LOS ANGELES – Jersey Mike’s Subs has signed three leases in the Los Angeles area. The fast-casual sandwich chain will open a 1,200-square-foot location at 801 Hope Street in Downtown Los Angeles; a 1,200-square-foot space at 1603 Wilshire Blvd. in MacArthur Park; and a 1,700-square-foot restaurant at 1197 E. Los Angeles Ave. in Simi Valley. The leases were executed by Michael Pakravan of Kennedy Wilson’s Brokerage Group. The firm has been hired to represent Jersey Mike’s Subs in its expansion efforts throughout Greater Los Angeles. The chain is specifically targeting Sherman Oaks, Studio City, Granada Hills, Los Feliz – Silver Lake, Echo Park, Burbank, Toluca Lake and Glendale.
GILBERT, ARIZ. – Val Vista Square, an 8,400-square-foot shopping center in Gilbert, has sold to Roebbelen Investors 1 LP for $3.6 million. The center is located at SWC Pecos Road and the Loop 202 Freeway, within the San Tan Mall trade area. The fully leased property is shadow anchored by WinCo Foods. Ed Beeh, Sean Thomas and Brian Polachek of SRS represented both the buyer and seller, Kornwasser Shopping Center Properties, in this transaction.
WEATHERFORD, TEXAS — Jada Jordan of BMC Capital’s St. Louis office has arranged a $1.8 million acquisition loan for an Olive Garden location in Weatherford. The loan featured a 50 percent loan-to-value ratio, a 10-year fixed interest rate of 4.2 percent and a 25-year amortization schedule. The loan was arranged through one of BMC’s correspondent bank relationships.
SAN FRANCISCO — A joint venture between Trumark Urban and Hillwood West has received a $48 million senior loan for a ground-up condo and retail development in San Francisco. The new project will be located at 645 Texas Street in the Dogpatch/East Potrero Hill neighborhood near the city’s downtown. The development will contain 91 condo units, 625 square feet of ground-floor retail and 67 subterranean parking stalls. The condo units will include one- and two-bedroom units, as well as three-bedroom penthouses. Construction is slated to commence this summer, with completion scheduled for late next year. The infill site currently contains two vacant warehouse buildings that will be demolished. The site will have direct access to Interstate 280, the 22nd Street Caltrain, the 3rd Street T-Line Muni, Espirit Park and the future Pier 70 waterfront development. Major employers in the area include UCSF Medical Center, Uber and Old Navy, which all maintain campuses about a mile north of the property. The senior loan was provided by PCCP LLC.
LOS ANGELES — JH Real Estate Partners has acquired the 60,930-square-foot retail portion of NoHo Commons in the Los Angeles submarket of North Hollywood for $43 million. The center is located at 5300 Lankershim Blvd. The retail space is almost fully leased. Notable tenants include 24 Hour Fitness, Coffee Bean & Tea Leaf, Daphne’s California Greek, Panera Bread, Panda Express, Wells Fargo, Fish Dish and Big Wangs. NoHo Commons also includes apartment units and lofts that were developed by JH Snyder Co. in 2004. How’s Grocery was the anchor at this time. It was later replaced with 24 Hour Fitness. The property is situated across the street from the Magnolia/Lankershim Red Line Metro Station. JH Real Estate Partners was represented by Jim Fisher, Mike Smith and Cory Stehr of Lee & Associates. The seller, Redrock Noho Retail LLC, was represented by CBRE’s Curtis Palmer. Fisher and Smith also recently assisted the buyer with the $481.2 million disposition of a 14-building Southern California multifamily portfolio. The Noho Commons acquisition is part of JH Real Estate’s ongoing portfolio repositioning that has the firm transitioning into retail holdings.
FRANKLIN, TENN. — CBL & Associates Properties Inc. has completed the redevelopment of CoolSprings Galleria, a 1.1 million-square-foot super-regional shopping development in Franklin, a suburb of Nashville. The property’s tenant roster includes The Apple Store, Ann Taylor, J. Crew and Pottery Barn and its anchor tenants are Belk, Dillard’s, JC Penney and Macy’s. CBL & Associates redeveloped the former Sears store to make way for new retailers and restaurants. Retailers now open as part of the redevelopment include American Girl, H&M and A’Gaci. These new stores join Belk Men’s & Kid’s store, which opened in March, and The Cheesecake Factory, which opened in November 2014. The development’s new restaurants coming this year include Connors Steak & Seafood, Kona Grill and King’s, a boutique bowling and entertainment venue. The new retailers coming this summer and fall include Ulta Beauty, the renovated Belk’s Women’s & Home store, Zumiez, Tilly’s and Windsor Fashions. Sephora opened in early May.
GLEN ALLEN, VA. — InvenTrust Properties Corp., a self-managed REIT, has purchased Westpark Shopping Center, a 176,935-square-foot shopping center located in the Richmond suburb of Glen Allen, for $33.8 million. The grocery-anchored property was 95 percent leased at the time of sale to tenants such as Martin’s, Christmas Tree Shops, The Tile Shop and Victory Lady Fitness Centers. The four largest tenants have an average 6.9 years remaining on their lease terms. Since 2011, the property has received $1.4 million in capital improvements.
MIAMI — Aztec Group Inc. has secured $18.6 million in financing for Sedano’s Plaza at Lakes on the Green, a 129,000-square-foot shopping center in Miami that features a standalone three-story office building. A 37,000-square-foot Sedano’s Supermarket anchors the shopping center. The retail component and office outparcel were developed in 2006 and 2010, respectively. The property is currently 85 percent occupied, with tenants including Carrabba’s Italian Grill, Sherwin-Williams and Vicky Bakery. Starwood Mortgage Capital provided financing. Terms of the 10-year facility include a 75 percent loan-to-value ratio, a 30-year amortization schedule, several years of interest-only payments and a fixed interest rate.
INDEPENDENCE, MO. — The Boulder Group has arranged the sale of a single-tenant Walgreens property located at 2261 S. Sterling Ave. in Independence. A high-net-worth investor based in Miami acquired the 18,000-square-foot property for $4.6 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based institution, and the buyer in the transaction.
NEW YORK CITY — CPEX has brokered the sale of a mixed-use property located at 173 Court St. in New York City’s Cobble Hill historic district. The property sold for $5.25 million, or $1,129 per square foot. The four-story building features approximately 2,000 square feet of commercial space and 3,000 square feet of residential space. Timothy King, Keat Chew and Ryan Condren of CPEX represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.