SCOTTSDALE, ARIZ. — Spirit Realty Capital will soon merge with Cole Credit Property Trust II after the firm’s shareholders approved the move in a special meeting held yesterday. Once the merger is complete, the combined company will formone of the largest publicly traded triple-net-lease REITs in the U.S. It will own a total of about 1,900 properties in 48 states. Spirit shareholders will receive a fixed exchange ratio of 1.9048 shares of common stock of the combined company for each Spirit share previously owned. The new company will retain the Spirit Realty Capital name. It will trade on the New York Stock Exchange under the ticker symbol “SRC.” Spirit’s current management team will lead the new company. Spirit Realty Capital was formed in 2003 to invest in single-tenant operationally essential real estate. It has invested more than $4.3 billion in more than 1,200 properties across 47 states. Cole Credit Property Trust II invests primarily in high-quality, freestanding, single-tenant buildings that are net leased to investment-grade or other creditworthy tenants throughout the U.S.
HERMOSA BEACH, CALIF. — The Strand in Hermosa Beach has sold to a syndicated equity group for $19.5 million. The group is led by a local private investor. The site includes four parcels that total 25,392 square feet. It directly faces the Pacific Ocean and is located in the Hermosa Beach Pier Avenue Plaza retail complex. It had been under the same family ownership for generations. The buyer was represented by Mike Grannis and Brent Cunningham of Highland Partners Corporation. The seller was represented by CBRE’s Bob Healey, Kevin Shannon, Scott Schumacher and Dan Riley.
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.
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.