MURRIETA, CALIF. — Coldwell Banker Commercial Advisors has arranged the sale of a Rite Aid property located in Murietta. An undisclosed buyer acquired the 16,708-square-foot property for $4.7 million in a 1031 exchange. Daniel Tyner and Scott Hook of Coldwell Banker represented the undisclosed sellers in the transaction.
SAN DIEGO AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based Citivest Realty Services represented Beach Hut Deli in two new leases in San Diego and Oceanside. The gourmet deli sandwich restaurant has partnered with Ryan Brothers Coffee to open a 2,690-square-foot concept at Lane Field in San Diego. Beach Hut Deli signed a 10-year lease with LFN Developers for the space. Bill Shrader of Colliers International San Diego represented the landlord. Additionally, Beach Hut Deli signed a lease for 1,800 square feet at One Mission Ave. in Oceanside. Spencer Kerrigan of Voit Commercial Services represented the landlord, GFP Oceanside Block 18 LLC, in the transaction.
SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Inland Auto Service Center, a retail property located at 1680 S. Camino Road in San Bernardino. A partnership sold the 17,749-square-foot property to a personal trust for $1.2 million. The property was constructed in 1975 and renovated in 1990. Chuck Shillington of Marcus & Millichap represented the seller and buyer in the deal.
DALLAS — The Vitorino Group has brokered the sale of the Spring Valley retail strip, a retail asset located on Spring Valley Road in Dallas. The center was built in 1971 and was 100 percent occupied at the time of sale. A local investor was the buyer. The seller, a foreign investor, had a CMBS loan coming due without recapitalization options, and needed to close in a timely fashion.
NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.
FRISCO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $5.5 million acquisition loan for a 9.8-acre tract of land located in Frisco at the northeast corner of Legacy Drive and Eldorado Parkway. The property is situated adjacent to an existing Market Street-anchored shopping center and across the street from a Target-anchored power center. MCA’s Todd McNeill closed the two-year loan with interest-only payments through a regional bank.
SEBRING, FLA. — Southern Management and Development LP (SMD) has broken ground on a new 43,690-square-foot Publix at Southgate Shopping Center in Sebring. The 101,621-square-foot Southgate Shopping Center is located at 2802-2940 U.S. Highway 27 S. Southgate’s other tenants include Bealls Outlet, Dollar Tree, Bank of America, CVS/pharmacy and additional restaurants and services. Boca Raton-based SMD has selected Cuhaci & Peterson Architects to design the new supermarket. SMD expects to complete the store’s shell and interior build-out this fall.
MIAMI — Weingarten Realty (NYSE: WRI) has acquired The Palms at Town & Country, a 664,000-square-foot, open-air shopping center in Miami, for $285 million. WRC Properties, an affiliate of TIAA-CREF, is the seller, according to the Miami Herald. The property features 71 retailers including Publix, Kohl’s, Nordstrom Rack, Dick’s Sporting Goods and Marshalls. National retailers comprise 87 percent of the revenue for the property. The Palms at Town & Country is located on 70 acres at 8505 Mills Drive, and was renovated in 2010. JLL is the exclusive leasing agent for the property, and has created events such as the Festival De Primavera Fashion Show, the Palms Restaurant Crawl and the All-American 4th of July Celebration that attracts thousands. Weingarten Realty’s stock price closed Thursday, July 28 at $42.67 per share, up from $34.62 per share a year ago, a nearly 19 percent increase. Weingarten Realty, a Houston-based REIT, is an owner, manager and developer of shopping centers throughout the United States.
BEVERLY, MASS. — Barnat Development has been selected by the Massachusetts Bay Transit Authority (MBTA) to develop a mixed-use, transit-oriented project at 112 Rantoul St. in Beverly. Located adjacent to the Beverly Depot Garage, the project will feature 70 apartment units and more than 3,000 square feet of ground-floor retail space. Additionally, the project will utilize the existing parking in the MBTA garage to serve the new residences and retail. The project’s total capital investment is $20 million, and permitting is expected to occur this fall.
NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 243 Troy Ave. in the Crown Heights section of Brooklyn. Witnick Real Estate Group acquired the building from Up Realty LLC for $3.7 million, or $370 per square foot. The 10,135-square-foot building features 12 apartments and five retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty brokered the off-market transaction.
