CHANDLER, ARIZ. — LNR Partners has completed the sale of Sun Village Fair, a shopping center in the Phoenix suburb of Chandler, to Arizona Partners (AZP) for $12.5 million. Situated on 20.46 acres at Alma School and Warner roads, Sun Village Fair consists of 189,022 square feet of existing retail space and six acres of slated for pad development. The redevelopment of the property will be aided by existing tenants, Walmart, First Bank and Wendy’s, that are still operating within the development but were not included in the sale. Darren Tappen, Nathan Thinnes, Peter Beauchamp, Trask Switzenberg and Matthew Ault of Kidder Mathews, along with Trevor Koskovich of Northmarq and Brett Rinehart of Land Advisors, represented the seller in the deal.
GLENDALE, CALIF. — NAI Capital Commercial has brokered the sale of a two-building retail and commercial asset in Glendale, just north of Los Angeles. The property traded for $3.2 million, or $468 per square foot. Guillermo Olaiz and John Archibald of NAI Capital Commercial represented the undisclosed seller in the transaction. The name of the buyer was not released. Located at 1212 S. Brand Blvd. within Brand Boulevard of Cars, a strip of 21 car dealerships, the asset includes 6,733 square feet of improvements.
MISHAWAKA, IND. — The Boulder Group has arranged the $9.6 million sale of a single-tenant retail property net leased to Best Buy in Mishawaka near South Bend. The 50,327-square-foot building is located at 6502 Grape Road along I-80. Nearby tenants include Target, Apple, Macy’s, Menards, Ross Dress for Less, Walmart, Sam’s Club, The Home Depot, Aldi, Meijer and Costco. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based partnership. The buyer was an institution.
NEW YORK CITY — Hobby Lobby has opened a 42,000-square-foot store in Staten Island. The store at 280 Marsh Ave. is the Oklahoma-based arts and crafts retailer’s first in New York City and 25th in New York state. Brian Katz and Daniel DePasquale of Katz & Associates, along with Graeme Keith of The Keith Group, represented Hobby Lobby in the lease negotiations. Brookfield Properties owns the building.
LIVINGSTON, N.J. — Two new tenants have joined the roster at Livingston Town Center, a 65,523-square-foot shopping center in Northern New Jersey. Bergen Debate Club and Monmouth Cards have leased 1,194 and 2,034 square feet, respectively. Kevin Pelio of Azarian Realty internally negotiated both leases on behalf of ownership and also represented Bergen Debate Club. Ryan Starkman of Pierson Commercial represented Monmouth Cards.
MONROE, GA. — Marcus & Millichap has arranged the $7.5 million sale of Paradise Shoppes, a 23,500-square-foot retail center located at 1986 W. Spring St. in Monroe, about 44 miles east of Atlanta. An unnamed private equity firm based in Tulsa purchased the shopping center in an all-cash transaction from the seller, a private equity partnership. Both parties requested anonymity. The seller’s representative, Marc Irvin of Marcus & Millichap’s Atlanta office, says the company yielded more than 20 offers during marketing. Paradise Shoppes comprises two separate parcels, with one including a 5,300-square-foot building anchored by Truist Bank and Moe’s Southwest Grill. The other parcel comprises an 18,200-square-foot inline retail building leased to a mix of national, regional and local tenants. Additionally, there is a vacant pad between Starbucks and Chick-fil-A included in the sale.
LOS ANGELES — FAT (Fresh. Authentic. Tasty.) Brands Inc., the Los Angeles-based parent company of 17 restaurant concepts, has inked a new development deal to open 20 new Johnny Rockets restaurants across Texas over the next 10 years. The locations were not disclosed, but the first restaurant is set to open sometime this year. The new locations will open in partnership with Brame Holdings LLC, a San Antonio-based private investment company with a portfolio of franchised restaurants and automotive stores.
HOUSTON — Polygon Physical Therapy has signed a 2,087-square-foot retail lease in West Houston. The space at 12303 Westheimer Road is located within Shadowbriar Shopping Center and represents the provider’s fifth location in the Houston area. Ashley Casterlin of Davis Commercial represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
ANAHEIM, CALIF. — Tourmaline Capital has acquired Anaheim Hills Shopping Village, a retail center at 6300 E. Santa Ana Canyon Road in Anaheim. A private family partnership sold the asset for $16.7 million. Originally developed in 1984, Anaheim Hills Shopping Village offers 67,528 square feet of retail space. At the time of sale, the property was 95 percent occupied with Big Lots as the anchor tenant. Daniel Tyner, Gleb Lvovich and Geoff Tranchina in JLL Capital Markets’ investment sales advisory team represented the seller and buyer in the transaction.
SAN RAMON, CALIF. — PSRS has arranged $3.7 million in permanent financing for Pointe West Plaza, a retail property in San Ramon, east of the Bay Area. The firm previously arranged bridge acquisition financing for the property. Pointe West Plaza is a 16,921-square-foot building with a mix of tenants including a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. Jonny Soleimani and Matthew Farzinpour of PSRS secured the five-year loan with a 25-year amortization schedule through a correspondent life insurance company.