TORRANCE, CALIF. — Kyle Matthews of Marcus & Millichap’s Encino, Calif., office represented the undisclosed seller in the disposition of a Rite Aid location in Torrance. The 26,400-square-foot, net-leased property sold for $4.12 million. Additionally, Matthews represented the undisclosed buyer in the transaction.
Retail
ATLANTA — iCap Realty Advisors has secured a $1.5 million loan for the acquisition of a Bank of North Georgia in Atlanta. The undisclosed borrower’s 10-year loan has a 6.5 percent fixed rate and a 25-year amortization. Alfie Means and Bill Mitchell of iCap’s Atlanta office arranged the financing through a life insurance company.
BROOKFIELD, WIS. — CBL & Associates Properties, as owner and operator, has completed its year-long renovation of Brookfield Square, a 1.1 million-square-foot mall located at the intersection of Interstate 94 and Moorland Road in Brookfield. As part of the renovation, four new restaurants have moved into the mall, including Stir Crazy, Claim Jumper, Flemings Steakhouse and Wine Bar, and Mitchell’s Fish Market. Additionally, upscale specialty grocer The Fresh Market has opened on the periphery of the center, and Ethan Allan will open a store in January. The regional mall features 110 stores and restaurants, as well as four anchor tenants including Barnes & Noble, Boston Store, JCPenney and Sears.
FLORIDA — Atlantic Retail Properties has represented PETCO in its Florida expansion, opening and signing leases for several new stores statewide. New PETCO stores have opened in Mandarin, Pinellas Park, Port Richey and Ocala, Fla., with store leases signed in Jupiter and South Beach, Fla. Atlantic Retail Properties’ Tom Godino and Dan Lynch represent PETCO in its quest to open 13,000 to 15,000-square-foot stores in the state.
HUDSON, OHIO — The Self Storage Advisory Group of CB Richard Ellis has arranged the sale of a 65,640-square-foot self-storage property located at 70 West Streetsboro Rd. in Hudson. U-Store-It sold the facility to Square Foot Co. for $2.64 million. The building includes 372 units and 25 office suites. Steve Hryszko and Michael Howard represented the seller in the transaction.
OMAHA, NEB. — Phillips Edison & Co. has acquired Plaza North Shopping Center located in Omaha. The 203,250-square-foot center is anchored by Baker’s Supermarket, a division of The Kroger Co. out of Hutchinson, Kan. Plaza North is Phillips Edison & Co.’s third acquisition in Omaha. The acquisition cost was not disclosed.
EL MONTE, CALIF. — Los Angeles-based Sonnenblick-Del Rio Development LLC has completed the disposition of its recently completed Flair Plaza Shopping Center, which is located at 9150 Flair Dr. in El Monte. Korean-based Yoojin LLC purchased the 26,000-square-foot property for $13 million or $500 per square foot. The property is currently tenanted by Starbucks Coffee, Del Taco, Jack in the Box, California Sushi, Quiznos Sub, FedEx, Kinkos, Verizon Wireless and LA Federal Credit Union. Escondido, Calif.-based 11 Western Builders served as general contractor for the project. Chris Sands of Marcus & Millichap represented the seller; John Coquelet of Caliber Properties represented the buyer in the transaction.
LOUISVILLE, KY. — Denver-based Dividend Capital Trust has purchased the 899,940-square-foot Riverport Commerce Center, a Louisville bulk industrial complex, from Riverport Commerce Center for $30.8 million. Louisville-based Commercial Kentucky’s Craig Collins and Stephan F. Gray brokered the transaction along with Jim Carpenter of Cushman & Wakefield’s Chicago office.
HENRICO COUNTY, VA. — Mugford Property Associates has purchased a 41,112-square-foot retail property from Royal Oldsmobile Co. and E.W. Mugford for $3 million. The building, located at 8200 W. Broad St. in Henrico County, will serve as the location for the Royal Collision Center. Thalhimer’s Millard F. Jones, II, represented the seller.
ALEXANDRIA, LA. — Stirling Properties is in the final stages of its renovation of the 190,000-square-foot MacArthur Village in Alexandria and is set to welcome a host of new tenants. The center, which is anchored by a 66,612-square-foot Kroger, will celebrate the opening of a 25,000-square-foot Hastings Entertainment right before Thanksgiving. Snap Fitness will open a location before the end of the year, and 11,000 square feet of retail space is in the pre-leasing stages. A 7,138-square-foot Texas Roadhouse will open in February 2009, and an undisclosed tenant will open its doors next spring.