Retail

CHULA VISTA, CALIF. — A partnership between Brixton Capital and ALTO Real Estate Funds has completed the disposition of Gateway Marketplace, a grocery-anchored shopping center located at 40 N. Fourth Ave. in Chula Vista. An affiliate of American Assets Trust purchased the 127,861-square-foot property free and clear of existing debt for $42 million. Smart & Final and Aldi anchor the property, which was constructed in 1997 and redeveloped in 2016. Additional tenants at the 98.7 percent-leased center include Party City, Hobby Lobby, Mattress Firm, Little Caesars and AT&T. Gleb Lvovich and Bryan Ley of HFF represented the seller, while Mike Moser of Retail Insite assisted as a local market contact in the transaction.

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BURBANK, CALIF. — Marcus & Millichap has brokered the sale of a vacant retail property located at 200 N. San Fernando Blvd. in Burbank. Marketblock LLC acquired the property from an individual/personal trust for $6 million. Brandon Michaels and Jonathan Braier of Marcus & Millichap represented the seller, while Michaels also secured and represented the buyer in the deal. The buyer plans to renovate and reposition the asset.

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CULVER CITY, CALIF. — PSRS has closed $6 million in refinancing for Robertson Plaza, a multi-tenant strip retail property located in Culver City. Mike Davis of PSRS arranged the non-recourse, 10-year loan, which features a 30-year amortization schedule, with a life insurance company. The borrower was a private real estate investor. Eighteen tenants occupy the property, which was built in 1984. Over the last 10 years, the property has maintained more than 95 percent occupancy.

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SANTA ANA, CALIF. — MCA Realty has completed the disposition of the Brookhollow Freeway Showroom Center with the sale of the property’s fourth building. WTW Properties LLC purchased the building, located at 154 E. Warner Ave., for $3.3 million. Wine Exchange currently occupies the 13,072-square-foot building. Joe Winkelmann, Nick Velasquez and Michael Hartel of Colliers International represented the seller, while Ryan Swanson and Chris Conway of Lee & Associates represented the buyer in the transaction.

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MURRIETA, CALIF. — Coldwell Banker Commercial has arranged a 10-year lease for 9,506 square feet of retail space at Murrieta Crossings, located at 39745 Avenida Acacias, Suites A and B, in Murrieta. Metroflex Gym triple-net leased the space from M.C. Retail. Cyndi Light of Coldwell Banker represented the landlord, while Jay Brun and Steve Castellanos, also of Coldwell Banker, represented the tenant in the deal.

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HADDON TOWNSHIP, N.J. — Kimco Realty Corp. has signed a lease with Target at its Westmont Plaza in Haddon Township. The 48,000-square-foot, small-format Target is scheduled to open this month. The signing of Target is the first step in a Kimco’s repositioning program for the 173,000-square-foot open-air shopping center. As Target’s third small-format store in New Jersey, the store will provide residents with a quick-trip shopping experience featuring the brand’s curated assortment of apparel and accessories, grocery and grab-and-go items, beauty products, electronics, toys and more. The store will also feature a CVS/pharmacy and Target’s Order Pickup service.

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RANSON, W.VA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has purchased The Potomac Marketplace, a 370,000-square-foot shopping center located along Route 9 in Ranson. The property was 92 percent leased at the time of sale to tenants including Weis Supermarket, Kohl’s, Petco and The Home Depot. The Potomac Marketplace is also home to restaurants including Panera Bread, Dunkin’ Donuts, Glory Days Grill, California Tortilla, Roy Rogers and John’s Café. This purchase marks the joint venture’s sixth acquisition overall and third since November 2016.

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SAN ANTONIO — The Mansour Group at Marcus & Millichap has brokered the sale of Hotel Valencia and Retail Net Leased Condos in the River Walk area of San Antonio. The hotel property and accompanying retail condos are located at 150 E. Houston St. The property was leased to The Valencia Group on a long-term NNN lease. The Mansour Group represented the seller, GrayStreet Partners, in the transaction. An out-of-state private investor purchased the asset.

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NORMAN, OKLA. — CBRE has negotiated the sale of Colonial Estates, a 104,022-square-foot shopping center located at the intersection of Lindsey Street and 12th Avenue in Norman. The property was 88 percent leased at the time of sale to tenants such as CitiTrends, Dollar General and Rent-a-Center. Jason Little, Justin Brannon, Mark Inman, Stuart Graham and Ryan Storer of CBRE represented the seller in the transaction. Waco-based Hoppenstein Properties Inc. purchased the asset for an undisclosed price.

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SAN FRANCISCO — The Gymboree Corporation, following an evaluation of its retail footprint, plans to close approximately 350 stores, mainly across the Gymboree and Crazy 8 brands. The San Francisco-based company hopes to focus its resources on locations with the greatest potential and improve profitability. The company has partnered with Great American Group and Tiger Group to help manage the closing sales in its Gymboree, Gymboree Outlet and Crazy 8 stores. The closing sales at affected stores are scheduled to begin on July 18, 2017. Kirkland & Ellis LLP is serving as the company’s legal counsel, AlixPartners LLP is serving as its financial advisor and Lazard is serving as its investment bank. As of April 29, 2017, the company operated 1,281 retail stores: 582 Gymboree stores, 172 Gymboree Outlet stores, 149 Janie and Jack shops and 378 Crazy 8 stores.

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