Lutz, Fla. and Austin, Texas — Levin Johnston Group of Marcus & Millichap has brokered the $9 million sale of two, newly-constructed single-tenant retail properties in Texas and Florida. Marcus & Millichap’s Levin Johnston team represented a single private investor in the acquisitions. The buyer used proceeds from the sale of a 24-unit apartment community in Redwood City, California to reinvest into the retail properties. Chipotle Mexican Grill occupies a 2,493-square-foot building at 10301 Cross Creek Blvd. in Lutz. Chick-fil-A occupies a 4,944-square-foot building at 7300 McKinney Falls Parkway in Austin. …
Los Angeles — JLL Capital Markets has negotiated the $20.3 million sale of Embassy Plaza, a 70,121-square-foot shopping center located in the North Hollywood neighborhood of Los Angeles. Superior Grocers anchors Embassy Plaza, which was 67 percent leased at the time of sale. Other tenants include Starbucks Coffee, T-Mobile and Little Caesars. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL’s Investment Sales and Advisory team represented the buyer, a Los Angeles-based family office, in the transaction.
West Nyack, N.Y. — Affiliated funds of Stamford, Connecticut-based Black Diamond Capital Management have acquired Palisades Center, a 2.3 million-square-foot shopping center in West Nyack, approximately 18 miles north of Manhattan. Black Diamond purchased the property’s underlying debt for $175 million in a foreclosure auction last week, according to the Rockland Business Journal. The previous owner, Pyramid Management Group, defaulted on the $400 million mortgage in early 2020. Syracuse, New York-based Spinoso Real Estate Group will continue serving as the property’s operating partner. As of December 2022, Palisades Center was the …
Wallingford, Conn. — CBRE has arranged the $21.4 million sale of Wallingford Fair Shopping Center, a 115,000-square-foot grocery-anchored center located in Wallingford, approximately 25 miles south of Hartford. ShopRite anchors the property, which also features a self-storage facility and a Petco store. Nat Heald, Jordana Roet, Connor Scott and Kyle Juszczyszyn of CBRE represented the seller, Feldco Development Corp., and procured the buyer, United Hampshire US REIT, in the transaction.
Zephyrhills, Florida — Franklin Street has brokered the $6.4 million sale of Oakview Plaza, a 47,000-square-foot retail center located in Zephyrhills, roughly 30 miles northeast of Tampa. Justin Walker, Justin Sturdivant and Dylan Morse of Franklin Street represented the seller, South Florida-based Merrimac Ventures, in the transaction. New York-based New Hyde Park Fruit Corp. was the buyer. Originally built in 1990, the center will undergo façade improvements, parking lot enhancements and lighting updates. The property’s Winn-Dixie store is also being redeveloped into an Aldi that will act as co-anchor to …
Corpus Christi, Texas — Disney Investment Group (DIG) has arranged the sale of Moore Plaza, a 379,035-square-foot power center in Corpus Christi. The center features a roster of 40 tenants including Hobby Lobby, Mardel, Marshalls, Burlington, Old Navy, Office Depot, Total Wine & More, Half Price Books and Pet Supplies Plus. David Disney and Adam Crockett of DIG represented the undisclosed seller in the transaction and procured the buyer, Chicago-based investment firm Bridge33. The deal follows DIG’s closing of the sale of Huntington Square, a 90,768-square-foot shopping center in Corpus Christi, …
San Francisco — TMG Partners and equity partner Bridges Capital LLC have acquired Metreon, a 320,000-square-foot, vertically oriented shopping center in downtown San Francisco. Built in 1999, the retail and entertainment destination is anchored by Target and a 16-screen AMC Theatres that features the tallest IMAX screen in North America. Locally based TMG and Bridges Capital purchased the four-story property from Acore Capital in a deed-in-lieu transaction. The sales price was not disclosed. The City and County of San Francisco will continue to retain ownership of Metreon’s ground lease through …
Olmsted Township, Ohio — Legacy Realty Group Advisors has arranged the $6.4 million sale of Kingston Corners, a 57,275-square-foot shopping center in Olmsted Township, approximately 20 miles southwest of Cleveland. Jacob Baruch, Daniel Baruch and Ari Warshaw of Legacy Realty Group Advisors represented both the buyer and seller in the off-market transaction. Shaker’s Marketplace anchors the property, which was fully occupied at the time of sale, according to Loop Net. Built in 1985, Kingston Corners sits on nearly 5 acres.
Cedartown, Ga. — Marcus & Millichap has brokered the $5.3 million sale of a 30,600-square-foot shopping center located at 1583 Rome Highway in Cedartown, roughly 70 miles northwest of Atlanta. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, a private local investor, in the transaction. Situated on nearly 5.5 acres, the shopping center was fully leased to 11 tenants at the time of sale including Dollar Tree, AT&T, Cato Fashions, Shoe Show, Little Caesars and Amedisys. The property has recently undergone renovations such as the addition of a new parking …
Linden, N.J. — NAI DiLeo-Bram & Co. (NAIDB) has negotiated the $4.5 million sale of a single-tenant retail property located in the northern New Jersey community of Linden. The 3,650-square-foot gas station and convenience store was formerly occupied by Speedway. Jennifer Harrison of NAIDB represented the buyer, Rona 22 LLC, which is doing business as Fuel One. Glenn Beyer of Newmark and Justin Glenn of Excess Space represented the seller, Speedway LLC, in the transaction. Fuel One plans to continue operating the location as a fuel and convenience center and expects …
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