HENDERSON, NEV. — GK Development Inc. has acquired Lake Mead Crossing, a 407,000-square-foot shopping center located in Henderson, for $42.8 million. The center is approximately 85 percent leased to tenants including Target, Ross Dress for Less, Big Lots, PetSmart, Marshalls, Ulta Beauty and Staples. Las Vegas-based Juliet Realty LLC will manage and lease the shopping center. Eastdil Secured represented the seller, Lake Mead Crossing LLC, in the transaction. Nevada State Bank and Wintrust Community Bank provided financing.
SAN MARCOS, CALIF. — Halimeh Hamideh has leased 1,142 square feet of restaurant space at 133 N. Twin Oaks Valley Road in San Marcos. The lessee plans to open a Pita’s Mediterranean Grill at the location within San Marcos Civic Center Plaza. The five-year lease has a $189,166 consideration. Bill Thaxton of Flocke & Avoyer Commercial Real Estate represented the lessor in the transaction. The lessee was self-represented.
SUNSET HILLS, MO. — A joint venture between Sansone Group and AIMS Real Estate has purchased two retail centers in Sunset Hills, a southwestern suburb of St. Louis, for an undisclosed price. The Plaza at Sunset Hills and Shoppes at Sunset Hills are both located at the intersection of South Lindberg Boulevard and Watson Road and total 450,000 square feet. Sansone Group originally developed the properties, which were completed in 1996 and 1997. DDR Corp. purchased the centers in 1998 and recently sold them to the joint venture. Tenants at Plaza at Sunset Hills include Home Depot, Bed Bath & Beyond, Marshalls, Party City, Stein Mart, Old Navy, PetSmart, David’s Bridal, Panera Bread, Chick-fil-A, Five Below and Dobb’s Tire & Auto. Tenants at the Shoppes at Sunset Hills include Toys “R” Us, Ross Dress for Less, The Tile Shop and Longhorn Steakhouse. Sansone Group will manage and lease the centers. AIMS Real Estate is a business unit within Goldman Sachs Asset Management. Both parties were self-represented in the transaction.
While demand for all types of retail product has been strong over the past few years, investors continue to have a strong appetite for Boston area grocery-anchored shopping centers in 2015 despite meaningful changes to the food distribution industry. The competitive landscape for traditional supermarkets is evolving as value-oriented grocers such as Market Basket, Walmart, Trader Joe’s, Aldi, and Save-A-Lot lure away price-conscious customers, while service-oriented formats such as Wegmans, Whole Foods and Roche Brothers are expanding and gaining market share with more affluent customers. These chains achieve success by targeting the low- and high-end niches of the market. According to IBISWorld, the online grocery sales industry is projected to increase approximately 9.5 percent annually to become a $9.4 billion industry by 2017. Companies such as Amazon and Walmart are increasing their capabilities for selling food and beverages online, and Ahold’s Peapod service continues to expand in an effort to maintain its position as the leading Internet grocer. The food distribution industry has been further saturated by big-box retailers and national pharmacy chains offering a growing selection of packaged goods and dairy products. These non-traditional grocers and e-commerce providers derive much of their profits from non-food items, allowing them to …
GROVE, JENKS AND BIXBY, OKLA. — Sands Investment Group (SIG), a net lease firm, has arranged the sale of a portfolio of three grocery stores located in Oklahoma, including a Harps in Grove, a Reasor’s in Jenks and a Reasor’s in Bixby. Dan Hoogesteger and Andrew Chana of SIG’s Santa Monica, Calif., office represented the seller in all three transactions to the buyer, Ladder Capital Finance LLC. The triple net sales include the $5.03 million sale of a 31,500-square-foot Harps grocery store located at 1310 S. Main St. in the Harbor Point Shopping Center in Grove. Sold by WHLR-HPA-1 LLC, the Harps transaction was completed at a cap rate of 7.25 percent. The second transaction was the $12.16 million sale of an 81,000-square-foot Reasor’s grocery store located at 446 S. Elm St. in Jenks. Sold by WHLR JENKS LLC, the Reasor’s sale was completed at a cap rate of 7.5 percent. The final deal was the $10.97 million sale of a 74,889-square-foot Reasor’s grocery store located at 11116 S. Memorial Drive in Bixby. Sold by WHLR-BIXBY COMMONS LLC, the Reasor’s sale was completed at a cap rate of 7 percent. All three grocery stores were built in 2012 and have 17 …
HEMET, CALIF. — Hanley Investment Group has arranged the sale of Hemet Plaza, a shopping center located in Hemet east of Los Angeles. A Santa Ana-based private investor acquired the property for $5.5 million, representing a 6.3 percent cap rate. Situated on four acres, the property is occupied by Big Lots, True Value, Farmers Insurance, Jackson Hewitt Tax Services, Rent-A-Center, Metro PCS and U.S. Postal Service. The six-building center, which was built in 1985, was 71 percent occupied at the time of sale. Pat Kent of Hanley Investment Group represented both the seller, a private investor based in Tucson, Ariz., and the buyer in the transaction.
LOS ANGELES — Avison Young has brokered a 10-year lease for 7,600 square feet of restaurant space at 1000 S. Olive St. within the South Park submarket of downtown Los Angeles. PSP Investment Group leased the space to Bar Mikkeller. The tenant is planning a total renovation of the site with a grand opening slated for early fall 2016. Bar Mikkeller, which has locations in Copenhagen, Denmark; San Francisco; Bangkok; Stockholm; Reykjavik, Iceland; Seoul, South Korea; and Tokyo, offers craft beer. Derrick Moore and Amit Parekh of Avison Young represented the landlord and tenant in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a block-front development site at 286-298 and 300-306 Wythe Ave. in the Williamsburg section of Brooklyn. Tri-Boro Shelving & Partition Corp. sold the site to Brooklyn-based North Development Group for $27 million. The site consists of two contiguous lots that together can support construction of up to approximately 51,200 buildable square feet of residential or commercial space with a community facility. Current zoning for the properties allows for residential and commercial development. Nicole Rabinowitsch and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.
HAMILTON TOWNSHIP, N.J. — Houlihan-Parnes Realtors has arranged an $8 million supplemental loan for Independence Plaza Shopping Center in Hamilton Township. The owners, which acquired the property earlier this year, are renovating the shopping center. Four new leases have been signed with Regal Cinemas, Sav-A-Lot Supermarket, Crunch Fitness and Ollie’s Bargain Outlet. The owners plan to fully restore the property to 100 percent occupancy after the renovations are complete. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal counsel for the owners. James Houlihan of Houlihan-Parnes Realtors secured the financing.
RAHWAY, N.J. — The Goldstein Group has arranged the sale of a 21,000-square-foot, freestanding retail building, located at 2161 Route 1 in Rahway. JRS Realty LLC sold the property to Kata Corp. for an undisclosed price. Chuck Lanyard of The Goldstein Group represented the seller in the transaction.