more_sales_and_leases

Regency Centers Adds 365 by Whole Foods Market to Tenant Roster of Atlanta Shopping Center

by John Nelson March 13, 2017

ATLANTA — Regency Centers has signed 365 by Whole Foods Market to the tenant lineup at Paces Ferry Plaza, a 63,254-square-foot shopping center located at 3520 Northside Parkway in Atlanta. Whole Foods’ new grocer concept will open at the shopping center later this year. Regency Centers is underway on renovating the shopping center with brick facades, stone finishes and metal canopies to give the property an industrial feel, as well as additional parking space. Existing tenants at Paces Ferry Plaza include Woo Cosmetics, West Stride, ACE Hardware, Pero’s, Blue Ridge Grill and Baby Braithwaite. The Paces Ferry Plaza store will be the second location in metro Atlanta for 365 by Whole Foods Market.

March 13, 2017

Retail Texas

Marcus & Millichap Arranges Sale of Retail Property in Laredo, Texas

by Taylor Williams March 10, 2017

LAREDO, TEXAS — Marcus & Millichap has closed the sale of a 2,506-square foot restaurant property leased to Taco Bell at 2453 Monarch Drive in the south Texas border town of Laredo. The net-leased property is an outparcel to a 400,000-square-foot retail center anchored by an H-E-B grocery store. James Bell of Marcus & Millichap represented the seller, an undisclosed developer. The name and representative of the buyer, a Chicago-based entity, were not released.

March 10, 2017

Industrial New Jersey Northeast

J.G. Petrucci Co. Acquires 18-Acre Industrial Site in Branchburg, N.J.

by Haisten Willis March 10, 2017

BRANCHBURG, N.J. — J.G.Petrucci Co. has acquired an 18.4-acre site on Meister Avenue in Branchburg. The company plans to develop a 187,500-square-foot speculative industrial facility on the site, which will be available for lease in spring 2018. Joel Lubin of Jones Lang LaSalle’s Iselin, N.J., office represented J.G. Petrucci Co. in the transaction, and will also serve as leasing agent for the property. The facility will be constructed using precast concrete. Once completed, it will feature 31 loading docks, two drive-in doors and 36-foot clear ceiling heights. Parking for 134 cars and 16 trailers will be available on site as well.

March 10, 2017

Connecticut Industrial Northeast

Angel Commercial Arranges Sale of Three Industrial Properties in Bridgeport, Conn.

by Haisten Willis March 10, 2017

BRIDGEPORT, CONN. — Jon Angel of Angel Commercial LLC has arranged the sale of three adjoining industrial properties located at 785 and 800 Union Ave., and at 599 Hollister Ave. in Bridgeport. Angel represented both buyer and seller in the sale-leaseback transaction. Collectively, the buildings span nearly 250,000 square feet on 6.5 acres. The property includes multiple loading docks and 47-foot ceiling heights. An out-of-state investor, 800 Union LLC, purchased the properties from Moore Tool Co., who will remain as the tenant.

March 10, 2017

Hospitality Northeast Vermont

Wason Associates Negotiates Sale of Palmer House Resort, Best Western Plus in Vermont

by Haisten Willis March 10, 2017

BENNINGTON & MANCHESTER, VT. – Wason Associates Hospitality Real Estate Brokerage Group (Wason Associates) has negotiated the sale of the Best Western Plus in Bennington and the Palmer House Resort in Manchester. The Best Western Plus is located near Bennington College and several ski resorts. S.K.B.W.V. Acquisition LLC LL acquired the Best Western Plus for $3.8 million. The hotel includes 58 recently renovated rooms and an owner/property manager residence. The Palmer House Resort is situated on 16-acres in Manchester. Palmer House LLC purchased the hotel for $3 million. The 50-room property is surrounded by the Green Mountains and features a nine-hole golf course and trout pond.

March 10, 2017

Southeast Student Housing Virginia

Columbus Pacific Acquires Student Housing Community Near University of Virginia

by John Nelson March 10, 2017

CHARLOTTESVILLE, VA. — Columbus Pacific has acquired The Pavilion at North Grounds, a 528-bed student housing community located near the University of Virginia campus in Charlottesville.   The acquisition was financed with a $58.1 million, 10-year, fixed-rate loan arranged by Brian Eisendrath and Cameron Chalfant of CBRE. Columbus Pacific’s planned renovations for the community include new pool furniture; refreshments to the pool area; the addition of an outdoor dog park; and enhancements to the front lobby, to include a more functional and modern cyber café. Homestead U, an affiliate of Columbus Pacific, will manage the property.

March 10, 2017

California Retail Western

Red Mountain Group to Acquire, Redevelop La Cienega Triangle in Los Angeles

by Nellie Day March 10, 2017

LOS ANGELES — Red Mountain Group Inc. has acquired La Cienega Triangle, an 8.6-acre property located at the three-pronged intersection of La Cienega Boulevard, Centinela Avenue and La Tierja Boulevard in Los Angeles. The price was not disclosed. The local trade area is home to more than 826,000 residents in a five-mile radius, employs 321,000 and sees over 135,000 cars a day. A 117,838-square-foot urban redevelopment project calls for an immediate adaptive reuse of the existing 43,138 square feet of streetfront retail along La Tierja Boulevard. The redevelopment will be followed by an additional 42,700 square feet of ground-up improvements on the balance of the site. The development will include a grocery store, entertainment, soft goods carriers, sit-down food service facilities and four drive-thru operators. A 30,000-square-foot office building is also located on the site. Bill Bauman of Savills Studley and Luke Palmo of Coldwell Banker Commercial brokered the transaction.

March 10, 2017

California Restaurant Retail Western

Faris Lee Investments Arranges $3.5M Sale of Denny’s Property in Riverside

by Nellie Day March 10, 2017

RIVERSIDE, CALIF. — Faris Lee Investments has arranged the $3.5 million sale of a 3,700-square-foot property net leased to Denny’s in Riverside. Denny’s has been at the location for 50 years and recently renewed its lease for another 20-year term. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller, Orange County-based HFC/PRP Madison LLC. Sonny Lee of RE/MAX Commercial represented the all-cash buyer, Arcadia-based Yuanqi International. The property sold at a cap rate of 4.66 percent and approximately $956 per square foot. Located at 3530 Madison St., Denny’s has been a tenant since the asset was built in 1967. The property underwent a renovation in 2016.

March 10, 2017

Michigan Midwest Retail

Forum Group Arranges Sale of 8,000 SF Retail Building in Scio Township, Michigan

by Kristin Harlow March 10, 2017

SCIO TOWNSHIP, MICH. — Forum Group, an NAI Farbman Group partner, has arranged the sale of an 8,000-square-foot retail building in Scio Township, five miles west of Ann Arbor. The sales price was not disclosed. The Class A building is located at 120 S. Zee Road, and is fully occupied by Starbucks, Jimmy John’s, Verizon and Kim’s Spa. Thomas D. Lasky of Forum Group represented the buyer, LPH Ventures LLC. Marcus & Millichap represented the undisclosed seller.

March 10, 2017

Midwest Missouri Office

National American University Enters Into 7,235 SF Lease in Lee’s Summit, Missouri

by Kristin Harlow March 10, 2017

LEE’S SUMMIT, MO. — National American University has entered into a 7,235-square-foot lease in Lee’s Summit, about 20 miles southwest of Kansas City. The university will occupy the space in the Murray Road I Building located at 401 NW Murray Road for additional classroom space. John DeHardt of Kessinger/Hunter negotiated the lease.

March 10, 2017

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