FONTANA, CALIF. — SBH Real Estate Group, a Los Angeles-based developer, has completed the sale of a retail building located at 17064 Sierra Lakes Parkway in Fontana. An undisclosed buyer acquired the asset for $5.1 million. 7-Eleven occupies the property under a 15-year ground lease and pays $205,000 per year, with scheduled rental bumps of 10 percent every five years. Situated on two acres, the property has 16 gas pumps and a 4,000-square-foot convenience store. Jeremy McChesney of Hanley Investment represented the seller, Eric Silverman of SBH, while Tom Carosella of Carosella Properties represented the buyer in the deal.
GAHANNA, OHIO — The Cooper Commercial Investment Group has arranged the $1.7 million sale of a restaurant building occupied by Taco Bell in Gahanna, a northwest suburb of Columbus. The property serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The sales price represents a cap rate of 4.5 percent and $694 per square foot. Taco Bell signed a 20-year lease extension at the property in 2020.
HUNTSVILLE, ALA. —Last Mile Investments has purchased Whitesburg Center, a 49,821-square-foot shopping center located at 5000 Whitesburg Drive in Huntsville. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represent the seller, Baker Storey McDonald Properties, in the transaction. The sales price was not disclosed. Built in 1990 and renovated in 2002, the center is leased to tenants including Dollar Tree, Hollywood Feed, Edible Arrangements, Baskin Robbins, Buff City Soap and Papa Murphy’s.
WEBSTER, N.Y. — Metro Boston-based brokerage firm Horvath & Tremblay has arranged the $18.6 million sale of Webster Plaza, a 154,991-square-foot shopping center located outside of Rochester in upstate New York. Tenants at Webster Plaza include Savers, the Town of Webster Public Library, Pet Supplies, Starbucks, Subway and FedEx. Jeremy Black, Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the seller, a private investor, in the transaction. The buyer was also a private investor.
TIFFIN, IOWA — Fridley Theatres, a movie theater company headquartered in Des Moines, has unveiled plans to open an 80,000-square-foot theater and entertainment center at the Park Place mixed-use development in Tiffin, about 20 miles south of Cedar Rapids. The project will be named The Palms Theatres, IMAX & Family Entertainment Center. Construction is expected to begin next year. Ders Group is the developer of Park Place.
LAS VEGAS — Beverly Hills, Calif.-based Omninet Capital has sold Nellis Plaza, a retail and medical center in Las Vegas, to Glen Una Management for $25 million. The transaction is the buyer’s first major retail acquisition in the Las Vegas market. Situated on 7.5 acres at 305-325 N. Nellis Blvd., Nellis Plaza features 83,930 square feet of retail and healthcare space. At the time of sale, the property was 98 percent occupied, with only 1,200 square feet vacant. Marlene Fujita Winkel, Charles Moore, Emily Brun and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal.
SANTA CLARITA, CALIF. — iBorrow has provided a $15 million loan for the refinancing of Old Orchard Shopping Center, a retail strip center in Santa Clarita. The loan proceeds will retire an outstanding CMBS loan and provide for a reserve for tenant improvements and leasing commissions for newly leased suites. Located at 23329-23449 Lyons Ave., Old Orchard Shopping Center features 100,000 square feet of retail space and is anchored by Vallarta Supermarkets.
JERICHO, N.Y. — Kimco Realty (NYSE: KIM), a retail and mixed-use real estate REIT based in Jericho, has acquired a portfolio of eight shopping centers on Long Island. Kabro Associates, a privately held owner based in Woodbury, N.Y., sold the portfolio to Kimco for $375.8 million. Each of the eight retail centers, five of which are grocery-anchored, are located within a 15-minute drive of the Kimco corporate headquarters in Jericho. The centers in the sold portfolio include: • The Gardens at Great Neck • Woodbury Common • The Market Place • Stop & Shop Shopping Center • Southgate Shopping Center • Green Cove Plaza • Syosset Corners and • Sequams Shopping Center The portfolio was 94.4 percent leased at the time of sale. Tenants at the centers include TJ Maxx, GoHealth Urgent Care, Rite Aid, Starbucks, Dunkin’ and Chipotle Mexican Grill, among others. Jose Cruz, Christopher Munley, Andrew Scandalios, James Galbally, Steve Simonelli, Colin Behr and J.B. Bruno of JLL represented Kabro Associates in the transaction. “This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely …
LEESBURG, VA. — Rappaport has signed five new tenants to join Village at Leesburg, a 550,593-square-foot shopping center located along Route 7 in Leesburg. Rappaport owns, manages and leases the property, which houses more than 75 tenants, including anchors Wegmans, CMX Cinemas, LA Fitness and Bowlero. The new tenants include Spitz, a Mediterranean restaurant concept; Altitude Trampoline Park, an entertainment venue with more than 80 locations; Anchor Bar, a wings restaurant concept with more than 50 locations; A Place to Be, a nonprofit based in Middleburg, Va., that offers art and music therapy programs; and national chain Salon Lofts. Altitude opened recently, and the other four concepts are set to open in 2023. Village at Leesburg will be the first Virginia location for Spitz, Altitude and Anchor Bar. In addition to the new retailers, which will bring 40,000 square feet of new retail space, Woodhouse Day Spa and Dana’s Cake Shoppe are expanding their locations within the development.
PLANO, TEXAS — Weitzman has completed the renovation of Willow Bend Market, a 175,000-square-foot shopping center located on the northeastern outskirts of Dallas in Plano. The center was originally built in 1997 and is anchored by grocer Tom Thumb, and the reconfiguration of that store represented a major piece of the renovation. Additional upgrades included the enhancement of building electrical systems, parking areas and landscaping, as well as other aesthetic improvements. Willow Bend Market also features an array of food-and-beverage users such as On the Border, Newk’s Eatery, Starbucks Coffee, Einstein Bros. Bagels and Baskin-Robbins.