Retail

LOS ANGELES – The 14.56 acres that sit under the Midtown Shopping Center in Los Angeles have sold to Midtown Shopping Center Associates (MTSCA) for $42.5 million. The 185,000-square-foot center is located at 4725 W. Venice Blvd. in Mid-City. The land acquisition also includes the 3.5 acres under two properties adjacent to the shopping center. MTSCA includes Young Management Company and its partners, James Young and Courtland Young. Young Management will manage the property and oversee the center’s leasing and redevelopment efforts. Young Management is the center’s original developer and negotiated the ground lease with its original owner, Southern Pacific. Notable tenants at the center include Ralph's, CVS, Orchard Supply Hardware and Bank of America.

PORTLAND, ORE. — The Strand Restaurant, a 7,657-square-foot retail property in Portland, has sold to a limited liability company for $2.7 million. It is located at 1910 SW River Drive. There are about five years left on the Strand’s triple-net lease. The buyer was secured and represented by Ryan O'Leary, an investment specialist in Marcus & Millichap’s Portland office.

LAS VEGAS —Deer Springs Town Center Shopping Center, a 512,325-square-foot community shopping center in Las Vegas, has sold to Stoltz Real Estate Partners for $50.5 million. The center is located at the southeast quadrant of the Interstate 215 Beltway and 5th Street. It is anchored by Target, Home Depot, Toys ‘R’ Us, Babies ‘R’ Us, Ross Dress for Less, PetSmart, Staples and Michaels. The 143,160-square-foot Target was not part of the sale. Lucescu Realty represented both the buyer and the seller, Regency Centers Corporation, in this transaction.

HENDERSON, NEV. — Cornet Plaza, a 26,538-square-foot strip center in Henderson, has sold to Cliffwood Capital for $2.4 million. The center is located at 771 E. Horizon Drive. It was 51 percent occupied by Papa John’s Pizza, Hammer’s Grill & Bar, Aqua Salon & Horizon Sun Tanning, B Sharp Dance School, Capriotti’s Sandwich Shop, Cox & Gallacher Karate and Mom’s Cleaners. Cliffwood was represented by James J. Mitterlehner of American Realty Group LLC. The seller was a private insurance company.