BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the $29.3 million sale of a 222,000-square-foot, Class B shopping center in Bakersfield. Rosedale Village is located at Rosedale Highway and Calloway Road. Donald MacLellan, Rick Chichester, Chris DiPeierro and Tom Chichester of Faris Lee Investments represented the buyer, JH Real Estate Partners. The team also represented the seller, Standard Management. Faris Lee Investments is a retail advisory and investment sales firm.
SAN DIEGO — Solana Beach Pho Bar & Grill, a Vietnamese restaurant, has signed a 2,881-square-foot lease at 1005 Rosecrans St. in San Diego. The landlord is OliverMcMillan Rosecrans LLC. The lease is for 10 years with a consideration of $1.1 million, according to Flocke & Avoyer Commercial Real Estate. Steve Avoyer, Matt Peckham and Michael Stuhmer of Flocke & Avoyer Commercial Real Estate represented OliverMcMillan Rosecrans in the transaction. Jose Bravo of Vanguard Resource Group represented the tenant.
LAKE GENEVA, WIS. — Cohen Financial has arranged an $11 million refinancing loan for Geneva Square, a retail center in Lake Geneva. The 169,692-square-foot property is 98 percent leased and is located at Interchange N and US-12. Anchor tenants include a 50,000-square-foot Piggly Wiggly and the 63,000-square-foot Aurora Health Center, a health care provider. Don Trossman of Cohen Financial secured the fixed-rate, seven-year loan, which includes a 25-year amortization schedule. The borrower is Lake Geneva Investors LLC. Schermerhorn Commercial Real Estate of Illinois manages the property. Geneva Square was built in 1980. The current owner purchased the property in 1999. Aurora Health Center became a tenant in 2005, and the Piggly Wiggly franchisee has been a tenant in the property since it was built.
MANSFIELD, TEXAS — The Woodmont Co. has arranged a ground lease with Raising Cane’s Chicken Fingers at Mansfield Town Center. Raising Cane’s is a restaurant chain offering chicken fingers as its only main course. Raising Cane’s expects to open their 2,650-square-foot restaurant this summer. Bryan Dyer of The Woodmont Co. represented the owner of Mansfield Town Center, Kossman Development Co, in the transaction. Kevie Beard of Venture Commercial represented the unnamed tenant. Mansfield Town Center is located at the intersection of U.S. Highway 287 and Cooper Street in Tarrant County. The center is 96 percent leased and boasts more than 40 retailers.
WASHINGTON, N.C. — Wheeler Real Estate Investment Trust Inc. has entered into a contract to acquire Washington Square, a 261,566-square-foot shopping center located in Washington. The Virginia Beach, Va.-based REIT will acquire the property from a private seller in an off-market transaction for $20 million using a combination of cash and debt. Built in 1971, the shopping center is fully leased to tenants such as Piggly Wiggly, Rite Aid, Hallmark, Shoe Show and Cato Fashions. Piggly Wiggly’s lease expires in 2017 and Food Lion has executed a lease to replace the grocer.
GERMANTOWN, TENN. — SRS Real Estate Partners has brokered the $14.4 million sale of a 137,181-square-foot shopping center located at 2015 Exeter Road in Germantown, roughly 21 miles east of Memphis. Finard Germantown LLC sold the property to Farmex Rail LLC, an affiliate of DNA Partners LLC. Hobby Lobby and Bed Bath & Beyond anchor the shopping center. Kyle Stonis and Pierce Mayson of SRS Real Estate’s Atlanta office represented the seller in the transaction. The buyer didn’t have representation in the transaction.
SEMINOLE, FLA. — Phillips Edison Grocery Center REIT II Inc. has purchased Oakhurst Plaza, a 51,740-square-foot shopping center located at 9201-9394 Oakhurst Road in Seminole, for $6.3 million. Seminole is a town located in the Tampa Bay metro area. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, One Bayshore LLC, in the transaction. Ben McLeish of Colliers’ Tampa Bay office recently arranged two retail leases at the Publix-anchored shopping center on behalf of the seller — Hope N Love Animal Hospital and Westshore Pizza. Through its sponsored funds, Phillips Edison & Co. owns and operates 36 shopping centers in Florida, most of which are anchored by Publix.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a retail property located at 3860 East Tremont Ave. in the Throgs Neck section of the Bronx. Ashkenazy Acquisition Corp. acquired the 15,000-square-foot property for $5.1 million. The vacant property features 23,618 square feet of air rights, 38,618 buildable square feet, 40 on-site parking spaces and an advertising tower. Jason Gold, Victor Sozio and Scot Hirschfield of Ariel Properties represented the seller, a private investor, and procured the buyer in the deal.
The commercial real estate market in the Tyler metropolitan area experienced one of its best years in 2014. Led by the retail sector, a number of new leases and sales brought a bevy of businesses to the market. The city of Tyler has a population of around 100,000, while the metro area contains 222,000. Tyler is the retail and medical center of northeast Texas, with a trade area population of 415,000. The city experienced strong population growth of 15.8 percent from 2000 to 2010. The Tyler economy is fueled by the medical sector, which accounts for 20 percent of all employment. Trinity Mother Frances hospital employs 4,000; East Texas Medical Center accounts for over 3,200 jobs; and the University of Texas Health Center at Tyler has total employment of 865. Because of the outstanding medical facilities in the city, patients from a 14-county area come to Tyler for medical care. Another strong driver for the local economy is the existence of higher education opportunities. The University of Texas at Tyler continues its strong growth, boasting a total enrollment of more than 6,400, while Tyler Junior College serves 35,000 students. Both of these schools are expanding. UT Tyler’s engineering school has …
CHICAGO — Baum Realty Group LLC has arranged the $6.8 million sale of a single-tenant, net-leased Walgreens property in Chicago. The asset is located at 8700 S. Kedzie Ave. in the Evergreen Park neighborhood. The Walgreens property has 15 years remaining on its original 25-year lease. The property is located approximately 10 miles southwest of downtown Chicago and less than 5 miles from Midway International Airport. The 14,820-square-foot building is situated on 1.75 acres at corner of the intersection of W. 87th Street and S. Kedzie Boulevard. Patrick Forkin and Brad Teitelbaum of Baum Realty Group represented the undisclosed seller in the transaction. The buyer was a New York-based private investor that purchased the property as part of a 1031 exchange.