VISALIA, CALIF. – A 57,254-square-foot shopping center in Visalia has sold to a family trust for $4 million. It is located at 3230-3298 S. Mooney Blvd. The center was 60 percent occupied by tenants like King Buffet and Tuesday Morning at the time of sale. The seller, Trion Properties, acquired a non-performing note on the asset through an all-cash transaction from a regional bank. The bank needed to remove the center from its books by the end of the year. CBRE’s Nick Whitstone handled the note sale. The latest sale was executed by Mark Denholm of CORE Commercial.
COLUMBUS, GA. — Berkeley Capital Advisors has arranged the sale of Cross Country Plaza, a 368,360-square-foot shopping center located in Columbus. The property’s anchors include Publix, Freedom Furniture & Electronics, OfficeMax and T.J. Maxx. Additional tenants include Goodwill, Tuesday Morning, Pet Supermarket, Chuck E. Cheese’s, Suntrust and Denny’s. Rob Carter, Alex Quarrier and David Webb of Berkeley arranged the deal between the two undiclosed parties.
MIAMI BEACH, FLA. — A joint venture between Aria Development Group, Wexford Capital and 13th Floor Investments has purchased a two-story, 7,310-square-foot multifamily property located at 825 Collins Ave. in Miami Beach’s South Beach submarket. The buyers plan to raze the property and construct a 10,000-square-foot flagship retail development. CB Richard Ellis’s Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Will Pike represented the seller, an entity affiliated with The Federated Companies. The construction timetable was not released.
CHICAGO — Marcus & Millichap has arranged the $1 million sale of a 3,200-square-foot, net-leased property occupied by 7-Eleven in Chicago. Stephen Rachman and Brian Parmacek, investment specialists in Marcus & Millichap’s Chicago O’Hare office, marketed the property on behalf of the seller, a developer. Adam Fortino and Ryan Engle, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, represented the buyer, a private investor. The property is located at 520 N. Halsted St. in the River West neighborhood of Chicago.
CHICAGO — Lee & Associates of Illinois LLC has represented gourmet burger chain Red Robin in four new leases in Illinois, two in northern Illinois and two in central Illinois. The restaurant signed a 5,710-square-foot lease in the Harlem Irving Plaza in Norridge, located about 15 miles northwest of Chicago. The second lease is for a 5,901-square-foot location at Oakbrook Center Mall in Oak Brook, a western suburb of Chicago. Fred Murray of Harlem Irving Cos. represented building ownership in the Norridge transaction and Randy Guse, formerly of General Growth Properties, represented building ownership in the Oakbrook transaction. Red Robin signed a third lease for a 4,001-square-foot building located at West Washington Street and Altorfer Lane in East Peoria. The final lease is a 5,735-square-foot building located at 2881 S. Veterans Parkway in Springfield. Kathleen Cullinan of Cullinan Properties represented the ownership in the East Peoria transaction and Mike Liyeos of Quattro Development represented building ownership in the Springfield transaction. Rick Scardino, director of retail brokerage for Lee & Associates, represented Red Robin in four transactions.
NEW YORK CITY — HFF has secured $12.5 million for the refinancing of 808 Broadway, a 24,000-square-foot retail condominium in New York City’s Union Square neighborhood. The 10-year loan carries a fixed interest rate. Steven Klein, managing director of HFF, arranged the loan on behalf of the borrower, SPI Holdings LLC.
NEW YORK CITY — Massey Knakal has arranged the sale of a 10,300-square-foot retail building at 78-02/10 Metropolitan Ave. in Queens for $2.9 million, or $285 per square foot. Thomas Donovan, partner with Massey Knakal, and director of sales Brian Sarath represented the buyer, a private investor. The seller was not disclosed. Massey Knakal specializes in the sale of investment and user properties in the New York metropolitan area.
HOUSTON AND LOS ANGELES — World Class Capital Group LLC closed on two major acquisitions this week: North Oaks Shopping Center, a 450,000-square-foot retail center in Houston, and Andrita Media Center, a 110,000-square-foot creative office and studio in Los Angeles. North Oaks Shopping Center was 92 percent occupied at the time of sale by retailers including T.J. Maxx, Ross Dress for Less, Hobby Lobby, Big Lots and Staples. The property, located at the intersection of FM 1960 and Veterans Memorial Drive, was purchased from a national retail REIT. Andrita Media Center was fully percent leased to an international entertainment conglomerate at the time of sale.
IRVING, TEXAS — Ryan Barr and Ryan Bennett of Lee & Associates’ North San Diego County office have negotiated the sale of a 45,000-square-foot free-standing LA Fitness facility located at 5550 N. MacArthur Blvd. in Irving for $12.2 million. The LA Fitness has approximately eight years remaining on the triple-net lease. Lee & Associates represented the buyer, a public REIT, and the seller in the transaction.
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.