The San Diego retail market had another positive quarter, which built on the strength of the local economy. Strong job growth and low unemployment led to positive net absorption and a spike in sales activities. The unemployment rate decreased across the board. San Diego posted a 4.9 percent rate, a post-recession low for overall unemployment. This is the first time San Diego unemployment has been sub-5 percent since the beginning of 2008. Local San Diego retail employment has been steadily increasing by 2.4 percent over the past five years, according to CBRE Econometric Advisors. Annual growth for the next five years, however, is expected to be relatively flat. Despite the lack of space, there have been a few construction deliveries. Most of the current retail construction in San Diego is from mixed-use development and property renovations. Westfield plans to spend $500 million to expand its center at UTC. It will also spend $300 million in Carlsbad where it plans intends to transform an indoor mall into an open-air center. Regional malls are leading the trend, and smaller centers like Flower Hill Promenade and Del Mar Heights Town Center are keeping up with them. One of the most significant signings this …
PLEASANT HILL, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has arranged $9 million in non-recourse financing for the refinance of Regency Plaza in Pleasant Hill. The center features 36,597 square feet of retail space. CBRE arranged the 10-year, fixed-rate financing at a 74 percent loan-to-value on behalf of the client, a private high-net-worth real estate investor. A foreign bank provided the capital. Michael Walker of CBRE secured the financing for the borrower.
MESA AND GILBERT, ARIZ. — Two new Pure Barre locations are set to open in the Phoenix area. Leases include a 1,935-square-foot space in Village Square at Dana Park in Mesa, and a 1,658-square-foot space in Spectrum Town Center in Gilbert. Alan Houston of SRS Real Estate represented the tenant, Pure Barre, in both transactions.
SPRING, TEXAS — HighStreet Net Lease Group, a Texas-based company specializing in the disposition and acquisition of net leased investment properties, represented a Houston-based retail owner/developer in the sale of Louetta Creek Plaza, a multi-tenant retail center located at 4660 Louetta in Spring. Matt Moake of HighStreet represented the seller. Glenn Clements of MFT Interests represented the buyer, a local investment group. The 27,000-square-foot property was originally developed in 2005 and is located near the intersection of Louetta and Kuykendahl.
AUSTIN, TEXAS — GroundFloor Development and Prescott Group have announced plans for Saint Elmo, a mixed-use project set to open in Austin in the first quarter of 2018. Designed by Andersson-Wise Architects and located on South Congress near Ben White Boulevard, Saint Elmo will include 225,000 square feet of office space and a 40,000-square-foot indoor-outdoor marketplace. GroundFloor Development and Prescott Group are the master developers of the $120 million project. In November of last year, the Austin city council approved the rezoning request for the project. Construction is slated to begin in mid-2016. Andersson-Wise Architects is the lead architect of the project, KBGE’s Chad Kimbell is the civil engineer, David Hocker of Hocker Design is the landscape designer, Juice Consulting’s Heather Wagner Reed will oversee public relations and marketing, and Helms Workshop is the strategic brand design studio.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Sheahan Self Storage, a 32,621-square-foot self-storage, office warehouse and retail property located in Austin. Justin Miller and Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Knobler and Miller secured the buyer, a limited liability company, as well. Sheahan Self Storage is located at 11712 N. Lamar Blvd. in Austin.
NEW YORK CITY — An undisclosed buyer has acquired a retail building located at 41-19 Bell Blvd. in the Bayside neighborhood of Queens. The single-story, 4,648-square-foot property sold for $4 million, or $860 per square foot, in an all-cash transaction. The property is currently net leased to a Lucille Roberts gym. Zoned for mixed use with residential and commercial options, the property features a mezzanine and lower levels, as well as 11,426 buildable square feet. Stephen Preuss of Cushman & Wakefield handled the transaction. The name of the seller was not released.
ONEONTA, N.Y. — Marcus & Millichap has brokered the sale of Clinton Plaza, a retail property located on Main Street in Oneonta. A limited liability company acquired the 44,666-square-foot property for $3.5 million. Chip Collins, Anthony Asencio, Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor. Asencio, Sgambati and Cafiero also represented the buyer in the sale. J.D. Parker, also of Marcus & Millichap, assisted in closing the transaction.
GREENFIELD, WIS. — HSA Commercial Real Estate has acquired a Barnes & Noble center consisting of two buildings for an undisclosed price. The center is located at 4935 76th St. in Greenfield, which is about 10 miles southwest from downtown Milwaukee. The shopping center consists of a 36,000-square-foot freestanding Barnes & Noble store and a 9,029-square-foot multi-tenant building. Tenants in the second building include Verizon Wireless, Print Graphix, Fox World Travel and Lady Jane’s Haircuts. Robert Mahoney and Christian Williams of CBRE represented the seller, Sun Life Financial. HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing.
CORAL SPRINGS, FLA. — Continental Realty Corp. has purchased Cypress Run Marketplace, an 85,000-square-foot retail center located at 10599-10667 W. Atlantic Blvd. in Coral Springs, for $13.6 million. Continental Realty purchased the asset from Game Properties Inc. on behalf of Continental Realty Fund IV LP, a value-add retail and multifamily fund. This was the second acquisition for the fund. Anchored by Walmart Neighborhood Market, the shopping center was 79 percent leased at the time of sale. Continental Realty has tapped Aileen Messinger of Katz & Associates to lease the center. Dave Donnellan and Dennis Carson of CBRE represented the seller in the transaction.