RIVERSIDE, CALIF. — Faris Lee Investments has completed the $6.75 million sale of Magnolia Village Plaza, a 38,060-square-foot retail center located at 10901 – 10995 Magnolia Ave. in Riverside. Built in 1988 and renovated in 2007, Magnolia Village Plaza features a freestanding Taco Bell with drive-thru, two retail pads and in-line shops anchored by Kaiser Permanente. The property was 87 percent occupied at the close of escrow. Faris Lee Investments’ Nick Coo represented the private-investor seller, B U Management, in the transaction, and Reza Kassrian of Pars Global represented the buyer, Newell Owenby Trust.
WASHINGTON, D.C. — BGG Associates-DC and BGG Associates-DCGL have purchased a CVS/pharmacy property, which is located at 1751 Columbia Road in Washington, D.C.'s Adams Morgan neighborhood. The triple-net leased retail property sold for $11.74 million or $932 per square foot. Rick Fernandez of Calkain Cos. represented the buyer, while Jonathan Hipp and David Sobelman, also of Calkain Cos., represented the undisclosed seller in the transaction.
SANDY, UTAH — A&B Properties has acquired Little Cottonwood Center, a 141,600-square-foot neighborhood shopping center in Sandy, for $20.5 million. The real estate subsidiary of Honolulu-headquartered Alexander & Baldwin reinvested 1031-exchange proceeds in buying the grocery-anchored shopping center, which is located approximately 17 miles from downtown Salt Lake City. Ninety-seven percent occupied at the time of purchase, the property includes Fresh Market, McDonald’s, Starbucks Coffee, Discount Tires and Texaco in its tenant lineup.
ORLANDO, FLA. — Armonk, N.Y.-based Kayne Anderson Real Estate Partners I has partnered with Orlando-based Flagship Investment Group to acquire a five-property portfolio of self-storage facilities across Florida. The 375,097-square-foot portfolio offers 3,187 units located throughout the Greater Orlando and Jacksonville areas, including Orange Park, Fleming Island, Clermont and Minneola. The portfolio sold for approximately $25 million. Additional terms of the transaction were not released.
LIVONIA, MICH. — Jason Brown of CBRE Capital Markets, Debt & Equity Finance, has arranged $1.87 million in first mortgage financing for a two-tenant retail property located in Livonia. A local credit union provided the financing at a sub 5.75 percent interest rate.
NEW YORK AND NEW JERSEY — On the heels of its recent announcement that a new store will open next fall in Manhattan, outdoor retailer REI has announced plans to open three new stores next spring in the Tri-State area. The stores will be located in Yonkers and Carle Place, N.Y., and Paramus, N.J. Each will measure approximately 25,000 square feet and will feature a bike shop in addition to the store's usual offerings. The retailer currently operates 114 stores nationwide.
ALLEN — Top Golf, an all-weather sports and entertainment store, has broken ground on its new 65,000-square-foot facility that will open at The Village at Allen in spring 2011. Located at 1500 Allen Station Pkwy. in Allen, Top Golf will feature a triple-deck tee line with 94 hitting bays, 5,000 square feet of private event space, a rooftop lounge terrace, and a full-service bar and restaurant. The Village at Allen is one component of a 3 million-square-foot regional, mixed-use lifestyle development located in both Allen and Fairview at the intersection of U.S. Highway 75 and Stacy Road. The MGHerring Group of Dallas developed the property.
POWAY, CALIF. — Toyota of Poway has purchased a 19,000-square-foot auto dealership and a 6,500-square-foot service building, located on 2.84 acres at 13631 and 13611 Poway Road, from a private seller for $5.7 million. CB Richard Ellis’ Paul Komadina and Jim Rinehart represented the buyer in the transaction; the seller represented itself.
PORT CHARLOTTE, FLA. — Holliday Fenoglio Fowler (HFF) has secured $48.5 million in permanent first mortgage financing for Port Charlotte Town Center, a regional mall in Port Charlotte. Located at 1441 Tamiami Trail, the mall is occupied by Dillard's, JCPenney, Macy's, Sears, Bealls, Regal Cinema, Old Navy, DSW, Charlotte Russe and Victoria's Secret. Manny de Zarraga, Luis Castillo, Danny Finkle, Claudia Steeb and John Pelusi of HFF arranged the 10-year, fixed-rate loan through RB Securities for the borrower, Simon Property Group.
FORT LAUDERDALE, FLA. — Deerfield Beach, Fla.-based SIKON Construction has broken ground for the development of Publix at The Galleria Mall in Fort Lauderdale. The $5 million project includes a 30,907-square-foot Publix Super Market and associated retail space. Designed by Clearwater, Fla.-based Fisher & Associates, the project is scheduled for completion in July 2011.