PORTERVILLE, FRESNO AND LAMONT, CALIF. — Retail California has arranged three retail leases in Porterville, Fresno and Lamont totaling 14,492 square feet. In the first transaction, HFN CA Inc. leased 1,045 square feet at 600 N. Prospect Ave. in Porterville from Terry Schuler and Juan Castillo. Nick Frechou of Retail California was the agent. In Fresno, Pardeep and Ashmeer Singh leased 1,405 square feet of space at 3752 W. Shields Ave. from Sterling Real Estate Partners II. Frechou, along with Rick Amerine of Pacific Commercial Realty Advisors, arranged the transaction. In the third deal, Family Dollar leased 12,042 square feet of space from C&C Acquisition Group. Lewis Smith and John Lee of Retail California, along with Garrett Tucker of Colliers International, brokered the transaction.
WALDWICK, N.J. — Urstadt Biddle Properties has acquired Waldwick Plaza Shopping Center, a retail property located at the intersection of Franklin Turnpike and Wyckoff Avenue in Waldwick, for an undisclosed price. Tenants at the 26,500-square-foot property include the U.S. Post Office, Supercuts, Verizon Wireless, Massage Envy and The Little Gym, as well as local tenants, including a liquor store, dry cleaner, nail salon and Italian restaurant. The name of the seller was not released.
SOUTHERN CALIFORNIA — Federal Realty Investment Trust has formed a joint venture with Primestor Development Inc. to acquire seven retail properties in Southern California. The shopping centers total over 1.3 million square feet. Federal Realty’s investment in the venture is approximately $345 million, which includes a $20 million commitment to complete the redevelopment of one of the centers. Primestor will continue to lease and manage the properties with oversight from Federal Realty’s investment committee. The assets are located in trade areas where demand exceeds supply, according to Federal Realty. The properties include Azalea in Southgate; Bell Gardens in Bell Gardens; La Alameda in Walnut Park; Olivo at Mission Hills in Mission Hills; Plaza del Sol in South El Monte; Plaza Pacoima in Pacoima; and Sylmar Town Center in Sylmar. Marshalls, Ross and CVS occupy space at several of the properties. Olivo at Mission Hills is currently under redevelopment and is 87 percent pre-leased. The joint venture has a 25 percent interest in La Alameda. Federal Realty owns, operates and redevelops retail properties primarily in coastal markets. The company’s portfolio includes 96 properties and approximately 22 million square feet. Los Angeles-based Primestor is a developer and owner-operator of retail properties, and …
DUMONT, N.J. — Urstadt Biddle Properties (UBP) has purchased an equity interest in a new entity that owns Washington Commons Shopping Center, retail center that includes a residential component in Dumont. The two-building property features a freestanding 44,300-square-foot Stop & Shop and a three-story building that is occupied by retail tenants Valley Medical Group, Great Clips, Pet Valu, Blimpie and that includes 26 residential apartments. The residential unit mix consists of studio, one- and two-bedroom layouts. At the time of acquisition, the property was 100 percent leased. The transaction was structured as a DownREIT partnership whereby the seller, a regional real estate developer, received a combination of cash and operating partnership units in a new entity formed to purchase the property. UBP is the managing member of the newly formed entity and will manage and lease the property. UBP’s initial equity in the DownREIT was approximately $3.9 million, which represents an approximate 31.4 percent equity interest.
MILFORD, MASS. — RD Management has signed leases with HomeGoods and T.J.Maxx at Milford Crossing, a shopping center located at 120-129 Medway Road in Milford. HomeGoods will occupy 24,628 square feet and T.J.Maxx will occupy 21,863 square feet. Both stores are expected to open this fall. The 157,921-square-foot shopping center is currently being redeveloped and will be anchored by a Stop & Shop, which is slated to open in November. Additionally, the center features new 6,000-square-foot and 20,000-square-foot buildings. The 20,000-square-foot building will be occupied by Chipotle and Starbucks Coffee, which are scheduled to open in the first quarter of 2018.
ROMEOVILLE, ILL. — Novak Construction, a general contractor and construction management firm, has completed a 2,060-square-foot expansion and renovation of an Aldi grocery store, located at 398 S. Weber Road in Romeoville, roughly 30 miles southwest of Chicago. The original building was constructed in 2009, and the remodel features open ceilings, a larger floor plan, additional refrigeration space and a reconfigured checkout area. Environmentally friendly building materials were incorporated in construction.
LEWISVILLE, TEXAS — Weitzman has brokered the sale of Valley Square Shopping Center, a 106,537-square-foot retail center located at 722-724 Main St. in Lewisville. Dallas-based LRIC Properties LLC acquired the property from a Florida-based investment firm for an undisclosed price. The property was 93 percent leased at the time of sale to tenants such as 24 Hour Fitness, Chipotle Mexican Grill, T-Mobile and Sherwin Williams. Matthew Rosenfeld, Mike Allen, Stephen Wise and Gretchen Miller of Weitzman represented the seller in the transaction.
GRAND RAPIDS, MICH. — 9Round Fitness, an international kickboxing and gym franchise with more than 500 locations across 11 countries, will open a 1,330-square-foot location at 8233 Byron Center Ave. in Grand Rapids on Sept. 1. Hillary Taatjes Woznick and Rod Alderink of NAI Wisinski of West Michigan represented 9Round in the negotiations for the 62-month lease. The landlord is Dara Realty LLC.
MCALLEN, TEXAS — NAI Rio Grande Valley (RGV) has arranged the sale of The District at McAllen, a 44,041-square-foot retail property located at 3300 N. McColl Road in McAllen. Laura Liza Paz of NAI RGV represented the undisclosed seller in the transaction. Daniel Galvan of Coldwell Banker Commercial La Mansion represented the buyer, Keller, Texas-based Ryan Investments. Built in 2006, The District at McAllen will house a 20,000-square-foot UFC Gym as the new owner rebrands it from an entertainment venue into a retail and office development.
LOS ANGELES — Westwood Financial, a shopping center investment firm based in Los Angeles, has received $171 million in financing in two separate loan transactions. The company will use the debt to refinance or fund acquisitions for 13 retail properties totaling nearly 1.1 million square feet in Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas. Nationwide Life Insurance Co. provided a $94 million loan for Westwood Financial to refinance or acquire seven multi-tenant retail shopping centers, including: • the 77,043 square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix; • the 116,707-square-foot Elk Crossing anchored by Jewel-Osco in Elk Grove, Ill., near Chicago; • the 97,229-square-foot Atascocita Center anchored by Kroger in Humble, Texas, near Houston; • the 101,791-square-foot Market at Lake Houston anchored by H-E-B in Atascocita, Texas, near Houston; • the 87,632-square-foot Lynwood Collection anchored by Kroger in Raleigh, N.C.; • the 55,323-square-foot, Trader Joe’s-anchored Arbors at Mallard Creek in Charlotte, N.C.; and • the 47,518-square-foot Village at Preston Hollow shadow-anchored by Central Market in Dallas. Additionally, an undisclosed, major life insurance firm provided a $77 million loan for the refinancing of six properties, including: • the 89,506-square-foot Mercado del Rancho anchored by Sprouts Farmers Market …