SAN DIEGO – A 7,500-square-foot retail building in the San Diego submarket of El Cajon has sold to Cindy C. Kasai Separate Property Trust and Pai Ho Wey Separate Property Trust for $2.6 million. The building is located at 1025 Fletcher Parkway within the Wild West Village shopping. It is currently occupied by CoCo’s Bakery & Restaurant, which has 9.5 years remaining on its lease. The buyers were represented by John R. Wertz of Colliers International. The seller, Barsky Family Limited Partnership, was represented by Justin Earley of Capital Real Estate Ventures.
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LOS ANGELES – A 36,000–square-foot Wal-Mart Neighborhood Market has opened at Thousand Oaks Marketplace. The retail center is located on the northeast corner of Ventu Park Road and Highway 101 in the Los Angeles submarket of Thousand Oaks. Wal-Mart Neighborhood Market is designed as a smaller footprint with a pharmacy, health and beauty products, affordable groceries and merchandise. Thousand Oaks Marketplace is owned by NewMark Merrill Companies.
HAYWARD, CALIF. – Questcor has renewed its lease for 30,000 square feet at the Point Eden Business Park in Hayward. It has signed an additional lease for 13,867 square feet at the park. The spaces are located at 3980 Point Eden Way and 26118 Research Road, respectively. The expansion will provide the biopharmaceutical company with office space. Questcor was represented by Todd Severson of Colliers International in Oakland. The landlord was represented by CBRE.
CHICAGO — Marcus & Millichap has arranged the $4 million sale of a 10,236-square-foot retail property in Chicago. James Court | Lincoln Park is located at 1315-1325 W. Diversey Parkway. The property is fully leased to three tenants, including Athletico, Jenny Craig and Lincoln Park Family Physicians. All three tenants occupy space on a net-lease basis. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap represented the seller, a developer. Mendoza, Weisenbeck and Sharko also represented the buyer, a private investor.
WASHINGTON, D.C. — MAC has arranged $50 million in construction financing for two urban-infill sites in Washington, D.C., that will fund the construction of 133 new multifamily units. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC arranged one of the loans through a regional bank on behalf of an unnamed developer. The developer will acquire a site at 1600 Pennsylvania Ave. S.E. in Washington’s Capitol Hill neighborhood for a five-story, 77-unit property. Caren Garfield of MAC, along with McAllister, Levin and Lazarus, arranged the second loan on behalf of an unnamed developer based in Washington, D.C., through a regional bank. The developer will acquire an existing property at 1921 14th St. N.W. and construct a nine-story high-rise apartment building offering 56 units and 13,000 square feet of retail space. Construction of the second project will kick off in June and wrap up in early 2016.
CHAPEL HILL, N.C. — NorthMarq Capital has secured $18.6 million in acquisition financing for CVS Plaza, a 100,634-square-foot mixed-use property in Chapel Hill. The property, located adjacent to the University of North Carolina at Chapel Hill campus, includes a new ground-floor CVS/pharmacy, restaurants, retail, more than 60,000 square feet of office space and a parking structure. Todd Crouse of NorthMarq’s Raleigh, N.C., office arranged the five-year loan through a life insurance company. The loan features two years of interest-only payments and a 30-year amortization schedule.
DUNEDIN, FLA. — Franklin Street Real Estate Services has arranged the $10 million sale of Windemere Apartments, a 180-unit complex located at 1763 Main St. in downtown Dunedin. The buyer, Chicago-based Dunedin LLC, purchased the asset from Windemere Ltd., a Florida-based limited liability partnership that had owned the property since 1977. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zach Ames of Franklin Street represented both the buyer and seller in the transaction. The complex, which was 93 percent leased at the time of the sale, was built in 1974 and will undergo capital improvements upon closing of the transaction.
CORAL GABLES, FLA. — Marcus & Millichap has arranged the $9 million sale of 1575 San Ignacio, a 30,668-square-foot office property located in Coral Gables. Baptist Health South Florida leases 60 percent of the property. The office building includes a 110-space parking garage and a 5,000-square-foot Gibraltar Private Bank & Trust. Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the seller, a private investor based in Coral Gables, in the transaction.
CARROLLTON, GA. — The SRS Investment Sales team in Atlanta has brokered the sale of First Tuesday Mall, a 180,145-square-foot shopping center located at 1004 Veterans Memorial Highway in Carrollton. The property’s tenant roster includes Food Depot, Citi Trends, Farmers Home Furniture and Fred’s Super Dollar. The asset sold for approximately $4.4 million. Kyle Stonis and Pierce Mayson of SRS represented the seller, Mimms Enterprises, in the transaction. The buyer, RCG Ventures, was represented in-house by Scott Tarbet.
ELLSWORTH, WIS. —The Boulder Group has arranged the $2.3 million sale of a 32,100-square-foot, single-tenant, net-leased retail building in Ellsworth. The property is located at 598 West Lucas Lane. Shopko Hometown is the sole occupant of the building. The retailer has 10 years remaining on the lease, which features three five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer. The buyer was a private investor from Wisconsin completing a 1031 tax-deferred exchange. Shopko is a privately held company with annual sales of approximately $3 billion. The retail brand operates approximately 330 stores located in 21 states.