COACHELLA, CALIF. — NAI Capital has brokered the sale of Coachella Plaza, a retail center located at 50249 Harrison St. in Coachella. Harrison Coachella 26 LLC sold the property for $10.6 million, or $124.65 per square foot. Built in 1991, the 85,035-square-foot plaza was 78 percent occupied at the time of sale. Tenants include 99¢ Only, Planet Fitness and WSS Shoes. Fariba Kavian of NAI Capital represented the seller in the deal. The name of the buyer was not released.
RANCHO MIRAGE, CALIF. — NAI Capital has arranged the acquisition of a retail showroom located at 71441 Highway 111 in Rancho Mirage. FM 111 LCC purchased the property from Thomas Realty Co. from $5.3 million, or $412.80 per square foot. At the time of sale, the 15,000-square-foot property was fully leased to Electric Car Distributors. Jeffrey Simonds of NAI Capital represented the buyer in the transaction.
BARTLESVILLE, OKLA. — GBT Realty Corp. has acquired 15 acres for a $20 million, two-phase retail development in Bartlesville, roughly 45 miles north of Tulsa. The property, which will be known as Silver Lake Village, is under construction with the first stores expected to open in fall 2017. The site was acquired on Sept. 6 for $2.1 million. The 85,000-square-foot Phase I of Silver Lake Village will feature retailers including Ulta Beauty, Rack Room Shoes, Petco, Ross Dress for Less, TJ Maxx and Maurices. Only 6,000 square feet of shop space and three outparcels remain available for lease. GBT is negotiating with potential tenants to anchor the 10-acre Phase II immediately east of Phase I. Located less than one mile from Oklahoma State Route 75, the center provides visibility to U.S. Highway 60, which is the city’s major east-west commercial corridor.
LEWISVILLE, TEXAS — Pierson Retail Advisors (PRA) has negotiated the sale of Lewisville Village, a 24,290-square-foot retail strip center located in Lewisville. PRA represented the seller, Prescott Interests Ltd. A local buyer purchased the asset for an undisclosed price. Constructed in 1986, Lewisville Village was 90.4 percent leased at the time of sale to tenants including State Farm, Pizza Hut, Fitzgerald’s Jewelry, American Masters Martial Arts and Charlton Motors. The entire team at Pierson Retail Advisors in Dallas handled the sale.
Growth. It is occurring all across the Rio Grande Valley. From the residential sector to the retail development industry, regional statistics indicate there is an overwhelming boom in the Valley. The rise in the region’s population and the increasing number of yearly visits from Mexican nationals, among other factors, are contributing to the boom. The Rio Grande Valley commercial real estate industry has seen steady, consistent growth over the last two years. National retailers looking to incorporate themselves into the local economy or expand their existing business include Main Event Entertainment, Raising Cane’s Chicken Fingers, Menchie’s Frozen Yogurt, Dave & Busters, Dick’s Sporting Goods, HomeGoods, Chick-fil-A and Walmart. Local and international retailers including Super Cream Restaurant & Bakery, Kurai Sushi Buffet, and Dona Tota are also expanding in the region. Other entities helping to spur growth in the commercial real estate industry are the University of Texas Rio Grande Valley (UTRGV) campuses in Edinburg, Harlingen and Brownsville, and a number of large investment retail projects in the upper and mid-valley including the development of the 8,500-seat Bert Ogden Arena in Hidalgo County. Impact of UTRGV The University of Texas Rio Grande Valley is less than two years old and boasts …
EAST ST. LOUIS AND EDWARDSVILLE, ILL., AND CREVE COEUR AND WASHINGTON, MO. — L3 Corp. has arranged four leases totaling 32,391 square feet of retail space in Illinois and Missouri. In East St. Louis, Menyoun Jordan d/b/a Balloons R Us leased 2,150 square feet of retail space at State Street Shopping Center. L3 Corp. represented the landlord, State Street Shopping Center LLC, in the deal. In Edwardsville, Ross Dress for Less inked a deal for 25,000 square feet of retail space at Dierbergs Edwardsville Crossing from GCE Outparcels LLC. L3 Corp. represented the tenant in the transaction. In the third deal, BARRESTL2 LLC d/b/a barre3 leased 2,241 square feet of space at Heritage Place in Creve Coeur from Ramco-Gershenson Properties LP. Kevin Shapiro of L3 Corp. represented the tenant. In the final transaction, Sterling Inc. d/b/a/ Kay Jewelers signed a deal for 3,000 square feet of space at Phoenix Center II in Washington from PC II Vertical LLC. L3 Corp. represented the tenant and landlord in the deal.
KAPOLEI, HAWAII— DeBartolo Development is set to open Ka Makana Alii, a 1.4 million-square-foot regional mall currently under construction in the West Oahu city of Kapolei, in late October. Anchored by the first Macy’s in West Oahu, Phase I of Ka Makana Alii features more than 100 shops and restaurants, a state-of-the-art Consolidated Theatres and the state’s first Hampton Inn & Suites. DeBartolo Development broke ground on the project in March 2015. Other tenants at the center will include H&M, Forever 21, Victoria’s Secret, Old Navy, Five Guys Burgers and Fries, California Pizza Kitchen, AT&T, PetSmart and Foot Locker.
PEARL CITY, HAWAII — Sonnenblick-Eichner Co. has secured a $59 million in first mortgage debt to refinance Pearl City Gateway, a 146,205-square-foot shopping center located roughly 12 miles outside of Honolulu in Pearl City. The 10-year, fixed-rate financing was secured on behalf of the borrower, Robertson Properties Group, through New York Life Real Estate Investors. The loan carries an interest rate of less than 4 percent with a 30-year amortization schedule. Pearl City Gateway is fully leased to tenants including Babies R Us, TJ Maxx, Petco, McDonalds, AT&T, Domino’s and Subway.
IRVINE, CALIF. — Wesco Properties Inc. has acquired a two-building retail site located in Irvine for $13.7 million. The buildings total 12,577 square feet, and are leased to Mimi’s Café and Islands Restaurant. Jeff Conover of Faris Lee represented the seller, VR Irvine Pad LLC, and Tony Dorn of Beitler Commercial Realty Services represented the buyer in the 1031 exchange transaction.
LOS ANGELES — Burgerim, a better-burger concept, has opened its second U.S. location in Montclair, Calif. Burgerim is set to open 33 franchised restaurants in the next year across the country, including in Memphis, Tenn.; Boca Raton, Fla.; and Houston, Texas. Burgerim currently operates in over 200 locations in 16 countries. Burgerim’s first U.S. location is at 5001 Melrose Ave., in Los Angeles.
