LOS ANGELES AND SAN FRANCISCO — LandMark Retail Group has completed three more CVS/pharmacy stores, two in Los Angeles and one in San Francisco. Located in downtown Los Angeles at the corner of Figueroa Street and 32nd Street and across the street from the Galen Center, the location within the newly constructed University Gateway mixed-use project will serve the daily needs of students, faculty and staff of the University of Southern California. The newly opened store at the corner of Roscoe Blvd. and DeSoto Avenue in Los Angeles will fill a void in the San Fernando Valley by serving customers in the family-oriented communities of Winnetka, Canoga Park and Northridge. Finally, with its first opening in San Francisco, LRG has facilitated a key CVS/pharmacy presence one block from Union Square and across the street from the Apple flagship retail store. LRG, a subsidiary of NewMark Merrill Cos., has been the CVS preferred developer since 2005.
NORTHGLENN, COLO. — Cushman & Wakefield of Colorado has arranged Panattoni Development’s more than $3 million sale of the 76,087-square-foot Northglenn Marketplace, located at 10602 Melody Drive in Northglenn, to Summit Development Group. Built in 1986 and 86 percent occupied at time of sale, the property is anchored by Woodley’s Fine Furniture and K&G Men’s Superstore. Cushman & Wakefield’s Gene Pride and Patrick Devereaux represented the seller in the transaction.
HUNTINGTON BEACH, CALIF. — Q10 | Dwyer-Curlett has arranged a $4.5 million loan for the acquisition of the 48,946-square-foot Huntington South Center, a grocery-anchored retail property located in Huntington Beach. On behalf of the borrower, Dwyer-Curlett's Perry Colligan placed the loan with an affiliate of National Life of Vermont.
MORROW, GA. — Asherian Properties has acquired Southlake II, a 117,081-square-foot retail center in Morrow. Located at 1294 Mt. Zion Blvd., the property is occupied by K&G Fashion Superstone, Farmers Home Furniture, Citi Trends and D&K Suit City. Stafford Properties sold the retail center for $4.7 million. Watson Bryant of Carter & Associates represented the buyer; CB Richard Ellis' Atlanta Private Client Group, led by Craig Taylor, represented the seller in the transaction.
WILMINGTON, N.C. — Agree Realty Corp. has acquired a retail property, which is leased to AT&T, in Wilmington. Located at the corner of New Centre Drive and South College Road, the property sold for approximately $3.3 million. Additional terms of the transaction were not released.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a triple net-leased Walgreens pharmacy located in Brooklyn's Flatbush neighborhood for $7 million. The building is situated at 2307 Flatbush Ave. Walgreens occupies it inder a 20-year term with four 5-year options and 10 percent rent increases every 5 years. The sale price equates to a 5.42 percent cap rate. The Massey Knakal team of Edward Gevinski and Brian Hanson arranged the deal between the two undisclosed parties.
HOUSTON — Christian Brothers Automotive, a 4,921-square-foot property located at 9130 West Rd. in Houston, has traded. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, a Houston-based limited partnership. The buyer, a Tennessee-based private investor, was represented by Harrison Truex of Marcus & Millichap's Atlanta office. Built in 2008, the investment has a 15-year primary term net lease which provides for zero landlord responsibility.
ISLAND OF OAHU, HAWAII — BlackSand Capital LLC has acquired Pearlridge Uptown II, a 9.3-acre portion of Pearlridge Center on the island of Oahu, from INspiration International LLC. Terms of the deal were not disclosed. Anchored by Borders Books & Music on the second floor and Price Busters Hawaii on the ground floor, Pearlridge Uptown II comprises the eastern wing of the Uptown component of Pearlridge Center, the largest enclosed shopping center in Hawaii. The property is currently 96 percent leased. Colliers Monroe Friedlander’s Mark Bratton represented the seller in the transaction.
ST. PETERSBURG, FLA. — CB Richard Ellis' Capital Markets Debt & Equity Finance has procured a $5.5 million permanent mortgage for the refinancing of Gateway Crossing in St. Petersburg. Located at 10410-10490 Roosevelt Blvd., the grocer-anchored property offers 87,000 square feet of retail space. James Gunning and Donna Falzarano of CBRE secured the long-term loan through New England-based insurance company at a competitive interest rate for a 10-year, fixed-rate term. The borrower is New York-based FWI 8 LLC.
WYCKOFF, N.J. — Mahwah, N.J.-based Inserra Supermarkets is proceeding with the redevelopment of a site located at the intersection of Greenwood and Wyckoff avenues into a new ShopRite grocery store. The 7.6-acre parcel has been vacant for more than 10 years. Development will include razing the 53,000-square-foot existing building and constructing a 62,174-square-foot grocery store. Environmental remediation is currently under way. The construction timetable was not released.