LIVERMORE, CALIF. — Granada Shopping Center, a 69,325-square-foot shopping center in Livermore, has sold to Retail Opportunity Investments Corp. for $17.5 million. The center is located at 1951 Holmes Street. It was 91 percent leased at the time of sale. Granada is anchored by Lucky Supermarket. Other tenants include Fairmont Bank, Cosmo Prof, Curves, Subway and Country Waffles. The seller was Granada Retail, LLC. Edward B. Hanley of Hanley Investment Group Real Estate Advisors assisted with the sale.
REDONDO BEACH, CALIF. — Body Glove International has received a $3-million loan to renovate and convert its Redondo Beach Dive n’ Surf store into its new corporate headquarters. The company’s headquarters will occupy the second floor, while the renovated Dive n’ Surf store will remain on the ground floor. The space, which is located at 504 N. Broadway, will expand from 6,464 square feet to nearly 14,800 square feet. This expansion will allow Body Glove to consolidate its operations and recommit to the South Bay while it continues to grow its brand globally. As part of the renovations efforts, Body Glove will also make enhancements to the surrounding streets to improve accessibility and aesthetics. The project is scheduled for completion in August 2013, which will coincide with the company’s 60th anniversary. Founded in 1953 by twin brothers Bill and Bob Meistrell, Body Glove is one of the last original Southern California surf companies to remain under family ownership. Financing was arranged by Jeff Spinelli of Farmers & Merchants Bank.
CINCINNATI — Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. has brokered the $30 million sale of Colerain Towne Centre, a 400,000-square-foot power center in Cincinnati. A private real estate company purchased the center from New York-based Kimco Realty. Walmart Supercenter, Dick’s Sporting Goods, Jo-Ann Fabrics, PetSmart and Hobby Lobby anchor Colerain Towne Centre, which is located on the northeast quadrant of Colerain Avenue and I-275. Joe Girardi and Ben Wineman of Mid-America Real Estate Corp. represented the seller in the transaction in cooperation with Amy Holter of Anchor Associates. The buyer was self-represented.
ANN ARBOR, MICH. — Seva Restaurant has signed an eight-year lease for 5,500 square feet at Westgate Shopping Center in Ann Arbor. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the landlord, Westgate Shopping Center, and the tenant in the transaction. Seva Restaurant is a local vegetarian eatery currently based in downtown Ann Arbor.
NEW HAVEN AND EAST HAVEN, CONN. — Marcus & Millichap has arranged the sale of two net-leased buildings occupied by Kentucky Fried Chicken for a combined total of $1.1 million in New Haven and East Haven. The transaction includes a 2,841-square-foot property located at 451 Foxon Blvd. in New Haven; and a 2,314-square-foot property located at 650 Main St. in East Haven. Glen Kunofsky and Todd Pajonas of Marcus & Millichap’s Manhattan office represented the seller, a private investor. Adam Mancinone and Blake Barbarisi of Marcus & Millichap’s New Haven office represented the buyer, also a private investor.
AUSTIN, TEXAS — CRAVE, which features eclectic American cuisine, is opening a new location in the 8,500-square-foot former Roy’s restaurant space at 340 E. Second St. in Austin’s Convention Center District. The space has been vacant for more than three years. Currin J. Van Eman, vice president, of NAI REOC Austin, and Jack Breard, president of UCR Urban, represented CRAVE in the transaction. Mike Joyce with the retail group Live Oak-Gottesman represented the landlord, Gottesman Co. The restaurant is slated to open in the first quarter of 2014.
REDONDO BEACH, CALIF. — Body Glove International has received a $3-million loan to renovate and convert its Redondo Beach Dive n’ Surf store into its new corporate headquarters. The company’s headquarters will occupy the second floor, while the renovated Dive n’ Surf store will remain on the ground floor. The space, which is located at 504 N. Broadway, will expand from 6,464 square feet to nearly 14,800 square feet. This expansion will allow Body Glove to consolidate its operations and recommit to the South Bay while it continues to grow its brand globally. As part of the renovations efforts, Body Glove will also make enhancements to the surrounding streets to improve accessibility and aesthetics. The project is scheduled for completion in August 2013, which will coincide with the company’s 60th anniversary. Founded in 1953 by twin brothers Bill and Bob Meistrell, Body Glove is one of the last original Southern California surf companies to remain under family ownership. Financing was arranged by Jeff Spinelli of Farmers & Merchants Bank.
OCALA, FLA. — A joint venture between Dallas-based companies MGHerring Group and Tricom Real Estate Group has acquired Market Street at Heath Brook in Ocala, Fla. The outdoor, regional shopping center contains 685,000 square feet and is anchored by Dillard’s and Dick’s Sporting Goods. Tricom will oversee the asset management and leasing, and MGHerring Group will oversee the property management and development. The acquisition was one of the first transactions by the new joint venture, which was formed to acquire value-added regional malls and lifestyle centers throughout the United States. MGHerring and Tricom also purchased a 1 million-square-foot shopping center in Taunton, Mass., concurrent with this deal.
TAUNTON, MASS. — Dallas-based MGHerring Group and Tricom Real Estate Group have acquired Silver City Galleria in Taunton, located about 30 miles south of Boston. Silver City Galleria is a 1 million-square-foot, two-level enclosed shopping center anchored by Macy’s, JC Penney, Best Buy, Sears and Dick’s Sporting Goods. In addition, the mall features numerous specialty stores including H&M, Forever 21, Aeropostale, American Eagle Outfitters, Bath & Body Works, Express, Gymboree, Hollister, The Children’s Place, Victoria’s Secret, Wet Seal and Zumiez. Tricom will oversee leasing at Silver City Galleria. The MGHerring Group will oversee the property management and redevelopment of the center.
FORT WORTH, TEXAS — Tandy Leather has opened a new 23,000-square-foot flagship retail store located along the I-20 Freeway in Fort Worth. The new store is the first stand alone retail property for Tandy. Bob Moore Construction acted as contractor, and Alliance Architects served as architect for the property. The retail facility features a fully glass front and tilt-up construction. This building will act as the prototype for future Tandy properties.