ASHEVILLE, N.C. — Pine Tree Commercial Realty LLC has acquired Riverbend Marketplace, a 142,617-square-foot shopping center in Asheville. Pine Tree purchased the asset in the city’s Tunnel Road Corridor in partnership with Wanxiang America Corp. Riverbend Marketplace’s tenant roster includes Kohl’s, rue 21, Great Clips, Family Christian Stores and PetSmart. The shopping center is Pine Tree’s first asset in North Carolina.
Retail
PEARL, MISS. — The Boulder Group has brokered the $2.3 million sale of a single-tenant retail property located at 1039 Centre Pointe Blvd. in Pearl, 10 miles east of downtown Jackson. The newly constructed, 20,317-square-foot property is leased to Safelite AutoGlass for 15 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Florida-based real estate investment firm, in the transaction. The seller was a real estate developer based in Texas.
KENWOOD, OHIO — Faris Lee Investments has arranged the $32 million sale of two fully occupied retail centers in Kenwood, an affluent suburb of Cincinnati. The properties, which are located across the street from each other, include Kenwood Pavilion and Kenwood City Place. Donald MacLellan, Richard Chichester, Chris DePierro and Tom Chichester of Faris Lee Investments represented the seller, a joint venture between Cincinnati-based Jeffrey R Anderson Real Estate and Kentucky-based P&P RE LLC. The team also represented the buyer, Colorado-based GDA Real Estate Services LLC, who purchased the portfolio in a 1031 tax-deferred exchange.
EDEN PRAIRIE, BLOOMINGTON, ORONO AND MOUND, MINN. — MJ Partners Real Estate Services has brokered the $22 million sale of a four-property Metro RV & Mini Storage Portfolio in Minneapolis. Metro Storage HHF Venture LLC, a joint venture between Lake Forest, Illinois-based Metro Storage and Chicago-based Heitman, purchased the properties. The portfolio consists of 208,184 rentable square feet with 1,501 storage units and 448 RV/parking spaces. The properties are located in Eden Prairie, Bloomington, Orono and Mound, Minn. The portfolio features overall occupancy of 82.2 percent for three stabilized properties, and 53 percent for the recently opened Orono property. The properties will all be rebranded as Metro Self Storage.
WILKES BARRE, PA. — Marcus & Millichap has brokered the sale of Midtown Village in downtown Wilkes Barre. A Wyoming Valley private investor acquired the 25,583-square-foot shopping center from an affiliate of Wilkes Barre-based Humford Equities. Located at 41 South Main St., the shopping center was developed in 1978. Jeff Algatt, Dean Zang and Mark Taylor of Marcus & Millichap represented the seller. Additionally, Algatt secured the buyer.
NAPLES, FLA. — HFF has arranged the sale of Crossroads Market and Neapolitan Way, two Publix-anchored shopping centers in Naples. Danny Finkle, Luis Castillo and Kimberly Flores led the HFF investment sales team that represented the seller, Madison Marquette Retail Services, in the transaction. A private real estate fund advised by Crow Holdings Capital-Real Estate purchased the two assets. Crossroads Market is located at 6029 Pine Ridge Road and is 98.4 percent leased to tenants such as Publix, Walgreens, Crunch, Physicians Regional Health Care and Chase Bank. Neapolitan Way is located at 4601 Tamiami Trail and is 92.9 percent leased to tenants including Publix, Walgreens and Bill Smith Appliances.
SAN ANTONIO & SPRING, TEXAS — The Woodmont Co. has arranged two, five-year leases with Altitude Trampoline Park for new locations in San Antonio and Spring. Joseph Williams of The Woodmont Co. represented the tenant, Altitude Trampoline Park, in both transactions. The company will occupy 27,428 square feet at Heubner Oaks Shopping Center in San Antonio and 41,000 square feet at Spring Cypress Shopping Center in Spring. Both locations are under construction and plan to open late this year.
SAN DIEGO – An 8,400-square-foot restaurant space in the San Diego submarket of Encinitas has sold to PS2 Pacific LLC for $6.5 million. The beachfront property is located at 2530 Highway 101. The buyer plans to renovate the property before opening a new restaurant at the space, which has been vacant for more than a year. The buyer also owns Pacific Coast Grill, an adjacent restaurant property. The seller, Avolencia Group LLC, originally built the property more than 40 years ago. It had no outside representation. The buyer was represented by Richard Lebert and Matt Zimsky of Colliers International.
CHICAGO — The BSC Group has arranged a total debt recapitalization, helping Florida-based iStorage replace existing loans with a new $50 million revolving credit facility. This transaction included a portfolio of 19 self-storage properties located in Ohio, Florida, New Jersey, Virginia, Georgia, Nevada and California. The new credit facility provides the borrower with additional capital to be used for general working capital purposes, as well as the future expansion of the business. The three-year loan was funded by a national bank and featured a variable rate of 2.25 percent over LIBOR with no amortization requirements and open pre-payment. The BSC Group is a Chicago-based commercial real estate financing advisor and self-storage specialist.
PEORIA, ARIZ. — Barstow Shopping Centers has acquired Peoria Marketplace, a 25,481-square-foot shopping center in Peoria, for $5.1 million. The center is located at 7521, 7549 and 7611 West Cactus Road. The property was built in two phases in 2001 and 2002. It was 91 percent occupied at the time of sale. Notable tenants include Farmers Insurance, H&R Block, Panda Express, Little Caesar’s Pizza and Subway. CBRE’s Steve Julius and Jesse Goldsmith represented both the buyer and seller, G and T Retail Properties, in this transaction.