SAN FRANCISCO — Mesa West Capital has provided $16 million in financing for a 12,281-square-foot Disney Store in San Francisco. The two-story building is located at 39 Stockton St., one and a half blocks south of Union Square. John Churchward of HFF placed the floating-rate loan on behalf of the borrower, Vanbarton Group.
ALLEN, TEXAS — Marcus & Millichap has brokered the sale of The Shops at Bethany, a retail property located at 740 S. Greenville Ave. in Allen. A private investor acquired the 9,467-square-foot property for an undisclosed price. Bill Jordan of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
PROVIDENCE, R.I., AND PORTLAND, MAINE — Horvath & Tremblay has arranged two retail property sales totaling $4 million in Providence and Portland. In the first deal, an undisclosed investor purchased a 10,920-square-foot retail property located in Providence for $2.5 million. Family Dollar occupies the property under a new 10-year double-net lease with six five-year extension options. Bob Horvath, Todd Tremblay and Brian Ahrens of Horvath & Tremblay represented the undisclosed seller in the transaction. In the second deal, an undisclosed buyer acquired the ground lease to a freestanding restaurant property located on Riverside Street in Portland for $1.5 million. Burger King fully occupies the 2,622-square-foot building and has more than 12 years remaining on its original 20-year ground lease. Horvath, Tremblay and Ahrens represented the buyer in the transaction. The name of the seller was not released.
MIAMI — Marcus & Millichap has arranged the $9.6 million sale of Flagler Station Shops, a 42,800-square-foot shopping center located in Flagler Station near the Florida Turnpike in Miami. Built in 2001 along 106th Street, the retail center was 95 percent leased at the time of sale. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a New York-based advisor, in the transaction. The buyer is a private investment group based in Miami.
LEAWOOD, KAN. — Block & Co. Inc. Realtors has arranged the sale of two acres in the Village of Seville shopping center in Leawood near Overland Park. The shopping center is located at West 133rd Street and State Line Road. An undisclosed buyer purchased the land to build a new 16,400-square-foot medical facility. David M. Block and Phil Peck of Block & Co. negotiated the transaction on behalf of the property owners. Cary Fox and Bill Shakelford of AREA Real Estate Advisors represented the buyer. Block & Co. is responsible for the leasing, property management and construction management of the Village of Seville development.
Nearly all of Kansas City is seeing a significant increase in retail and restaurant construction, with many new development projects now coming to fruition. Several of these new construction projects incorporate apartments and other types of entertainment, office or residential space above first-floor retail. Propelled by the recent opening of the streetcar and new apartment complexes across the city, retail in downtown Kansas City received a lot of leasing attention in 2016, according to CoStar Group. “More people are moving downtown for walkability and a taste of urban living, so retail positioned near the streetcar route or on the ground level of apartment buildings could see more demand,” wrote CoStar in its third-quarter overview of the Kansas City retail market. “In the area running from River Market down to Country Club Plaza, as much space leased in the first three quarters of 2016 as did in all of 2015.” Meanwhile, we are experiencing a number of projects where the traditional, older enclosed malls and retail strip centers are being torn down and redeveloped as mixed-use properties across the Kansas City retail market. Standout submarkets, corridors Annual deliveries in greater Kansas City averaged just over 1 million square feet per year …
MONACA, PA. — PREIT has sold Beavery Valley Mall, located at 570 Beaver Valley Mall Blvd. in Monaca, for $24.2 million. Boscov’s, J.C. Penney and Dick’s Sporting Goods anchor the approximately 1.1 million-square-foot property. The name of the buyer was not released.
NEW YORK CITY — Casey Storage Solutions has completed the sale of 13 self-storage properties across four New England states. A joint venture led by an institutional investment firm acquired the portfolio for an undisclosed price. The 700,000-square-foot portfolio includes 5,800 units and 25,000 square feet of RV/vehicle parking across the 13 properties. Six assets are located in Massachusetts, three in Connecticut, two in Rhode Island and two in Vermont. A publicly traded REIT will manage the properties. Aaron Swerdlin and Kenneth Cox of NGKF Capital Markets’ New York City office represented the seller in the transaction.
FARMINGTON HILLS, MICH. — Colliers International has brokered the sale of a 35,090-square-foot retail automotive facility in Farmington Hills. The sales price was not disclosed. The facility, previously used as a sales and service center for Motor City Harley Davidson, is located at 34900 Grand River Ave. Farmington Hills-based Coretek Services, an IT services and consulting company, will lease the property as its new corporate headquarters. Paul Gobeille of Colliers represented the purchaser, an undisclosed LLC.
BECKLEY, W.VA. — PREIT has sold Crossroads Mall, an enclosed regional mall in Beckley, for $24.8 million. The mall’s tenant roster includes anchors Belk, Dick’s Sporting Goods, J.C. Penney and Sears, as well as tenants such as AT&T, Bath & Body Works, GameStop, Hallmark, Hot Topic, PetSmart, Victoria’s Secret and Zales. Since January 2013, PREIT has sold 16 lower productivity malls and other non-core properties, generating $720 million in gross proceeds. The company’s portfolio featured 27 Sears stores in 2012 but is now down to just 10 stores in its portfolio, following the sale of Crossroads Mall. The buyer was undisclosed.
