MODESTO, CALIF. — PSRS has arranged $14.5 million in permanent debt for Central Valley Plaza, a retail property in Modesto. Michael Thorp of PSRS – Newport Beach, Calif., secured the 10-year loan, which was placed with a life insurance company, for the undisclosed borrower. Walmart and Kohl’s anchor Central Valley Plaza, which is located off the 99 in Modesto’s retail corridor.
LITTLETON, COLO. — Greenwood Village-based Hawkeye INVSCO has completed the disposition of a three-property retail portfolio in Littleton to an undisclosed investor for $15.1 million. Totaling 101,103 square feet, the portfolio includes Marketplace at Ken Caryl, Columbine Plaza and Marina Pointe Shopping Center. Located at 10143 W. Chatfield Ave., Marketplace at Ken Caryl features 47,606 square feet and was originally built in 1981. Columbine Plaza, located at 6671-6745 Ken Caryl Ave., offers 33,947 square feet of multi-tenant space. Marina Pointe Shopping Center, located at 7444 W. Chatfield Ave., features 19,550 square feet on 1.8 acres. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.
CHANDLER, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail strip center at Alma School and Ray roads in Chandler. Max Taylor & Co. LLC sold the asset to The Yerahmiel Rocky Rotshein Property Trust for $4.6 million, or $223 per square foot. At the time of sale, the property was fully leased. Nick Miner of ORION represented the seller, while Simon Asef of DMC Real Estate represented the buyer in the deal.
NORTH PROVIDENCE, R.I. — A joint venture partnership between ShopOne Centers REIT, Pantheon and an undisclosed global institutional investor has acquired North Providence Marketplace, a 112,497-square-foot retail center located in North Providence. Shaw’s Supermarket anchors the property, which was 88 percent occupied at the time of sale. Other tenants include Dollar Tree, Rainbow, H&R Block and Sally Beauty Supply. Shaw’s also features an in-store Starbucks Coffee. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the undisclosed seller in the deal.
HENRICO, VA. — Divaris Real Estate has arranged the $18.4 million sale of Merchant’s Walk Shopping Center, a 219,972-square-foot retail center located at 7580 W. Broad St. in Henrico. Situated about 10 miles northwest of Richmond, Merchant’s Walk was 97 percent leased at the time of sale to 38 retailers, including anchors Food Lion, AutoZone and JoAnn Fabric and Craft. Local investment firm Qi Lin purchased the 20-acre property from the undisclosed seller. John Madures of Divaris represented the buyer in the transaction. Qi Lin has retained Divaris to lease Merchant’s Walk, which has two retail availabilities, as well as affiliate Divaris Property Management Corp. to operate the center.
FAIRVIEW, TEXAS — Larks Entertainment, a retail concept that features shuffleboard, food and beverages, will open a 25,000-square-foot entertainment center in Fairview, about 35 miles north of Dallas. The venue will be located within Fairview Town Center and is scheduled for a December opening. Joseph Williams of The Woodmont Co. represented the tenant in the lease negotiations. Walt Davis internally represented the landlord, Lincoln Property Co.
FRISCO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of the 10,339-square-foot Building 2 at 3 Corners Plaza, a shopping center located north of Dallas in Frisco. Tenants at the center include Einstein Bros Bagels, Jersey Mikes, Clean Juice, SynergenX and Doner Kebab. Adam Gottschalk and Hudson Lambert of STRIVE represented the Texas-based seller and procured the California-based buyer, both of which requested anonymity, in the transaction.
COATESVILLE, PA. — Regional brokerage firm Neuman Commercial Group has arranged the sale of Airport Village, a 70,500-square-foot shopping center in Coatesville, about 45 miles west of Philadelphia. The center sits on 10.7 acres and was 87 percent leased at the time of sale to tenants such as Aldi, Dollar Tree, Rite Aid, Burger King, Verizon Wireless and US Renal Care. Gil Neuman of Neuman Commercial Group represented the seller, New York-based Nassimi Realty, in the transaction and procured an undisclosed private investor as the buyer.
RIVERWOODS, ILL. — Marcus & Millichap has arranged the $2.5 million sale of a 4,400-square-foot fuel station and convenience store occupied by Thorntons in Riverwoods, a northern suburb of Chicago. The newly constructed property is located at 1055 N. Milwaukee Ave. Thorntons recently signed a 20-year, absolute net ground lease. Nicholas Kanich of Marcus & Millichap represented the seller, a national real estate developer. The property sold to a Chicago-based private investor completing a 1031 exchange.
PORTLAND, ORE. — Portland-based Menashe Properties has acquired the American Bank Building, an office and retail building in Portland that on the National Register of Historic Places. The property traded for $13.6 million. Located at 621 SW Morrison St., American Bank Building features 183,735 square feet of office and retail space. Current tenants include CVS/pharmacy, Wells Fargo, Morgan Stanley and Greenleaf Juice Co. The property is adjacent to Pioneer Courthouse Square. Charles Safley of CBRE’s Pacific Northwest Capital Markets represented the undisclosed seller in the deal.
