SAN DIEGO — Voit Real Estate Services has completed the $6.7 million sale of the 55,761-square-foot Rancho Serra Mesa Shopping Center, located on 4.69 acres at 3202 – 3304 Greyling Drive and 3332 Sandrock Drive in the Serra Mesa submarket of San Diego. Anchored by a CVS/pharmacy, the property was sold through San Diego-based Douglas Wilson Cos., the receiver, to Beverly Hills-based Omninet Capital LLC. Voit’s Mark Caston, Tony O’Neill and Kendrick Askew represented the seller in the transaction.
COLUMBIA, MD. — Columbia Gateway Plaza LLC has acquired The Shoppes at Gateway Plaza, a 24,000-square-foot retail center situated within the 630-acre Columbia Gateway Business Community at 7185 Columbia Gateway Dr. in Columbia. Sanford Gateway LLC, an affiliate of Stanford Properties, sold the center for $3.5 million or $148 per square foot. The center is currently 87 percent leased to a mixture of restaurants and business service amenities, including The Columbia Bank. Rick Porter of Goldstone Realty represented the buyer; Gil Neuman of KLNB Retail Investment Sales represented the seller in the transaction.
LINCOLN, NEB. — Q10 | Daisley Ruff Financial has arranged a $1.03 million loan for an owner-occupant automotive retail and service store in Lincoln. The undisclosed borrower was able to lock a permanent rate prior to construction start, proceed through construction and convert to the permanent loan once the property was complete. Roger Porter of Q10 | Daisley Ruff secured the financing.
GARDEN CITY, N.Y. — Metropolitan Realty Associates (MRA) has inked a deal with BJ's Wholesale Club for 121,000 square feet at the newly renamed Garden City Square, a 335,000-square-foot mixed-use property located at 711 Stewart Ave. in Garden City. The warehouse retailer expects to open the new location in October 2012. John Hanlon of RIPCO Realty represented BJ's in lease negotiations. Matthew Wallerstein provided in-house representation for MRA, which purchased the formerly distressed property last May for $15 million. Vacancy at the time was 71 percent.
DERBY, CONN. — Cronheim Mortgage has secured $9 million in acquisition financing for a Derby retail center. The 168,803-square-foot property is anchored by Lowe's Home Improvement Warehouse. Additional tenants include Dollar Tree, Dunkin' Donuts, Webster Bank and Burger King. The loan carries a 19-year, self-liquidating term with a 4.85 percent interest rate. Andrew Stewart and Anna Westhoff of Cronheim arranged the loan between the two undisclosed parties.
DUPONT, WASH. — Marcus & Millichap has negotiated the almost $1.55 million sale of a 5,314-square-foot Jack in the Box, located at 1275 Center Drive in DuPont. Situated within close proximity to the Fort Lewis Army base, the single-tenant, net-leased property incorporates a sublease from Jack in the Box to Chevron Corp. for a convenience store with fuel pumps. Marcus & Millichap’s Dino Christophilis represented the seller, a partnership, in the transaction.
SURPRISE, ARIZ. — Marcus & Millichap has brokered the $6.2 million sale of a portfolio of single-tenant, NNN ground leases in Surprise. The portfolio of ground leases, consisting of four properties leased to Chili's, Olive Garden, Red Lobster and U.S. Bank, encompasses approximately 5.05 acres of land. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the private-investor seller in the transaction.
BOYNTON BEACH, FLA. — An affiliate of Sembler Co. has completed the disposition of Boynton Town Center on Congress Avenue in Boynton Beach. Canada-based Morguard Investments Limited acquired the property for $59 million. The 202,000-square-foot retail center is occupied by SuperTarget, Best Buy, Total Wine, Michaels, Shoe Carnival, Jos. A Banks, GameStop, Sweet Tomatoes, Five Guys Burgers, Massage Envy and LensCrafters. CB Richard Ellis' Florida National Retail Investment Group represented the seller in the transaction.
DUNWOODY, GA. — Coro Realty Advisors has partnered with Daltex Oglethorpe Crossing LLC to purchase Oglethorpe Crossing Shopping Center, which is located at 3425 Ashford Dunwoody Road in Dunwoody. The 58,413-square-foot center is occupied by Publix and CVS/pharmacy. Terms of the transaction were not released.
NEW YORK CITY — Meridian Capital Group has arranged a $6.55 million loan for the refinancing of a New York City retail condominium. The 10,800-square-foot condo makes up the street and atrium levels of Chatham 44, a residential condo building located at the corner of Tenth Avenue and 44th Street. Tenants include Pio Pio 8, Grace Wine & Spirits, Dunkin' Donuts and Omni Dry Cleaners. The permanent loan, which was provided by Citigroup Global Markets, contains a 5-year term and a fixed interest rate. The borrower, Chatham 44 Commercial Associates LLC, will use the proceeds to retire existing debt. The Meridian team of Jonathan Stern and Ronnie Levine arranged the deal.