VISALIA, CALIF. – Laurel Court at Quail Park, a 40-unit memory care community in Visalia, has received a $9.4-million refinance. The facility is located at 5050 W. Tulare Ave. It is operated by Living Care Lifestyles. The cash-out refinance was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s correspondent relationship with a life insurance company.
LONG BEACH, CALIF. – A 15,200-square-foot retail property in Long Beach that is net leased to Walgreens has sold to a private West Covina investor for $6.4 million. The building is located at 2627 Pacific Ave. It includes a 24-hour drive-thru. Walgreens has less than 10 years remaining on the initial term. The 1031 exchange buyer was represented by Nick Peukpiboon and Lara Rudolph of Daum Commercial Real Estate Services. The seller, a private investor from Huntington Beach, was represented by Edward B. Hanley, Kevin T. Fryman and Eric P. Wohl of Hanley Investment Group Real Estate Advisors.
LAS VEGAS – The 173-unit Townhome Villas in Las Vegas has sold to Las Vegas Residential Properties for $8 million. The community is located at 1000-1100 Dumont Blvd. The seller, H&B One LLC, was represented by NAI Vegas’ Sauter Multifamily Group.
DALY CITY, CALIF. – Blue Line Pizza has opened a 2,978-square-foot pizzeria at Westlake Shopping Center in Daly City. The new outpost is located at 511 Westlake Center. This is the pizza chain’s fifth Bay Area location. The restaurant was represented by Ross White of SRS Real Estate Partners’ San Francisco office. The landlord was not named.
ERIE, COLO. – The Town of Erie is moving forward on an agreement that would give it the exclusive option to purchase a 20-acre site where a shopping center anchored by King Soopers would soon be developed. The 125,000-square-foot center would be located at the northwest corner of Highway 7 and Sheridan. The option agreement was recently approved, making way for King Sooper to submit a development application. Once that is completed, the town and the supermarket can move forward on a development agreement.
A blistering cold winter lingered into the late spring and left the commercial real estate market in the Grand Traverse region frozen. Businesses waited for the market and the temperatures to thaw, and a third-quarter surge has activity back on track. From Jan. 1 through Sept. 30, property sales totaled $10.3 million and 221,136 square feet, including 118,515 square feet of industrial/warehouse buildings, 79,463 square feet of professional/medical office space, and 23,158 square feet of retail/restaurant space. That‘s slightly ahead of last year’s pace. During the first three quarters of 2013, property sales totaled $9.9 million and 207,845 square feet, including 121,469 square feet of industrial/warehouse buildings, 44,160 square feet of professional/medical office space, and 42,216 square feet of retail/restaurant space. The office sector posted about a 9 percent increase in the average sales per square foot during the first three quarters of 2014, while the industrial warehouse market recorded an increase of approximately 5 percent. The retail/ restaurant sector saw a 9 percent drop in the average sales per square foot The reduction in the average sales price in the retail/restaurant market sector is mostly due to the lack of quality inventory. This lack of inventory in our market …
STAMFORD, CONN. — Building and Land Technology (BLT) has unveiled its plans for Davenport Landing, a mixed-use redevelopment project located on 14 acres along the West Branch of Stamford Harbor. The plans will unify 28 Southfield Avenue and Stamford Landing to create a mixed-use destination. BLT’s existing mixed-use development, Stamford Landing, features a 600-foot boardwalk, 70-slip marina, 175,419 square feet of office space and 12,621 square feet of restaurant space, which will expand under the new plan with the development of 108 residential units. The second parcel at 28 Southfield Ave. will offer 167 residential units and a new boatyard, including deep-water slips, winter storage, year-round repair facilities and other boating facilities.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multi-unit condominium building, located 47-53 Third Avenue in New York City’s East Village. Slate Property Group purchased the five-story property for $25.9 million. The 30,662-square-foot property, which was delivered vacant, offers 28 residential units in a mix of 22 two-bedroom units and six one-bedroom units. On-site amenities include a recreational room, large outdoor terrace, laundry room and concierge desk. Victor Sozio, Shimon Shkury, Jesse Deutch, Randy Modell and Howard Raber of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer in the deal.
MORRISTOWN, N.J. — Hollister Construction Services has completed the transformation of Vail Mansion into Jockey Hollow Bar & Kitchen in Morristown. The construction project consisted of a complete retrofit of the historic 18,000-square-foot Vail Mansion, which was built in 1917. Developed by New York City chef and restaurateur Chris Cannon, Jockey Hollow Bar & Kitchen is a four-part restaurant concept featuring The Oyster & Wine Bar at Jockey Hollow, the Vail Bar cocktail lounge, The Rathskeller private event space and The Dining Room in Jockey Hollow. Jockey Hollow Bar & Kitchen occupies three full floors and the basement of the mansion and offers a menu of contemporary American and Italian-inspired dishes.
LANSDALE, PA. — HLC Equity has acquired an 11,180-square-foot property located at 10 W. Main St. in Lansdale. Situated on 1.2-acre pad and built in 1998, the retail property sold for $4 million, according to CoStar. Rite-Aid currently occupies the property under a long-term, triple-net lease. Additional details about the transaction were not disclosed.
