HUMBLE, TEXAS — Stan Johnson Co. has brokered the sale of a 4,307-square-foot retail property occupied by Chase Bank in the Houston suburb of Humble. Fifteen years remain on the tenant’s 20-year ground lease, which operates as a triple-net lease and includes four renewal options of five years and 10 percent rent increase each. Jim Gibson and Todd Moore of Stan Johnson Co. represented the seller, a Houston-based developer. An Oklahoma investor purchased the asset at a 5 percent cap rate.
Retail
LOS ANGELES — An affiliate of Merlone Geier Partnerscalled MGP XI REIT LLChas acquired the Plaza at Golden Valley, a 618,000-square-foot regional shopping center in Santa Clarita, for an undisclosed sum. The center is located at SR-14 at Golden Valley and Via Princessa in the Los Angeles submarket of Santa Clarita. Notable tenants at the center include Target, Lowes, Kohl’s, Bed Bath & Beyond, Staples and PetSmart. The center comprises the retail portion of the Golden Valley Ranch development, which also includes open space preserves and proposed housing. Bill Bauman and Kyle Miller of Studley’s National Retail Services Group represented the seller, GMS Golden Valley Ranch, LLC, a wholly-owned subsidiary of Terramar Retail Centers, LLC, in this off-market transaction.
SAN DIEGO – JH Real Estate Partners (JHREP) has acquired San Carlos Shopping Center, a 125,661-square-foot shopping center in the San Diego submarket of Lake Murray, for $35 million. The center is located at 8680 Navajo Road. It is currently 81 percent leased to tenants like Walgreens, LA Fitness, Chase Bank and Starbucks. JHREP plans to reposition and renovate the center. Leasing efforts will be handled by Cassidy Turley. The unnamed seller is from the East Coast.
BOCA RATON, FLA. — Meridian Capital Group LLC has arranged $15.5 million in refinancing for the Shoppes at Blue Lake, a 50,000-square-foot shopping center in Boca Raton. Notable tenants of the shopping center include Wells Fargo, PNC Bank and Miller’s Ale House. Michael Brown, Noam Kaminetzky and Daniel Bockstoce of Meridian’s Boca Raton office arranged the seven-year loan with a fixed interest rate of 4.13 percent.
CONYERS, GA — Franklin Street Real Estate Services has brokered the sale of a 3,200-square-foot Aspen Dental at 1450 Highway 138 in Conyers, about 20 miles east of Atlanta. The freestanding asset sold for approximately $1.4 million. Mac McCall of Franklin Street represented the seller, a local developer, in the transaction. The buyer, a California-based entity, purchased the property through a 1031 tax-deferred exchange. The buyer was represented in-house. The sale included a 10-year double-net lease with 10 percent rent increases every five years, as well as shared area access with Wells Fargo Bank.
MARLBORO, N.J. — Ethan Allen has signed a 13,750-square-foot lease at a shopping center at 117 Route 9 in Marlboro, a city located about 30 miles south of Newark. Other tenants at the center include Whole Foods, Walgreens, PNC Bank and Verizon. Mark Handwerker of The Goldstein Group represented Ethan Allen in the transaction. Ethan Allen is an American-based furniture and interiors chain that has more than 300 stores throughout the United States, Canada and the United Kingdom.
THE WOODLANDS, TEXAS — HFF has brokered the sale of Wood Ridge Plaza, a 211,673-square-foot retail property in The Woodlands. Located on 19.5 acres along I-45 North across from The Woodlands Mall, the power center was 87 percent leased at the time of the sale to tenants including Pier 1 Imports, Kirkland’s Office Depot, Mattress Firm, Pappas Bar-B-Q, Dailyspa and Chair King. Rusty Tamlyn, Ryan West and Matt Berry led the HFF team in marketing the asset on behalf of the seller, CSHV Woodlands LP, an institutional pension fund advisor. A private real estate fund advised by Crow Holdings Capital Partners LLC purchased the property free and clear of existing debt. Weiss Realty LLC will manage the center, which was last renovated in 1997.
SAN ANTONIO — Canyon Capital Realty Advisors (Canyon Realty) has provided a $55.2 million senior construction loan for the 253,606-square-foot fifth phase of the RIM, a power center property in San Antonio. The phase, located at the interchange of I-10 and Loop 1604, is 91 percent pre-leased to tenants including Hobby Lobby, PetSmart, Total Wine & More, Toby Keith’s I Love This Bar & Grill and Bowl & Barrel. RIM V, as it is known, is located in the center of the other four phases, which are fully occupied and house such retailers as Target, Bass Pro Shops, Dick’s Sporting Goods, Best Buy, T.J. Maxx, Lowe’s and Michael’s. Canyon realty arranged the financing on behalf of an affiliate of Thomas Land and Development LLC.
NEWPORT BEACH, CALIF. — Newport Center Anacapa Associates has received a $7-million loan to acquire Beacon Bay Auto Wash, a car wash that sits on 1.26 acres of developable land in Newport Beach. The transaction was valued at $12 million. The car wash is located at 150 Newport Center Drive across from Fashion Island. It has been in operation since 1970. The new owner plans to re-entitle the property for a boutique hotel. The hotel is anticipated to open by the end of 2014. The loan was provided by Karlin Real Estate. Newport Center Anacapa Associates is composed of a trio of prominent local developers.
LOS ANGELES — The Great Frog, a London-based handcrafted jewelry store, has signed a three-year lease for 910 square feet in the Beverly Grove district of Los Angeles. The space is located at 7955 Melrose Ave. Ed Sachse and Michael Pakravan of Kennedy Wilson Brokerage Group represented both The Great Frog and the landlord, John Jannick, in this lease transaction.