HOUSTON — Houston-based Baker Katz has acquired the 30,000-square-foot former Baytown Seafood restaurant in Houston. The property is located at the intersection of I-10 East and Haden Road. Baker Katz plans to demolish the current building and construct an 8,000-square-foot property, which will be available for lease to restaurant and retail tenants.
FRESNO, TEXAS — Hunington Properties has arranged the sale of the Teal Run Plaza, a 14,920-square-foot shopping center. The property is situated on nearly two acres located at 12125 Highway 6 South in Fresno. Rafael Melara with Hunington Properties represented the unnamed seller. Stanley Madumere with Champions Real Estate represented the buyer.
BOCA RATON, FLA. — Integra Real Estate Capital has arranged a $3 million refinance of City Plaza, an 11,000-square-foot retail property located in downtown Boca Raton. Igor Goldenberg of Integra arranged the seven-year loan through an unnamed regional balance sheet lender at a fixed interest rate. The recently renovated City Plaza’s tenant roster includes Tendler Orthodontics, Little Caesars Pizza, GK BloDryBar & Salon, The Seed Coffee | Juice and G+O2 Fitness.
IRVING, TEXAS — BMC Capital has arranged a $3.2 million purchase loan for a multi-tenant retail property located in Irving. The seven-year loan includes a 4.3 percent interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. Brian Gramlich of BMC Capital’s Dallas office arranged the financing.
DALLAS — Venture Commercial Real Estate has arranged four leases on behalf of DestinationXL, a big and tall men’s clothing store. The 9,059-square-foot Dallas store is located at the southeast corner of North Central Expressway and Park Lane in the Shops at Park Lane, and will represent the first urban Dallas location for the retailer. The Arlington location spans 5,970 square feet and is located at 4245 S. Cooper St. The 6,800-square-foot Midland location is located at 2810 W. Loop 250 North in The Commons at Northpark II shopping center. The Tulsa, Okla. store, also 6,800 square feet, is located at 7020 S. Memorial Drive. Venture’s John Zikos and Jonathan Cooper represented the tenant in the four transactions. Ashley O’Malley and Jack Beard of United Commercial Realty, Mihir Mody of Mody Capital LLC, Gary Andrews of GRACO Real Estate Development and Matt Mardis of Paine & Associates represented the landlords in the transactions. The Tulsa store opened in October. The Arlington location is scheduled for a February opening, Midland is scheduled to open in March and the Dallas store is slated to open in May.
OAKLAND, CALIF. — A new food market known as Water Street Market will soon debut at Jack London Square, a mixed-use waterfront development in Oakland. The new market will be developed by Steve Carlin and the Carlin Company, in partnership with Jack London Square Ventures, a joint venture between Ellis Partners and DivcoWest. The market will be located at 55 Harrison Street. Carlin has developed similar projects in the area, including Oxbow Public Market in Napa and the Ferry Building Marketplace in San Francisco. Carlin will serve as master lessor for the 32,000 square feet on the first floor. The second floor will be renovated for additional market-related uses at a later date. The building also contains 110,000 square feet of office space spread among four upper levels. Plank, a food and entertainment venue, opened this past October at Jack London Square, while Steel Rail, a locally owned café, will open this spring. The City of Oakland also recently approved plans for 665 residential units on two parcels near the Market that will help meet the city’s growing demand for urban housing. Jack London Square is Oakland’s only publicly accessible mixed-use waterfront area. It has been a landmark along a …
NEW YORK CITY — Ariel Property Advisors has brokered two sales in Queens totaling $4.8 million. In the first transaction, the firm negotiated the sale of a development site with approved plans, located at 14-23 Broadway in Astoria, for $1.95 million. The 25-foot by 136-foot vacant lot is zoned for 13,620 buildable square feet of mixed-use or residential development. Daniel Wechsler, Michael Tortorici, Howard Raber, Marko Agbaba and Victor Sozio of Ariel Properties represented the seller and procured the buyer, both real estate investment groups, in the transaction. In the second deal, a retail site at 175-42 Hillside Ave in Jamaica sold for $2.85 million. The 100-foot by 100-foot lot includes a 2,054-square-foot building that is leased to KFC Corp. on a triple-net lease basis. Additionally, the site offers a total of 40,000 buildable square feet for future development. Tortorici, Wechsler, Agbaba and Sozio represented the seller, a real estate investment firm, and procured the buyer, a private investor, in the transaction.
MIAMI GARDENS, FLA. — Palmetto Park has broken ground on the inline space at Palmetto Gardens Plaza, a 63,000-square-foot shopping center located at 3799 N.W. 167th St. in Miami Gardens. The shopping center is anchored by Walmart Neighborhood Market. The owners of Palmetto Gardens Plaza have secured T-Mobile, Cell Phone Repair and Lee Nails as tenants. Palmetto Park expects to wrap up construction in the third quarter. Palmetto Park is a joint venture between DZD Palmetto, owned by Zvi and Daniel Shiff of DZD Holdings and Alan Macken and Andrew Verzura of VCM Builders to develop the commercial property. VCM Builders is one of several affiliates of Macken Cos.
LOS ANGELES – A 40,738-square-foot building in the Los Angeles submarket of La Mirada that is leased to 24 Hour Fitness has sold to a local private investor for $13.9 million. The building is located at 13395 Beach Blvd. It is occupied by a 24 Hour Fitness Sport facility. The space was built in 2002. It is the anchor tenant in a shopping center that also contains CVS, Jack in the Box, Max Muscle and Electric Tan. The gym has eight years remaining on its double-net lease. The buyer is expected to hold the asset long term for passive income. It also assumed existing CMBS debt that was in place at the property. The unnamed seller was represented by Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County.
LOS ANGELES – Bellflower Plaza, a 41,720-square-foot neighborhood retail center in the Los Angeles submarket of Bellflower, has sold to local private investment group for $9.2 million. The center is located at 17600 – 17620 Bellflower Blvd. It was built in 1991. Bellflower Plaza is anchored by Jack in the Box and 7-Eleven. This acquisition marks the fifth highest shopping center purchase per square foot in the Mid-Cities submarket since 2009, according to Joe Penich of Sperry Van Ness Rich Investment Real Estate Partners, who represented the buyer. The unnamed seller was represented by Andrew Awaida of Remax Optima.