TEMECULA, CALIF. — Faris Lee Investments has sold a 14,500-square-foot retail property at the entrance of the Promenade Temecula regional mall for $5.65 million. The building is fully occupied by the Tilted Kilt Pub & Eatery, Jamba Juice, Ming’s Restaurant, Pacific Pita and Promenade Dental Care. Faris Lee’s Jeff Conover and Rich Walter represented the seller, Temecula Pad PQ, LLC. IRN Realty’s Jackson Chang represented the all-cash buyer, SZ Prosperity Investment. The property closed at a 7.61 percent cap rate.
ORLANDO, FLA. — Marcus & Millichap has arranged the $3.6 million sale of the three-building, 43,813-square-foot International Drive Portfolio, a retail portfolio of properties located at 6454 and 6464 International Dr. in Orlando. Mark Thompson of the firm's Orlando office represented the seller, a private investor. The buyer a private investor procured by Southeast Commercial Development.
WOMELSDORF, PA. — Marcus & Millichap Real Estate Investments has arranged Outer Banks’ $2.13 million purchase of two absolute net ground leases in Womelsdorf. The tenants, Fulton Bank Corp. and Turkey Hill LP — located at 2400 and 2600 Conrad Weiser Park, respectively — are subject to a 15-year absolute net ground lease with rent increases through the base term for each tenant at the time of the transaction. Approximately 13 years remained on the base term for Fulton Bank and Turkey Hill at the time of the sale. Marcus & Millichap’s Derrick Dougherty, Mark Taylor and Dean Zang represented the seller, Womelsdorf I, LP. Marcus & Millichap’s Michael Shover, Thomas Gorman, Matthew Gorman, Dougherty, Taylor and Zang also procured Outer Banks in the transaction.
SCOTTSDALE, ARIZ. – NorthMarq Capital has arranged $5 million in first-mortgage financing for the 25,612-square-foot North Scottsdale Gateway shopping center. Financing includes a 10-year term and a 25-year amortization schedule. NorthMarq obtained the financing for the borrower through its correspondent relationship with Thrivent Financial for Lutherans. James DuMars, senior vice president and managing director of NorthMarq Phoenix regional office, arranged the financing.
BASALT, COLO. — Whole Foods Market has re-signed as the anchor of the Willits Town Center, a development in Basalt that was stalled but will soon resume construction now that Mariner Real Estate Management (MREM) has agreed to purchase the project. Willits had remained untouched for three years until Mariner announced it would continue construction on the project right where the previous owner had left off. Willits is being billed as a multi-use community that will eventually include retail, office and residential loft spaces, in addition to a town square, parks and recreation facilities. MREM is owned by Montage Investments, an affiliate of Mariner Wealth Advisors.
CINCINNATI — A 4,000-square-foot Buffalo Wings & Rings has opened at Brentwood Plaza, located on the corner of Ronald Regan Highway and Winton Road in Cincinnati. Jeff Piatt of Cincinnati-based Miller Valentine Group represented the tenant in the lease transaction. The landlord, Centro Properties Group, was self-represented by Elizabeth Houser.
PHILADELPHIA — Bottom Dollar Food has commenced construction on a new 19,600-square-foot store at the intersection of Roosevelt Boulevard and Borbeck Street in the Rhawnhurst section of Philadelphia. SRD’s Richard Soloff is completing the development of the site. Colliers International’s Matthew Shanahan represented the landlord and Fameco Real Estate represented Bottom Dollar in the transaction. The new site, which will be Bottom Dollar’s third store in the city of Philadelphia, was once home to Ilona Keller’s Dugan Banquet Hall.
DALLAS AND FORT WORTH — 7-Eleven, Inc. has signed an agreement to acquire ExxonMobil’s retail interests in 51 locations, all of which are in the Dallas/Fort Worth area. The 51 sites include two vacant parcels of land. Most locations will keep the Exxon gasoline brand but be rebranded as 7-Eleven. The stores will be available for franchising and will carry signature 7-Eleven items. 7-Eleven will also extend job offers to the Exxon employees affected by the acquisition.
MISSION VIEJO, CALIF. — Watt Commercial Properties has completed a $6-million renovation of Alicia Towne Plaza in Mission Viejo. The 19-month redevelopment provided an update to the 150,000-square-foot property’s façade, replaced signage along Alicia Parkway, updated the landscaping and converted a former 84,000-square-foot Mervyn’s building into a 62,000-square-foot L.A. Fitness. S.D. Deacon acted as the general contractor for the Alicia Towne Plaza redevelopment.
CLEVELAND — OrangeOnions.com has acquired a 110,000-square-foot building, located at 21930 Miles Rd. in Cleveland. The property is a former retail store that will be converted into a distribution and fulfillment center for the company. Eliot Kijewski of CRESCO Real Estate represented the buyer and Isaac Chara of Crown Acquisitions represented the seller in the transaction.