ESCONDIDO, CALIF. — Lee & Associates has arranged the purchase of a gas station station site located at 2825 Auto Parkway in Escondido. ASAP Investments acquired the 28,750-square-foot lot, which includes a 1,050-square-foot retail/service station, for $2 million. The buyer plans to rebrand the site, which was formerly a Valero, as an independent gas station. Trent France of Lee & Associates – North San Diego and Kent Moore of Palomar Commercial represented the buyer, while Mack Langston and Kris Boehmer of Pacific Coast Commercial represented the seller, KGD Enterprises, in the deal.
NATIONAL CITY, CALIF. — Pacific Coast Commercial arranged the acquisition of a drive-thru building and lot located at 1825 Highland Ave. in National City. Sire Trust acquired the 800-square-foot building and 10,125-square-foot site from Officer Family Partnership for an undisclosed price. Weinerschnitzel restaurant occupies the building. Martin Alfaro of Pacific Coast Commercial represented the buyer, while Steve Rotsart of Coldwell Banker West represented the seller in the deal.
KANSAS CITY, MO. — Block & Company Realtors has brokered the sale of Wornall Plaza, a shopping center located at 7960-7970 Wornall Road in Kansas City. Solar Success acquired the property from Wornall Plaza 91 LLC for $2.1 million The 13,320-square-foot center is fully occupied by Sherwin-Williams Paints, Papa John’s Pizza, 9Round Boxing, Cricket Wireless and 5th Avenue Cleaners. Dimitri Rodopoulous of Block & Company represented the seller in the transaction.
RESTON, VA. — The Chevy Chase Land Co. has purchased South Lakes Village, a 110,000-square-foot shopping center located in Reston, about 22 miles west of Washington, D.C. Chevy Chase Land acquired the Safeway-anchored property for $62 million through a 1031 tax deferred exchange from the sale of its Richmond office portfolio earlier this year. South Lakes Village’s tenant roster includes CVS/pharmacy, BB&T Bank, Starbucks Coffee, SunTrust Bank and Pet Valu.
SAVANNAH, GA. — SRS Real Estate Partners’ Southeast investment sales team has brokered the sale of Savannah Mall, a 940,408-square-foot enclosed mall in Savannah. The property is located on a 75.5-acre site at 14045 Abercorn St., which is situated at the northwest corner of Abercorn Street and Apache Avenue. Bass Pro Shops, Target, Dillard’s, Burlington Coat Factory and Virginia College anchor Savannah Mall. The seller, SSF Savannah Properties LLC, sold the mall for an undisclosed price to Savannah Mall Realty Holding LLC. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. The buyer was self-represented.
YORK, PA. — Bennett Williams Commercial has arranged the sale of a retail building located at 575 Maryland Ave. in York. SJK LLC purchased the property from 1221 Associates Inc. for $1.4 million. Denny Neiman of Bennett Williams Commercial represented the buyer, while Neiman and Keith Kahlbaugh of Bennett Williams represented the seller.
EGG HARBOR TOWNSHIP, N.J. — Wolfson Group Inc. is breaking ground for the development of Oak Tree Plaza, a shopping center in Egg Harbor Township, on September 7. Located at the intersection of Black Horse Pike, Fire Road and Old Egg Harbor Road, the 249,943-square-foot center will be anchored by a 188,463-square-foot Walmart Supercenter. The plaza is slated to open in summer 2017.
AMARILLO, TEXAS — BMC Capital has secured a $1 million acquisition loan for a net-leased Dunkin’ Donuts store in Amarillo. The five-year loan includes a 25-year amortization schedule, 70 percent loan-to-value ratio and a 4.25 percent fixed interest rate. The lender and borrower were unnamed.
NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has bought out its joint venture partners in a four-property retail portfolio, purchasing the remaining 85 percent interest for $170.7 million. The acquisition included the assumption of $103 million in mortgage debt, $26 million of which was prepaid by the company. The joint venture partners that sold their interest were undisclosed. The portfolio includes Perimeter Expo, a 175,835-square-foot shopping center in the Atlanta suburb of Dunwoody, Ga.; Cranberry Commons, a 166,495-square-foot shopping center in the Pittsburgh suburb of Cranberry Township, Pa.; Cypress Towne Center, a 279,210-square-foot shopping center in Houston; and Doc Stone Commons, a 101,042-square-foot shopping center in Stafford, Va., approximately 50 miles southwest of Washington, D.C. Portfolio tenants include Nordstrom Rack, Marshalls, Old Navy and Newk’s Eatery at Perimeter Expo; TJ Maxx, Lane Bryant, PetSmart and Starbucks Coffee at Cranberry Commons; Michaels, Best Buy, TJ Maxx and Bed Bath & Beyond at Cypress Towne Center; and Petco, Giant Food, Staples and Subway at Doc Stone Commons. In a separate transaction, Kimco recently acquired Kentlands Market Square, a 251,000-square-foot, open-air shopping center located in the Washington, D.C., suburb of Gaithersburg, Md., for $95 million. Whole Foods Market anchors the …
OCEANSIDE, CALIF. — InvenTrust Properties Corp. has acquired Old Grove Marketplace, an 81,279-square-foot shopping center located in the San Diego suburb of Oceanside, for $23.3 million. Ralph’s Marketplace and Lowe’s anchor the 91 percent occupied center, which is also home to tenants including US Bank, Starbucks, Subway, H&R Block, AT&T, McDonald’s and Shell. Gleb Lvovich, CJ Osbrink and Bryan Ley of HFF represented the seller, Gerrity Group, in the transaction.