LOS ANGELES — Peninsula Center, a 300,000-square-foot retail center located in the Los Angeles submarket of Rolling Hills Estates, has sold to a joint venture between Vestar and a fund advised by UBS Global Asset Management for $87.3 million. The center resides on the Palos Verdes Peninsula. It is 88 percent leased. Notable tenants include Vons Pavilions, Rite Aid, TJ Maxx, Spectrum Health Club, Pier 1 Imports and Petco. Vestar represented itself in this all-cash transaction, while the seller, Principal Real Estate Investors, was represented by Christopher Hoffman, Rikki Keating and Thao Tran of Eastdil Secured.
ALISO VIEJO, CALIF. – A two-story, 16,840-square-foot retail building in Aliso Viejo has sold to Aliso Viejo Town Center, LLC for $6.7 million. The free-standing building is located at 26731 Aliso Creek Road within the Aliso Viejo Town Center. It is 93 percent occupied by tenants like Stadium Brewing Company. Dennis Vaccaro and Christopher Tramontano of Faris Lee Investments represented both the buyer and the seller, Aliso Viejo Investors, LLC, in this transaction.
BELLEVUE, WIS. — Marcus & Millichap has arranged the sale of Bellevue Retail Center, a 9,200-square-foot retail property, for $2.5 million. The shopping center is located at 1976 Lime Kiln Road in Bellevue, a southern suburb of Green Bay, and was 85 percent occupied at the time of sale. Jeff Rowlett and Jason Ladner of Marcus & Millichap represented the seller, a developer, in the transaction. Michael Ahles of Marcus & Millichap represented the buyer, a private investor.
PARAMUS, N.J. — Vornado Realty Trust’s The Outlets at Bergen Town Center, located at 210 Route 4 in Paramus, has received a $300 million loan. The 10-year, interest-only loan carries an interest rate of 3.56 percent. The 948,000-square-foot property was previously encumbered by a $282 million floating-rate loan.
ALISO VIEJO, CALIF. – A two-story, 16,840-square-foot retail building in Aliso Viejo has sold to Aliso Viejo Town Center, LLC for $6.7 million. The free-standing building is located at 26731 Aliso Creek Road within the Aliso Viejo Town Center. It is 93 percent occupied by tenants like Stadium Brewing Company. Dennis Vaccaro and Christopher Tramontano of Faris Lee Investments represented both the buyer and the seller, Aliso Viejo Investors, LLC, in this transaction.
CHULA VISTA, CALIF. — L Street Self Storage Park, an 86,770-square-foot self-storage facility in Chula Vista, has received $6.3 million in permanent financing. The non-recourse loan features a 10-year term with a 30-year amortization period. It was arranged by James Dick of Newmark Realty Capital.
IRMO, S.C. — Phillips Edison — ARC Shopping Center REIT has acquired a portfolio of three grocery-anchored shopping centers in Florida, South Carolina and Texas. The company acquired the 64,359-square-foot Murray Landing shopping center in Irmo, S.C., approximately 12 miles northeast of Columbia, S.C. The fully occupied center is anchored by a Publix grocery store, which is leasing the property through 2023. Phillips Edison also purchased the 62,821-square-foot Vineyard Center in Tallahassee. The center is also anchored by Publix, which is leasing the property through 2022. The final property is the 148,963-square-foot Kleinwood Center in Spring, Texas, which is anchored by an H-E-B grocery store.
ORLAND PARK, ILL. — Lowe’s Retail Center, a 9,338-square-foot retail property in Orland Park, has sold for $3.9 million. The triple-net-leased property, which is located at 15619 S. La Grange Road, is fully occupied. Brian Parmacek and Stephen Rachman of Marcus & Millichap represented the seller, a developer, in the transaction. Steve Livaditis of Marcus & Millichap represented the buyer, a long-term apartment investor. Jim Sotos of Marcus & Millichap Capital Corp. secured the 10-year acquisition loan for the property.
SPRING, TEXAS — Marcus & Millichap has brokered the sale of an 82,952-square-foot retail building leased to The Antique Gallery of Houston in Spring. The store is located at 21127 Spring Towne Drive. The property's list price was $2.875 million. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a partnership, in the transaction. Goldstein also secured and represented the buyer, a private investor.
THE WOODLANDS, TEXAS — Cycles TX has plans to open its first bicycle and accessories store in Texas at The Waterway Square District in The Woodlands Town Center. The store will be located at 1501 Lake Robbins Drive in The Waterway Square parking garage. Brent Everson of Everson Developments LLC represented Cycles TX in the lease transaction. Rip Reynolds of The Howard Hughes Corp. represented the landlord, The Woodlands Development Co., a subsidiary of The Howard Hughes Corp.