INDIANAPOLIS — Namdar Realty Group has purchased three shopping centers totaling 275,000 square feet in Ohio and Indiana. Major tenants of the shopping centers include Save-A-Lot, Family Dollar, Value City Furniture, Big Lots and Taco Bell. “Not only do these shopping centers have terrific cash flow, we have a 15 percent vacancy rate in the portfolio which will enable us to add value to the deal,” says Joel Gorjian of Namdar. This year, Namdar Realty Group has acquired more than 2 million square feet of shopping centers and regional malls throughout the East Coast and Midwest.
NEW YORK CITY — Savanna has sold a retail condominium at 465 Broadway in the SoHo Historic District of New York City for $80 million. The property includes 9,400 square feet of at-grade retail space and 4,700 square feet of below-grade space. Hines, Goldman Sachs and Andre Balazs developed the property in 2007, which was designed by architect Jean Nouvel. Savanna acquired the retail condominium in July 2012 for $57 million in an off-market transaction. The deal was financed with a $42 million acquisition loan from Mesa West Capital and equity from Savanna Real Estate Fund II. The street level space is fully leased to four tenants Bose, Wells Fargo, Dermalogica and Vivienne Tam. Woody Heller, Will Silverman, Eric Negrin and Daniel Parker of Studley were the sole brokers in the transaction.
GARDENA, CALIF. — Gateway Crossings, a 120,304-square-foot community center, has sold to a private family trust for an undisclosed sum. The recently redeveloped center is located at 641-739 W. Redondo Beach Blvd. It is 96 percent leased to tenants like Ross Dress for Less, Staples, Goodwill, UEI College, Anna’s Linens, Subway and Ono Hawaiian. Donald MacLellan and Michael Ward of Faris Lee Investments represented both the buyer and the seller, a joint venture partnership of PCCP, LLC and La Caze Development, in this transaction. The buyer was in a 1031 exchange.
CORAL SPRINGS, FLA. — CB Richard Ellis (CBRE) has arranged the sale of two net-leased restaurant buildings in Coral Springs. Bonefish Grill leases a 5,000-square-foot, freestanding building at 1475 University Drive. Wendy’s occupies and holds the ground lease to the adjacent 3,000-square-foot, freestanding building at 1455 University Drive. The tenants have been at these locations since 2004. David Donnellan and Todd Weintraub of CBRE’s Fort Lauderdale office represented the seller, a private REIT. The buyer was North University Properties LLC.
LIVERMORE, CALIF. — Granada Shopping Center, a 69,325-square-foot shopping center in Livermore, has sold to Retail Opportunity Investments Corp. for $17.5 million. The center is located at 1951 Holmes Street. It was 91 percent leased at the time of sale. Granada is anchored by Lucky Supermarket. Other tenants include Fairmont Bank, Cosmo Prof, Curves, Subway and Country Waffles. The seller was Granada Retail, LLC. Edward B. Hanley of Hanley Investment Group Real Estate Advisors assisted with the sale.
LAREDO, TEXAS — Marcus & Millichap has brokered the sale of Independence Plaza, a 320,352-square-foot, grocery-anchored retail center located at 1911 Bob Bullock Loop in Laredo. James Bell of Marcus & Millichap's Houston office represented the seller, a Texas-based limited partnership, in the transaction. The buyer is a publicly traded REIT. The retail center was built in phases between 2007 and 2013. A 147,324-square-foot H-E-B Plus anchors the center, and the other tenants include T.J. Maxx, Hobby Lobby, Ross Dress for Less, Ulta Beauty, Petco, Wells Fargo and Chili's.
CHANNELVIEW, TEXAS — CBRE's National Retail Investment Group has secured the sale of of Sheldon Forest Shopping Center, a 97,380-square-foot property located at 450 Sheldon Road in Channelview, 16 miles east of Houston. Gerland's Food Fair anchors the center, and its other tenants include Family Dollar and Burke's Outlet. Phase I and II of the center are both fully occupied. Capcor Partners purchased the center from Weingarten Realty Investors. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller in the transaction. Jeff Stein of CBRE's Houston office arranged the acquisition financing for the transaction.
LIVERMORE, CALIF. — Granada Shopping Center, a 69,325-square-foot shopping center in Livermore, has sold to Retail Opportunity Investments Corp. for $17.5 million. The center is located at 1951 Holmes Street. It was 91 percent leased at the time of sale. Granada is anchored by Lucky Supermarket. Other tenants include Fairmont Bank, Cosmo Prof, Curves, Subway and Country Waffles. The seller was Granada Retail, LLC. Edward B. Hanley of Hanley Investment Group Real Estate Advisors assisted with the sale.
REDONDO BEACH, CALIF. — Body Glove International has received a $3-million loan to renovate and convert its Redondo Beach Dive n’ Surf store into its new corporate headquarters. The company’s headquarters will occupy the second floor, while the renovated Dive n’ Surf store will remain on the ground floor. The space, which is located at 504 N. Broadway, will expand from 6,464 square feet to nearly 14,800 square feet. This expansion will allow Body Glove to consolidate its operations and recommit to the South Bay while it continues to grow its brand globally. As part of the renovations efforts, Body Glove will also make enhancements to the surrounding streets to improve accessibility and aesthetics. The project is scheduled for completion in August 2013, which will coincide with the company’s 60th anniversary. Founded in 1953 by twin brothers Bill and Bob Meistrell, Body Glove is one of the last original Southern California surf companies to remain under family ownership. Financing was arranged by Jeff Spinelli of Farmers & Merchants Bank.
CINCINNATI — Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. has brokered the $30 million sale of Colerain Towne Centre, a 400,000-square-foot power center in Cincinnati. A private real estate company purchased the center from New York-based Kimco Realty. Walmart Supercenter, Dick’s Sporting Goods, Jo-Ann Fabrics, PetSmart and Hobby Lobby anchor Colerain Towne Centre, which is located on the northeast quadrant of Colerain Avenue and I-275. Joe Girardi and Ben Wineman of Mid-America Real Estate Corp. represented the seller in the transaction in cooperation with Amy Holter of Anchor Associates. The buyer was self-represented.