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CaliforniaLoansRetailWestern

CBRE Arranges $15M Refinancing for Lincoln Square Shopping Center in Oakland, California

by Jeff Shaw

OAKLAND, CALIF. — CBRE has arranged a $15 million loan for the refinancing of Lincoln Square Shopping Center in Oakland.  Safeway anchors the property, which comprises three buildings with 14 tenant suites. Other tenants at the center include CVS/pharmacy, Peet’s Coffee, Jamba Juice and the UPS Store.  Originally built in 1963, the property underwent extensive redevelopment in 2019.  Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra of CBRE arranged the non-recourse, 10-year, interest-only loan on behalf of the borrower, a California-based private retail real estate operating company. 

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AcquisitionsCaliforniaNAIRestaurantRetailWestern

NAI Brokers $2M Sale of Restaurant Building in Simi Valley, California

by Jeff Shaw

SIMI VALLEY, CALIF. — NAI Capital Commercial has brokered the $2 million sale of a 5,708-square-foot restaurant building in Simi Valley.  Situated within Woodlands Plaza, Cocos formerly occupied the now-vacant property. The new owner plans to open and operate a breakfast restaurant in the space. Michael Schiff of NAI represented both the buyer, SSA California Properties LLC, and the seller, Barsky Family Limited Partnership, in the transaction. 

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AcquisitionsRetailTexas

Cypressbrook Arranges Sale of 25,441 SF Shopping Center in West Houston

by Taylor Williams

HOUSTON — Locally based brokerage firm Cypressbrook Co. has arranged the sale of Richmond Design Center, a 25,441-square-foot shopping center in West Houston’s Greenway/Upper Kirby submarket. According to LoopNet Inc., the property was built on 1.6 acres in 1958 and renovated in 2003. John Hornbuckle of Cypressbrook Co. and Rick Hazard of Realty Services Group represented the Seller, America Equifinance Corp., in the transaction. Joe Foty of The Blue Ox Group represented the buyer, HRD Interests.

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AcquisitionsRetailTexas

Baker Katz Acquires 22,241 SF Retail Building in Pasadena, Texas

by Taylor Williams

PASADENA, TEXAS — Locally based brokerage and investment firm Baker Katz has acquired a 22,241-square-foot, retail building that sits on a 2.9-acre site at 5445 Fairmont Parkway in Pasadena, an eastern suburb of Houston. The freestanding building most recently housed a Pep Boys auto parts store. Mark Raines of JLL represented the undisclosed seller in the transaction. Ben Brown represented Baker Katz, which plans to implement a value-add program, on an internal basis.

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Leasing ActivityRetailTexas

Beauty Empire Signs 14,471 SF Retail Lease at Barker Cypress Marketplace in West Houston

by Taylor Williams

HOUSTON — Beauty Empire has signed a 14,471-square-foot retail lease at Barker Cypress Marketplace in West Houston. According to LoopNet Inc., the property was built on 16.5 acres in 1999 and totals 81,360 square feet. Jason Gaines of Sturbridge Commercial Real Estate represented the undisclosed landlord in the lease negotiations. Okyi Urbina-Torres of W. Realty & Investment Group represented the tenant, which will backfill a space previously occupied by CVS.

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Leasing ActivityRetailTexas

Three New Retailers to Open Stores at Rice Village District in Houston

by Taylor Williams

HOUSTON — Three new retailers have signed leases to open stores at Rice Village District, a shopping center located at 6225 Kirby Drive in Houston. Boutique retailer Luminary Lifestyle, jewelry brand gorjana and apparel retailer Mizzen+Main are all scheduled to open spaces at the property in early 2024. Bluestone Lane, [solidcore], The Rice Box and Navy Blue also recently opened at the center.

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AcquisitionsMassachusettsNortheastRetail

ShopOne Centers REIT Acquires 117,337 SF Retail Property in East Longmeadow, Massachusetts

by Taylor Williams

EAST LONGMEADOW, MASS. — New York City-based ShopOne Centers REIT Inc. has acquired Heritage Park Plaza, a 117,337-square-foot retail property in East Longmeadow, located in Hampden County in western Massachusetts. Grocer Stop & Shop anchors the property, which was 98 percent leased at the time of sale. Other tenants at Heritage Park Plaza include Petco, orangetheory Fitness, Panera Bread, Dollar Tree, Pure Barre, 99 Restaurant & Pub and H & R Block. ShopOne Centers acquired the asset in a joint venture with Pantheon Group and an undisclosed institutional investor. The seller was also not disclosed.

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DevelopmentFloridaMixed-UseMultifamilyRetailSoutheast

Key International, 13th Floor Investments Plan Mixed-Use Project in Coral Springs, Florida

by Hayden Spiess

CORAL SPRINGS, FLA. — A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed. Roberto Susi of Axiom Capital Partners represented the joint venture in the acquisition. 

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AcquisitionsCaliforniaRetailWestern

Faris Lee Arranges $8M Sale of Retail Outparcel in Torrance, California

by Jeff Shaw

TORRANCE, CALIF. — Faris Lee Investments has arranged the $8 million sale of a retail outparcel located in Torrance, roughly 20 miles south of Los Angeles.  Situated within South Bay Towne Center, the outparcel building was fully leased at the time of sale to tenants including Starbucks Coffee, Subway, Flame Broiler, Sushi Boy, Great Steak and Hong Kong Express.  JP Morgan provided acquisition financing. 

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Arranges $2.2M Sale of Starbucks-Occupied Property in Royal Oak, Michigan

by Kristin Harlow

ROYAL OAK, MICH. — Marcus & Millichap has arranged the $2.2 million sale of single-tenant property occupied by Starbucks in the Detroit suburb of Royal Oak. Darin Gross, Ashish Vakhariya and Seth Haron of Marcus & Millichap represented the all-cash buyer and seller. The sales price equated to $1,208.79 per square foot. Starbucks exercised an early renewal option for the property.   

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