Retail

RCB Equities, REDA Receive $115M Acquisition Loan for Puente Hills Mall in City of Industry, California

by Amy Works August 30, 2024

CITY OF INDUSTRY, CALIF. — A joint venture between RCB Equities and Real Estate Development Associates (REDA) has received a $115 million loan for the acquisition of Puente Hills Mall in City of Industry. Located at 1600 S. Azusa Ave., the 56.4-acre Puente Hills Mall is a redevelopment opportunity. The buyers plan to work closely with the City of Industry to formulate a redevelopment plan for the property. Mark Wintner of JLL Capital Markets Debt Advisory obtained the non-recourse, three-year, floating-rate loan through Hankey Capital on behalf of the borrower.

August 30, 2024

Loans Mixed-Use Multifamily Retail Washington Western

MainStreet Property, HAL Real Estate Obtain $77M Refinancing for Mixed-Use Property in Woodinville, Washington

by Amy Works August 30, 2024

WOODINVILLE, WASH. — MainStreet Property Group and HAL Real Estate have received $77 million in refinancing for The Schoolhouse District, a mixed-use asset in downtown Woodinville, a suburb of Seattle. Located at 17409 133rd Ave. NE, The Schoolhouse District consists of four separate buildings, including District Flats offering 254 one-, two- and three-bedroom apartments, and 44,800 square feet of retail space. Apartments offer keyless entry, a balcony or patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. Amenities at District Flats include a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, cafeteria lounge, an enclosed dog park, controlled-access garage and electric vehicle charging stations. The retail section features a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the fixed-rate loan through AXA IM Alts., acting on behalf of its client, for the borrowers.

August 30, 2024

Leasing Activity Restaurant Retail Texas

Poag Development Welcomes Four New Tenants to Metro Houston Shopping Center

by Taylor Williams August 30, 2024

KATY, TEXAS — Poag Development Group has welcomed four new tenants to LaCenterra at Cinco Ranch, an open-air shopping center located in the western Houston suburb of Katy. Houston TX Hot Chicken leased 4,065 square feet and is now open for business. Fidelity Investments (8,000 square feet), The Salty Donut (1,329 square feet) and Chewy Vet Care (3,002 square feet) are all scheduled to open before the end of the year. JLL represented ownership in all four sets of lease negotiations.

August 30, 2024

Acquisitions California Mixed-Use Office Restaurant Retail Western

BH Properties Acquires 405,250 SF Mixed-Use Hazard Center in San Diego’s Mission Valley

by Amy Works August 30, 2024

SAN DIEGO — BH Properties has purchased Hazard Center, a mixed-use campus in San Diego’s Mission Valley submarket, for an undisclosed price. Adam Edwards, Justin Shepherd, Michael Kathrein and Bailey Bland of Eastdil Secured represented the undisclosed seller in the transaction. Situated on 14.5 acres, Hazard Center consists of a 15-story, 270,000-square-foot office tower that was completed in 1990 and a more than 135,000-square-foot retail component that was completed in 1989. The office tower is more than 77 percent leased to long-tenured tenants. Current retail tenants include Barnes & Noble, Orangetheory Fitness, BJ’s Brewhouse, Wood Ranch BBQ & Grill, Which Wich Superior Sandwiches and FedEx Office.

August 30, 2024

Acquisitions New Jersey Northeast Retail

TFE Properties Acquires 93,000 SF Shopping Center in Fair Lawn, New Jersey

by Taylor Williams August 30, 2024

FAIR LAWN, N.J. — Locally based investment firm TFE Properties has acquired the 93,000-square-foot River Road Shopping Center in the Northern New Jersey community of Fair Lawn. The 6.3-acre center comprises an 18,825-square-foot single-tenant building occupied by Walgreens, an 18,900-square-foot multi-tenant building and a 54,000-square-foot building that was formerly occupied by grocer ShopRite. The new ownership plans to implement a value-add program to the multi-tenant and former grocery buildings. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Ryan Robertson of JLL represented the seller, Bon-Marc Realty Co., in the transaction and procured TFE Properties as the buyer.

August 30, 2024

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Brokers $3.6M Sale of Retail Strip Center in Whitewater, Wisconsin

by Kristin Harlow August 29, 2024

WHITEWATER, WIS. — Marcus & Millichap has brokered the $3.6 million sale of Whitewater Plaza, a 24,211-square-foot retail strip center in Whitewater, about 50 miles southwest of Milwaukee. Located at 1139 W. Main St., the property is 94 percent occupied by tenants such as Jimmy Johns, Anytime Fitness, Cozumel Mexican Restaurant and Beijing Buffet. Dominic Sulo and Sam Malato of Marcus & Millichap represented the undisclosed seller. The buyer was also undisclosed. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.

August 29, 2024

Loans New York Northeast Retail

Largo Capital Arranges $9.3M Permanent Loan for Shopping Center in Orange County, New York

by Taylor Williams August 29, 2024

ORANGE COUNTY, N.Y. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $9.3 million permanent loan for a shopping center in Orange County. The site is located near the nexus of New York, New Jersey and Pennsylvania. Grocer Save a Lot anchors the unnamed center, which totals 97,740 square feet and was 85 percent leased at the time of the loan closing. Jack Phillips of Largo Capital originated the debt. The direct lender and borrower were not disclosed.

August 29, 2024

Promenade-Shops-Orchard-Valley-Manteca-CA

Acquisitions California Retail Western

Grupe Huber Acquires 400,000 SF Promenade Shops at Orchard Valley in Manteca, California

by Amy Works August 29, 2024

MANTECA, CALIF. — Grupe Huber has purchased The Promenade Shops at Orchard Valley, a regional shopping center in Manteca, located east of the Bay Area and south of Sacramento. Terms of the transaction were not released. Guper Huber plans to revitalize the retail property. Situated on 54 acres, the asset offers nearly 400,000 square feet of retail space. Current tenants include Bass Pro Shop, AMC Theatre, JC Penney and Valley Fitness. Sutter Health recently leased 17,500 square feet of space and will open in early 2025. Built in 2008, The Promenade Shops at Orchard Valley is located off Highway 120 at Union Road. JLL handles leasing and management of the property.

August 29, 2024

Acquisitions California Retail Western

Progressive Real Estate Brokers Sales of Four Car Wash Properties in California’s Inland Empire

by Amy Works August 29, 2024

APPLE VALLEY, HESPERIA, POMONA AND SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of four non-operating car wash properties in Apple Valley, Hesperia, Pomona and San Bernardino, all located in the Inland Empire region. Three different Southern California-based private investors acquired the properties in four separate transactions for undisclosed prices. Victor Buendia of Progressive Real Estate Partners represented the seller, an Arizona-based institutional investor, in all four transactions. The assets include: The car washes in Pomona, Hesperia and Apple Valley have re-opened under the new ownerships, and the San Bernardino car wash is slated to re-open in 2025.

August 29, 2024

Loans Office Retail Texas

PACE Equity Provides $1.6M in C-PACE Financing for Historic Building in San Antonio

by Taylor Williams August 28, 2024

SAN ANTONIO — Milwaukee-based PACE Equity has provided $1.6 million in C-PACE (commercial property-assessed clean energy) financing for The Allen, a historic building located just north of downtown San Antonio. Originally built in 1928 and formerly housing a flowers and antiques shop, The Allen currently serves as the office headquarters of developer Headwall Investments and also offers traditional retail space. The redevelopment included energy-efficiency improvements, including HVAC and lighting system upgrades. The borrower was not disclosed.

August 28, 2024

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