HOUSTON — The Mansour Group of Marcus & Millichap has brokered the sale of an LA Fitness facility in Houston for $12 million. The 45,000-square-foot property is located at 9633 Westheimer Road, in close proximity to Walmart, Home Depot, Target, Kroger and PetSmart, among other retailers. Alvin Mansour of the Mansour Group represented the seller, a major national REIT, in the transaction. Another institutional REIT was the buyer.
Retail
GLASSELL PARK, CALIF. — Goodwill Industries of Southern California has subleased 102,284 square feet of big-box retail space in Glassell Park from Home Depot. The space is located at 3150 San Fernando Road. It has been vacant for 10 years. The property will be utilized as a central hub for Goodwill once renovations are complete. Home Depot was represented by J. Richard LeynerandMichael Haim Sharon of NAI Capital’s Encino office.
MACOMB TOWNSHIP, MICH. — Bernard Financial Group has arranged a $2 million loan on behalf of Retail Works Funding LLC for Mill River Marketplace, an 11,440-square-foot retail property in Macomb Township. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Starwood Mortgage Capital LLC was the lender. The shopping center is located at the intersection of Hall and Garfield roads, about 30 miles north of Detroit.
WESTPORT, CONN. — The Kowalsky family of Westport has sold The Village, a 90,000-square-foot shopping center in Westport, for $54.3 million to Equity One Inc. As one of Westport’s longtime landowners, the Kowalsky family broke ground on the site in 1969 and completed construction on the center in 1974. The Fresh Market anchors the four-building retail center, which is located on 7.5 acres along both sides of Post Road East. Other tenants include Dunkin’ Donuts, Little Gym, The UPS Store, KOKO Fit Club and SweetFrog. Jon Angel, president, and Brett Sherman, senior vice president of Angel Commercial LLC, a Southport, Conn.-based commercial real estate brokerage firm, represented the seller in the transaction.
CIBOLO, TEXAS — Blakeley Commercial Real Estate (BCRE) has brokered the sale of 23.9 acres in Cibolo, a northeastern suburb of San Antonio, to Walmart. The buyer plans to construct a new 189,000-square-foot Walmart Supercenter on the land. The project will break ground in the next few weeks. Lynn Blakeley of BCRE represented the undisclosed seller in the transaction.
GLASSELL PARK, CALIF. — Goodwill Industries of Southern California has subleased 102,284 square feet of big-box retail space in Glassell Park from Home Depot. The space is located at 3150 San Fernando Road. It has been vacant for 10 years. The property will be utilized as a central hub for Goodwill once renovations are complete. Home Depot was represented by J. Richard Leyner and Michael Haim Sharon of NAI Capital’s Encino office.
RANCHO CUCAMONGA, CALIF. — Fit Development, LLC has purchased The Monet at Victoria Gardens Mall, a 31,407-square-foot retail center in Rancho Cucamonga, for $13.2 million. The outparcel to Victoria Gardens is located at 12455 Victoria Gardens Lane. Victoria Gardens is a 1.9-million-square-foot mall. Notable tenants at The Monet include Destination XL, Destination Maternity, Shakey’s Pizza and Pacific Dental. Fit Development was represented by Jeff Conover and Matt Mousavi of Faris Lee Investments. The seller was Monet in Rancho Development, LLC.
DESTIN, FLA. — Baltimore-based Continental Realty Corp. has acquired Plantation Commons, a 121,402-square-foot neighborhood shopping center located at 4495 Commons Drive W. in Destin. The asset sold for approximately $13.3 million. Fresh Market anchors the shopping center, whose other tenants include Marshalls, Destin Health and Fitness Club and HomeGoods. The center was 70 percent leased at the time of sale. Continental Realty purchased the center from Plantation Plaza at Kelly Plantation LP through CRC Fund III LP. Casey Rosen and Cliff Taylor of CBRE represented the seller in the transaction. Continental Realty was self-represented.
INVER GROVE HEIGHTS, MINN. — Phillips Edison – ARC Shopping Center REIT Inc., through a wholly-owned subsidiary, purchased Cahill Plaza, a 69,000-square-foot shopping center in Inver Grove Heights, for $8.4 million. SCP PE Cahill LLC, a Minnesota-based limited liability company, sold the grocery-anchored shopping center. Cahill Plaza is 96 percent leased to seven tenants, including a Cub Foods grocery store, which occupies approximately 75.4 percent of the property.
SMITHFIELD, R.I. — Washington Trust’s commercial real estate group has provided $7.2 million in financing to Linear Retail Smithfield LLC for tenant improvements to Smithfield Commons in metro Providence. The 35,130-square-foot shopping center is located at 400 Putnam Pike in Smithfield. During the past several years, the building has been renovated to provide space to new tenants such as Starbucks Coffee and Sienna Restaurant. Other major tenants include: Papa Gino’s, Concentra, Verizon Wireless, Sprint, H&R Block, UPS and Sovereign Bank.