PLEASANT HILL, CALIF. — PSRS has secured a $15 million refinancing for Courtyard Shopping Center, an 85,000-square-foot retail center located roughly 25 miles outside San Francisco in Pleasant Hill. Smart & Final, Staples and Rite Aid anchor the property. Seth Ludwick of PSRS Santa Barbara secured the non-recourse loan, which features a 25-year term, through a life insurance company.
RENO, NEV. — Hanley Investment Group has arranged the $4.9 million sale of a 7,624-square-foot retail building located in Reno. Jos. A. Bank and Sleep Number occupy the property, located at 6350 S. Virginia St. Hanley Investment represented the buyer, a Los Angeles-based private investor, in the transaction. Pegasus Investments represented the seller, an undisclosed real estate investment and development firm based in Indianapolis. Both tenants are operating under corporate leases.
GRAND PRAIRIE, TEXAS — IKEA has announced that construction on its 290,000-square-foot location in Grand Prairie, set to open in fall 2017, has progressed to the point of installing the company’s iconic blue panels. The Swedish furniture outlet, which already operates one DFW location in Frisco, will be situated on 30 acres along the eastern side of Highway 161 and Mayfield Road, roughly midway between downtown Dallas and downtown Fort Worth. IKEA recently announced plans for two new Texas locations to be opened in summer 2019 as well, one in Fort Worth and the other in San Antonio.
FORT WORTH, TEXAS — SHOP Cos. has negotiated the sale of Woodmont Plaza, an 84,521-square-foot retail site located at 6401-6451 McCart Ave. near the intersection of Altamesa Boulevard in southern Fort Worth. The property, which was 100 percent leased at the time of sale, currently houses tenants such as Big Lots, Advance Auto Parts, Pet Supplies Plus and Cricket Wireless. Tommy Tucker and Tim Axilrod of SHOP represented the seller, a Dallas-based limited liability company. The name of the buyer, a Texas-based limited partnership, was not disclosed.
HOUSTON — EDGE Capital Markets has brokered the sale of Park 45, a 20,510-square-foot retail center located at 26436 Lexington Road in Spring, a northern suburb of Houston. The property, located less than a mile from Interstate 45at the intersection of Spring Cypress Road, was 83 percent leased at the time of sale. Josh Jacobs and Burdette Huffman of EDGE represented the seller, Houston Joint Properties Ltd. Reed Parker of Lee & Associates represented the undisclosed buyer.
RAYTOWN, MO. — Block & Co. Inc. Realtors has brokered the sale of three shopping centers in Raytown, about 10 miles southeast of Kansas City, for $4.9 million. The centers are located at 5200-5254 Blue Ridge Blvd., 6204-6240 Raytown Trafficway and 6215-6249 Blue Ridge Blvd. The centers are all nearly 100 percent occupied. 1340 East 9th Street Realty Corp. purchased the properties from Monopoly Acquisitions. Bill Maas and Jay Friedman of Block & Co. brokered the sale on behalf of the seller. Block & Co. will continue to handle leasing on behalf of the new owner for the shopping center located at 6204-6240 Raytown Trafficway.
GRAND RAPIDS, MICH. — American Dream Home Improvement has signed a 2,300-square-foot retail lease near the Gerald R. Ford International Airport in Grand Rapids. This will be the first West Michigan location for the Downers Grove, Ill.-based exterior home repair and storm restoration company. The property is located at 3940 Broadmoor Ave. Southeast. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan arranged the lease transaction.
BROCKTON, MASS. — Horvath & Tremblay has brokered the sale of a retail property located at 1267 Main St. in Brockton. An undisclosed buyer acquired the property for $9 million. CVS/pharmacy will occupy the newly constructed 12,900-square-foot building under a 25-year triple-net lease with five five-year extension options. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the undisclosed seller and procured the buyer in the deal.
BAKERSFIELD, CALIF. — Marcus & Millichap has brokered the sale of a Chevron-occupied retail property located at 2525 White Lane in Bakersfield. A private investor acquired the property and bulk inventory assets for a total price of $2.4 million, with the real estate selling for $1.8 million. Bennet Pakdaman, Gregory Mills and Bruce Barnhard of Marcus & Millichap represented the seller, while Barnhard and Mills represented the buyer in the deal.
CLOVIS, CALIF. — Retail California has brokered a lease of retail space at the Trading Post Shopping Center at 930 Herndon Ave. in Clovis. Dollar Tree signed a lease for 1,360 square feet of retail space from DN Clovis LLC at the shopping center. Peter Orlando and Lewis Smith of Retail California brokered the transaction.
