MERIDEN, CONN. — Urstadt Biddle Properties has completed the disposition of Townline Square Shopping Center, located at 533 S. Broad St. in Meriden. A private real estate investment group acquired the 315,000-square-foot property for $44.5 million in an all-cash transaction. The property features more than 25 stores, including Michael’s, Pier 1 Imports, Marshalls, #1 Nails, Miracle-Ear, Ting Ho Restaurant, Once Upon a Child and GNC. Jim Koury of HFF represented the seller and procured the buyer in the transaction.
BROCKTON, MASS. — Marcus & Millichap has brokered the sale of a net-leased Stop & Shop grocery store located at 932 N. Montello St. in Brockton. The 65,425-square-foot property sold for $18.7 million, or $286 per square foot. Eight years remain the Stop & Shop’s original Royal Ahold N.V.-guaranteed, 20-year double-net lease. Robert Horvath of Marcus & Millichap’s Boston office represented the seller and procured the buyer. The names of both parties were not released.
NEW YORK CITY — GFI Realty Services has arranged the acquisition of a mixed-use property located at 3750 Broadway in Manhattan’s Washington Heights neighborhood. A Miami-based investor purchased the property for $16 million from Monarch Realty Holdings LLC. The elevator building features 32 residential apartments and four ground-floor retail units. Ohad Babo of GFI Realty represented the seller, while Roni Abudi, also of GFI, represented the buyer in the transaction.
SYRACUSE, N.Y. — Par’s Indoor Golf has leased 6,435 square feet of retail space at 3179 Erie Blvd. within Dewitt Town Center in Syracuse. The family-owned-and-operated indoor golf center features six state-of-the-art golf simulators. The new location is slated to open at the end of October. Lindsey Forcione of The Icon Companies represented the tenant, while Grazi Zazzara, also of The Icon Companies, represented the undisclosed landlord in the transaction.
MATTHEWS, N.C. — Ziff Properties Inc. has purchased Matthews Festival Shopping Center, a 127,817-square-foot shopping center located at the corner of East Independence Boulevard and Matthews Township Parkway in Matthews, roughly 12 miles south of Charlotte. Ziff Properties purchased the center from an undisclosed seller for $8.2 million. The property’s tenant roster includes Big Lots, Miracle Ear, Springleaf Financial, Merle Norman Cosmetics, Tequilerias and Tamarind Fine Cuisine of India. Ziff Properties plans to renovate the shopping center. Bryan Wyker of The Providence Group represented the buyer in the transaction and will continue to work on repositioning efforts along with Alex Kelly of Tribek Properties.
RICHARDSON, TEXAS — The Weitzman Group has negotiated the sale of The Shire, an 83,000-square-foot mixed-use retail and office project located at President George Bush Turnpike and Jupiter Road in Richardson. A local investment group formed by Huey Investments and Standridge Cos. was the buyer. Restaurateur Dale Wamstad was the seller. Eddie Liebman and Joey Keffler with The Weitzman Group handled negotiations. The Shire features restaurants as well as service and office users. Restaurants in the retail space include Silver Fox Steakhouse, Ye Shire Tavern, Main Street Bistro/Bakery, Thai’s Thumbz Urban Kitchen and Apollonia’s Italian Kitchen. Other tenants include Bright Horizons Child Care and Republic Title.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Block 300, a 14,425-square-foot retail property located in Arlington. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy also secured the buyer, a private investor. Block 300 is located at 300 E. Abram St. The subject property is a 14,425-square-foot multitenant retail center that is 100 percent occupied. Tenants include Flying Fish restaurant, CearnalCo, Mijo’s restaurant, J. McIntyre Interiors, Twisted Root Burger Co. and Hooligans Pub. The building was constructed in 1956 and sits on 0.9 acres. The subject property is located in a recently revitalized downtown area of the city. It is two blocks east of the University of Texas at Arlington and less than two miles from the Dallas Cowboys stadium, The Ballpark in Arlington and a General Motors assembly plant.
EUSTIS, FLA. — Colliers International has brokered the $5.9 million sale of Eustis Shopping Center, a 191,000-square-foot shopping center located in Eustis, roughly 36 miles outside of Orlando. The property’s tenant roster includes Tractor Supply Co., Beall’s Outlet, Aaron’s, Family Dollar and Save-A-Lot. The buyer, Spigal Properties, plans to upgrade the shopping center. Joe Montgomery and Tony D’Ambrosio of Colliers’ Atlanta office and Cynthia Shelton and Kane Morris-Webster of the firm’s Orlando office represented the seller, EquiTrust Life Insurance Co., in the transaction. EquiTrust foreclosed on the property in September 2014 and hired Colliers International to provide property management, leasing and investment sales services.
NEW YORK CITY — TerraCRG has brokered the sales of two mixed-use properties in Brooklyn for a combined $10.5 million. In the first deal, a Manhattan ownership group acquired 3901 Fifth Avenue in Brooklyn’s Sunset Park area for $3.2 million, or $540 per square foot, from a Brooklyn family. The three-story, 6,000-square-foot property consists of four ground-floor retail spaces, three apartments and one office space. In the second transaction, a property located at 6901 Fifth Avenue in Brooklyn’s Bay Ridge neighborhood sold for $7.3 million, or $455 per square foot. The 10,248-square-foot property is currently occupied by Bank of America and features more than 7,000 square feet of available air rights. Adam Hess, Sam Shalumov, Edward Setton, Kirill Galperin and Amanda Keller were the sole brokers in both transactions.
ISLANDIA, N.Y. — Starbucks Coffee has opened a new location at the northwest corner of Long Island Expressway North Service Road and Old Nichols Road in Islandia. The 1,860-square-foot location occupies the drive-thru end cap of a 7,773-square-foot building. Wilbur Breslin and Robert Delavale of Breslin Realty arranged and negotiated the transaction with the landlord. The Breslin team also negotiated the drive-thru approvals with the Village of Islandia.