CERRITOS, CALIF. — Big 5 Plaza, a 15,568-square-foot retail center in Cerritos, has sold to a private Vernon investor for $4.6 million. The plaza is located at 11310-11360 183rd Street. It is anchored by Big 5 Sporting Goods. The fully leased center is also home to Subway, Castlehead Escrow and Providence Speech and Hearing. Edward B. Hanley and Jeremy McChesney of Hanley Investment Group represented both the buyer and seller, a private Los Angeles investor, in this transaction.
GRIFFIN, GA. — Equity One, a shopping center developer and owner, has sold Spalding Village, a 235,000-square-foot neighborhood shopping center located in Griffin, approximately 40 miles south of Atlanta, for an undisclosed price. Mark Joines and Drew Fleming of Cassidy Turley’s Southeast retail group represented Equity One in the transaction. RCG Ventures LLC, a privately funded real estate investment group, purchased the center. Spalding Village’s tenants include Goodwill, Fred’s Stores, GNC and T-Mobile.
FISHERS, IND. — Viking Partners, a Cincinnati-based private equity real estate firm, has sold Fishers Crossing shopping center in metro Indianapolis to a private California investor for $4.1 million. Located on 1.2 acres at 7235-7220 Fishers Crossing Drive, the 29,569-square-foot center is shadow-anchored by a Kroger. Other tenants include Advance America, Pet Supplies Plus, Papa John’s Pizza, Elegant Nails, Café Korea, and Krav Maga. Marcus & Millichap brokered the center sale, while Katz, Teller, Brant & Hild provided legal counsel to Viking.
WEST HARTFORD, CONN. — CBRE/New England’s capital markets team has arranged the $14.3 million sale of Elmwood Plaza located at 176-178 Newington Road in West Hartford. Stop & Shop Supermarket anchors the approximately 80,000-square-foot shopping center. Chris Angelone, Bill Moylan, Nat Heald, Bruce Lusa, Jeff Dunne and David Gavin of CBRE, represented the seller, Winstanley Enterprises LLC, and procured the buyer, Inland Real Estate, in the transaction.
GRAND PRAIRIE, TEXAS — McRoberts & Co. has brokered the sale of a 75,127-square-foot tract in the Dallas suburb of Grand Prairie. The buyer, QuikTrip Corp., will construct a 5,900-square-foot store at the site, which is located at the northeast corner of Interstate 30 and Beltline Road. David Tarrant of McRoberts & Co. represented the seller, 1111 Beltline. QuikTrip Corp. was internally represented.
YORBA LINDA, CALIF. – A 46,449-square-foot property in Yorba Linda that is net leased to Best Buy has sold to a Midwest-based corporation for $6.6 million. The retail building is located at 23000 Savi Ranch Parkway near Costco, Kohl’s, HomeDepot, Target and Dick’s Sporting Goods. Best Buy has four years remaining on its current lease, with three, five-year renewal options. The seller, a high-net-worth individual from the Midwest, was represented by Randy Blankstein and Jimmy Goodman of The Boulder Group.
ATLANTA — Deutsche Asset & Wealth Management has acquired the Shops Around Lenox, a 120,000-square-foot retail center located adjacent to Lenox Mall in Atlanta’s Buckhead submarket. Deutsche purchased the property from a joint venture between Alex Brown Realty Inc. and Heather Weatherholtz Properties for approximately $71.8 million, according to Atlanta Business Chronicle. The seller purchased the retail center in 2009 and invested approximately $20 million to reposition the asset. Tenants of Shops Around Lenox include Crate and Barrel, Paper Source, lululemon athletica, Cosabella and Suit Supply.
CINCINNATI — Marcus & Millichap has arranged the $30 million sale of a 12-property, 7-Eleven store and gas station portfolio located throughout Ohio. Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office represented the buyer and seller, both large institutions, in the transaction. Michael Glass, vice president and regional manager of the firm’s Cincinnati, Cleveland and Columbus offices, is Marcus & Millichap’s broker of record in Ohio. 7-Eleven operates, franchises and licenses 8,600 stores in the United States and Canada. Of the approximately 7,600 stores the company operates and franchises in the U.S., close to 5,700 are franchised.
FORT WORTH, TEXAS — CBRE has arranged an $11 million loan for the acquisition of Ridge Rock Plaza, a 114,495-square-foot power center in Fort Worth. Thackeray Partners purchased the property, which is located on Overton Ridge Boulevard in close proximity to Hulen Mall. The center was fully occupied at the time of the loan closing with a tenant roster including Bed Bath & Beyond, Michaels, Pier 1 Imports, Sun & Ski Sports and Sleep Experts. The eight-year loan includes a fixed rate for the first five years and a floating rate based on LIBOR for the remainder of the term.
LOS ANGELES — Kennedy Wilson has purchased Victory Plaza, a 132,995-square-foot retail center in Los Angeles. The acquisition also included an adjacent 2.4-acre site that is zoned for multifamily. The plaza is located on Victory Boulevard near Coldwater Canyon Avenue. Kennedy Wilson purchased the debt on the properties this past December from an Irish financial institution for $30 million. It invested $12 million of equity into the transaction, while Pacific Western Bank provided $18 million of financing. The company obtained the title to the properties via foreclosure subsequent to its debt purchase.