ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Chase Motor Bank, a net leased property located in Arlington. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Chase Motor Bank is located at 745 W. Lamar Blvd. The property has a corporate guarantee from JPMorgan Chase Bank. The tenant recently exercised a three-year lease extension to coincide with the lease expiration date of the adjacent Chase Banking Center. There are 10 years remaining on the term, with two, five-year options for renewal. The motor bank was constructed in 1982 and served as a motor bank to The American Bank of Arlington, which was later acquired by Chase. The lot size is 30,100 square feet.
VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased three Food Lion-anchored shopping centers in North Carolina for $15.3 million. Wheeler REIT purchased the centers at roughly $89.38 per square foot using a combination of cash and debt. The properties include the 50,000-square-foot Cardinal Plaza in Henderson, the 65,336-square-foot Franklinton Square in Franklinton and the 56,100-square-foot Nashville Commons in Nashville. The sellers in all three transactions were entities controlled by members of the Barnett family.
HAYWARD, CALIF. — DTZ has arranged the $32.5 million sale of Jackson Square, a 114,220-square-foot retail center located in Hayward in the San Francisco Bay area. ROIC California LLC, a subsidiary of Retail Opportunity Investments Corp., acquired the center. Dan Wald, Eric Kathrein and Justin Sharp of DTZ represented the seller, Terramar Retail Centers LLC, in the transaction. Safeway, CVS/pharmacy and 24 Hour Fitness anchor the center, with a tenant roster including Starbucks Coffee, Chase Bank, Round Table Pizza and Patelco Credit Union.
CARLSBAD, CALIF. — Linwood Ventures’ La Costa Towne Center, a 123,000-square-foot shopping center located in Carlsbad, is undergoing a $15 million renovation and will be renamed The Beacon La Costa. Beginning in fall, changes will include a complete renovation of the anchor building, façade enhancements and upgrades to the project’s parking and common areas including new parklets and outdoor dining terraces. Equinox will occupy the 31,000-square-foot anchor space once occupied by Vons grocery store.
SAN DIEGO — U.S. Property Trust has acquired Sycamore Terrace, a 10,578-square-foot shopping center in the San Diego submarket of Vista, for an undisclosed sum. The center is located at 320 Sycamore Ave. It is anchored by Target. Other notable tenants at Sycamore Terrace include Panda Express, Sprint, Pacific Dental and the U.S. Army, among others. CBRE brokered the sale.
LAS VEGAS — DTZ has arranged the $19.7 million sale of Cheyenne Point Shopping Center, a 93,901-square-foot center located in Las Vegas. Ryan Schubert and Michael Hackett of DTZ represented the seller, an entity formed by Sarofim Realty Advisors, in the transaction. Calabasas, Calif.-based Medford Capital LLC acquired the property. Tenants at the center include anchor Mariana’s Supermarket, Dollar Tree, Gen X Clothing, Rainbow, CiCi’s Pizza, T-Mobile, Taco Bell and Subway.
NATIONAL CITY, CALIF. — Marcus & Millichap has arranged the $14.87 million sale of National City Plaza, an 84,230-square-foot, grocery-anchored center located in National City just south of San Diego. Matt LoPiccolo of Marcus & Millichap represented the seller and procured the buyer in the transaction. Tenants include Diego Valley Public Charter, Dollar Tree and Wrigley’s Supermarket.
LAS VEGAS — DTZ has arranged the $15 million sale of Alamosa Plaza, a 77,650-square-foot shopping center located in Las Vegas. Ryan Schubert and Michael Hackett of DTZ represented the seller, Pan Pacific (Alamosa) LLC, in the transaction. RPM Investments Inc. purchased the center, which was 90.5 percent leased at the time of sale to eight tenants including anchor Albertsons. Dan Adamson of Las Vegas-based ROI Commercial Real Estate assisted DTZ during the transaction.
PHOENIX — Primestor Development has begun major renovations at Palm Glen Shopping Center, a 177,754-square-foot shopping center anchored by Food City and Wells Fargo in Phoenix. Renovations will include remodeling the façade of the entire center; renovating interiors, site work and anchor spaces; the application of a new contemporary design; a new branding campaign; and increased lighting, landscaping, tower elements, site amenities and signage. The renovation will be completed in the fourth quarter of 2015. Tenants at the center include Dollar Tree, Aaron Rents, Little Caesar’s Pizza, Modlo Dance Hall, Liberty Tax and Title Max.
RIVERSIDE, CALIF. — Faris Lee Investments has arranged the $13 million sale of Tyler Village, a 91,498-square-foot neighborhood retail center located in Riverside. Donald MacLellan and Chris Tramontano of Faris Lee represented the seller, a private investor from Northern California, as well as the buyer, a private investment partnership from Southern California, in the transaction. The center was 78 percent occupied at the time of sale.