HUH Hempstead BJ 2012 LLC and HUH Hempstead LAF 2012 LLC, entities controlled by The Hampshire Cos., bought retail condominium units at Garden City Square in Garden City, N.Y. from AG-Metropolitan 711 Stewart Avenue LLC, a joint venture of Metropolitan Realty Associates LLC and Angelo, Gordon & Co., for approximately $66.3 million.
A 121,000-sq.-ft. BJ’s Wholesale Club occupies one of the units on 20-year lease. A 55,000-sq.-ft. LA Fitness is currently under construction in another unit, with opening scheduled for the summer of 2013. LA Fitness signed a 15-year lease for the space.
Jeffrey Dunne and David Gavin, of CBRE, represented both parties in the sale.
Federal Realty Buys Connecticut Shopping Center for $47.3M
Federal Realty Investment Trust acquired a shopping center occupying nine acres of land in Darien, Conn. for $47.3 million.
Stop & Shop, Walgreens and Equinox anchor the property, which is located across from the Norton Heights train station.
“We couldn’t be more excited to expand our presence in class-A plus locations surrounding New York City,” said Federal Realty CFO James Taylor in a statement. “Darien has long been high up on our list of coveted locations due to its strong demographics and high barriers to entry for new retail development.”
Landmark Cambridge Building Sells for $33.15M
39 JFK LLC sold 39 JFK Street, a 20,570-sq.-ft. landmark retail/office building in Cambridge, Mass., for $33.15 million.
The property is currently 100 percent occupied. Tenants include American Express, CVS, Kaplan, Whitney’s Café and Leo’s Place.
Boston Realty Advisors represented the seller in the transaction.
NorthMarq Arranges $12M for Palm Harbor Property
NorthMarq Capital arranged a $12 million loanto refinance Alderman Plaza, a 93,487-sq.-ft. retail center in Palm Harbor, Fla. The loan, arranged through a CMBS lender, features a 10-year term and a 30-year amortization schedule. LA Fitness anchors the property. NorthMarq’s Bill Johnson negotiated this transaction.
Other Notable Deals
Stan Johnson Co. negotiated the sale of a 45,950-sq.-ft. Best Buy store in Modesto, Calif. for $6 million. Best Buy holds a 20-year triple net lease to the property, with seven years remaining on its base term. The lease comes with three five-year extension options with built-in rent increases. Stan Johnson’s Rod Pickney and Chad Byerly represented the seller in this transaction.
TS Trust bought a 34,099-sq.-ft. triple net leased Ralphs Grocery store in Inglewood, Calif. from Tampa Saticoy LLC for $5.1 million in an off-market 1031 exchange transaction. The transaction closed at a cap rate of 5.35 percent. The property was completed in 1979. Jeff Conover, of Faris Lee Investments, represented the seller in the deal. Dennis Vaccaro represented the buyer.
Harvest Holdings bought Sand Lake Plaza, a 25,116-sq.-ft. retail center in Orlando, Fla., from an affiliate of Ram Realty Services and Square Mile for $4.7 million. The center was 100 percent leased at the time of the sale. Sand Lake Plaza was completed in two phases, in 1995 and 2005. Tenants include Dollar Tree, International Diamond Center, Amscot, Metro PCS and Clear Channel.
Meeting Street HHG LLC bought a 29,000-sq.-ft. hhgregg store in Raleigh, N.C. from DDR Corp. for $3.7 million. Drew Logan and David Allen, of The Shopping Center Group, represented the buyer in the transaction.
Blue Ridge Capital LLC bought two value-add retail centers in Buford, Gal from Colony Capital for $2.57 million. The properties include Friendship Village, a 23,750-sq.-ft. unanchored neighborhood shopping center and the Shoppes at Friendship, a 23,450-sq.-ft. unanchored neighborhood shopping center. In an unrelated transaction, Blue Ridge Capital sold Ansley Village, a 21,000-sq.-ft. unanchored neighborhood center in Macon, Ga., to SCG1-Ansley LLC for $2 million. Blue Ridge purchased the property in June 2011, when it was 25 percent occupied, for $750,000.
Global Fund Investments and MMG Equity Partners acquired Biscayne Plaza, a 347,000-sq.-ft. grocery-anchored shopping center in Miami in an off-market transaction. The new owners will undertake a substatial renovation of the property.
Pembroke Pines Place LLC sold a 1.8-acre land parcel in Pembroke Pines, Fla. to 150 NW 180th Street LLC. Chase Bank signed a 20-year triple net ground lease for the property, which will house a 4,713-sq.-ft. bank branch. Todd Weintraub and Dave Donnellan, of CBRE, negotiated this transaction.
Soloman Investments LLC sold 3003 E. Third Ave., a 25,304-sq.-ft. retail and office building in Cherry Creek North, Colo., to 3003 East Third Avenue Holding LLC. The property is 82 percent leased. Tenants include Garbarini, The Squires Clinic for Plastic Surgery and North Canyons. Brad Cohen and Larry Thiel, of Transwestern, represented the seller in the transaction.
A joint venture of Onyx Equities LLC and Artemis Real Estate Partners acquired Plainsboro Plaza, a 218,600-sq.-ft. grocery-anchored shopping center in Plainsboro, N.J. The center was completed in 1987. Tenants at the property include CVS, Hallmark Cards, Dunkin Donuts, Powerhouse Gym and McDonald’s. The grocery space was recently vacated and will be re-tenanted.
Highlands Plaza Building Owner LLC bought Highlands Plaza, a 102,575-sq.-ft. grocery-anchored shopping center in Lakeland, Fla., from DDR Corp. Highlands Plaza was completed in 1989 and features Winn Dixie as the anchor tenant. It was 84 percent leased at the time of the sale. Jim Michalak and Paul Bores, of Plaza Advisors, represented the seller in the transaction.
Fidelis Capital Partners bought Willowchase Shopping Center, a 273,274-sq.-ft. community center in Houston, from Wheeler Interests. Fiesta Mart anchors the property, which is 85 percent occupied. Other tenants include Jo-Ann Fabrics, Family Dollar and Dots. Helen Putterman and Vera Thomas, of Cohen Real Estate, represented both parties in the transaction.