Retail

SANTA MONICA, CALIF. — Blair Chang of Prudential California Realty represented the undisclosed buyer in the acquisition of a two-building retail property, which is located at 2116 Main St. in Santa Monica. The 4,777-square-foot property sold for $3.85 million or $806 per square foot. At the time of acquisition, the property was 100 percent occupied by two tenants: Art Luna Salon and Santa Monica Kennels. Polly Johnson of Sperry Van Ness’ Los Angeles office represented the seller, Santa Clarita, Calif.-based NORSAN LLC, in the transaction.

CHULA VISTA, CALIF. — Capmark Finance Inc. has originated $55 million in interim financing for Village Walk at Eastlake in Chula Vista. Situated on a 13.24-acre site at the corner of Otay Lakes Road and Eastlake Parkway, the 157,710-square-foot retail center is anchored by Trader Joe’s, Borders Books & Music, Pier 1 Imports, Petco and Henry’s Market. Michael Dobbins of Capmark Finance’s San Diego office arranged the financing for the borrower, VWE LLC.

GILBERT, GOODYEAR AND PHOENIX, ARIZ. — Macy’s Inc. has plans to open three Macy’s stores in the Phoenix market within the next 2 years. First to open in April 2009 is a 120,000-square-foot, one-level store at SanTan Village in Gilbert. In fall 2010, a 120,000-square-foot, one-level store is slated to open at Estrella Falls in Goodyear, and a 150,000-square-foot, two-level store is expected to open at CityNorth in the Northeast Valley of Phoenix. Each of the new locations will offer apparel and accessories for the family, as well as select merchandise for the home. The stores will feature an open-air, lifestyle-center design, including a main street entrance configuration and emphasis on natural lighting via skylights and exterior windows. Santa Monica, Calif.-based Macerich is developing SanTan Village and Estrella Falls, while The Related Companies and Thomas K. Klutznick Company are developing CityNorth.