IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors has sold three multi-tenant strip centers in the Inland Empire that total 96,327 square feet for $8,170,026. The sales included the 24,624-square-foot Citrus Foothill Retail Center in Fontana, which was purchased by Fontana Shopping Plaza LLC; the 31,663-square-foot Smith Avenue Center in Corona, which was purchased by NSHE CA Leonardo, LLC; and the 40,040-square-foot Grand Jurupa Center in Riverside, which was purchased by La Peer Investments, LLC.
MERRIAM, KAN. — Lee & Associates Net Leased Group in Carlsbad, Calif., a division of the national brokerage firm Lee & Associates, has closed a $19.1 million sale of a car dealership property at 6801 E. Frontage Rd. in Merriam. An undisclosed buyer acquired the 58,430-square-foot property, which is occupied by CarMax Inc. The used-car retailer will remain at the property. CarMax has 17 years remaining on its lease, which includes four, 5-year extension options. Ryan Barr and Ryan Bennett of Lee Net Leased Group assisted the buyer in the assumption of a complex CMBS loan that was already in place on the property. The seller, a non-traded REIT, was self-represented in the transaction.
PA. AND N.J. — Stanbery Development has selected Fameco Management Services (FMS) as property manager for its 430,000-square-foot retail portfolio, which includes four shopping centers in Pennsylvania and New Jersey. Karen Cahill of FMS will manage The Shoppes at Susquehanna Marketplace in Harrisburg, Pa.; Kathy Blessing of FMS will oversee The Shoppes at English Village in Montgomeryville, Pa.; and Wayne Neis of FMS will manage The Shoppes at Old Bridge in Old Bridge, N.J., and The Shoppes at Union Hill in Denville, N.J.
NEW YORK CITY — New York City-based Ariel Property Advisors has negotiated two sales in New York City totaling $1.7 million. A 7,579-square-foot retail property, located at 5048-50 Broadway & 4022 10th Ave., sold for $900,000. Also, a 10-unit multifamily walk-up, located at 100 E. 123rd St., sold for $825,500. The buyers and sellers in both transaction were local investors. Victor Sozio and Michael Tortorici of Ariel Property Advisors represented the sellers in the transactions.
RANCHO MIRAGE, CALIF. — River’s Crossing, a 31,900-square-foot retail centerin Rancho Mirage, has sold to a private Canadian venture for $6.8 million. The center was built in 1991 and is situated on 2.88 acres along Highway 111. It is currently 89 percent occupied. Notable tenants include Ferguson, Goodwill Industries and California Patio. Michael Dyer of Cushman & Wakefield and Dick Bridy of DBI Group represented the all-cash buyer. William B. Asher and Edward B. Hanley of Hanley Investment Group represented the seller, Highpoint Capital, LLC.
MIAMI — A 15,975-square-foot retail property, located at 801 Washington Ave. in Miami, has been sold for $13.15 million. The property is fully leased to tenants including Diesel Jeans, Dash Miami, LF Sportswear, OndadeMar and Solstice Sunglass Boutique. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller, 801 Washington LLC, in the transaction. Adelaide Polsinelli and Kyle Woodruff of the firm's New York City office represented the buyer, a New York City-based investor in a 1031 exchange.
HILLIARD, OHIO — A 128,875-square-foot Garden Ridge, a crafting and home decorating store, has sold for $5.5 million in Hilliard. Dan Yozwiak, Antoine Matthews and John Reehil of Marcus & Millichap's Columbus office represented the seller, an undisclosed limited liability company, in the transaction. Graden Ridge is located at 3599 Park Mill Run Dr.
DENVER — Unique Properties has sold a free-standing retail building in Denver to Matthew Morris Salon for $1,110,000, or $178.31 per square foot. The 6,225-square-foot building is situated on a 15,246-square-foot lot that also features off-street parking. It is located at 26 W. Ellsworth Ave. Matthew Morris plans to renovate the building and open its salon by summer 2012. The seller, Regas Christou, was represented by Tim Finholm and Sam Leger of Unique Properties.
MIAMI — Miami Avenue Holding has sold five retail spaces, a 6,000-square-foot office and an 18,000-square-foot lot, located at 1036 & 1040 S. Miami Ave. and 21 SW 11th St. in Miami, for $7.5 million. Fabio Faerman of Miami-based Fortunue Commercial Division represented both the seller and the undisclosed buyer in the transaction.
DES MOINES — Dunkin' Donuts has signed a store development agreement with a franchisee team that includes siblings Lori Kelderman High and Jeff Kelderman, for eight new restaurants in Des Moines. Two restaurants are slated to open in 2013 and the remainder by 2016. Franchise opportunities are still available in Iowa, specifically in Sioux City and Ottawa as well as Lincoln and Omaha, Neb.