Retail

CalBay Development Buys Two-Restaurant Portfolio in Pleasanton, Newark for $3.6M

by Nellie Day July 10, 2017

PLEASANTON AND NEWARK, CALIF. — CalBay Development has acquired a portfolio of two restaurants located in Pleasanton and Newark for $3.6 million. The sellers were the original developers and current franchisee owner-operators of the sites, which are occupied by drive-thru Arby’s restaurants. CalBay plans to remodel the sites and re-open the properties under a new national tenant brand. Redevelopment is scheduled to begin in fourth quarter 2017, with grand re-openings by the second quarter of 2018. Aron Cline and Jonathan Prater of Matthews Retail Group brokered the off-market transaction.

July 10, 2017

California Retail Western

Hanley Investment Group Arranges Sale of Single-Tenant LA Fitness in Montebello

by Nellie Day July 10, 2017

MONTEBELLO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant building occupied by LA Fitness. The 42,946-square-foot property is located in Montebello, roughly eight miles outside Los Angeles. Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a private partnership based in Orange County, California. The buyer, a publicly traded REIT, was self-represented in the transaction. Terms of the sale were undisclosed.

July 10, 2017

Hawaii Retail Western

Ross Dress for Less to Open Two New Stores in Honolulu

by Nellie Day July 10, 2017

HONOLULU — Ross Dress for Less will open two new stores in Honolulu on July 15, 2017. The openings are part of the retailer’s 2017 proposed expansion program of about 70 new locations nationally during the year. A 32,000-square-foot store will be located at Nimitz Highway and Sumner Street. Another 24,000-square-foot store will be located in Ala Moana Center at Ala Moana Boulevard and Piikoi Street. With these stores, Ross will have 19 stores in Hawaii. Together, Ross Dress for Less and dd’s DISCOUNTS currently operate approximately 1,560 off-price apparel and home fashion stores in 37 states, the District of Columbia and Guam. Ross Stores Inc. is headquartered in Dublin, Calif.

July 10, 2017

Massachusetts Mixed-Use Multifamily Northeast Retail

HFF Secures $80M Acquisition Financing for Boston Transit-Oriented Development Site

by Amy Works July 7, 2017

BOSTON — HFF has arranged $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, Mass. HYM Investment Group is the borrower and buyer in the transaction. John Fowler, Anthony Cutone, Jennifer Keller and Andrew Gray of HFF secured the short-term, floating-rate loan with Bank of the Ozarks and advised the buyer in the deal. Adjacent to Route 1A, the site comprises 108.8 acres in Boston and 52.4 acres in Revere. The property is also served by two Massachusetts Bay Transit Authority Blue Line stations: Suffolk Downs and Beachmont. The site is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in summer 2018.

July 7, 2017

California Retail Western

Retail California Brokers Sales of Retail Buildings in Fresno, Porterville

by Nellie Day July 7, 2017

FRESNO AND PORTERVILLE, CALIF. — Retail California has arranged the sales of two retail buildings in Fresno and Porterville. In the first transaction, Abdol Chalak acquired an 8,320-square-foot property, located at 4007 E. Ventura Ave. in Fresno. FD Partners LLC sold the property for an undisclosed price. Lewis Smith and John Lee of Retail California brokered the transaction. In the second deal, Opus-Dean LLC purchased a 9,900-square-foot retail property located at 1174 W. Henderson Ave. in Porterville. Walgreen Co. sold the property for an undisclosed price. Nick Frechou of Retail California represented the buyer, while Matt Alexander and John Krupka of SRS Real Estate represented the seller in the transaction.

July 7, 2017

California Retail Western

Pacific Coast Commercial Arranges Sale of 6,922 SF Retail Property in Spring Valley

by Nellie Day July 7, 2017

SPRING VALLEY, CALIF. — Pacific Coast Commercial has facilitated the sale of a retail property located at 620-628 Grand Ave. in Spring Valley. Furniture Environments Inc. acquired the 6,992-square-foot property from Advance Auto Parts. The property was occupied by NAPA Auto & Truck Parts, which vacated upon sale. Tom Hennessy and Scott Coronel of Pacific Coast Commercial represented the seller, while Chris Musgjerd of Savills Studley represented the buyer in the deal.

July 7, 2017

California Restaurant Retail Western

Poki Poki Leases Spaces at Encinitas Marketplace, Escondido Valley Center

by Nellie Day July 7, 2017

ENCINITAS AND ESCONDIDO, CALIF. — Poki Poki has signed two leases for new locations in California. The restaurant will occupy 1,240 square feet at Escondido Valley Center, located at 1348 W. Valley Parkway in Escondido, and 896 square feet at Encinitas Marketplace, located at 154 El Camino Road in Encinitas. Beth Sargent and Jon Horning of Flocke & Avoyer Commercial Real Estate represented the tenant in both transactions. Phil Lyons of Cushman & Wakefield represented the landlord at Escondido Valley Center and Manuel Balderrabano of Kimco Realty represented the landlord in the Encinitas deal.

July 7, 2017

Retail Texas

Rainier Acquires 207,669 SF Retail Center in Dallas

by Taylor Williams July 7, 2017

DALLAS — Rainier Realty Investments has acquired Wheatland Towne Crossing, a 207,669-square-foot retail center located near the intersection of Interstate 20 and U.S. Highway 67 in Dallas. Shadow-anchored by Target and Aldi, the property was 92 percent leased at the time of sale to tenants such as Party City, Office Depot, PetSmart and Dollar Tree. Sunny Sajnani of Metropolitan Capital Advisors arranged a $23 million, floating-rate bridge loan on behalf of Rainier for the acquisition of the center.

July 7, 2017

Loans Retail Texas

Hunt Mortgage Arranges $27.7M in Refinancing for Two Retail Centers in Austin

by Taylor Williams July 7, 2017

AUSTIN, TEXAS — Hunt Mortgage Group has arranged $27.7 million in refinancing for a pair of retail centers in Austin. The company arranged $11.2 million for The Linc, a 178,743-square-foot center situated on 15.6 acres at 6406 N. Interstate 35 Frontage Road and $16.5 million for The Crescent, an 117,980-square-foot property situated on 12.3 acres at 6929 and 6903 Airport Blvd. Both loans, which were arranged on behalf of California-based development firm Misuma Holdings, are structured as 36-month, floating-rate deals.

July 7, 2017

New Jersey Northeast Retail

Partnership Starts Construction for 150,150 SF Shopping Center in Parsippany, New Jersey

by Amy Works July 6, 2017

PARSIPPANY, N.J. — RD Management, JMF Properties and Ripco Real Estate Corp. have broken ground for Waterview Marketplace, a shopping center located at the intersection of Waterview Boulevard and Route 46 in Parsippany. A 48,000-square-foot Whole Foods Market will anchor the 150,150-square-foot shopping center, which is slated to open in 2018. The Whole Foods Market will be the third location in the Morris County and will feature indoor and outdoor dining space for customers.

July 6, 2017

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