7 million sale of Union Avenue Plaza, a 20,700-square-foot retail property in Somerville. Located at 21-29 Union Ave., the property consists of two buildings, a retail strip center and a rear building with two medical office tenants. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a limited liability company.
SPRINGFIELD, PA. — HFF has arranged the $1.7 million sale of a 2,034-square-foot retail building in Springfield. The property is located at 40 E. Woodland Ave., approximately 10 miles from Philadelphia. The building is fully leased to Citizens Bank. Marc Mandel and Steve Schrenk of HFF represented the seller, 9th and Highland LLC, in the transaction. The buyer was an affiliate of California-based investor Chipster Properties.
LOS ANGELES — Asana Partners has purchased The Balcony at Beverwil, a shopping center located at the corner of Pico Boulevard and Beverwil Drive in Los Angeles. A private partnership sold the asset for $50.2 million. Built in 1996, the two-story property features 71,184 square feet of retail space and underground parking for 262 vehicles. At the time of sale Ralphs, CVS/pharmacy, One West Bank and six other tenants fully occupied the property. Geoff Tranchina of JLL represented the seller in the deal.
STOCKTON, CALIF. — A Northern California-based private partnership has completed the sale of College Square, a community shopping center located at 4756 Pershing Ave. in Stockton. A Southern California-based private investor acquired the property for $20 million in a 1031 exchange. Hobby Lobby and Planet Fitness anchor the 126,098-square-foot shopping center, which was built in 1976 and renovated in 2012. Additional tenants include Wienerschnitzel and Outback Steakhouse. Chris Tramontano, John Redfield and Tom Power of SRS Real Estate Partners’ Investment Properties Group represented the seller, while the buyer was self-represented in the deal. Ben Townsend and Matt Marlin, also of SRS’ Debt & Equity team, structured a high-leverage, non-recourse loan with a favorable reserve structure that allowed the new ownership to receive a cash-out return of approximately 10 percent.
ATLANTA — Ackerman Retail, the retail division of Atlanta-based Ackerman & Co., has brokered the sale of two retail buildings in the Atlanta’s Buckhead district. The sold portfolio includes a 27,000-square-foot property fully leased to Maggiano’s Little Italy that sold for $12.7 million and a 3,796-square-foot property fully leased to Wells Fargo Bank that sold for $10.3 million. Level 33 Capital, a private investment company bought both properties. Kevin Hermetz and Jimmy Stevens of Ackerman & Co. represented the undisclosed seller in the Maggiano’s transaction, and Sean Patrick and Stephen Lapierre, also of Ackerman & Co., represented the same undisclosed seller in the Wells Fargo transaction.
WADSWORTH, OHIO — Marcus & Millichap has brokered the $16 million sale of Wadsworth Crossings, a 118,145-square-foot regional power center in Wadsworth, about 40 miles south of Cleveland. The property, located at 1183 Williams Reserve Blvd., includes tenants such as Planet Fitness, OfficeMax, Petco, Beef O’Brady’s, Kay Jewelers, Fresenius Kidney Care and Huntington Bank. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, Brixmor, a publicly traded REIT. The team also represented the private Texas-based buyer. Not included in the sale was anchor tenants Target, Lowe’s and Kohl’s.
SAN FRANCISCO — Newmark Knight Frank (NKF) has arranged a $125 million, fixed-rate loan to refinance 111 Maiden Lane and 201 Post Street in San Francisco. Ramsey Daya and Jonathan Soffer of NKF, along with Chris Moritz and Travis Bailey of NKF, secured the loan for a high-net-worth family through PGIM Real Estate Finance. Situated at the intersection of Post and Grant streets, the beaux-arts buildings were built in 1908 and 1909. The properties are home to the West Coast flagships of several iconic luxury brands, including Hermès, Yves Saint Laurent, Cartier and Fendi. Additionally, the assets feature 100,000 square feet of creative office space and serve as the headquarters of Venables Bell and Orlando Diaz-Azcuy.
CATOOSA, OKLA. — EDGE Realty Capital Markets has negotiated the sale of Catoosa Shopping Center, a 73,213-square-foot retail property located on the eastern outskirts of Tulsa. Regional grocer Reasor’s anchors the center, which also includes 15,000 square feet of space leased to local, service-oriented retailers. Micha van Marcke and Chace Henke of EDGE Realty represented the seller in the transaction. Other terms of sale were not disclosed.
CYPRESS, TEXAS — Houston-based investment firm Williamsburg Enterprises has completed the redevelopment of North Cypress Landing, a 70,000-square-foot retail center in Cypress, a northwestern suburb of Houston. Williamsburg has executed leases with Star Furniture & Mattresses and Landmark Industries to bring the redeveloped center to full occupancy. Star Furniture & Mattresses, which is owned by Berkshire Hathaway, is expected to open its store in the first quarter of 2019. Nick Hernandez and Crystal Allen of Transwestern represented Star Furniture in the lease negotiations, while Neal Wade and Lunden McGill of Baker Katz represented Landmark Industries. Jeff Warwick represented Williamsburg Enterprises internally.
RALEIGH, N.C. — Halpern Enterprises Inc. has completed Leesville Market Place, a 62,880-square-foot retail development in Raleigh. Publix anchors the property, located inside Interstate 540 at the intersection of Leesville and Strickland roads. Situated adjacent to CVS, Walgreens, a medical office building and Leesville Towne Centre, Leesville Market Place will add tenants Hollywood Feed, Sport Clips and Noire the Nail Bar early next year.