FLAGSTAFF, ARIZ. – A single-tenant, triple-net leased asset in Flagstaff has sold to a private investor for $7.2 million. The asset is located at 9147 West Route 66 on 7.52 acres. It is fully leased to Camping World through 2024. The acquisition was part of a 1031 tax-deferred exchange. The private client was represented by Paul Lafrenz and Melissa Foster of CBRE San Diego Commercial Private Capital Group. The Arizona purchase was completed in conjunction with Andrew Fosberg of the CBRE Phoenix Private Capital Group.
TAMPA, FLA. — The Sembler Co. and Forge Capital Partners have purchased Dale Mabry Shopping Center, a 56,097-square-foot shopping center located at 2525 N. Dale Mabry Highway in Tampa. Sembler and Forge purchased the center through their Forge Real Estate Partners III investment fund. The shopping center is anchored by a 46,147-square-foot Sweetbay grocery store. The Sembler Co. will provide property management and leasing services for the center, which is fully leased.
OMAHA AND LINCOLN, NEB. — Johnson Capital has arranged a $50.5 million loan secured by a portfolio of 11 retail properties in Nebraska and South Dakota. The 11 neighborhood retail centers total 1.5 million square feet and are located in metro Omaha, Lincoln and Sioux City, Neb., and in Rapid City, S.D. The properties range in size from 34,388 square feet to more than 315,000 square feet. The portfolio was 70 percent leased to a diverse tenant mix at the time of the transaction. The borrower is a locally based investor and manager who began acquiring the properties in 2003. Jefferies/LoanCore provided the financing, which refinanced a CMBS loan the borrower received in 2006. While the loan did not mature until 2016, the lender accepted a substantial discount to the current loan balance. The new non-recourse, 10-year loan includes a fixed interest rate and three years of interest-only payments. Proceeds from the loan will be used to retire existing debt, cover transaction costs, pay leasing commissions and provide capital for tenant improvements. Amos Smith and Ryan Chapman, senior vice presidents in the Irvine, Calif. office of Johnson Capital, arranged the financing.
CLARK, N.J. — Kimco Realty Corp. has purchased a 189,000-square-foot, grocery-anchored portfolio in Clark for $35.6 million. The fully occupied, three-property portfolio is located about eight miles southwest of Elizabeth and 22 miles southwest of New York City. The portfolio includes two long-term ground leases to national grocers — an 85,000-square-foot ShopRite and a 53,000-square-foot A&P Fresh Market. Other national tenants include Rite Aid and Bally Total Fitness. The properties are supported by approximately 155,000 residents with a median household income of $90,000 within three miles.
FLAGSTAFF, ARIZ. – A single-tenant, triple-net leased asset in Flagstaff has sold to a private investor for $7.2 million. The asset is located at 9147 West Route 66 on 7.52 acres. It is fully leased to Camping World through 2024. The acquisition was part of a 1031 tax-deferred exchange. The private client was represented by Paul Lafrenz and Melissa Foster of CBRE San Diego Commercial Private Capital Group. The Arizona purchase was completed in conjunction with Andrew Fosberg of the CBRE Phoenix Private Capital Group.
MIAMI BEACH, FLA. — Marcus & Millichap has arranged the sale of an 8,322-square-foot retail fashion store at 736 Collins Ave., located between Seventh and Eighth streets in Miami Beach’s South Beach neighborhood. The asset, currently net leased to Guess? Inc., sold for approximately $12.5 million, or $1,499 per square foot. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a Miami-based real estate owner and developer, in the transaction. Kristol and Olson also represented the buyer, an institutional investment group.
CHAPEL HILL, N.C. — Madison Marquette Retail Services has signed a 52,500-square-foot lease with Silverspot Cinema for a new movie theater at University Mall. The mall is the only enclosed regional shopping center in Chapel Hill and is going under a redevelopment plan involving the addition of the theater, a high-end sporting goods store and a new fine dining option. Silverspot at University Mall will be the fifth domestic location for the company, a division of South American theater company Cines Unidos.
CALIFORNIA, MD. — Scheer Partners has signed with SJS-Wildewood S.C. LP to manage Wildwood Shopping Center, a 289,000-square-foot shopping center located in California, Md. The shopping center’s tenants include J.C. Penney, Belk, Bed Bath & Beyond and Sear’s Appliances. Bed Bath & Beyond, set to open in spring 2014, brought the shopping center to 95 percent occupancy. Marc Schlesinger and Charlotte Cassell of Scheer Partners are responsible for managing the property’s day-to-day activities.
LAKE FOREST, ILL. — L3 Capital, a Chicago-based real estate investment firm, has acquired Market Square, a historic retail property with 26 retailers and restaurants in Lake Forest for $35.5 million. The shopping center features a mix of national and local retailers, including Williams-Sonoma, J. Crew, Bluemercury and Talbots, as well as Kiddles Sporting Goods, Forest Bootery and The Lake Forest Shop. As part of L3’s strategy, the firm intends to invest heavily over the next two years in Market Square with an intensive marketing plan, infrastructure upgrades, life safety upgrades and historic restoration projects. The property consists of seven buildings and totals 100,000 square feet, with 50,000 square feet of retail and 50,000 square feet of office space. The addresses for Market Square include 653 Bank Lane, 659 Bank Lane, 722 Bank Lane and 675 Forest Ave. Market Square was originally developed in 1916 for $750,000 as part of an improvement plan for the Lake Forest area, a northern suburb of Chicago.
CHICAGO — First Western Properties has arranged the sale of a 2,500-square-foot retail building in Chicago for $592 per square foot, which equates to $1.5 million. The seller was Mary Dodas, a longtime cafe operator. The buyer, Yuliang Tan, plans to remodel the space and open a new restaurant at the property. The building is located at 215 E. Grand Ave. in downtown.