CAVE CREEK, CALIF. — Tatum Plaza, a 29,460-square-foot neighborhood retail center in Cave Creek, has sold to FS Tatum Plaza, LLC for $8 million. The center is located at 29455 N. Cave Creek Road, just north of Scottsdale. It was built in 2007 and is currently 90 percent occupied. Notable tenants at the center include American Family Insurance, Baskin Robbins, Hi Health and Great Clips. Fry’s anchors the center, though this space was not included in the transaction. The seller was Cave Creek and Tatum, LLC, an entity of Park West Partners. The LLC purchased the center on behalf of Westwood Financial. The transaction was executed by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
Retail
SANTA BARBARA, CALIF. – A 38,015-square-foot building in Santa Barbara that is occupied by Marshalls of California, LLC, has sold to an out-of-state trade buyer for an undisclosed sum. The building is located at 900 State Street. The unnamed Los Angeles seller was represented by Dan Riley and Ben Cherney of CBRE's Private Capital Group – Los Angeles Retail Team on this all-cash, off-market transaction.
MIAMI BEACH, FLA. — Imperium Capital and Centurion Realty, both real estate investment firms based in New York City, have purchased a portion of the Lincoln Road Mall, an eight-block walkway in Miami Beach featuring shops, restaurants and cafes. Imperium and Centurion purchased 643-657 Lincoln Road, a 10,000-square-foot building with four retail tenants, for $33 million. The tenants include French Connection, Runway Swimwear, Sushi Siam and Ricky’s Cosmetics. Jay Goldman of USA Commercial represented the undisclosed sellers in the transaction.
PRATTVILLE, ALA. — GBT Realty has inked leases with several new tenants for Cobbs Ford Village, a new shopping center located off Interstate 65 on Cobbs Ford Road in Prattville, about 14 miles northwest of Montgomery, Ala. The new tenants include Firehouse Subs, Aspen Dental, Bama Fever Tiger Pride, Smashburger and Edible Arrangements. The new retailers will join existing tenants Starbucks Coffee and Gigi’s Cupcakes, as well as a new Chipotle Mexican Grill opening on Feb. 11.
CHICAGO — Dallas-based 7-Eleven has retained Chicago-based NRC Realty & Capital Advisors to coordinate the sale of 72 gasoline stations and convenience stores across the country. The portfolio include 22 locations in Texas, 17 properties in South Carolina, 12 stores in Pennsylvania, nine Ohio properties, four stores in Michigan, three Indiana properties, three stores in West Virginia, a Florida property and one store in Utah. The lot sizes range from approximately 8,000 square feet to 5.6 acres, with store sizes ranging from kiosks to 4,640 square feet. Fifty of the sites being offered are fee-owned properties and the remaining are leaseholds. All sites are being sold without 7-Eleven branding, and most sites are offered with fuel supply, which would be provided by SEI Fuels Inc., a 7-Eleven subsidiary.
NILES, ILL. — An undisclosed seller completed the disposition of Golf Road Plaza in Niles, a suburb northwest of Chicago, for $3.3 million. Auto Zone, L.A. Tan, H&R Block and Discount Mattress occupy the 25,992-square-foot retail strip center. Richard Kehoe of Inland Brokerage & Auctions represented the seller. The buyer was not disclosed.
SAN FRANCISCO — Dick’s Last Resort leased 9,151 square feet at the Anchorage Square shopping center inside Fisherman’s Wharf. The center is located at 500 Beach Street in San Francisco. The restaurant is scheduled to open this summer. It will be the chain’s third West Coast location. Dick’s also operates outposts in San Diego and Las Vegas. The restaurant was represented by Steve Graul of Innovative Concept Associates. The landlord, CBRE Global Investors, was represented by Rhonda Diaz Caldewey and Jessica Birmingham of Terranomics Retail Services.
EVANS, COLO. – A 17,460-square-foot retail strip center in Evans has sold to 1031 exchange buyers for $1.8 million. The center is located at 3225 S. 23rd Street, southeast of Fort Collins. Dollar Tree is one of the center’s notable tenants. Other area tenants include Walmart and Sam’s Club. The buyers were represented by Jamie Mitchell of Pinnacle Real Estate Advisors.
PALM BEACH GARDENS, FLA. — CIT Real Estate Finance, a subsidiary of CIT Group Inc., has provided a $26 million loan to redevelop the PGA Plaza Shopping Center, a retail center located in Palm Beach Gardens. The borrowing entity is a joint venture headed by Menin Development, a commercial real estate owner and developer. CIT Real Estate Finance provided the loan through CIT Bank, the U.S. commercial bank subsidiary of CIT Group.
WASHINGTON, D.C. — Calkain Urban Investment Advisors, a division of Calkain Cos., has brokered the sale of a retail condominium unit at 1401 R St. N.W. in Washington, D.C. The 1,278-square-foot unit sold for approximately $1.4 million, or $1,100 per square foot. The property is leased on a long-term, triple net basis to a local restaurateur who is operating a café. Andrew Fallon and Rick Fernandez of Calkain represented the seller, a developer based in Washington, D.C., in the transaction. The buyer was a Washington, D.C.-based real estate firm.