REAL ESTATE

BH Properties acquires Los Altos Crossing for $4.7 million

BY Katherine Boccaccio

Sparks, Nev.BH Properties, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed real estate properties, has purchased Los Altos Crossing, a retail center located at Sparks Boulevard and Los Altos Parkway in Sparks, Nev., for $4.7 million.

The retail center consists of 35,123 sq. ft. of constructed shops. Six ready-to-build pads totaling 217,974 sq. ft. are also a part of the center, providing opportunity to expand along with the increasing needs of the growing population.

“Nevada has experienced a slow recovery, but recent reports state the market is now trending upward with retail vacancy rates dropping from 16.2% to 15.4%,” said Steve Jaffe, executive VP and general counsel for BH Properties. “Located within one of the fastest-growing residential submarkets in northern Nevada, Los Altos Crossing shopping center is primed to benefit from this growth.”

Currently 47% occupied, the center’s tenants include Goodwill, Dotty’s Casino, Las Trojes Mexican Restaurant and Dad’s Convenience Store.

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REAL ESTATE

Winick completes a pair of retail leases at PowerHouse Condominium

BY Katherine Boccaccio

New YorkWinick Realty Group has secured two retail leases at the base of the 177-unit PowerHouse Condominium, located at 50-09 Second Street in Long Island City, N.Y.

The 6,422-square-foot space, which landlord V Partners refurbished following Hurricane Sandy-related flooding, was divided to accommodate incoming tenant Tiger J Taekwondo and an expansion by existing building tenant Brighter Babies.

Brighter Babies, an early childhood education facility, leased an additional 3,459 sq. ft., practically doubling the size of its four-year-old location to approximately 8,000 sq. ft. Tiger J Taekwondo leased a 2,963-sq.-ft. space at the building.

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REAL ESTATE

KeyPoint Partners Sells West Plymouth Square shopping center

BY Katherine Boccaccio

Burlington, Mass.KeyPoint Partners has completed the sale of West Plymouth Square in Plymouth, Mass., at a sale price of $7 million.

West Plymouth Square is a 127,847-sq.-ft. shopping center located at the confluence of Route 44 (Carver Road) and Route 80 (Plympton Road) in Plymouth, Mass. The center is anchored by Ocean State Job Lot and Planet Fitness. Other key tenants include Dollar Tree, Papa Gino’s, Eastern Bank, and Plymouth Liquors.

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