ERIE, COLO. — Evergreen Devco has broken ground for three buildings at Nine Mile Corner, a mixed-use project in Erie. Located at the southwest corner of U.S. 287 and Arapahoe Road, Nine Mile Corner consists of approximately 26 acres of retail, 12 acres of multifamily and 10 acres of open space. The project is a public-private partnership between Evergreen, the Town of Erie and the Town of Erie Urban Renewal Authority. The under-construction properties are two multi-tenant buildings, totaling 18,000 square feet, and an 8,000-square-foot UCHealth medical office building. Waner Construction is the serving as general contractor and G3 Architecture is serving as architect for the three buildings. Completion is slated for third-quarter 2022.
BREA, CALIF. — Brixmor Property Group has acquired Brea Gateway Center, a grocery- and drug-store-anchored retail center located at 101-407 W. Imperial Highway in Brea. An institutional investor sold the asset for $85.7 million. Brea Gateway Center comprises of 13 parcels on 12.5 acres offering a total of 181,891 square feet of retail space. At the time of sale, the property was 97.9 percent occupied. Current tenants include Ralphs, HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell and Panda Express. Gleb Lvovich, Bryan Ley, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in transaction.
LOS ANGELES — Gantry has secured $223 million in permanent financing for seven properties in California. The portfolio includes three multifamily properties totaling 1,140 units, one single-tenant retail property, one self-storage property, and two unique ground lease financing transactions for land holdings in Northern and Southern California. George Mitsanas of Gantry’s Los Angeles office identified and structured the financing package on behalf of the borrower, a private investor. The loans were placed through four of Gantry’s correspondent life insurance companies at very competitive interest rates with long-term maturities. Gantry will be the loan servicer for each of the seven loans. The portfolio includes: Park Regency Apartments, an 892-unit apartment complex in Walnut Creek Concord Square Apartments, a 167-unit apartment building in Reseda NMS Warner Center, an 81-unit apartment building in downtown Warner Center Sand Canyon Self Storage, a self-storage facility in Santa Clarita with 792 storage units and 129 RV vehicle storage spaces Gelson’s Laguna Beach, a retail property in Laguna Beach fully occupied by Gelson’s A ground lease for a 135,000-square-foot Lowe’s Home Improvement Warehouse, situated on 14.9 acres in Rancho Cucamonga Century City Cooling Plant, the collateral is the free interest of an L-shaped, 1.64-acre parcel of land …
RENO, NEV. — DCG has brokered the purchase of South Meadows Promenade, a retail center located on the corner of South Meadows Parkway and Double R Boulevard in Reno. An investor in a 1031 exchange acquired the property for $34 million. The name of the seller was not released. At the time of escrow, the 80,000-square-foot shopping center was 100 percent occupied. Current tenants include Sprouts Farmers Market, Marshalls, Pet Station, The Joint Chiropractic, Chase Bank, Chipotle, Panda Express, Starbucks Coffee, Blaze Pizza, Jersey Mike’s Subs and Sports Clips. Truckee Meadows Construction built the asset in 2017. Tom Fennell, Chris Shanks and Matt DeRicco of DCG represented the buyer in the deal.
CINCINNATI — Cooper Commercial Investment Group has brokered the sale of Meadows Plaza in Cincinnati for an undisclosed price. The 11,746-square-foot retail center is fully leased to tenants such as Harper’s Point Eye Associates, Allstate Insurance, Reliable Staffing and AnyLabTestNow. Dan Cooper of Cooper Group represented the seller, a metro Cincinnati-based private investor. A West Coast-based buyer purchased the property for the full price, representing a cap rate of 7.6 percent.
When I recently looked into a prime site in Atlanta’s bustling West Midtown district on behalf of one of my restaurant clients, I quickly realized that several restaurants were eyeing the space. There were six other restaurant groups interested in leasing the space, creating a bidding war at rental rates far higher than my client wanted to pay. Heated competition for available restaurant spaces is by no means unusual in the Atlanta market these days, particularly for intown Atlanta, or the portion of the city located within the Interstate 285 loop and containing some of the city’s most urban, in-demand neighborhoods including Old Fourth Ward, EAV (East Atlanta Village) and Poncey-Highland. It’s been a rollercoaster stretch for the retail and restaurant sectors since the onset of the COVID-19 pandemic. Large decreases in sales at the outset were followed by a substantial recovery by early 2021, only to be followed by a setback in some markets over the summer caused by the more contagious Delta variant. Despite the challenging conditions, Davis said his clients have been forging ahead with their expansion plans. These clients have benefitted from their history of strong sales and the ability to adjust their service models (such …
PHOENIX – Shopping center owner Michael A. Pollack Real Estate Investments has sold five centers in the Phoenix area in separate transactions for a total of $32 million. The transactions took place in the fourth quarter of 2021. The company sold Trailside Center in Mesa for $2.7 million; the company had owned the property since 1994. In Phoenix, the company sold Tower Plaza along Cave Creek Road for $2.4 million. In Peoria, Pollack sold the 67,000-square-foot Olive Plaza for $4.6 million. Pollack sold Apache Central Center in Tempe to the City of Tempe for $10.6 million. The city plans to redevelop the 44,000-square-foot property into a mixed-use center providing affordable housing and retail. The largest sale for the company was the disposition of the 86,000-square-foot Lindsay Marketplace in Mesa for $11.2 million. Pollack had purchased most of the centers in the 1990s, with one purchased in 2003. “These were all opportunistic buys,” says Michael Pollack. “We were able to get a great deal on all these centers when we purchased them back in the 1990s through early 2000s. We renovated them inside and out, and then held onto the centers for many years bringing the occupancy levels up to almost …
GAINESVILLE, FLA. — JLL Capital Markets has arranged the sale of Gainesville Plaza, a 165,705-square-foot shopping center in Gainesville. Brad Peterson and Whitaker Leonhardt of JLL represented the sellers, Wicker Park Capital Management and Riverstone Capital Group, in the transaction. Cobalt Real Estate Solutions, an affiliate of Divaris Real Estate Inc, purchased the property for $19.1 million. Anchored by Burlington and Ross Dress for Less, Gainesville Plaza was 96.7 percent leased at the time of sale to tenants, including 2nd & Charles, Save-A-Lot, Five Below and Hibbett Sports. Built in 1971 and renovated in 2015, the property is currently expanding with the addition of a new two-tenant outparcel pad preleased to Firehouse Subs and Tropical Smoothie Café, along with a new adjacent Wendy’s location. Located on 16.5 acres at 2649 NW 13th St., Gainesville Plaza is situated 1.8 miles from the University of Florida and 4.8 miles from the Gainesville Regional Airport.
MISSION VIEJO, CALIF. — Gerrity Group has completed the disposition of Gateway Center, a retail destination in Orange County’s Mission Viejo. San Jose-based DJM Capital acquired the asset for $39.5 million. Completed in 1979, Gateway Center features 79,001 square feet of retail space. Current tenants include Starbucks Coffee, Cold Stone Creamery, Subway, Baja Fresh, Happy Minds Academy, Oggi’s, San Diego Credit Union, Gateway Liquor, Dance Daly Ballroom, Fit Pilates, Thai Body Works, Saddleback Urgent Care, Sweet Pediatric Dental and French’s Pastry. The property is located on 7.3 acres at 23972-24042 Alicia Parkway. Gleb Lvovich, Bryan Ley and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the transaction. Jeff Sause and John Marshall of JLL Debt Placement arranged a three-year, floating-rate acquisition loan for the buyer.
MURRIETA, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property located in Murrieta. A San Diego-based private partnership sold the building to Los Angeles-based Anza Drive Properties for $8.5 million. Smart & Final Extra occupies the 20,750-square-foot property, which is situated at the intersection of Madison Avenue and Los Alamos Road, on a net-lease basis. The building was built in 2003. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Kris Hons of Glendale, Calif.-based Stevenson Real Estate Services represented the buyer in the transaction.