SAN DIEGO – Trigild has put its Coldwater/Silvercreek portfolio, which consists of 36 retail strip centers and two office properties throughout the nation, on the market. The San Diego-based firm was appointed the portfolio’s liquidating trustee this past October. It has enlisted Houston-based Allied Advisors to serve as the listing agent. The portfolio has an estimated value of $50 million. The firm is entertaining offers for individual strip centers and groups of properties, as well as the entire portfolio. The properties included in the portfolio are located in 33 cities and 17 states throughout the Southeast, West and Midwest, including Colorado, Utah, Iowa, Michigan, Illinois, Michigan, Louisiana, Wisconsin, Texas and Indiana. They were all built by a sole developer. The portfolio is currently 74 percent leased. Since its involvement, Trigild has renewed or extended leases on nearly 112,000 square feet of space within the portfolio. Properties included range in space from 9,000 square feet to 37,000 square feet. They contain between two and seven tenants. Most are shadow anchored by a Wal-Mart Super Store, and many feature national tenants as well, such as Dollar Tree, Game Stop and Radio Shack.
Retail
PORT ST. LUCIE, FLA. — HFF has arranged the sale of Publix at St. Andrews, a 65,271-square-foot neighborhood shopping center in Port St. Lucie. HFF represented the seller, a client portfolio managed by American Realty Advisors, in the transaction. Publix Super Markets Inc. purchased the unencumbered property for an undisclosed amount. The shopping center is located at 5455-5489 N.W. St. James Drive and is the only grocery-anchored center within a two-mile radius. The 11-year-old property is 87.1 percent leased to tenants including Hair Cutlery, Subway, H&R Block and the UPS Store. Danny Finkle and Luis Castillo of HFF led the sales team in the transaction.
CHAMPAIGN, ILL. — Quantum Real Estate Advisors Inc. has arranged the $3.1 million sale of a 24,300-square-foot, multi-tenant retail center located at 2012-2032 N. Prospect Ave. in Champaign, a suburb of Chicago. A private trust based in the western suburbs of Chicago sold the property. A Chicago-based private group purchased the retail center. Chad Firsel, president of Quantum Real Estate Advisors Inc., represented the buyer and the seller in the transaction.
NOVI, MICH. — Bernard Financial Group has arranged a $1.6 million loan for Pine Ridge Shopping Center, a 37,810-square-foot retail property in Novi, about 30 miles northwest of Detroit. Kevin Kovachevich of Bernard Financial originated the loan for Pine Ridge Associates LP. Bank of Ann Arbor provided the loan.
CARROLLTON, TEXAS — CBRE has brokered the sale of Hebron Heights Market, a 10,000-square-foot shopping center in the Dallas suburb of Carrollton. Located at 1008 W. Hebron Parkway, the unanchored property was fully leased at the time of the sale to tenants including Dunkin Donuts/Baskin Robins, Bahama Bucks, Wing Town, Chiro One Wellness Center and Quiznos. Jennifer Pierson and Beth Pierson of CBRE represented the seller, an affiliate of the Tabani Group. Jet Set Commercial purchased the asset.
SCOTTSDALE, ARIZ. — An entity formed by Jerry Simms has purchased Shea Scottsdale, a 160,228-square-foot retail center, for $44.5 million. The center was built in 1994 at 10653 N. Scottsdale Road in Scottsdale. It was 95 percent occupied at the time of closing. Shea Scottsdale is anchored by Safeway and CVS Pharmacy. Additional tenants include Wells Fargo, McDonalds, MidFirst Bank, Jason’s Deli and Arby’s. Simms was represented by Marty DeRito of DeRito Partners. Michael Hackett and Ryan Schubert of Cassidy Turley Capital Markets Group represented the seller, Karlin Real Estate, in this transaction. Karlin purchased Shea Scottsdale, along with the adjacent retail center Shea Scottsdale East, in October 2011 for $50.3 million. The company has retained ownership of Shea Scottsdale East.
OPELIKA, ALA. — The Shopping Center Group has arranged the 30,000-square-foot lease of Ollie's Bargain Outlet at Pepperell Corners, a shopping center in Opelika, seven miles east of Auburn. The location is the first Ollie's Bargain Outlet store in Alabama. Jonathan Lindsey and Ray Jones of The Shopping Center Group represented Ollie's in its lease transaction with Atlanta-based RCG Ventures, owner of Pepperell Corners. Other retailers include Goody's, CATO, CitiTrends, Shoe Show and Dollar General. The store is expected to open this summer. Ollie's plans to open 35 stores in Alabama, according to The Shopping Center Group.
KANSAS CITY, MO. — Block & Co. Inc. has arranged the more than $2 million sale of State Line Commons shopping center, a fully occupied, 13,710-square-foot retail property in Kansas City. State Line Investors LLC, a group of local real estate investors, purchased the property. Located on the northeast corner of 81st Street & State Line Road, the shopping center is currently home to Subway, AT&T Wireless, T Loft and four other retailers. David Block and Phil Peck of Block & Co. Inc. represented the buyer in the transaction.
LOS ANGELES – A 20,727-square-foot building in Beverly Hills that is leased to high-end fashion retailers Tom Ford and Bally has received $120.2 million in financing. The three-story trophy building is located at 338-342 Rodeo Drive. Financing included $30.2 million of mezzanine debt and preferred equity, which was sold at closing to an account managed by BlackRock. ECA Capital will use a portion of the loan proceeds to reposition the asset. Financing was originated by Ronnie Gul of Mesa West and arranged by Chuck Hoag and Trisha Connolly of Cushman & Wakefield’s Chicago office.
CERRITOS, CALIF. — CenterCal Properties has purchased Cerritos Best Plaza, a 357,220-square-foot, open-air shopping center, for $61.8 million. The plaza is located at the corner of 183rd & Gridley in Cerritos. It is currently 85 percent leased. Notable tenants at the center include Burlington Coat Factory, Big Lots, Guitar Center and Easy Life Furniture. CenterCal was represented by Geoff Tranchina and Jason Gribin of Wilson Commercial Real Estate. Deborah Collins of The Collins Co. represented the unnamed seller.