MIDDLETON, WIS. — ALTUS Commercial Real Estate Inc. has arranged the lease of 3,263 square feet of retail/office space in Middleton, a northwestern suburb of Madison. The property is located at 6301 University St. Dr. Joe Cristoforo and Dr. Ken Neidhart have joined together to create The Center for Periodontics & Dental Implants Clinic, which will serve at this new location. The practice is set to open in March. Jeff Jansen represented the landlord in the transaction.
ORLANDO, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Rosemont Plaza, a 99,103-square-foot shopping center located at 5800 N. Orange Blossom Trail in Orlando. The property was 79 percent occupied at the time of sale to tenants such as dd’s Discounts, Save-A-Lot, Dollar Tree and Hungry Howies. Douglas Mandel and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale office represented the seller, an affiliate of Ram Realty Services, in the transaction. Jason Yukins, also with Marcus & Millichap’s Fort Lauderdale office, secured and represented the buyer, a partnership based in Opa Locka, Fla.
WESTPORT, CONN. — GHP Office Realty LLC has acquired a retail shopping center located at 20 Saugatuck Ave. in Westport for an undisclosed price. The 19,000-square-foot center was vacant at the time of sale. The buyer has a $2 million capital improvement program slated for the property to redevelop it into a Class A multi-tenant shopping center. Upgrades will include installation of a new modern glass façade, awning and signage; installation of new mechanicals and gas service; new landscaping; resurfacing and re-striping of the parking lot; and resurfacing the roof. Additional terms of the transaction were not released. GHP Office Realty is a division of Houlihan-Parnes Realtors LLC.
SAN DIEGO – Girard Plaza and the Ralph Lauren building in La Jolla have sold to RCB Ranch for a total of $26.5 million. The buildings are located at 7833-7851 Girard Ave. and 7830 Girard Ave., respectively. Girard Plaza was originally built in 1950. Tenants include Banana Republic, Lululemon Athletica, Gap, Girard Gourmet and Kore Pilates. The Ralph Lauren building was also built in 1950. It has been continuously occupied by Ralph Lauren since the early 1990s. RCB was represented by Sean Doyle of Mexico Retail Advisors. The seller, Pogapana, was represented by Brian Quinn of Flocke & Avoyer Commercial Real Estate.
SAN DIEGO – Breeze Hill Commercial Center, a 17,855-square-foot retail center in Vista, has sold to Gershman Properties for $10.2 million. The center is located at 620 Hacienda Drive and 251 S. Melrose Drive. It is fully occupied by eight tenants, including Starbucks, FedEx, Jersey Mike’s, Rubio’s, Pick Up Stix, Nutrition Zone and Ohana Hawaiian BBQ. The 1031 exchange buyer was represented by David Lachoff of Newmark Knight Grubb Frank. The seller, Breeze Hill Commercial Center, was represented by Rick Chichester and Nicholas Coo of Faris Lee Investments.
DOWNERS GROVE, ILL. — Adelphia Properties has brokered the $450,000 sale of a 5,000-square-foot freestanding retail building in Downers Grove. The property, which formerly housed Play It Again Sports, is located at 1628 Ogden Ave. George Spirrison and Simeon Spirrison of Adelphia Properties represented the seller, a private investor. Another private investor purchased the property at its full list price.
ST. ROBERT, MO. — L3 Corp. has arranged the lease of a 10,000-square-foot retail building in St. Robert, 32 miles northeast of Lebanon, Mo. Dollar Tree will occupy space within Liberty Commons located at Liberty Drive. The landlord is American Realty and Development LLC. L3 Corp. represented the tenant in the transaction.
VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the $2.5 million sale of a freestanding retail strip center located at 5824 Northampton Blvd. in Virginia Beach. Boulevard CAF Associates LLP purchased the 7,011-square-foot, Starbucks-anchored property from Megalo LLC. Dean Martin of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.
There are many opportunities for Orange County tenants and landlords in this ever-evolving region of more than 3 million residents. The county’s unemployment rate was 6.2 percent in 2013, compared to the nationwide rate of 7.3 percent. Homeowners have also prospered over the past two years as Orange County home values rose a whopping 25.8 percent on average in 2013. The median home price is a stout $560,000 and climbing. What does this spell? Opportunity – for businesses, jobs and investors. Tenants are back full throttle with expansion plans for the Southern California basin. The big issue tenants and developers will have to face is a lack of available entitled land where they can construct and occupy a retail strip center or single-tenant restaurant. Tight governmental regulation and healthy city development fee structures can drive the costs of development too high, thereby stunting development growth. Conversely, if you currently own property, the prospects for continued yield growth are promising due to the lack of supply and a global “uber appetite” to own California commercial real estate. We will see a tremendous transition of generational wealth over the next five years, the magnitude of which we have not seen before. This …
LA QUINTA, CALIF. – Komar Desert Center, a 77,466-square-foot neighborhood retail center in La Quinta, has sold to an affiliate of Capital Square Realty Advisors for an undisclosed sum. The center is located at 79705-79845 Highway 111. It is 95 percent leased to tenants like Starbucks, BevMo!, Burgers and Beer, Toda Moda, Souplantation, Panda Express and Mimi’s Café. It is shadow anchored by Costco. The seller, AEW Capital Management, was represented by HFF’s Ryan Gallagher and CJ Osbrink.