ARCADIA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Arcadia Gateway Center, a retail, medical and office property located at 300-450 E. Huntington Drive in Arcadia. JLJ (USA) Investment acquired the property for $62 million. Situated on 7.9 acres, the five-building complex features 156,046 square feet of retail, office and medical space. At the time of sale, the 43,587-square-foot retail portion was 91 percent leased, the 48,455-square-foot medical office building and the 64,013-square-foot office building were 100 percent. The complex also features two freestanding restaurant pads leased to BJ’S Restaurant and Brewhouse and Olive Garden. Ed Hanley, Pat Kent and Corey Olson of Hanley represented the sellers, Arcadia Gateway Centre Delaware Partners and Post Exchange, while Henry Hong of Lee & Associates represented the buyer in the deal.
CHULA VISTA, CALIF. — NorthMarq Capital has arranged a $38 million refinancing for a 374,645-square-foot retail property in Chula Vista. Mike Dobbins of NorthMarq secured the 15-year loan, which features a 25-year amortization schedule, for the undisclosed borrower.
CONCORD, CALIF. — Marcus & Millichap has arranged the sale of a formerly net-leased Sizzler restaurant property located at 1353 Willow Pass Road in Concord. A private investor sold the property to an undisclosed buyer for $3.3 million. Constructed in 1977, the 5,901-square-foot building was vacant at the close of escrow. The site’s corner lot also features 70 parking space. David Ching of Marcus & Millichap represented the seller in the transaction.
SAN DIEGO — Location Matters has arranged the acquisition of an urban retail building located at 4081-4087 30th St. in San Diego’s North Park neighborhood. George McKeever purchased the property from Cheryl Keller, for $1.3 million. The 2,516-square-foot building features four retail units. Limor Spilky and Marc Karren of Location Matters represented the buyer, while Jac Sachs of Ascent Commercial represented the seller in the deal.
SACRAMENTO, CALIF. — Armstrong Development Properties has announced the opening of Raley’s Supermarket at Fair Oaks Plaza, located at the northwest corner of Fair Oaks Boulevard and Howe Avenue in Sacramento. Slated to open in April, Raley’s Supermarket and Starbucks will join the retailers at the new center, which commenced construction in 2015. Upon completion, the property will be home to a variety of tenants, including Grub Burger Bar, KB Nails and CVS/pharmacy.
MCKINNEY, TEXAS — HSM Equity Partners, the commercial development branch of Henry S. Miller Cos., has acquired a three-acre retail tract at the corner of McKinney Ranch Parkway and Ridge Road in McKinney, about 40 miles north of Dallas. The development plan for the tract includes a 21,000-square-foot retail center, set to begin construction in the second quarter of 2017. Joe Benton of Benton Commercial Real Estate Services represented the seller, while Lynn Dowdle of Dowdle Real Estate represented the buyer. Both parties requested confidentiality.
ELKHART, TEXAS — Marcus & Millichap has brokered the sale of a 9,180-square-foot retail property in Elkhart, a city roughly halfway between Houston and Dallas. Family Dollar is the sole tenant of the property, located at 212 N. U.S. Highway 287, and recently extended the original 10-year, double-net lease until 2022. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, an undisclosed limited liability company. Other terms of the sale were not released.
CHICAGO — Mid-America Real Estate Corp. has arranged the sale of Webster Place in Chicago’s Lincoln Park. The 134,918-square-foot retail center is located at the southwest corner of North Clybourn and Webster avenues, and is anchored by Regal Cinemas, Webster Place Athletic Club, Barnes and Noble and Chase Bank. Ramco-Gershenson Properties Trust purchased the property from Chicago-based Syndicated Equities Group. Ben Wineman and Carly Gallagher of Mid-America arranged the transaction.
QUINCY, ILL. — Slumberland Furniture has unveiled plans to open a new store at Quincy Mall in the fall. The national furniture retailer will be the first furniture retailer to be a tenant in the mall, and will anchor the center in the space formerly home to JC Penney. Improvements totaling over $4 million are planned for the retail center, according to the mall owner and manager, Cullinan Properties Ltd. In addition to the opening of Slumberland, the mall will receive new signs and enhancements to the interior décor before the end of the year. Quincy Mall opened in 1978 and consists of 500,000 square feet.
SHREWSBURY, N.J. — Cronheim Mortgage has arranged $30 million in financing for Shrewsbury Plaza, a community retail center located along Route 33 in Shrewsbury. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage originated the loan for the undisclosed borrower. The loan self-liquidates over a 30-year period and was funded by American General Life Insurance Co. Totaling 223,000 square feet, the property features five multi-tenant buildings and two freestanding outparcels. Marshalls, Saks Off-5th, Visionworks, Jo-Ann Fabrics, Massage Envy, CVS/pharmacy, Great Clips, Jersey Mike’s Subs, Petvalu and Verizon Wireless are tenants at the center. Additionally, HomeGoods is slated to open at the property later this year.