OAKLAND, CALIF. — A joint venture between Western Avenue Capital and Northstar Enterprise Opportunity Fund I has acquired Foothill Square Shopping Center in Oakland for an undisclosed sum. At the time of sale, the 120,000-square-foot property was 95 percent leased to national and regional tenants, including FoodsCo, Ross Dress for Less, Wells Fargo, Davita, Rainbow and a school. The name of the seller was not released.
NATIONAL CITY, CALIF. — Retail Insite has arranged the sale of a retail property located at 1302 E. Plaza Blvd. in National City. Plaza Boulevard 111 Partners sold the property to Bill Jay Corp. for $6 million. The 5,946-square-foot property is leased to Mission Federal Credit Union, 85°C Bakery Café and Bank of America ATM. Don Moser of Retail Insite represented the seller, while Chuck Klein of Cushman & Wakefield represented the buyer in the transaction.
VALLEJO, CALIF. — NorthMarq Capital has arranged $4.9 million in refinancing for a retail center located in Vallejo. Mark Dodson secured the loan, which features a five-year term, for the undisclosed borrower. Comcast, Domino’s Pizza, Subway and AT&T occupy the 23,347-square-foot retail property.
RANCHO CUCAMONGA, CALIF. — Sprouts Farmers Market has signed a lease for 35,250 square feet of retail space to anchor Alta Loma Plaza, a retail center located at 6701 Carnelian St. in Rancho Cucamonga. The new store, which is the second location in the city, is expected to open in spring 2017. Other tenants at the 70,000-square-foot retail center include Walgreens and Del Taco. Brad Umansky and Paul Galmarini of Progressive Real Estate Partners represented the undisclosed landlord, while Ryan Sullivan of Western Retail Advisors represented the tenant in the deal.
FORT LAUDERDALE, FLA. — Miller Construction Co. has begun converting a two-story former auto rental building at 2125 S. Federal Highway in Fort Lauderdale into a new MINI dealership. The new 55,507-square-foot Lauderdale MINI is Miller Construction’s fifth project for Holman Automotive, which will move the existing Lauderdale MINI dealership from its current location a few blocks north on Federal Highway. Holman Automotive will display the new MINI cars on the ground floor of the new property and house certified pre-owned MINI cars on the second floor. Miller Construction plans to deliver the new glass and metal-faced auto dealership in spring 2017.
SPANISH FORT, ALA. — NorthMarq Capital has arranged a $24 million acquisition loan for Eastern Shore Plaza, a 270,105-square-foot shopping center located at 10200 Eastern Shore Blvd. in Spanish Fort. Chad Owens of NorthMarq Capital’s Houston office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. Owens arranged the loan through an undisclosed CMBS lender on behalf of the borrower, Eastern Shore Plaza LLC, an entity controlled by Azad Commercial Realty Services.
NEW PORT RICHEY, FLA. — KeyBank Real Estate Capital has secured a $13.7 million CMBS loan for Trinity Village Shopping Center, an unanchored, 71,233-square-foot retail property built in 2007 in New Port Richey, a town in the Tampa Bay metro area. The undisclosed borrower used the financing to facilitate the acquisition of the shopping center. Scott Bois of KeyBank Real Estate Capital arranged the 10-year, non-recourse loan with two years of interest-only payments and a 30-year amortization schedule.
SANTA ANA, CALIF. — Ready Capital Structured Finance has closed a $19.9 million loan for Bristol Place Shopping Center in Santa Ana. The undisclosed borrower plans to revitalize the 62,800-square-foot retail center through an exterior modernization of the center and the conversion of several retail suites from traditional retail space to restaurant space. The non-recourse, interest-only-payment loan features a three-year term, one-year extension option and flexible pre-payment. Additionally, the financing includes a facility to provide the future funding of capital expenditures, tenant improvement and leasing commissions.
DALLAS — CBRE, on behalf of Ares Management and Benchmark Opportunity Partners, has brokered the sale of Sierra Vista Plaza, a 15.9-acre grocery-anchored retail center in Dallas. ACF Property Management acquired the 163,000-square-foot property for an undisclosed price. Fiesta Mart, Marshalls, Melrose, Footlocker, Footlocker Kids, Applebee’s, Bank of America, Payless Shoe Source, Cici’s Pizza and Gamestop occupy the center. At the time of sale, the property was fully leased and stabilized. Chris Cozby and Chris Gerard of CBRE represented the seller in the transaction.
PEARLAND, TEXAS — A partnership has completed the disposition of Pearland Central Plaza, a retail property located at 1909 N. Main St. in Pearland. A limited liability company acquired the 9,600-square-foot property for $2.4 million. Gus Lagos and Alex Bouchard of Marcus & Millichap represented the seller, while Keith Lloyd and James Wilson, also of Marcus & Millichap, represented the buyer in the deal.