PLYMOUTH, MINN. — NorthMarq Capital has arranged $3.8 million in first-mortgage financing for Plymouth Town Center, a 26,330-square-foot retail center located in Plymouth. The property was approximately 95 percent occupied at the time of closing and is shadow-anchored by a Cub Foods grocery store. Brian Hennen of NorthMarq’s Minneapolis office secured the loan, which carries a 10-year term and a 25-year amortization schedule. The borrower was a tenant-in-common structured ownership group and the lender was Thrivent Financial for Lutherans.
HOUSTON — Randy Williams has sold the former Tuscany at Garden Oaks, a 33,250-square-foot retail building located at 835 W. 34th St. in Houston to an undisclosed buyer. Bill Burge and Mark Lehman of Grubb & Ellis represented the seller in the transaction.Additionally, 7321 Harrisburg LLC has purchased a 24,251-square-foot Family Dollar building located at 7321 Harrisburg in Houston from 73rd Street @ Harrisburg LP. Gus Lagos of Grubb & Ellis represented the buyer in the transaction.
CARSON, CALIF. — Brentwood, Calif.-based Vintage Real Estate LLC, a wholly owned division of Vintage Capital Group, has purchased SouthBay Pavilion, a 1.1 million-square-foot retail center located on Avalon Boulevard in Carson. HREG sold the property for $50 million. The property is anchored by Ikea, Target, Sears and JC Penney. Additional stores and restaurants include Old Navy, The Children’s Place, Foot Action, Panera Bread, Panda Express, Sansai Grill, Five Guys, Wingstop and Jamba Juice.
HOUSTON — Houston-based Transwestern has brokered the sale of Steeplechase Shopping Center, a 194,000-square-foot community retail center located in Houston. Situated at the intersection of Jones Road and FM 1960 West in the city’s Northwest submarket, the shopping center is occupied by a tenant roster that includes Palais Royal, 99¢ Only, Anna’s Linens and Capital One Bank. The buyer, Schreer Partnership Interests, plans to redevelop the property and add several national tenants. Rudy Hubbard and Leah Gallagher of Transwestern represented the seller, Weingarten Realty Investors. Leasing of the center will be handled by WPW Management.
RIVERSIDE, CALIF. — Los Angeles-based Sunnycreek LLC has acquired Copper Lantern Center, a 34,644-square-foot retail strip center located at 8151-8201 Arlington Ave. in Riverside. Orange, Calif.-based Copper Lantern Holdings sold the multi-tenant property for $3.8 million. The 19-tenant property is anchored by 7-Eleven. Jeremy McChesney of Hanley Investment Group represented both parties in the transaction.
BOCA RATON, FLA. — TIAA-CREF has purchased a 1.9-acre former King’s Gourmet Market property from Military Properties for an undisclosed amount. The site is located at 1900 N. Military Trail in Boca Raton. Starting later this month, the buyer will demolish the existing property and redevelop the site. Keith O’Donnell of Coral Gables, Fla.-based Flagler Real Estate Services represented the buyer, and Boca Raton-based Sussman Realty’s Jeff Sussman represented the seller.
HOLLYWOOD, FLA. — Bank Atlantic has signed a lease with Hart Centers VII for a 40,720-square-foot outparcel in the 138,056-square-foot Hollywood Festival Center for $1.35 million. The property is located at 6601-6775 W. Taft St. in Hollywood. The tenant will build a 2,500-square-foot bank branch, set to deliver during the fourth quarter, on the property. Tim Neal of Neal Realty & Investments represented the landlord in the 20-year ground lease. The Shopping Center Group’s Brian Fetherston represented Bank Atlantic.
HANOVER, PA — Marcus & Millichap has arranged the sale of two single tenant net leased properties in Hanover. The transaction included two outparcels at North Hanover Mall, a Panera Bread franchise and a People’s Bank branch office. Both properties are subject to 10-year absolute net ground leases with rent increases every 5 years. North Hanover Mall is a 365,216-square-foot mall anchored by Dick’s Sporting Goods, Sears, JC Penney and a new Boscov’s. The sales price of $1.95 million represents an 8.45 percent capitalization rate on existing income of both properties. Derrick Dougherty, Mark Taylor and Dean Zang of the Philadelphia office of Marcus & Millichap represented the buyer, Outer Banks L.P. The seller, Preit-Rubin OP, Inc and PR Financing, LP, was represented by Joseph Odom of Stan Johnson.
ANAHEIM, CALIF. — The Mother Colony Group LLC has purchased Anaheim RV Village, a 293-site, 3-star RV resort in Anaheim. The property sold for $10 million, which included the 1.66-acre commercial corner at the intersection of Ball Road and Harbor Boulevard. The 9.27-acre property offers 274 RV lots with drains, 19 campsites with a full amenity package and a signal-controlled commercial corner with two retail rental units. Don Nourse of CB Richard Ellis represented the buyer; Douglas Danny of Marcus & Millichap represented the seller, WB Parc Anaheim LLC, in the transaction.
RIVERSIDE, CALIF. — Third Street Plaza LLC has acquired the fee-simple ownership in the land leased to a single-tenant triple-net Fresh & Easy Neighborhood Market in Riverside. Newport Beach, Calif.-based HEC-Orangecrest LLC sold the property for $2.47 million. The 14,500-square-foot freestanding building is located at 8765 Trautwein Rd. within Orangecrest Towne Center. Fresh & Easy is a subsidiary of United Kingdom-based Tesco. A.J. Nay and Kurt Schneiter of Maverick Investments represented the buyer; Edward Hanley and William Asher of Hanley Investment Group Real Estate Advisors represented the seller in the transaction.