HOUSTON — Lone Star PACE has provided $15 million in C-PACE financing for a 53,000-square-foot retail property located within The Allen mixed-use development near downtown Houston. Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. Locally based developer DC Partners owns The Allen. C-PACE (commercial property-assessed clean energy) financing allows commercial borrowers to obtain favorable loan terms in exchange for implementing eco-friendly devices and initiatives at their properties.
TOMBALL, TEXAS — Black Bear Diner will open a 5,250-square-foot restaurant at the intersection of State Highway 249 and the Grand Parkway in the northwestern Houston suburb of Tomball. Andrew Alvis represented the landlord, NewQuest Properties, in the lease negotiations on an internal basis. Matt Parsons of JLL represented the tenant. A tentative opening date was not disclosed.
NEW YORK CITY — Room 11 Hospitality has signed a 23,000-square-foot retail lease in Brooklyn’s Williamsburg district. The space at 25 Kent, a 511,000-square-foot mixed-use building, will be an event and catering venue for Room 11 affiliate La Sirena Events. Sam Seiler and Joe Whitten Morris of JLL represented the landlord, Rubenstein Partners, in the lease negotiations. Seiler also represented the tenant in conjunction with Joseph Sipala of JLL. The venue is scheduled to open next spring.
RICHMOND, CALIF. — Primestor Development has acquired Hilltop Plaza, a 245,921-square-foot retail center situated on 59 acres in Richmond, roughly 18 miles outside San Francisco. An undisclosed seller sold the property for $36.5 million. Tenants at the center, which was 88 percent occupied at the time of sale, include Ross Dress for Less, City Sports Club, dd’s Discounts and Century Theatres. Geoff Tranchina, Eric Kathrein, Gleb Lvovich and Warren McClean of JLL represented both the buyer and seller in the transaction.
SANTA MONICA, CALIF. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties Ltd., has arranged the sale of a retail property at 2031-2037 Wilshire Blvd. in Santa Monica. Auerbach Realty Holdings sold the asset to Cypress Equity Investments for $7 million, or $2,222 per square foot. Situated on a 6,970-square-foot parcel, the shopping center offers 3,149 square feet of retail space. CEI owns the adjacent properties at 2025 Wilshire Blvd. and 1152 21st St., and this purchase will create a 25,457-square-foot assemblage. As part of the sale process, and in anticipation of the parcel’s imminent redevelopment, the Kennedy Wilson Brokerage team also assisted in the future relocation of Noma Sushi, a neighborhood restaurant that opened at the property in 1982. Ed Sachse and Christine Deschaine of Kennedy Wilson Brokerage represented the seller in the off-market transaction.
LOUISVILLE, KY. — Seattle-based specialty outdoor retailer REI Co-op will open its first store in Kentucky this fall in Louisville. The new 31,100-square-foot store will be located at Paddock Shops, a 353,665-square-foot open-air shopping center owned by CBRE Investment Management and Fairbourne Properties. Situated in the city’s northeast corridor just off I-265 and I-71, the store will offer a wide assortment of outdoor gear and apparel and feature a full-service bike shop, buy online-pickup in store (BOPIS) options and curbside pickup service. The closest REI stores are in Cincinnati (95 miles away, opened 2012); Castleton, Ind. (130 miles away, opened 2012); Beavercreek, Ohio (150 miles away, opened 2024); Brentwood, Tenn. (196 miles, opened 1999); and Knoxville, Tenn. (243 miles away, opened 2014).
SOMERSET, KY. — NAI Isaac has signed Ace Hardware to a 14,000-square-foot lease at Tradewinds Shopping Center, a retail property located at 370 S. Highway 27 in Somerset, about 75 miles south of Lexington, Ky. According to LoopNet Inc., the 144,000-square-foot shopping center was built in 1966 and is located on a 15-acre site. Paul Ray Smith Jr. and Zach Smith of NAI Isaac represented Ace Hardware in the lease negotiations. The landlord was not disclosed.
MAGNOLIA, TEXAS — Lowe’s Home Improvement will open a 94,000-square-foot store in the northwestern Houston suburb of Magnolia. The North Carolina-based retailer acquired 10 acres at the corner of FM 1488 and Spur 149 for the store, which will be part of a larger 60-acre retail development known as Magnolia Village. Gulf Coast Commercial is the master developer of Magnolia Village. Construction of the store is scheduled to begin later this year and to be complete in 2025. Parkside Capital sold the land to Lowe’s for an undisclosed price.
LAGRANGE, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built store located at 2100 Vernon St. in LaGrange, about 68 miles southwest of Atlanta via I-85. The 2,500-square-foot store is net-leased to Starbucks, which has 10 years of term remaining on the lease. A local investment firm purchased the store from an unnamed developer for an undisclosed price. “Despite the surplus of Starbucks inventory on the market and limited buyer pool, we were able to source a local 1031 cash buyer and trade close to list price,” says Don McMinn of the Taylor McMinn Retail Group, who represented the seller in the transaction. Delivered earlier this year, the Starbucks store is an outparcel to a Publix-anchored shopping center that also features a Chick-fil-A outparcel. The Taylor McMinn Retail Group arranged the sales of both the Publix and Chick-fil-A locations previously.
ESCONDIDO, CALIF. — Cavalier Investments, a Colorado-based investor, has completed the disposition of Citrus Strip Center, a retail property in Escondido, approximately 35 miles north of San Diego. Eiad and Vera H Family Trust acquired the asset for $6.2 million. Located at 2315-41 E. Valley Parkway, the 27,310-square-foot retail center features 16 suites and two kiosks that are occupied by restaurants, professional services, beauty and fitness retailers, and a laundromat. Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.