ORANGE COUNTY, CALIF. — Jacksonville, Fla.-based Regency Centers Corp. has acquired five shopping centers within the 23,000-acre master-planned community of Ranch Mission Viejo in Orange County, Calif., for $357 million. The properties, which comprise 630,000 square feet, include Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops and Sendero Marketplace. The portfolio is 97 percent leased to a mix of needs-based tenants such as grocers, restaurants and health, wellness and personal service uses. The seller was Newport Beach, Calif.-based Westar Associates. Regency funded the acquisition with a combination of operating partnership (OP) units issued at $72 per unit, the assumption of $150 million of secured mortgage debt and $7 million in cash used to pay off a single secured loan. The assumed debt has a weighted average interest rate of 4.2 percent and term to maturity of 12 years. BofA Securities served as financial advisor to the seller and EY served as the tax advisor. Additionally, Latham & Watkins advised the seller in the transaction, while Paul Hastings advised Regency.
SURPRISE, ARIZ. — Dominium has closed on land in Surprise, a Phoenix suburb about 22 miles northwest of downtown. The developer is planning to build Allasso Ranch on the site. The project will comprise 304 affordable homes supported by low-income housing tax credits. While specific area-median-income caps were not disclosed, the developer says a three-bedroom unit will rent for $1,597 per month, and a four-bedroom will rent for $1,770. According to RentCafe, average monthly asking rents for a three-bedroom unit in Surprise are about $2,054. Amenities will include a leasing center, playgrounds, private backyards and a community pool. Development partners include Western Alliance Bank, Old National Bank, Freddie Mac, PNC Bank, Colliers Securities, Arizona Department of Housing, Arizona Industrial Development Authority, Polaris Capital, Winthrop & Weinstine, Langston Hughes, Todd & Associates, Atwell Engineering, TLS Land Services, Commercial Partners Title, Kutak Rock and U.S. Bank. WD Construction is the general contractor. A project timeline was not disclosed.
ANAHEIM, CALIF. — Encinitas-based Vista Emerald has acquired Pique at Angel Stadium, a 15,710-square-foot multi-tenant retail center located in Anaheim, for $11.3 million. Formerly known as The Shops at Stadium Towers, the property was originally built in 2006 on 2.2 acres. The center was fully leased to eight tenants including 714 Tickets, Aleppo’s Kitchen, Comerica Bank, LAMILL Coffee, Lolas by MFK and Non’s Vietnamese Kitchen at the time of sale, according to LoopNet. The property also offers 150 parking spaces, 16 Tesla Superchargers and prominent pylon street signage. Lee Csenar and Ed Hanley of Hanley Investment Group Real Estate Advisors represented the seller, a Los Angeles-based private investor, in the transaction. Omar Hussein of Beacon Realty Advisors represented Vista Emerald.
PHOENIX — Cushman & Wakefield has arranged the sale of Forty6Forty5, a Class A office building located at 4645 Cotton Center Blvd. in Phoenix. PRH XXXXV LLC, a Delaware limited liability company formed by a high-net-worth individual, acquired the asset from an undisclosed seller for $10 million. Situated within Cotton Center Business Park, the two-story building offers 116,858 square feet of office space. The buyer intends to relocate Legacy Capital Services and Shield Legal into a portion of the building while benefiting from passive income generated by existing tenants occupying 23 percent of the space. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Markets and Private Capital teams represented the seller. The sale of Forty5Forty5 is the last of a three-building portfolio within Cotton Center Business Park.
WEST VALLEY CITY, UTAH — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Towne Storage Colt Plaza, a 60,325-square-foot self-storage facility in West Valley City. A joint venture between Towne Storage and a local development company sold the asset to UTEX Storage Partners for an undisclosed price. Situated on 2.6 acres, the 467-unit facility consists of five single-story buildings and one two-story building with 125 drive-up units. Towne Storage Colt Plaza amenities include a gated entry with a digital keypad, an onsite management office in front of the entrance gate, 24/7 video surveillance throughout the facility, asphalt driveways and units with roll-up doors. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller in the deal.
COLUMBUS, OHIO — O’Connor Capital Partners has acquired full ownership of Polaris Fashion Place, a shopping mall in Columbus. The seller was locally based Washington Prime Group, according to The Columbus Dispatch. As part of the acquisition, O’Connor will assume full operational control of the property, overseeing day-to-day management, leasing and operations. O’Connor has been a longstanding investor in the center for more than a decade. Polaris Fashion Place, which totals nearly 1.3 million square feet and opened in October 2001, is home to more than 160 national and local retail, dining and entertainment tenants. The lifestyle center comprises both enclosed and open-air components.
CHAGRIN FALLS, OHIO — The Cooper Commercial Investment Group has brokered the $8.8 million sale of the Winbury Professional & Medical Center in the Cleveland suburb of Chagrin Falls. The 54,505-square-foot medical office building features landscaped grounds, private entrances and a conference room. Dan Cooper of Cooper Group represented the seller, a local real estate investment group out of Cleveland. The private West Coast-based buying group purchased the asset at 98 percent of the list price and $168 per square foot.
CHATTANOOGA, TENN. — Chattanooga-based CBL Properties (NYSE: CBL) has acquired four enclosed regional malls from Washington Prime Group for $178.9 million. The properties include Ashland Town Center in Ashland, Ky.; Mesa Mall in Grand Junction, Colo.; Paddock Mall in Ocala, Fla.; and Southgate Mall in Missoula, Mont. CBL says it is focused on owning and managing successful enclosed malls in dynamic and growing middle markets. The deal suggests mall recovery extends beyond luxury properties, driven by limited retail construction since 2008, according to The Wall Street Journal. Ashland Town Center is a single-level mall that opened in 1989. Totaling more than 420,000 square feet, the property features more than 70 retailers and restaurants, including anchors JCPenney, Belk, T.J. Maxx, Ulta Beauty and Five Below. The center has undergone several renovations over the years, including a major redevelopment in the late 2000s that added a new JCPenney prototype store and updated amenities. The largest indoor shopping center in western Colorado, Mesa Mall spans roughly 733,000 square feet and is home to more than 120 stores and services. Anchor tenants include Cabela’s, Dillard’s, JCPenney, Target, HomeGoods and Dick’s Sporting Goods. Originally developed in 1980, the property has undergone several redevelopments to modernize …
HOUSTON — Metro Denver-based Spartan Investment Group has agreed to purchase a portfolio of seven self-storage facilities totaling 3,497 units in the Houston area. The portfolio totals 463,185 net rentable square feet and includes four properties in Houston proper, as well as facilities in Katy, Rosenberg and Sugar Land. The seller and sales price, as well as the names of the operating entities of the facilities, were not disclosed. Spartan says that the formal closing date is imminent.
LEWISVILLE, TEXAS — A partnership between Texas-based investment firm SPI Advisory and Maryland-based FCP has acquired Crest Manor Apartments, a 600-unit multifamily community in Lewisville, located about 25 miles north of Dallas. Crest Manor was developed in two phases between 2010 and 2016. Units come in one-, two- and three-bedroom floor plans. Amenities include two pools, a clubhouse, fitness center, tennis courts and walking trails. The joint venture plans to upgrade amenities and some unit interiors. The seller and sales price were not disclosed.