Retail

CBRE Negotiates $31.8M Sale of 110,620 SF McCalla Centre in Santa Ana

by Nellie Day December 14, 2015

SANTA ANA, CALIF. — CBRE has negotiated the sale of McCalla Centre, a 110,620-square-foot neighborhood shopping center in Santa Ana. A San Diego-based private real estate investment fund manager acquired the property from an Orange County, Calif.-based private investor for $31.8 million, representing a 3.76 percent cap rate on high occupancy. Situated on 8.7 acres at 230 N. Harbor Blvd., the center was 97 percent occupied at the time of closing. Anchor tenants include Northgate Market and CVS/pharmacy. Philip Voorhees, James Slusher, Megan Wood, Brad Rable, Matt Burson and John Read of CRBE represented the seller and the buyer in the transaction.

December 14, 2015

California Retail Western

Harridge Development Acquires Wilshire Galleria in LA’s Koreatown

by Nellie Day December 14, 2015

LOS ANGELES — Harridge Development Group has acquired Wilshire Galleria, a 138,000-square-foot retail building located at 3240 Wilshire Blvd. in Los Angeles’ Koreatown district. NEWKOA LLC sold the property for an undisclosed price. Situated on 2.1 acres, the five-story former I-Magnin & Co. building is located on the southeast corner of Wilshire Boulevard and New Hampshire Avenue. Johnny Choi of CBRE, along with Curtis Palmer and Anthony Muhlstein of ARA Newmark, represented the buyer in the transaction.

December 14, 2015

California Retail Western

Marcus & Millichap Arranges $10.9M Sale of Retail Property in Fullerton

by Nellie Day December 14, 2015

FULLERTON, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 101 N. Harbor Blvd. in Fullerton for $10.9 million, or $858 per square foot. Bolü Bakery & Café, Salon Technique and Fuoco Pizzeria Napoletana occupy the 12,765-square-foot, absolute-net leased property. It was built in 1956 and refurbished with an extensive rebuild and retrofit in 2010. Paul Bitoni of Marcus & Millichap’s Newport Beach, Calif., office represented the seller, a local developer, in the transaction. The name of the buyer was not released.

December 14, 2015

Mixed-Use Multifamily Office Retail Texas

Thor Equities Completes Residential Mat Foundation Pour At Kirby Collection

by Haisten Willis December 14, 2015

HOUSTON — Thor Equities has completed the residential mat foundation pour at Kirby Collection, a new mixed-use development at 3200 Kirby Drive in Houston. The foundation is seven feet thick and consists of 6,000 cubic yards of concrete with 500 tons of rebar. The continuous pour took eight hours to complete and involved 150 dedicated trucks, six pump trucks and more than 200 workers. The team involved in the mat pour included general contractor E.E. Reed Construction, Keystone Structural Concrete, Campbell Concrete & Materials, ECS Texas, HiTech Electric, Schnabel Foundation Company and developer Thor Equities. Located in the Upper Kirby District near Houston’s River Oaks neighborhood, the 1 million-square-foot project will feature a 25-story, 385,000-square-foot residential tower with 199 apartments including seven two-story townhomes, and seven two-story loft spaces with private yards. The residences will overlook a deck with more than an acre of landscaped amenities including a pool with cabanas, fire pits and a bar area. The penthouse level will feature a Skyview Suite available to all residents, offering a chef’s kitchen and views of the Houston skyline. Kirby Collection’s 13-story, 210,000-square-foot Class A office building is located near the Galleria/Uptown District, Greenway Plaza and the Texas Medical Center. …

December 14, 2015

Retail Texas

M&M Arranges Sale of 22,147 SF Retail Property in Metro Houston

by Haisten Willis December 14, 2015

KINGWOOD, TEXAS — Marcus & Millichap has arranged the sale of The Commons at Kings Crossing, a 22,147-square-foot retail property located in Kingwood. Gus Lagos and Nik Kapetanakis of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Kapetanakis and Lagos also secured the buyer, another limited liability company. The Commons at Kings Crossing is located on West Lake Houston Parkway.

December 14, 2015

North Carolina Retail Southeast

Baum Realty Group Arranges $7.6M Sale of Single-Tenant Walgreens in North Carolina

by John Nelson December 14, 2015

DENVER, N.C. — Baum Realty Group has arranged the $7.6 million sale of a single-tenant net-leased Walgreens located in Denver, roughly 26 miles north of Charlotte. Patrick Forkin and Brad Teitelbaum of Baum Realty represented the buyer, a private international investor, in the transaction. The seller was a private East Coast developer. Walgreens has a 20-year lease at the store, with rental increases every 10 years.

December 14, 2015

Midwest Ohio Retail

Cooper Commercial Arranges $2.3M Sale of 116,843 SF Retail Center In Akron, Ohio

by Christina Cannon December 14, 2015

AKRON, OHIO — The Cooper Commercial Investment Group has arranged the $2.3 million sale of Chapel Hill Crossing, a 116,843-square-foot retail center in Akron. Tenants at Chapel Hill Crossing, located about 40 miles south of Cleveland, include Gold’s Gym and Roses Discount Store. Bob Havasi and Dan Cooper of Copper Commercial represented the seller in the transaction, a large institutional group based in Tennessee. The undisclosed private investment buyer is based in Texas.

December 14, 2015

North Carolina Retail Southeast

Lincoln Harris Arranges Two Retail Leases for Phase II of Patterson Place in Durham

by John Nelson December 14, 2015

DURHAM, N.C. — Lincoln Harris has arranged two retail leases that will kick off new construction at Phase II of Patterson Place, a mixed-use property located at 5324 McFarland Drive in Durham. Kaler Walker and John Mikels of Lincoln Harris’ Raleigh office represented the landlord, BP Phase2 LLC, in both transactions. The deals included Blaze Pizza signing a 2,650-square-foot lease and Phenix Salon Suites signing a 3,842-square-foot lease. Additionally, Laboratory Corp. of America has signed a 1,545-square-foot lease at an existing medical office building in the development. Existing tenants include Moe’s Southwest Grill, Applebee’s, AT&T, Five Guys Burgers and Fries and Duke Medicine.

December 14, 2015

California Retail Western

Lucky Supermarkets and EVgo Open Nation’s Largest Public EV Fast Charging Site

by Nellie Day December 11, 2015

FREMONT, CALIF. — The 100th EVgo Freedom Station in California is now open and is the nation’s largest publicly available, multi-standard fast charging site. Located in the strongest electric vehicle (EV) adoption area of the country, the Lucky Fremont location features four 50kW DC Fast Chargers equipped with CHAdeMO and DC Fast Combo; the station is also pre-wired for as many as four more chargers, which can be added in just days as demand requires. DC Fast Charging allows most EVs to get a nearly full charge in less than 30 minutes. EVgo has now completed 103 charging locations in California and has another 28 in the construction and permitting process. Nationwide, EVgo operates 500 Freedom Stations with more DC Fast Chargers than all other public providers combined.

December 11, 2015

California Loans Retail Western

Continental Funding Arranges $9.4M Acquisition Loan for Shopping Center in California

by Nellie Day December 11, 2015

PALMDALE, CALIF. — Continental Funding Group has arranged $9.4 million in acquisition financing for the purchase of 10 West Plaza, an unanchored shopping center in Palmdale. The 10-year, fixed-rate non-recourse loan, which was 75 percent of the purchase price, was provided by a conduit lender and includes two years of interest-only payments. Built in 2008, the 54,988-square-foot property was fully occupied at the time of sale. J.M. Grimaldi and Zalmi Klyne of Continental Funding Group represented the undisclosed borrower in the financing transaction.

December 11, 2015

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