Property Type

CBRE Brokers Sales of Three Grocery-Anchored Centers in Carolinas

by Camren Skelton December 1, 2017

CHARLOTTE, N.C. — CBRE has arranged the sales of three grocery-anchored centers in the Carolinas: Mountain Village in Jefferson, N.C.; Pine Needle Square in Smithfield, N.C.; and Westowne Shopping Center in Greenville, S.C. Mike Burkard and Steve Shields of CBRE arranged the transactions on behalf of the seller, Greensboro, N.C.-based Johnston Properties. The buyers and other terms of the transaction were not disclosed. Constructed in 1982, the 114,385-square-foot Mountain Village was fully leased at the time of sale to Food Lion, Rite Aid, Roses and Family Dollar. The 112,279-square-foot Pine Needle Square was constructed in 1975 and was 98 percent leased at the time of sale to tenants including Carlie C’s IGA, AutoZone, Citi Trends, Gallery Furniture and Pizza Hut. Westowne Shopping Center totals 121,839 square feet and was 94 percent leased at the time of sale to tenants including Bi-Lo, Roses Express, AutoZone and Cash America. The center was constructed in 1971.

December 1, 2017

Georgia Retail Southeast

PAC Acquires 74,370 SF Shopping Center in Atlanta’s Buckhead District

by Camren Skelton December 1, 2017

ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased Roswell Wieuca Shopping Center, a 74,370-square-foot retail center located at the corner of Roswell and Wieuca roads in Atlanta’s Buckhead district. PAC acquired the asset for an undisclosed price through its wholly owned subsidiary, New Market Properties LLC. Marcus & Millichap marketed the property on behalf of the seller, Brand Properties. A 22,921-square-foot Fresh Market grocery store anchors the center, which was fully leased at the time of sale to tenants including Willy’s, Ace Hardware, Chicken Salad Chick, Amazing Lash Studio, Abbadabba’s, Cheeseburger Bobby’s, Goldberg’s Bagel Co. & Deli and Sugarcoat Nail & Beauty Bar.

December 1, 2017

Florida Loans Retail Southeast

FM Capital Arranges $24.4M Refinancing of 340,000 SF Retail Center North of Tampa

by Camren Skelton December 1, 2017

PORT RICHEY, FLA. — FM Capital has arranged the $24.4 million refinancing of Embassy Crossing Shopping Center, a 340,000-square-foot retail center in Port Richey, roughly 40 miles north of Tampa. Yael Ishakis of FM Capital arranged the loan through a national bridge lender. The borrower was not disclosed. At the time of sale, Embassy Crossing Shopping Center was 88 percent leased to tenants including Bed Bath & Beyond, Michael’s, Petco, Olive Garden, Lane Bryant, Scottrade and the U.S. Post Office.

December 1, 2017

Northeast Office Pennsylvania

Henderson Group Acquires Five Office Buildings in Newtown Square, Pennsylvania, for $42M

by Amy Works December 1, 2017

NEWTOWN SQUARE, PA. — The Henderson Group has purchased five office buildings located in Newtown Square from Brandywine REIT for $42 million. The five properties are located on Campus Boulevard at the intersection of West Chester Pike and Route 252. All but one of the buildings, 17 Campus Blvd., are currently occupied. The buyer is actively pursuing new tenants for the two-story, 50,000-square-foot office building.

December 1, 2017

California Loans Mixed-Use Western

PCCP Provides $63.8M Loan for Mixed-Use Development in San Jose

by Nellie Day December 1, 2017

SAN JOSE, CALIF. — PCCP has provided a $63.8 million senior loan to Hudson Cos. for the development of Vespaio, a mixed-use project located at 138 Stockton Ave. in San Jose. The seven-story property will feature 162 residential units and 39,042 square feet of retail and commercial space. Slated for completion in 2019, the project will consist of three floors of commercial space fronting Stockton Avenue and two levels of structured parking. Amenities include a business center, fitness center, resident lounge, test kitchen, gaming area, pool, spa, outdoor cabanas, and rooftop deck with grills and a fire pit.

December 1, 2017

California Multifamily Western

JV to Develop 551-Unit Apartment Community Near New BART Station in San Jose

by Nellie Day December 1, 2017

SAN JOSE, CALIF. — A joint venture between Western National Group, Anchor Real Estate Capital and Fantasia Holding Group has started construction of a 551-unit apartment complex within the master-planned community of Market Park in San Jose. The mixed-use development is situated near major freeways like Highway 87, 101, I-680 and I-880. The new community has been dubbed The Platform. It will include 37,500 square feet of retail. The new development will be the closest apartment community to the new Berryessa BART transit station, scheduled to open in June 2018. The Platform will offer two resort-style pools, two fitness centers with indoor-outdoor convertible space, multiple high-end outdoor kitchen areas, a dog salon, two bike stations for maintenance and storage, and two clubhouses with indoor entertainment and gaming facilities. The community is scheduled to open in the third quarter of 2019.

December 1, 2017

California Retail Western

Faris Lee Brokers $16.8M Sale of Single-Tenant Retail Property in San Francisco

by Nellie Day December 1, 2017

SAN FRANCISCO — Faris Lee Investments has arranged the sale of a freestanding retail property located at 1900 19th Ave. in San Francisco. Guilfoyl-Greenspan Trust sold the single-tenant property to First and Mission Properties for $16.8 million in a 1031 exchange. CVS/pharmacy will occupy the 17,920-square-foot building, which is undergoing a major renovation. Jeff Conover and Thomas Chichester of Faris Lee represented the seller, while Dan Lem of LemRx Realty Advisors represented the buyer in the deal.

December 1, 2017

California Industrial Western

Essendant Co. Leases 405,299 SF at Wonderful Industrial Park Near Bakersfield

by Nellie Day December 1, 2017

SHAFTER, CALIF. — Essendant Co. has leased 405,299 square feet of industrial space at Wonderful Industrial Park (WIP) in Shafter. The facility is located at 4805 Centennial Plaza Way near Bakersfield. Essendant will use this facility for local and regional fulfilment, e-commerce and distribution. The company will occupy the space in the second quarter of 2018. Wonderful Industrial Park is a 1,625-acre, rail-served, master-planned, entitled industrial development able to accommodate requirements ranging from 100,000 square feet to 2 million square feet. Wonderful Real Estate started construction on a speculative 1 million-square-foot, 40-foot-clear industrial building at WIP in September with an expected delivery date of March 2018. WIP is home to several corporate users including Target, Ross Stores, American Tire Distributors, FedEx, Formica, State Farm, DMSI, MRC Global and Baker Hughes. JLL’s Mike McCrary, Peter McWilliams and Hewett are leading the leasing efforts at Wonderful Industrial Park.

December 1, 2017

Illinois Industrial Midwest

Plymouth Industrial REIT Acquires 3 MSF Industrial Portfolio in Chicago for $99.7M

by Kristin Harlow December 1, 2017

CHICAGO — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a 15-building, 3 million-square-foot industrial portfolio in the Chicago area for $99.7 million. The Class B portfolio consists of 10 single-tenant buildings spanning approximately 2 million square feet and five multi-tenant buildings totaling approximately 1 million square feet. The buildings are collectively 96 percent leased to various manufacturing and distribution tenants. The portfolio has a weighted average lease term of 4.1 years remaining, with an average of less than 14 percent of the leases expiring each year during the next five years. BIGS Holdings LLC, a subsidiary of Goldman Sachs, sold the portfolio. The purchase price includes $19.9 million in cash and a $79.8 million loan from an affiliate of the seller. The acquisition is projected to provide an initial yield of 8.1 percent.

December 1, 2017

California Retail Western

Progressive Real Estate Arranges $3.2M Sale of Retail Building in Riverside, California

by Nellie Day December 1, 2017

RIVERSIDE, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail building located at 10000 Magnolia Ave. in Riverside. A San Bernardino-based private investor sold the property to a Laguna Beach-based development firm for $3.2 million. A portion of the 22,000-square-foot building is being renovated for the new tenant, the Social Security Administration, which is slated to open in 2018. Greg Bedell and Pablo Velasco of Progressive Real Estate represented the buyer and seller in the transaction.

December 1, 2017

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