SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Club Business Park, a 51,010-square-foot retail property located at 164-194 W. Club Center Drive and 2211 S. Hunt in San Bernardino. The asset sold for $2.8 million. Drew Wetherholt of Marcus & Millichap represented the seller and the buyer in the transaction.
DANVILLE, CALIF. — ROIC, a publicly traded REIT, has acquired Iron Horse Plaza, a grocery-anchored shopping center located at 345 Railroad Ave. in Danville. Alamo Group Iron Horse LLC sold the property for $44.5 million. The 62,000-square-foot property is occupied by Lunardi’s, Jos. A. Banks, Peet’s, Chow, Panda Express, Supercuts and Verizon. Pedro Arroyo and David Kram of Arroyo procured the buyer and represented the seller in the transaction.
SAN BERNARDINO, CALIF. — CBRE Group Inc. has brokered the sale of San Bernardino Marketplace at 263-275 E. Ninth St. in San Bernardino. A Los Angeles-based 1031 exchange buyer acquired the 58,740-square-foot neighborhood shopping center from an undisclosed Orange County, Calif.-based family partnership for $12.3 million. Built in 1983, the property was 96 percent occupied and anchored by El Super, a specialty grocer, at the time of sale. Arthur Flores of CBRE Group Inc. represented the seller and buyer in the transaction.
VICTORVILLE, CALIF. — Faris Lee Investments has brokered the sale of The Shops at Bear Valley in Victorville. A Beverly Hills, Calif.-based investment company purchased the property from Santa Barbara-based Invest West Financial for $9.8 million. Situated on 5.81 acres, the 32,023-square-foot four-building property was 95 percent occupied at the time of sale. Tenants include McDonald’s, Fitness 19, Schools First Credit Union, KinderCare and others. Shaun Riley of Faris Lee Investments represented the buyer and seller in the transaction.
SAN DIEGO — NorthMarq Capital has negotiated $6.7 million in refinancing for a portfolio of Pearl Car Washes in California. The 17,329 square-foot portfolio includes 600-602 Pearl Street in La Jolla; 215 Woodlawn Ave. in Chula Vista; 823 N. Broadway in Escondido; and 322 E. Mission Road and 2189 E. Valley Parkway in Fallbrook. The transaction was structured with a 15-year fully amortizing term. Daniel McCarthy of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with a life insurance company.
BOSTON — Affiliates of Boston-based Rockpoint Group LLC have acquired 99 Summer Street, an office and retail building located in Boston. Cornerstone Real Estate Advisers sold the 20-story property for an undisclosed price. The 270,000-square-foot Class A building was 95 percent occupied at the time of sale. The property will be managed by a Rockpoint affiliate, Rockhill Management, which provides property management and related services for investments made by Rockpoint-sponsored funds.
CINCINNATI — Cincinnati-based Phillips Edison Grocery Center REIT II Inc. has acquired three grocery-anchored shopping centers throughout Ohio and Illinois for an undisclosed price. Amherst Marketplace, anchored by Giant Eagle, is a 79,945-square-foot retail facility located in Amherst, Ohio, approximately 34 miles east of downtown Cleveland. Other tenants at the center include Get Go Gas, Monster Tan and Best Cuts. Sheffield Crossing is an 113,688-square-foot shopping center that is also anchored by Giant Eagle. The property is located in Sheffield Village, Ohio, approximately 25 miles east of downtown Cleveland. Tenants at Sheffield Crossing include Edward Jones, Great Clips, Weight Watchers and Verizon Wireless. The Shoppes at Windmill Place is located in Batavia, Ill., approximately 43 miles west of Chicago and is a 122,176-square-foot retail property. Jewel Osco anchors the center, and other tenants include Dunkin Donuts, Mattress Firm, Zano Salon, Hair Cuttery, Subway, Hallmark and GNC.
PARAMUS, N.J. — A partnership between Advance Realty and Invesco Real Estate has acquired a four-property, 244,000-square-foot retail portfolio located on Route 17 in Paramus for an undisclosed price. Three of the buildings are situated at 289-315 Route 17 South, while the fourth property is located at 60 Route 17 North. The assets on Route 17 South feature two standalone buildings that are occupied by PGA Tour Superstore and P.C. Richard & Son, while the third property is an older 72,184-square-foot office building that the buyer plans to redevelop. The 60 Route 17 North property is a 74,900-square-foot power center featuring a variety of tenants, including DSW Designer Shoe Warehouse, PetSmart and a 25,000-square-foot Staples store that will be re-tenanted. Christopher Bellapianta of Advance Realty led the joint venture partnership in the acquisition. The name of the seller was not released.
PHILADELPHIA, BOSTON AND WASHINGTON, D.C. — Modell’s Sporting Goods has acquired three new locations in major cities on the East Coast. The company has acquired 1608 Walnut St. in Philadelphia, 480 Boylston St. in Boston and 715 Seventh St. NW in Washington, D.C., from City Sports for an undisclosed price. Modell’s Sporting Goods will transition the three locations, ranging from 7,500 square feet to 9,000 square feet, from City Sports retailers in early 2016. The acquisition of these locations brings Modell’s total store count to 160 locations in 10 states.
NEW YORK CITY — The Port Authority of New York and New Jersey and The Durst Organization have announced that One World Trade Center is ending the year by reaching a major milestone of leasing 2 million square feet of Class A office space. The 1,776-foot tall tower reached this milestone with the signing of two new leases for pre-built space on the property’s 84th floor: a 12,000-square-foot transaction with SHVO, an international developer of luxury residential, hospitality and mixed-use projects; and a 10,000-square-foot lease with Juno Lab, a sharing economy venture. One World Trade Center now includes a roster of 24 tenants in a variety of business sectors, including media, technology, financial services and advertising. The landlord, The Durst Organization, was represented in-house by Karen Kuznick, along with Tara Stacom, Justin Royce, Barry Zeller, Connor Daugstrup and Peter Trivelas of Cushman & Wakefield. Elliott Warren of the Kaufman Organization represented Juno Lab in the transaction, while SHVO was represented in-house.
