MONTGOMERY, ALA. — Montgomery-based Jim Wilson & Associates LLC (JWA) plans to develop Eastchase Central, a shopping center in Montgomery that will be anchored by a roughly 40,000-square-foot Marshalls/HomeGoods store. The shopping center will also feature an 8,500-square-foot Five Below store, as well as other retailers that have yet to be announced. Eastchase Central will be situated on 6.7 acres at the midway point of Eastchase Parkway and directly across from a Hampton Inn & Suites. JWA plans to deliver Eastchase Central in late fall 2017.
SANTA MONICA, CALIF. — Palisades Capital Partners has acquired a mixed-use property located at 631 Wilshire Blvd. in downtown Santa Monica for $33 million. Originally built in 1958, the property has undergone $4 million in upgrades since 2013, including a remodeled lobby, outdoor common areas and locally focused murals. The 40,000-square-foot office and retail property features 11,000 square feet of retail space along Wilshire Boulevard. Mike Long of CBRE and Kevin Shannon, Rob Hannan and Ken White of Newmark Grubb Knight Frank represented the sellers, PacShore Partners and GreenOak Real Estate LP, in the deal.
LOS BANOS AND SACRAMENTO, CALIF. — Continental Partners, formerly known as Continental Funding Group, has secured $21.4 million in refinancing for two shopping centers located in Sacramento and Los Banos. J.M. Grimaldi of Continental arranged a $9.5 million loan to refinance a 149,620-square-foot retail property located at 911-963 W. Pacheco Blvd. in Los Banos; and an $11.9 million loan to refinance a 152,719-square-foot shopping center located at 5400 Date Ave. in Sacramento. The borrower was an undisclosed private real estate investor that specializes in acquiring and repositioning underperforming assets.
LATHROP, CALIF. — Faris Lee Investments has brokered the sale of Lathrop Crossing, a multi-tenant retail property located at 15320-15346 S. Harlan Road in Lathrop. San Francisco-based Lathrop Crossing LLC sold the property to Los Gatos-based Vattadi Lathrop Crossing LLC for $5.2 million, or $319 per square foot. Built in 2008 and situated on 2.5 acres, six tenants occupy the 16,303-square-foot property, including Little Caesars Pizza, Dickey’s BBQ, Subway and In-Shape Fitness. Jeff Conover of Faris Lee represented the seller in the deal.
LA HABRA, CALIF. — SBH Real Estate Group has purchased a retail property located at 250 N. Harbor Road in La Habra. Interhealth Corp. sold the property for $4.5 million, or $203 per square foot. The 22,297-square-foot property was vacant at the time of sale. Scott Hook and Dan Tyner of Hook Retail Advisors represented the buyer, while Greg Jones of Jones Real Estate represented the seller it the transaction.
NASHUA, N.H. — Linear Retail Properties has acquired two retail properties along the Daniel Webster Highway and Spit Brook Road in Nashua for $12.5 million. Old Navy and Burger King occupy the two freestanding buildings, which total 27,673 square feet. Geoffrey MIllerd and Justin Smith of Newmark Grubb Knight Frank represented the undisclosed seller, while Aubrey Cannuscio provided in-house representation for Linear Retail Properties.
NORWOOD, MASS., EAST ISLIP, N.Y., AND GREENSBURG, PA. — Horvath & Tremblay has arranged the sales of three retail assets in Norwood, East Islip and Greensburg. The firm facilitated the $1.9 million sale of a leasehold interest of TD Bank in Norwood and the $1.5 million sale of a leasehold interest of a TD Bank in East Islip. Bob Horvath, Todd Tremblay and Peter Butler of Horvath & Tremblay represented the undisclosed seller and procured the undisclosed buyer. Additionally, Horvath & Tremblay arranged the $2.1 million sale of an Applebee’s restaurant located at the Westmoreland Mall in Greensburg. Mark Brockwell, Bob Horvath and Todd Tremblay represented the undisclosed seller in the deal.
LEXINGTON, S.C. — BC Wood Properties has purchased Town Square, a Food Lion-anchored shopping center located on the corner of West Main Street and Ellis Avenue in Lexington, a suburb of Columbia. Other tenants of the 75,763-square-foot shopping center include H&R Block, Badcock Furniture, Musician’s Supply, Terry’s Barber Shop, USA Nails, U.S. Tae Kwon Do and Liquor Depot. Town Square is BC Wood’s second shopping center acquisition in South Carolina. The sales price and seller were undisclosed.
Marcus & Millichap Brokers Sale of 7,368 SF Property Net Leased to Texas Roadhouse in Chicago Suburb
TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of a 7,368-square-foot property net leased to Texas Roadhouse in Tinley Park, a southern suburb of Chicago. The property is located at 18345 LaGrange Road and was built in 2004. Bruce Bentley III of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a REIT. Steven Weinstock assisted in closing the transaction. Texas Roadhouse is a steakhouse restaurant.
CARTERVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to First Mid-Illinois Bank & Trust in Carterville in southern Illinois. The 2,602-square-foot building is located at 300 S. Division St. There are approximately six years remaining on the lease, which expires in October 2022. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private investment trust. The buyer was a Midwest-based 1031 exchange investor.