MENIFEE, CALIF. — Cushman & Wakefield has brokered the sale of Sun City Plaza, a retail center located at 26100 Newport Road in Menifee, a southwestern suburb of Los Angeles, for $10.2 million. The seller, a developer, recently repositioned the former Alberston’s into a multi-tenant property. New tenants include 99 Cents Only, Fitness 19 and True Value. Dixie Walker, Charley Simpson, Tom Blake and Andrew Milne of Cushman & Wakefield brokered the transaction. The name of the buyer was not released.
LAGUNA HILLS, CALIF. — Grandbridge Real Estate Capital has closed a $14 million loan for a 79,760-square-foot retail property in Laguna Hills. Funded by BB&T Real Estate, the permanent, fixed-rate, non-recourse loan features a seven-year term with a 30-year amortization schedule and a 3.67 percent interest rate. Tom Kenny, Rowin Jacobs, Josh Boehling, Steve Griffin, Thomas Turnage and Mark Durfee of Grandbridge’s Newport Beach, Calif., office secured the financing for the undisclosed borrower.
TUSTIN, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a retail building located at 14191 Newport Ave. in Tustin, a southeastern suburb of Los Angeles. The 2,900-square-foot property sold for $1.2 million, representing a capitalization rate of 4.17 percent. The two-tenant building is situated on one-third of an acre near the intersection of McFadden and Newport avenues. Eric Vu and Jeff Hauber of Hanley Investment Group represented the seller, a private investor based in Southern California. The name of the buyer was not released.
WHITE PLAINS, N.Y. — LCOR has broken ground for 55 Bank Street, a mixed-use development in White Plains. The $250 million, 760,000-square-foot transit-oriented development will offer residential and retail space. The first phase of the project will include a 16-sory, 288-unit residential building with 3,000 square feet of ground-floor retail space and 381 parking spaces. Phase II will consist of a 16-story building with 273 homes, 3,350 square feet of retail space and 189 parking spaces. Twenty percent of the 561 residential units will be workforce designated housing. The project is located adjacent to the Metro-North White Plains Railroad Station, which offers express service into Grand Central Station in New York City.
NEW YORK CITY — New York City-based Hudson Cos. has acquired a development site at 94 N. Third St. in Brooklyn’s Williamsburg neighborhood for the development of a residential and retail project. The seven-story building will feature 75 studio, one- and two-bedroom rental units and 15,000 square feet of ground-level retail space. Additionally, 20 percent of the apartments will be reserved for affordable housing for low-income households. On-site amenities will include doorman and concierge service, a gym, tenant lounge, underground parking, bike storage and tenant storage. Tenants will also have access to landscaped courtyards and roof terraces equipped with gas grills and tables for dining. Marvel Architects is serving as architect for the project, which is slated to begin construction soon. Hudson Cos. received a $6.5 million bridge loan from W Financial to acquire the site.
PLANO, TEXAS — Southern Land Co. has sold the five-story urban development known as Junction 15 to a commingled fund managed by New-York based real estate investment firm Clarion Partners. Junction 15, which opened in 2014 in downtown Plano, is a public-private partnership between Southern Land Co. and the city of Plano. The mixed-use development includes 7,700 square feet of retail space anchored by a 7-Eleven and 279 apartments. The development is close to Plano’s Old Town Square and Haggard Park, as well as several restaurants. Amenities include a pool, outdoor grilling stations and fitness center. Junction 15 is also located across the street from a Dallas Area Rapid Transit (DART) station.
WASHINGTON, D.C. — Three national retailers have signed leases for space at Shops at Dakota Crossing, a 430,000-square-foot, Class A retail center under construction in Washington, D.C.’s Fort Lincoln neighborhood. Dick’s Sporting Goods, PetSmart and an unnamed national retailer signed long-term leases to occupy a combined 85,500 square feet at the center, which is currently anchored by Costco and Lowe’s Home Improvement. This will be the first Dick’s Sporting Goods in Washington, D.C. Construction on the final phases of Shops at Dakota Crossing has started with a scheduled completion date in the fourth quarter of 2016. Following the lease deals, the retail center is more than 87 percent leased. Lisa Stoddard and Kristen Braun of CBRE are the leasing agents for Shops at Dakota Crossing on behalf of the developers, Trammell Crow Co., Fort Lincoln New Town Corp. and CSG Urban Partners.
NORTH MYRTLE BEACH, S.C. — The Boulder Group has arranged the $5 million sale of a single-tenant property net leased to Walgreens at 4300 Highway 17 South in North Myrtle Beach. Walgreens has operated at the store, located at the intersection of Highway 17 and Windy Hill Road, since 2002 and has seven years remaining on its lease agreement. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based private investor, in the 1031 transaction. The seller was a private investor based in California.
MAYFIELD HEIGHTS, OHIO — Marcus & Millichap has arranged the $17.1 million sale of a retail building triple-net leased to Walmart in Mayfield Heights, located about 20 miles east of Cleveland. Walmart has seven years remaining on its 20-year lease at the building constructed in 2002. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Cleveland-based investor. The trio also procured the buyer, a Midwest-based investor in a 1031 exchange.
BEVERLY HILLS, CALIF. — Quantum Capital Partners has arranged $10.5 million in long-term, fixed-rate financing to recapitalize a retail building located in Beverly Hills’ Golden Triangle. Located at 9650 Bedford Drive, the property offers 15,000 square feet of restaurant and retail space. The building is fully leased to Crustacean Restaurant (House of An) and Maxferd Jewelry of Beverly Hills. Jonathan Hakakha and Mike Yim of Quantum Capital arranged the financing. The 10-year CMBS loan closed at a 4.32 percent interest rate and was structured to include five years of interest-only payments.