Retail

Savills Studley Negotiates Sale of Terraces Shopping Center in Rancho Palos Verdes

by Nellie Day April 21, 2017

RANCHO PALOS VERDES, CALIF. — Savills Studley has negotiated the sale of the Terraces, a 172,913-square-foot regional shopping center in Rancho Palos Verdes. A subsidiary of Retail Opportunity Investments Corp. (ROIC), a publically traded REIT, purchased the property for an undisclosed price. Terraces Subsidiary LLC, a joint venture of Combined Properties and Saban Capital Group Inc., was the seller. Built in 1959 and renovated in 1988, 2008 and 2016, The Terraces is located at 28821-28901 S. Western Ave., with frontage along the Western Avenue Retail Corridor. The center is 89 percent leased to tenants including Trader Joe’s, Marshalls, LA Fitness and Starlight Cinemas. Savills Studley’s Bill Bauman and Kyle Miller handled the transaction negotiations. Bauman and Miller also represented the seller of the center in 2013.

April 21, 2017

California Retail Western

Progressive Real Estate Partners Arranges $3.2M Sale of Retail Center in San Bernardino

by Nellie Day April 21, 2017

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the $3.2 million sale of a 7-Eleven-anchored retail center at 1935 S. Waterman Ave. in San Bernardino. The property was sold in an all-cash 1031 tax-deferred exchange. Progressive’s Greg Bedell and Pablo Velasco represented the buyer, a private investor. Built in 2012, the 4,208-square-foot center features a 7-Eleven with 10 years remaining on its lease term, a Chase ATM and a vacant shop space.

April 21, 2017

Company News Idaho Retail Western

Albertsons Names New President, COO

by Nellie Day April 21, 2017

BOISE, IDAHO — Albertsons Cos. has promoted its executive vice president and chief operating officer, Wayne Denningham, to president and chief operating officer. Bob Miller remains chairman and CEO, a role he has held since April 2015. Denningham will continue to lead store operations with added oversight of marketing and merchandising, supply chain, manufacturing and integration, all of which will continue under their current leadership. Denningham began his career with Albertsons in 1977 as a clerk and worked his way up in the organization. He eventually served as both executive vice president of marketing and merchandising and executive vice president of operations. Albertsons is one of the largest food and drug retailers in the United States, with stores in 35 states and the District of Columbia under 19 banners including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs.

April 21, 2017

Retail Texas

EDGE Closes Sale of 12,327 SF Retail Property in Dallas

by Taylor Williams April 21, 2017

DALLAS — EDGE Realty Capital Markets has arranged the sale of Wylie Crossing, a 12,327-square-foot, multi-tenant retail center located at the corner of Country Club Road and West Brown Street in Wylie, a northeastern suburb of Dallas. Brandon Beeson and John Mungioli of EDGE represented the seller, Wylie Building LP, in the transaction. Greg Cagle of Coldwell Banker represented the buyer, WinWin Holdings LLC.

April 21, 2017

Retail Texas

TREK Brokers Sale of Retail Proeprty in Pampa, Texas Leased to Family Dollar

by Taylor Williams April 21, 2017

PAMPA, TEXAS — TREK Investment Group has brokered the sale of a retail property located at 854 S. Hobart St. in Pampa, a city in northwest Texas. Parker Carroll of TREK represented the undisclosed buyer in the sale of the property, which was built in 2015 and is triple-net leased to Family Dollar. Other terms of sale were not released.

April 21, 2017

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Group Negotiates $76.3M Sale of Kushner Astoria Portfolio

by Haisten Willis April 21, 2017

NEW YORK CITY — Rosewood Realty Group has negotiated the $76.3 million sale of a four-building multifamily and retail portfolio in the Astoria neighborhood of Queens for $76.3 million. Rosewood’s Aaron Jungreis represented the seller, Kushner Cos., in the transaction. Queens-based investor Karan Singh was the buyer. The portfolio includes 21-80 38th St., 21-81 38th St., 23-05 30th Ave. and 23-15 30th Ave., totaling 143 apartments and 11 retail spaces across 123,500 square feet. Former owner RockFarmer Properties purchased the portfolio in 2013 for $32 million and sold it to Kushner for $51 million in January 2015. About 60 percent of the portfolio’s apartments are free-market. Kushner Cos. reportedly invested about $10 million in the buildings over the past two years.

April 21, 2017

Connecticut Northeast Retail

M&M Brokers $3.1M Sale of Retail Property in Windsor, Conn.

by Haisten Willis April 21, 2017

WINDSOR, CONN. — Marcus & Millichap has brokered the sale of a property net leased to Bank of America in Windsor. The 4,650-square foot property sold for $3.1 million. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller, a limited liability company. The Bank of America is located at 1045 Kennedy Road near Interstate 91.

April 21, 2017

Connecticut Mixed-Use Multifamily Northeast Retail

Rhys Arranges Sale of Mixed-Use Portfolio in New Canaan, Conn.

by Haisten Willis April 21, 2017

NEW CANAAN, CONN. — Rhys has arranged the sale of a portfolio in downtown New Canaan including a mixed-use building and two residential properties slated for future development. Ivanhoe Collective purchased 19 Vitti St., a 4,700-square-foot mixed-use building for $2.6 million. The new owner plans to open a business called The Cultivated Collector, a showroom catering to those who own or want to own classic cars. The two-story Vitti Street building features an on-site parking garage. It was previously occupied by Young Life, a Christian charity that is moving to Stamford, Conn. HB Nitkin Group is the buyer of two residential properties adjacent to 19 Vitti St. The company purchased 60 and 64 E. Ave. for $1.5 million. The property at 60 E. Ave. is a 1,400-square-foot single-family rental home built in 1900. The house at 64 E. Ave. is 2,020-square-foot rental home built in 1876. The long-term goal of the new owners is to work with the town to redevelop the sites into a mixed-use project.

April 21, 2017

Maine Northeast Retail

Cardente Arranges $337,000 Sale of Retail Building in Rockland, Maine

by Haisten Willis April 21, 2017

ROCKLAND, MAINE — Cardente Real Estate has arranged the sale of a retail building located at 166 Camden St. in Rockland. Rockland LLC purchased the former Wendy’s location for $337,000. The 2,887-square-foot building sits on 0.9 acres of. Doug Erickson of The Masiello Group represented the seller, Blackstone Properties, and Michael Cardente of Cardente Real Estate represented the buyer.

April 21, 2017

California Retail Western

Cushman & Wakefield Arranges $26.5M Sale of 17.7-Acre Retail Site in Carlsbad

by Nellie Day April 20, 2017

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the $26.5 million sale of a retail site in the San Diego suburb of Carlsbad. Shea Properties LLC/Shea Homes San Diego LP acquired the 17.7-acre undeveloped land tract in the city’s Bressi Ranch area and plans to construct a mixed-use development. The property consists of lots 29 through 32 in Bressi Ranch. Aric Starck and Dennis Visser of Cushman & Wakefield’s Carlsbad office represented the buyer and seller in the transaction. The development will consist of 125 luxury condominiums, a food market, drive-through drug store and other retail shops along Palomar Airport Road. The retail center will feature a Main Street-like entry leading to shops, services and restaurants. It will be accented by patios, plazas, terraces and courtyards.

April 20, 2017

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