OCEANSIDE, CALIF. — Flags on Mission Shopping Center, a 107,600-square-foot retail center in Oceanside, has sold to Doerken Properties Inc. for $12.6 million. The center is located at 1527 Mission Ave. Marc Dudzik and Bo Havlik of Lee & Associates – North San Diego County represented both the buyer and seller, Mission Avenue Investors, in this transaction.
Retail
LOS ANGELES – A 28,323-square-foot bowling alley in Tarzana has received a $5.7-million SBA loan. The 20-year, fixed-rate loan amortizes over 20 years at 4.7 percent. It features an 85 percent loan-to-value. Financing was arranged by Sharone Sabar of Marcus & Millichap Capital Corp.’s Encino office. Steven Schechter of the same office advised the buyer on the purchase.
CHICAGO — Marcus & Millichap has arranged the sale of a 16,000-square-foot retail building entirely occupied by Forever 21 on a net-lease basis. The two-story building, located at 865 W. North Ave in Chicago’s Lincoln Park neighborhood, sold for approximately $15 million. The building includes 8,000 square feet on each floor, a 4,000-square-foot basement and on-site customer parking. Other retailers in the area include Anthropologie, Apple, Best Buy, Crate & Barrel, Restoration Hardware, Sephora, The Container Store, Vitamin Shoppe, Whole Foods and Williams-Sonoma. Stephen Lieberman of Marcus & Millichap represented the buyer, Acadia Realty Trust. Tri-Equities LLC, based in Elk Grove Village, Ill., was the seller.
CHICAGO — JLL Retail will lease a trio of retail properties owned by Simon Property Group that total more than 1 million square feet. The properties, located in the south suburbs of Chicago, include Country Side Plaza, located at the northwest corner of La Grange Road and Joliet Road in Countryside; Lake View Plaza, located at northwest corner of 159th and LaGrange Road in Orland Park; and Matterson Plaza, located at southwest corner of Lincoln Highway and Crawford Ave. in Matterson. Peter Caruso and Ashley Wagoner will represent Simon Property Group in leasing the properties.
MANHATTAN BEACH, CALIF. – A 5,782-square-foot retail property in Manhattan Beach that is triple-net leased to JPMorgan Chase Bank has sold to a private family trust in a 1031 exchange for $6.2 million. The free-standing property is located at 1727 Artesia Blvd. JPMorgan Chase holds a long-term 15-year NNN lease at the property. The buyer was represented by CBRE. The seller, Sackley Family Trust, was represented by Chris Tramontano and Mike Ward of Faris Lee Investments in this all-cash transaction.
LIVONIA, MICH. — Colliers International has arranged the lease of 10,280-square-foot industrial space located at 12050 Hubbard Street in Livonia. John Lominack of Colliers International represented the tenant, BIGA Commissary LLC, a pizzeria restaurant, in the transaction. The space will be used for a commercial kitchen to support BIGA Commissary’s expanding restaurant operations.
LITTLETON, COLO. – Villager Square, a 37,458-square-foot retail property in Littleton, has sold to an unnamed buyer for $3.2 million. The center is located at 9012-9142 West Ken Caryl Ave. The buyer was represented by Jeff Johnson of the Johnson Ritter Team.
BATAVIA, ILL. — Marcus & Millichap has arranged the sale of a State Farm-anchored retail center for approximately $1.3 million. The 5,994-square-foot retail property is located at 1906-1928 W. Wilson St. in Batavia, a western suburb of Chicago. The center is fully occupied by three tenants that operate under long-term net leases. Hanson Family Chiropractic and Elliff Dental occupy 74 percent of the center. The remainder of the space is leased to State Farm, which recently executed a new 10-year lease. Austin Weisenbeck, Adrian Mendoza and Sean Sharko of Marcus and Millichap listed the property for the seller, a local developer. Marcus & Millichap’s team also represented the buyer, an undisclosed partnership.
BARTONSVILLE, PA. — Aztec Group Inc. has secured a $10.2 million first-mortgage loan for Bartonsville Plaza, a shopping complex located in Bartonsville, a city in northeast Pennsylvania. Bartonsville Plaza is a 49,000-square-foot, four-building retail center anchored by Lowe’s Home Improvement and Kohl’s. Developed by an affiliate of Legend Properties in 2009, Bartonsville Plaza is currently 94 percent leased. Tenants include Sleepy’s, Verizon Wireless, GameStop, Pocono Medical Center, Moe’s Southwest Grill, Great Clips, Sonic and Advance Auto Parts. Ladder Capital, a New York City-based conduit lender provided the 10-year loan, which includes a fixed interest rate and several years of interest-only payments. Howard Taft and Charles Penan of Aztec Group Inc. secured the financing. David Rosenberg of Maverick Capital Partners co-originated the transaction.
SAN ANTONIO — CBRE has brokered the sale of Westover Marketplace Shopping Center, a 242,664-square-foot retail property in San Antonio. The Class A power center is located at the intersection of Loop 410 and Highway 151, in proximity to Lackland Air Force Base, Sea World, Hyatt Hill Country Resort and Northwest Vista College. The asset was 93.4 percent leased at the time of the sale to tenants including Gander Mountain, Ross Dress for Less, PetSmart, Office Depot and Melrose. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, New York-based Coventry Real Estate Advisors. Inland American purchased the property.