FREMONT, CALIF. —An affiliate of Dallas-based Crow Holdings has purchased Fremont Shopping Center, which is located at 40559 – 40677 Fremont Blvd. in Fremont. Situated on 8.59 acres in Fremont’s Irvington district, the 24-tenant property offers 118,365 square feet of retail space. Current tenants include Cloverleaf Bowl, Allied Auto Parts, Bank of America and Taco Bell. Don Tepman and Andrew Reed of Trade Commercial Group represented the undisclosed seller in the transaction.
LAKE ELSINORE, CALIF. — Huntington Beach, Calif.-based Civic Partners has partnered with Jacobs Investment Co. to acquire Lake Elsinore Valley Center in Lake Elsinore for $11.5 million. Located on a 6.8-acre site along East Lakeshore Drive, the property offers 68,858 square feet of retail space. Currently, the center is anchored by the County of Riverside and Big Lots. Jennifer Stroffe of Stroffe Properties represented the buyer in the transaction; the seller, Tonto Corp., was self-represented.
GARRISONVILLE AND RICHMOND, VA.; MILLERSVILLE, MD. — Bethesda, Md.-based Spectrum Partners and Finmarc Management recently acquired a portfolio of seven shopping centers from Regency Centers for $108.1 million. Four centers are located in Virginia and Maryland. The 78,494-square-foot Glen Lea Centre and the 64,992-sqaure-foot Laburnum Park Shopping Center are located in Richmond. The 97,872-square-foot Brafferton Center is in Garrisonville, and the 98,016-sqaure-foot Northway Shopping Center is in Millersville. The acquisition was part of a joint venture with New York City-based Angelo, Gordon & Co. and Bethesda-based Potomac Capital Advisors. Spectrum represented itself in the transaction. Transwestern, CB Richard Ellis, Kelly, Drye & Warren and Duval & Stachenfeld were also involved in the transaction.
COSTA MESA, CALIF. — Costa Mesa-based Donahue Schriber is preparing for the first tenants to open in six retail centers, which total approximately 1.5 million square feet, in California, Nevada and Arizona. In California, the company is developing Smoke Tree Commons, a 170,000-square-foot center in Palm Springs with Michaels, Cost Plus, Walgreens, Petco and Jensen’s Specialty Market as tenants; the 732,000-square-foot Countryside Marketplace in Menifee with Target, Lowe’s Home Improvement Warehouse and Kohl’s as tenants; and Orchard Walk East, a Target-anchored, 296,000-square-foot center in Visalia. The company, in a joint venture with Tim Winn, is also developing two retail properties in Spark, Nev., — Pioneer Meadows West, a 163,000-square-foot, Raley’s-anchored center; and Pioneer Meadows East, which is anchored by a 17,000-square-foot Longs Drugs. Additionally, Donahue Schriber is developing Greenway Marketplace, a Wal-Mart Neighborhood Market-anchored, 70,000-square-foot retail center in Surprise, Ariz.
LA QUINTA, CALIF. — Regency Centers and Marinita Development Co. are partnering to develop Jefferson Square, a $24.3 million supermarket/drugstore-anchored shopping center in La Quinta. Located at the corner of Jefferson Street and Fred Waring Drive, the center will offer 90,444 square feet of retail space. The first phase, which is slated for completion in first quarter 2009, will feature Fresh & Easy Market and CVS/pharmacy. Additionally, Jacksonville, Fla.-based Regency is seeking LEED core-and-shell certification for its portions of the project. Temecula, Calif.-based Mercer Construction is serving as general contractor; Irvine, Calif.-based KTGY Inc. is providing architectural services for the project.
SCOTTSDALE, ARIZ. — Joseph Compagno of Marcus & Millichap has brokered the sale of Mountain View Plaza, a 59,711-square-foot shopping center in Scottsdale. A Beverly Hills, Calif.-based investor acquired the property for $14.85 million or $248.70 per square foot as part of a 1031 exchange. Located at 9699 N. Hayden Rd., the center was 94.5 percent occupied with 23 tenants at the time of acquisition. The seller was a Phoenix-based private investor.
DUBLIN, GA. — Mac McCall of Marcus & Millichap’s Atlanta office represented both parties in East Dublin Associates’ sale of the 35,794-square-foot Market Square Shopping Center in Dublin to Georgia-based Sea 103, LLC, for $1.15 million. The center, which is anchored by Southern Family Markets, has 6,000 square feet of vacant space.
CINCINNATI — New York-based DLC Management Corp. has acquired the 133,631-square-foot Skytop Pavilion located at Beechmont Ave. S R-125 in Cincinnati. The retail center is anchored by Bigg’s Supermarket, which occupies more than 50 percent of the development. Skytop Pavilion is the only grocery-anchored shopping center in the immediate trade area, which has a 3-mile radius population of more than 48,000. The acquisition price and the seller were not disclosed.
COLUMBUS, OHIO — Nationwide Realty Investors has announced that The Big Bang Rock and Roll Piano Bar will open a 6,000-square-foot location within the $750 million Arena District in downtown Columbus. The bar will feature nightly shows performed by two entertainers facing off on grand pianos. Located at 401 North Front St., The Big Bang will be open this fall. Nationwide Realty Investors is developing the 75-acre mixed-use development, which includes more than 1.5 million square feet of office, restaurants, entertainment and residential use.
GOODYEAR, ARIZ. — Nelson Brothers Professional Real Estate LLC (Nelson Bros.) has closed on its first tenant-in-common investors transaction. The company has acquired Palm Valley La Piazza Retail Center, which is located in Goodyear, for $6.8 million. Situated on a 4.88-acre site, the 30,5000-square-foot property was built in 2004. The seller was not disclosed.