NEW YORK CITY — Thor Equities has sold a 7,900-square-foot retail property in Brooklyn. The sales price was undisclosed. Located at 1221 Ave. J in the Midwood neighborhood of Brooklyn, the three-story property includes more than 135 feet of frontage on Avenue J and East 13th Street. Thor Equities acquired the building in 2014 and secured a long-term lease with Capital One for the entire property.
WYCKOFF, N.J. — Marcus & Millichap has negotiated the $2 million sale of a retail property in Wyckoff. The 10,290-square-foot property is located at 403 Goffle Road. Alan Cafiero, Ben Sgambati and John Moroz of Marcus & Millichap represented the seller, a private investor, in the transaction. Fahri Ozturk of Marcus & Millichap represented the buyer, a limited liability company.
COLUMBUS, OHIO — Easton Town Center is undergoing a significant expansion that will feature local and national retailers, breweries, restaurants, entertainment venues, hotels and public event space. The expansion will exceed $500 million of development over the next four years. The Georgetown Company is co-developing the project alongside Steiner + Associates and L Brands. Construction is already underway on infrastructure, parking, Merchants Row, The Yard and Urban Hearth. The Yard will serve as a public green space for live music and entertainment. Urban Hearth is an industrial building that has been architecturally deconstructed to create a social space with breweries and restaurants. A Restoration Hardware gallery will anchor the expansion. The three-story, 40,000-square-foot building is expected to open in 2019. Easton Town Center is a 1,300-acre mixed-use development in northeast Columbus.
NORTHVILLE TOWNSHIP, MICH. — Associated Bank has provided a $14 million loan for the acquisition of Northville Park Place in Wayne County’s Northville Township. The six building, 78,833-square-foot shopping center is located at the southwest corner of Seven Mile and Haggerty roads. Trader Joe’s anchors the property. Other tenants include Granite City, Rusty Bucket and Sherwin Williams. Krista Casper of Associated Bank originated the loan on behalf of the borrower, Inland Retail Property Fund LP.
STURGIS, S.D. — The Boulder Group has arranged the sale of a single-tenant retail property net leased to Shopko Hometown in Sturgis for $2 million. The 30,500-square-foot building is located at 2105 Lazelle St. in western South Dakota. There are approximately 13 years remaining on the triple net lease. Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a Texas-based real estate investment trust. A Wyoming-based real estate investor purchased the asset.
NEW YORK CITY — IKEA U.S. has announced that it will open its first store in Manahattan. The ‘IKEA Planning Studio’ is slated to open at 999 Third Ave. in spring 2019. The Planning Studio concept will focus on smart solutions for urban living and small spaces. The New York City location is the first market in the U.S. for the concept. IKEA U.S. has recently made a number of investments to enhance its e-commerce offerings, including lower priced shipping & delivery, Click & Collect, financing and TaskRabbit assembly services. IKEA already has four locations in the metro area in Brooklyn, Elizabeth, Long Island and Paramus.
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.