MINNEAPOLIS — Doran Cos. has acquired a 90,000-square-foot retail property in Minneapolis for $24.9 million. Pfaff Calhoun LLC sold Calhoun Village Shopping Center, which is located at 3200 W. Lake St. The center is over 90 percent occupied and includes tenants such as Walgreens, Punch Pizza, Burger Jones and Barnes & Noble.
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Sioux City Experiences ‘Crane Craze’ Across Property Types
The skies are dotted with cranes — not the type you would find on route west to the Sandhills of Nebraska, but the type synonymous with a robust economy. It is safe to say there have never been so many cranes at work in the history of Sioux City. Several large industrial projects are resulting in further development of retail and multifamily space that has been in demand for some time in Sioux City. Retail, entertainment wave Helping to draw residents and visitors alike out into the streets of Sioux City is the $130 million Hard Rock Hotel & Casino. The Hard Rock replaced the floating Argosy riverboat casino in a first-in-the-state competitive bidding war for a land-based casino. Due to the popularity of the development since it opened in August 2014, the Hard Rock already has plans to add an $8 million casino expansion by the end of the year. Hard Rock has played a vital role in making Sioux City a regional, cultural and entertainment destination. Dallas-based Anthony Properties is planning to deliver 350,000 square feet of retail space by the summer of 2018. The 64-acre site, located at the intersection of Sunnybrook Drive and Sergeant Road, is …
NEW YORK CITY — Thorofare Capital has secured a $15.3 million fixed-rate bridge loan for a mixed-use property in Brooklyn’s Gowanus section. The property features 57,050 square feet of mixed-use space. Kevin Miller and Felix Gutnikov of Thorofare Capital arranged the recapitalization and tenant improvement/leasing commissions facility for the undisclosed borrower.
JERSEY CITY, N.J. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged a $2.5 million loan for a retail strip center located at 2825 Kennedy Blvd. in Jersey City’s Journal Square neighborhood. Provided by a major New York-based bank, the non-recourse, loan features a 10-year term with a fixed rate for the first seven years and then floating and open to prepayment without penalty the last three years. The fully occupied property features six retail stores. Jeanne Cronin of Q10 New York Realty Advisors arranged the loan for the borrowers. Elizabeth Smith, Aubrey Riccardi and Sarah Benji of Goldberg Weprin, Finkel & Goldstein represented the borrower in the lease transaction.
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 and Lowe’s anchor the 91 percent occupied center, which is also home to tenants including US Bank, Starbucks Coffee, Subway, H&R Block, AT&T, McDonald’s and Shell.
FAIRFIELD, CALIF. — Sterling Organization has acquired Raley’s Plaza, a 95,441-square-foot shopping center located approximately 40 miles northeast of downtown San Francisco in Fairfield, for $22.8 million. Raley’s anchors the 94 percent occupied center, which is also home to tenants including JP Morgan Chase Bank, Starbucks Coffee, Round Table Pizza and Panda Express. The seller was a subsidiary of San Diego-based Gerrity Group.
LOS BANOS, CALIF. — CBRE’s National Retail Investment Group – West has arranged the sale of Shops at Stonecreek Plaza, a retail strip center located at 1363-1451 W. Pacheco Blvd. in Los Banos. Rich Development Co. sold the 52,171-square-foot property to a Northern California-based private investor for $12 million. Situated on 6.3 acres, the property was 89 percent leased at the time of sale to a variety of tenants, including Petco, Famous Footwear, Dollar Tree, GNC, Metro PCS, Wingstop and Starbucks Coffee. Philip Voorhes, Jimmy Slusher, Megan Wood, Matt Burson, John Read, Kirk Brummer, Preston Fetrow and Richard Rizika of CBRE represented the seller, while a cooperating/selling broker represented the buyer in the deal.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a storage facility located at 305 E. 61st St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the property for $40 million in an all-cash transaction. The 11-story, 65,886-square-foot building, which features 358 individual storage lockers, was vacant at the time of sale. Bob Knakal, Clint Olsen and Jonathan Hageman of Cushman & Wakefield arranged the transaction. The name of the seller was not disclosed.
SAN MARCOS, TEXAS — The Vitorino Group has brokered the sale of Guadalupe Station, a Class A, 17,528-square-foot retail property next to Texas State University in San Marcos. The asset was 100 percent occupied at the time of closing. Jared Aubrey and Anthony Pucciarello of the Vitorino Group represented the seller, an Austin-based developer. A California-based investor utilizing a 1031 exchange was the buyer. Tenants at Guadalupe Station include MedSpring Urgent Care, Verts Mediterranean Grill, Jersey Mike’s Subs, Pieology Pizzeria, Sports Clips and Torchy’s Tacos
REDONDO BEACH, CALIF. — Hanley Investment Group Real Estate Advisors and Voit Real Estate Services have brokered the sale of a single-tenant retail property located at 537 N. Pacific Coast Highway in Redondo Beach. The Beacon Group Inc. sold the property to a Los Angeles-based private corporation for $7.6 million. Built in 1981, the 17,160-square-foot property is net leased to Petco, which has occupied the building for 22 years and recently signed a 10-year lease extension. Ed Hanley and Bill Asher of Hanley Investment Group, along with the seller’s advisor Joe Miller of Voit Real Estate Services, represented both the seller and buyer in the 1031 exchange transaction.