GARDEN GROVE, CALIF. – Rachas Garden Grove LP, dba Chuze Fitness, has signed a 10-year lease for 36,000 square feet at Pavilion Plaza in Garden Grove. The plaza is located at 12145 Brookhurst Street. The lease is valued at nearly $5 million. Rachas was represented by Chad Iafrate of Cassidy Turley San Diego. The landlord, 12151 Brookhurst, LLC, was represented by Ross Melodia of Pride Property Services.
SANTA CLARA, CALIF. – A 4,926-square-foot retail building in Santa Clara has sold to an unnamed buyer for $2.1 million. It is located at 3180 El Camino Real. The property was initially built in 1969 to house a Carrows Restaurant. The restaurant held a net lease at the building through this past April. The seller, an individual/personal trust, was represented by David Ching of Marcus & Millichap’s Oakland office.
SEATTLE — Queen Anne Marketplace, a 70,000-square-foot shopping center in Seattle, has sold to a joint venture between Weingarten Realty Investors and Bouwinvest for an undisclosed sum. The center is located at 604 1st Ave. North. It is anchored by Metropolitan Market. The joint venture is hoping to invest about $275 million in high-quality community and neighborhood shopping centers that are anchored by market-dominant retailers. This is the joint venture’s first acquisition.
MIAMI — Marcus & Millichap has completed the sale of a retail building located at 2121 Biscayne Blvd. in Miami for $17.38 million. Staples occupies the building on an 15-year net lease that began in 2008. The property is certified LEED-Gold and is zoned for up to 36 stories of future development. Alvin Mansour of Marcus & Millichap’s San Diego office partnered with Alex Zylberglait and Ryan Shaw of the firm’s Miami office to represented the seller, 2121 Biscayne Blvd. LLC, as well as the undisclosed buyer.
AVON PARK AND LAKELAND, FLA. — CB Richard Ellis (CBRE) has brokered the sale of a central Florida retail portfolio for $12.1 million. The portfolio comprises three properties: Avon Square, a 112,000-square-foot neighborhood center located in Avon Park; Palm Center, a 132,000-square-foot shopping center located in Lakeland; and Wabash Shopping Center, a 70,000-square-foot center also located in Lakeland. Daniel Baker of CBRE’s Orlando office partnered with Mark Schellabarger of the firm’s Tampa office to represent the sellers, three separate affiliates of Lakeland-based Century Retail. The buyer was Balitmore-based America’s Realty.
BOCA RATON, FLA. — Delray Beach, Fla.-based Dockerty Romer & Co. has secured $10 million in permanent financing for a 74,000-square-foot retail center located at 155-499 Spanish River Blvd. in Boca Raton. The property was fully occupied at the time of closing. The loan carries a 10-year term and a fixed interest rate. Bob Dockerty of Dockerty Romer & Co. arranged the loan on behalf of the borrower, North Dixie Retail LLC. The lender was Florida Community Bank.
SPRINGFIELD, ILL. — An investor group led by St. Louis-based The Staenberg Group (TSG) has acquired ≈, a 368,000-square-foot shopping center in Springfield, for $45.1 million. TSG purchased the fully occupied shopping center, which is located at the intersection of South Veterans Parkway and Wabash Avenue, from Charles Robbins Realty Co. Bank of America provided long-term financing to TSG. The center is fully leased to tenants including Best Buy, Sports Authority, Bed, Bath & Beyond, Michael’s, Office Depot and Ross Dress For Less. Alvin Mansour of The Mansour Group arranged the sale. Michael Staenberg formed TSG after selling some of his ownership interests in various national commercial real estate entities to Stan Kroenke, his longtime partner, in late 2012.
DOWNERS GROVE, ILL. — Inland Real Estate Acquisitions Inc. has acquired Commerce Center, a shopping center in Downers Grove, a western suburb of Chicago, for $9.9 million. The center is located at Butterfield Road and South Highland Avenue along a major retail corridor. Commerce Center totals 104,196 square feet and is leased to Toys “R” Us and Best Buy. Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the transaction. Toys “R” Us has been open at the center for more than 30 years. Best Buy opened in 1992 and recently signed a 10-year lease renewal. In addition to the retail store, Best Buy uses the location to house a 10,000-square-foot training center and regional office.
LINDENHURST, N.Y. — Marcus & Millichap has arranged the sale of a 2,964-square-foot, net-lease property in Lindenhurst for $3 million. The property, which 7-Eleven currently occupies, is located at 175 W. Sunrise Highway. Preet Sabharwal, senior associate, and Britt Raymond, investment associate, of Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Sabharwal and Raymond.
WAYNE, N.J. — NAI James E. Hanson has arranged the sale of a retail development site located in Wayne, about 19 miles northwest of Newark, for $1.1 million. An out-of-state investor sold the 2.25-acre property, which is located at 2211, 2227 and 2203 Hamburg Turnpike. A 5,000-square-foot Italian restaurant and a single-family home previously occupied the site. The new owner plans to redevelop the property for retail use. Nicholas Herrick, sales associate, and John Schilp, senior vice president, of NAI James E. Hanson represented the owner in the transaction.