VISTA, CALIF. — Pacific Coast Commercial has negotiated the sale of a multi-tenant strip center located at 1717 E. Vista Way in Vista. LB ONE LLC sold the asset to CDH Holdings V LLC for $3.5 million. The 30,600-square-foot property is occupied by a mix of local office and retail businesses. Martin Alfaro of Pacific Coast Commercial represented the seller and buyer in the deal. Ticor Escrow and Title handled escrow and title services for the transaction.
CHICAGO — Chicago-based shopping center owner Pine Tree has acquired sponsor interest in a 10-property portfolio recently appraised at $644 million and totaling 3.5 million square feet. The interest was acquired from SITE Centers (NYSE: SITC) in partnership with a large international investor. The transaction brings Pine Tree’s total acquisition activity over the past 12 months to more than $1 billion and grows the company’s assets under management to more than $4 billion. Spanning nine states, the primarily grocery-anchored portfolio is comprised of tenants such as Target, Sam’s Club, Publix, Aldi, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe’s, Dick’s Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less. The properties include: Ahwatukee Foothills Towne Center in Phoenix; Ashley Crossing in Charleston, S.C.; Brookside Marketplace in Chicago; Commonwealth Center in Richmond, Va.; Connecticut Commons in Hartford, Conn.; Independence Commons in Kansas City, Mo.; Poyner Place in Raleigh, N.C.; Route 22 Retail Center in New York City; Towne Center Prado in Atlanta; and University Centre in Wilmington, N.C.
KATY, TEXAS — Marcus & Millichap has brokered the $7.5 million sale of an 8,753-square-foot restaurant building in the western Houston suburb of Katy. The sales price equates to $874.84 per square foot. The building at 222 W. Grand Parkway was constructed on a 1.5-acre site in 2017 and is net-leased to Brazilian restaurant chain Fogo de Chao. Alvin Mansour and David Kern of Marcus & Millichap represented the seller, a developer, in the all-cash transaction. The buyer was a California-based 1031 exchange investor. Both parties requested anonymity.
HOUSTON — Baker Katz has negotiated five leases totaling 9,548 square feet for Einstein Bros. Bagels in the greater Houston area. The spaces are located in the city’s Garden Oaks district and in the suburbs of Tomball, Spring, Baytown and Manvel. Lunden McGill and John Frazier of Baker Katz represented Einstein Bros. in all lease negotiations. Landlord brokers included Lindsey Lee and Rami Khoury of Blue Ox Group (Houston); Kristen Barker of Edge Properties (Tomball); Austen Baldridge and Diandra Breen of NewQuest (Spring); Anna Grace Mako of Fidelis (Baytown); and Kyle Knight of Weitzman (Manvel).
DOVER, N.H. — A partnership between Boston-based developer Cathartes and the City of Dover, located near the Maine-New Hampshire border, has completed a multifamily project and public park in the city’s waterfront district., The Truette is a 220-unit apartment complex that features studio, one-, two- and three-bedroom units, as well as 2,200-square-foot townhomes. Amenities include a rooftop terrace, coworking spaces, fitness areas and pet-friendly facilities, as well as an onsite restaurant. The 3.5-acre Nebi Park features art installations and a 2,300-square-foot pavilion and green space for public events
HONOLULU — Benderson Development has entered the Hawaiian market with the purchase of a retail property, currently occupied by The Home Depot, in Honolulu. Terms of the transaction were not released. Located at 421 Alakawa St., the asset consists of a 130,000-square-foot building and an adjoining two-story parking structure with more than 600 stalls. Based in Sarasota, Fla., Benderson Development is a privately held, family-owned real estate company with more than 1,000 properties totaling over 58 million square feet across 41 states.
PORTSMOUTH, N.H. — Lee & Associates has arranged $5.5 million in financing for an 11,000-square-foot retail strip center in Portsmouth, located near the Maine-New Hampshire border. The building at 1303 Woodbury Ave. previously housed a Rite-Aid, and the undisclosed borrower plans to redevelop the building into a medical office facility. Dave Carswell and Ryan Fitzpatrick of Lee & Associates arranged the debt through First Tech Federal Credit Union. The duo originated the financing in conjunction with a $5 million acquisition loan for a retail strip center in Rumford, Rhode Island.
LOXLEY, ALA. — Marcus & Millichap’s Taylor McMinn Retail Group has negotiated the sale of a newly constructed gas station and convenience store in Loxley, an eastern suburb of Mobile, Ala. Wawa occupies the retail property on a 20-year lease that features 7 percent rental increases starting in year 11 of the initial term and extension options. An investor purchased the property for an undisclosed price in a 1031 exchange all-cash from an Alabama-based development firm. Both parties requested anonymity. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group brokered the transaction. “This marks our third Wawa closing in Alabama,” says McMinn. “As the third brokerage team engaged to market the property, we drew on our platform’s reach and extensive investor network to bring the transaction to a successful close at 97 percent of list price despite challenging market conditions.”
KATY, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of Peek Plaza I & II, two 10,000-square-foot retail strip centers located in the western Houston suburb of Katy. Peek Plaza I & II were completed in late 2023 and were fully leased at the time of sale. STRIVE represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
RUMFORD, R.I. — Lee & Associates has arranged a $5 million acquisition loan for a 13,000-square-foot retail strip center in Rumford, located northeast of Providence. First Tech Federal Credit Union provided the nonrecourse loan, which was structured with a sub-6 percent interest rate and a 30-year amortization schedule. Dave Carswell and Ryan Fitzpatrick of Lee & Associates arranged the debt on behalf of the borrower, Kempner Properties, which acquired the center via a 1031 exchange.
