CHICAGO — Chicago-based Stream Capital Partners LLC has arranged a $29 million sale-leaseback of a portfolio of nine quick service restaurants located throughout Texas. Palenque Group, which operates 34 restaurants throughout the state under the Taco Palenque, Pollo Palenque and Palenque Grill brands, was the seller and will continue to occupy the properties. The buyer was not disclosed. Chelsea Mandel of Stream Capital Partners brokered the deal.
HALLSVILLE, TEXAS — Dallas-based Vanguard Real Estate Advisors has brokered the sale of Stonegate Apartments, an 80-unit multifamily asset in Hallsville, about 140 miles east of Dallas. The property features one- and two-bedroom units. Jordan Cortez, Justin Tidwell and Chris Lussier of Vanguard represented the locally based seller, Stiles Family Properties LP, in the transaction. The buyer was an undisclosed investor based in California.
YORK, PA. — WMG Partners, a subsidiary of Miami-based MCSS Self-Storage Development & Investment, has purchased a 126,000-square-foot department store at 2899 Whiteford Road in York. The company plans to convert the shuttered property, which sits on a 7.5-acre site and was previously occupied by Bon-Ton, into a 900-unit self-storage facility that will be managed by Life Storage. Construction is scheduled to begin in August.
BROCKTON, MASS. — The Stubblebine Co. has brokered the $5.1 million sale of a 60,000-square-foot industrial building in Brockton, a southern suburb of Boston. The property offers clear heights of 24 to 28 feet and a fully built-out retail showroom. David Skinner, David Stubblebine and James Stubblebine of The Stubblebine Co. represented the seller, FW Webb Co., in the transaction. Mark Donahue of M. Donahue Associates represented the buyer, WB Mason.
CAPE CORAL, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $7 million sale of Shops at Surfside Center, a 117,566-square-foot shopping center located in Cape Coral. The property is situated on 8.3 acres at 2342/2354 Surfside Blvd. at the intersection of Veterans Memorial Parkway. Built in 2007, architecture firm Cuhaci & Peterson designed the Shops at Surfside Center and Hawkins Construction built the property. The center was 100 percent leased at the time of sale to Belk, Anytime Fitness, SalonPlex and Humana. The seller, a private service entity, sold the property to Patagonian Holdings LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.
KENTWOOD, MICH. — Bradley Co. has brokered the sale of Ridgemoor Center in Kentwood, just south of Grand Rapids. The sales price was undisclosed. The 37,375-square-foot retail center is located at 2889 28th St. Jeff Tucker and Drew Nelson of Bradley represented the seller, GLC/Grand River Retail. The buyer, L. Walt & Associates LLC, plans to make property improvements.
BOISE, IDAHO AND SAVANNAH, GA. — Madison Capital Group LLC has acquired two vacant Sears boxes located adjacent to active shopping malls, the Boise Town Square in Boise and the Oglethorpe Mall in Savannah. The seller and sales price were not disclosed. Madison Capital Group plans to redevelop each box into a mixed-use development that could include residential housing and retail. Madison Capital Group is based in Charlotte and focuses on investing in multifamily and self-storage properties.
SANTA ANA, CALIF. — BH Properties has purchased Freeway Corporate Park, a multi-tenant office complex located within Orange County Greater Airport Area/Irvine Business Park in Santa Ana. Terms of the transaction were not released. Totaling 128,266 square feet, the two-building property is located at 2501 Pullman St. and 1700 E. Carnegie Ave. At the time of sale, the property was 56 percent leased to two tenants – Iteris and Orange County Head Start Inc. The two buildings are connected by a skywalk, and the property has undergone capital enhancements over the course of the previous owner’s tenure. Bob Caudill of Colliers International represented the buyer, while Kevin Shannon, Paul Jones, Brunson Howard and Brandon White of Newmark represented the undisclosed buyer in the deal.
CARSON, CALIF. — New York-based Thor Equities Group has purchased a last-mile warehouse facility located at 2575 El Presidio in Carson. An undisclosed seller sold the asset in an off-market, sale-leaseback transaction. Marc Schillinger and Keith Rosso of JLL Capital Markets arranged $15.9 million in acquisition financing for the buyer. National Life Group provided the seven-year, fixed-rate, interest-only loan. Built in 1972 on six acres, the 196,300-square-foot building features 22-foot clear heights, nine loading positions, office and mezzanine space and ample parking. The seller/tenant fully occupies the property.
PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale Towne Square Retail Center, a retail property located at 1700 S.E. Mile Hill Drive in Port Orchard, approximately 24 miles west of Seattle. A private investor sold the asset to an undisclosed buyer for $9.4 million. Grocery Outlet, Goodwill and Ace Hardware are anchor tenants at the 154,604-square-foot retail property, which also includes a two-story interior mall space with more than 100 tenants. The buyer plans to renovate the asset, increase occupancy levels and improve management systems. Clayton Brown and Ruthanne Romero of Marcus & Millichap represented the seller in the deal.