CRYSTAL LAKE, ILL. — Chicago-based Baum Realty Group LLC has brokered the sale of two adjacent properties in Crystal Lake, a northern suburb of Chicago. Baum brokered the $3.1 million sale of a 28,506-square-foot retail center located at 435 Angela Lane. Danny Spitz and Greg Dietz of Baum represented a private partnership in the transaction. Spitz and Dietz also represented the same ownership group in the sale of an adjacent development parcel located at Randall Road and Alexandra Boulevard. The six-acre site sold for $900,000.
Retail
HUNTINGTON BEACH, CALIF. — Pacific City, a 191,000-square-foot retail center project in Huntington Beach, has received $93 million in construction financing. The shopping center will be located along Pacific Coast Highway, just three blocks south of Main Street. It will be bound by Pacific View Avenue, as well as by 1st and Huntington streets. The new development is situated on a site that overlooks the Huntington Beach Pier and Pacific Ocean. Its two-story open design will grant most of the tenants ocean views. The tenant roster will include a mix of national retailers that represent “iconic California lifestyle brands,” in addition to several well-known restaurants and an Equinox fitness center. The adjacent Lot 579 marketplace will feature local and regional food artisans in a farmer’s market-style setting. Pacific City is scheduled to open next summer. It is being developed by DJM Capital Partners. The non-recourse financing, which consisted of a $56.5-million senior loan and a $37-million mezzanine loan, was arranged by George Smith Partners. Only a minimal amount of pre-leasing was required for the funding.
COSTA MESA, CALIF. — S.B. Restaurant Co., the Costa Mesa-based parent company of the Elephant Bar casual dining chain, has filed for Chapter 11 bankruptcy. The company has also closed 16 of its 29 restaurants, which are located throughout six states. Restaurants affected by the closures include the Elephant Bar locations in Irvine, Rancho Bernardo (San Diego), Palm Desert, Valencia, Northridge, Simi Valley, Burbank and Goleta, Calif., among other locations.
MIAMI — Phillips Edison-ARC Shopping Center REIT Inc. has purchased a portfolio of five grocery-anchored shopping centers totaling 347,478 square feet in Florida. The properties include Deerwood Lake Commons in Jacksonville; Heath Brook Commons in Ocala; West Creek Commons in Coconut Creek; Park View Square in Miramar; and St. Johns Commons in Jacksonville The portfolio is 92.7 percent leased and anchored by either Publix or Winn-Dixie. Casey Rosen, Dennis Carson and Cliff Taylor of CBRE represented the undisclosed seller in the transaction.
MYRTLE BEACH, S.C. — NAI Avant has arranged the $14.1 million sale of Ocean Bay Market, a 58,000-square-foot grocery-anchored shopping center in Myrtle Beach. Dail Longaker of NAI Avant represented the buyers, Randolph Freezer LLC and Red Sled Properties LLC, in the transaction. Carolina Forest Investment Group LLC, a partnership formed by Red Rock Developments LLC, recently developed the shopping center.
JUPITER, FLA. — Elion Real Estate Fund III LP has acquired Jupiter Reserve, a 43,172-square-foot shopping center in Jupiter, a northern suburb of Miami in Palm Beach County. The seller was Pebb Enterprises, and Atlantic Retail Properties represented both parties in the transaction. The sale price was undisclosed. The four-acre Jupiter Reserve is 93.6 percent leased to tenants that include Petco, T-Mobile, Vitamin Shoppe, Pizza Hut, Edible Arrangements and LabCorp of America. Atlantic Retail Properties will handle the property’s leasing responsibilities, Transwestern Commercial Services will manage the shopping center.
BLOOMINGDALE, ILL. — NewMark Merrill Co. has arranged the lease of 42,000 square feet of retail space for Hobby Lobby at the Stratford Crossing shopping center in Bloomingdale, approximately 27 miles west of Chicago. The 378,000-square-foot shopping center is located at Gary Avenue between Army Trail Road and Schick Road. Hobby Lobby will occupy space next to PetSmart on the southern end of the center. The new store in Bloomingdale opened in May. The arts and crafts retailer maintains 558 stores across the nation. In addition to Hobby Lobby and PetSmart, tenants at Stratford Crossing also include Kmart, Buffalo Wild Wings, Outback Steakhouse, Starbucks and Dunkin’ Donuts.
TROY, MICH. — Colliers International has arranged the lease of a 14,350-square-foot retail building in Troy, a suburb of Detroit. The property is located at 799-801 Stephenson Highway. Barry Landau of Colliers International represented the landlord, Bostick Development LC and the tenant, Poochpeople Inc., in the transaction. Poochpeople will use the space as a doggy day camp, which will also provide overnight boarding for pets.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a retail center located at 1257-1267 Forest Avenue in Staten Island for $5.25 million at $200 per square foot with an 8 percent cap rate. The two-story, 25,860-square-foot property features 12 fully leased retail spaces and a 41-car parking lot. Current tenants include Avon, Papa John’s Pizza, Payless Uniforms and CKO Kickboxing. Adelaide Polsinelli and Carlos Olson of Eastern Consolidated represented the seller in the transaction.
TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of Cash America Pawn, a 22,080-square-foot, net-leased property located at 3501 North Stateline Avenue in Texarkana. Vincent Knipp, associate vice president of investments and Chance Hales, an associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, a private investor. Knipp and Hales also secured the buyer, a private investor.