SAN ANTONIO — Austin-based Linsalata Realty Services has brokered the sale of the 10,012-square-foot Old Pearsall Road Shopping Center in southwest San Antonio. The property is located at 6388 Old Pearsall Road. Joe Linsalata of Linsalata Realty Services represented the buyer, Studio City, Calif.-based Manhattan-Pearsall LLC, in the transaction. Alan Rust and Ryan Hoff of Retail Solutions represented the seller.
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.
SCOTTSDALE, ARIZ. — Spirit Realty Capital will soon merge with Cole Credit Property Trust II after the firm’s shareholders approved the move in a special meeting held yesterday. Once the merger is complete, the combined company will formone of the largest publicly traded triple-net-lease REITs in the U.S. It will own a total of about 1,900 properties in 48 states. Spirit shareholders will receive a fixed exchange ratio of 1.9048 shares of common stock of the combined company for each Spirit share previously owned. The new company will retain the Spirit Realty Capital name. It will trade on the New York Stock Exchange under the ticker symbol “SRC.” Spirit’s current management team will lead the new company. Spirit Realty Capital was formed in 2003 to invest in single-tenant operationally essential real estate. It has invested more than $4.3 billion in more than 1,200 properties across 47 states. Cole Credit Property Trust II invests primarily in high-quality, freestanding, single-tenant buildings that are net leased to investment-grade or other creditworthy tenants throughout the U.S.
HERMOSA BEACH, CALIF. — The Strand in Hermosa Beach has sold to a syndicated equity group for $19.5 million. The group is led by a local private investor. The site includes four parcels that total 25,392 square feet. It directly faces the Pacific Ocean and is located in the Hermosa Beach Pier Avenue Plaza retail complex. It had been under the same family ownership for generations. The buyer was represented by Mike Grannis and Brent Cunningham of Highland Partners Corporation. The seller was represented by CBRE’s Bob Healey, Kevin Shannon, Scott Schumacher and Dan Riley.
ATHENS, GA. — St. Simons Island, Ga.-based Georgia Theatre Company has held the grand opening for University 16 Cinemas in Athens. The 16-screen theater features stadium seating, wide-arc screens, Dolby Digital stereo sound and Christie digital projectors. Two auditoriums are equipped with Dolby 7.1 Surround Sound and 3D Digital Cinema technology. The movie theater also features a full-service restaurant and a party room for special events. University 16 Cinemas is the first tenant to open within Epps Bridge Centre, a 68-acre power center under development on Oconee Connector near the intersection of Georgia Highway 316 and Highway 10 Loop. Atlanta-based The Bishop Company is developing Epps Bridge Center. Smyrna, Ga.-based Benning Construction Co. built University 16 Cinemas and is the general contractor for the rest of the shopping center.
SPRINGFIELD, ILL. — Alvin Mansour of The Mansour Group has arranged the sale of Southwest Plaza, a 368,065-square-foot retail center located in Springfield, for $45 million. The plaza was fully occupied at the time of sale. Built in 2003, Southwest Plaza was recently redeveloped and expanded to include tenants such as Barnes & Noble, Best Buy, Men's Wearhouse, Michael's, Office Depot, Party City, PetSmart, Ross Dress for Leses and Sports Authority. The Springfield market serves as headquarters for 12 nationally known insurance companies. The Mansour Group is a part of Marcus & Millichap.
CEDAR PARK, TEXAS — The Ainbinder Co. and Costco Wholesale Inc. have broken ground on Cedar Park Town Center, a 49-acre retail project located at the intersection of U.S. Highway 183A and Whitestone Boulevard in Cedar Park, just north of Austin. Seventeen acres of the land will house a 154,000-square-foot Costco warehouse. The center is expected to include over 350,000 square feet of retail and restaurant space upon completion. Phase I of the project will open this fall, and house tenants including In-N-Out Burger and BJ’s Restaurant & Brewhouse. Rodger Anderson and Neal Kieschnik of UCR’s Austin office represented Ainbinder, and Steve McArthur of Northwest Atlantic, along with David Darr of The Place Commercial Real Estate in San Antonio, represented Costco in the transaction. Lee Mitchell and Zack Harris of Whitney Bank in Houston are providing construction financing. Hermes Architects of Houston and Mulvanny G2 of Bellevue are the architects for the complex, Kimley-Horn is the project engineer and Parkes Construction is the project’s general contractor.
SCOTTSDALE, ARIZ. — Spirit Realty Capital will soon merge with Cole Credit Property Trust II after the firm’s shareholders approved the move in a special meeting held yesterday. Once the merger is complete, the combined company will formone of the largest publicly traded triple-net-lease REITs in the U.S. It will own a total of about 1,900 properties in 48 states. Spirit shareholders will receive a fixed exchange ratio of 1.9048 shares of common stock of the combined company for each Spirit share previously owned. The new company will retain the Spirit Realty Capital name. It will trade on the New York Stock Exchange under the ticker symbol “SRC.” Spirit’s current management team will lead the new company. Spirit Realty Capital was formed in 2003 to invest in single-tenant operationally essential real estate. It has invested more than $4.3 billion in more than 1,200 properties across 47 states. Cole Credit Property Trust II invests primarily in high-quality, freestanding, single-tenant buildings that are net leased to investment-grade or other creditworthy tenants throughout the U.S.
HERMOSA BEACH, CALIF. — The Strand in Hermosa Beach has sold to a syndicated equity group for $19.5 million. The group is led by a local private investor. The site includes four parcels that total 25,392 square feet. It directly faces the Pacific Ocean and is located in the Hermosa Beach Pier Avenue Plaza retail complex. It had been under the same family ownership for generations. The buyer was represented by Mike Grannis and Brent Cunningham of Highland Partners Corporation. The seller was represented by CBRE’s Bob Healey, Kevin Shannon, Scott Schumacher and Dan Riley.
BELLEVUE, WASH. – A 58,000-square-foot development site located in Bellevue’s Central Business District has sold to NIU Enterprises for $31 million. It is located at 437-527 108th Avenue N.E. The sellers, Milt and Sue Walter, have owned the site for more than 30 years. It is currently occupied by two restaurants, Las Margaritas and Nibbana. The sellers were represented by Andy Miller, Jason Rosauer, Dave Speers and Rob Anderson of Kidder Mathews. NIU is a limited liability company that was formed by a group of Chinese investors and companies.
