PHILADELPHIA — Colliers International has arranged the sale of a development site located at 201-11 E. Allen St. in the Northern Liberties neighborhood of Philadelphia. A private investment group acquired the site from Exceptional Foods for $2.2 million. The buyer plans to redevelop the property into residential units. The site consists of a 15,300-square-foot industrial property and 17,350 square feet of land. Michael Barmash and Richard Gorodesky of Colliers were the sole brokers in the transaction.
FOLSOM, CALIF. — Marcus & Millichap has arranged the sale of Walmart Central Shopping Center, a retail property located at 1002-1016 Riley St. in Folsom. A private investor sold the property for $39.6 million. Built in 1992, the property features 139,277 square feet of retail space. Tyler Stevens of Marcus & Millichap represented the seller. The name of the buyer was not released. Kent Williams, also of Marcus & Millichap, is the broker of record in California.
WALNUT PARK, HUNTINGTON PARK AND HAWTHRONE, CALIF. — CBRE has arranged the sales of three 99 Cents Only stores in Walnut Park, Huntington Park and Hawthorne. The combined transaction value of the sales is $12.4 million. M&M Investments purchased the 7,943-square-foot location at 2566 E. Florence Ave. in Walnut Park, while Aria Venture Capital acquired the 15,000-square-foot property at 6124 Pacific Blvd. in Huntington Park and the 15,000-square-foot location at 13023 Hawthorne Blvd. in Hawthorne. All three locations are occupied by 99 Cents Only on a 10-year, triple-net lease basis. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the sellers, HKL Gold Inc. and AU Zone Investments #2 LP, on all three deals.
ONTARIO, CALIF. — Infiniti of Montclair has acquired a four-acre land parcel on Inland Empire Boulevard at the Meredith International Centre in Ontario for $4.9 million. The buyer plans to relocate its existing car dealership to a new facility. Construction is slated to be completed in 2018. Chuck Noble, John Hatzis, Dave Hunsaker and Brett Meredith of Lee & Associates represented the buyer and seller, Craig Development Corp., in the deal.
CHULA VISTA, CALIF. — Sweet Kream Froyo is opening a location at Heritage Town Center, located at 1392 E. Palomar St. in Chula Vista. The frozen yogurt shop leased 1,215 square feet of space at the mixed-used project, which Paragon Real Estate Fund owns. The location is slated to open in September. Joe Yetter of Cushman & Wakefield represented the tenant and landlord in the deal. Heritage Town Center features 38,000 square feet of ground-floor retail space and 91 residential units.
THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has signed a new restaurant at Janss Marketplace, a shopping center located at the Moorpark Road and Hillcrest Drive in Thousand Oaks. Azi Grill, owned by Mazen Nadour, will feature Mediterranean cuisine, as well as American fare.
LOS ANGELES, WOODLAND HILLS, CALIF. AND LAUREL, MD. — Bellwether Enterprise Real Estate Capital LLC has arranged three loans totaling $185.1 million for the refinancing of a multifamily portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles. Kip Kimble of Bellwether Enterprise arranged the 10-year loans for the borrower, AvalonBay Communities (NYSE: AVB). New York Life was the lender. AvalonBay Communities is a real estate investment trust that owns and manages apartment properties concentrated in the Northeast and Western regions. Bellwether Enterprise is a subsidiary of Enterprise Community Investment. — Kristin Hiller
South Texas is in the midst of a growth spurt in the commercial real estate industry. Within the area’s retail sector, demand for freestanding emergency rooms and cold storage facilities is growing rapidly. Though atypical, requests for such spaces are becoming increasingly common in the Rio Grande Valley (RGV). An estimated 1.3 million people call the RGV home. Both Hidalgo and Cameron counties are equipped with multiple hospitals to meet the healthcare needs of residents. There are three freestanding emergency rooms in Hidalgo County and two in Cameron County, with several more currently in the pipeline. Three of the larger healthcare providers within the RGV — Doctor’s Hospital at Renaissance in Edinburg (the largest hospital in the area), South Texas Health System, which has five hospitals in cities McAllen and Edinburg and HCA Hospital in McAllen — all have plenty of emergency rooms to cover the cities they serve. Between Harlingen and Brownsville, both the longstanding Valley Baptist Health System and the newer Harlingen Medical Center have plenty of emergency rooms to handle residents’ healthcare needs. Despite having this many established players in the market, new operators of healthcare real estate like Neighbors Health System, which owns and operates Neighbors …
SAN FRANCISCO — Grandbridge Real Estate Capital has arranged a $90 million refinancing for the 414-unit South Beach Marina Apartments in San Francisco. The community is located at 2 Townsend St. in the South of Market (SOMA) neighborhood. South Beach was built in 1989. It features 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Community amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool and spa and fitness center. The permanent, fixed-rate loan was funded through one of Grandbridge’s insurance company correspondents and structured with a 12-year, interest-only term. The borrower is a state pension fund advised by L&B Realty.
MESA, ARIZ. — The Opus Group has announced plans to build a 147,672-square-foot speculative industrial project inside the Longbow Business Park and Golf Club in Mesa. The project will be called Longbow Gateway One. Construction is scheduled to begin this month, with an estimated completion date of January 2018. The project will be situated near the southeast corner of Higley Road and Longbow Parkway, near the 2 million-square-foot Boeing Co. manufacturing facility. Opus Design Build will construct the property, which designed by Opus AE Group will design. CBRE’s John Werstler and Cooper Fratt will lease the space.