DECATUR, IND. — Ariel Property Advisors has arranged a $2.8 million loan for the refinancing of a 15,000-square-foot retail property occupied by Walgreens in Decatur, about 20 miles southeast of Fort Wayne. The property is located at 123 N. 13th St. Matt Dzbanek and Matt Swerdlow of Ariel arranged the five-year loan, which features a fixed interest rate of 3.99 percent. A national credit union provided the loan on behalf of the undisclosed borrower.
WALLINGFORD, CONN. — JLL has negotiated the $20.2 million sale of a 160,000-square-foot retail center in the New Haven suburb of Wallingford that is anchored by North Carolina-based Lowe’s Home Improvement. Nat Heald and Chris Angelone of JLL represented the seller, Davenport Cos., in the transaction. The buyer was not disclosed. The property was fully leased at the time of sale.
LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …
SACRAMENTO, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 4241 Marconi Ave. in Sacramento. A private individual sold the asset to an undisclosed buyer for $10.1 million. Rite Aid occupies the property. Courtney Haubach, Bill Pedersen and Chad Kurz of Matthews represented the seller and sourced the buyer for the transaction.
By Yair Haimoff, Executive Managing Director, Spectrum Commercial Real Estate The COVID-19 pandemic slowed or halted markets across the world. But how did Los Angeles fare? Well, the retail market slowed in 2020 as a result of the pandemic, but, fortunately, it is slowly picking up with reopenings and the adoption of the COVID-19 vaccine. Looking back, recent transactions in the retail space have predominantly included food-related deals. With established fast food businesses like In-n-Out, Starbucks, Popeye’s Chicken, Chick-Fil-A and more showing more transactions, there is definitely a pattern of increased demand for services that support activities necessitated by isolation. However, there have also been deals that included gyms/fitness users, family entertainment, tutoring centers and a few other ancillary retail uses. It looks as if the reopenings are starting to bring in a renewed demand for more social activities, which, blended with the rise of fast food establishments, is a good sign the market is picking up. Looking at current retail development activities, the local market has been mostly quiet in terms of retail-only centers. This makes sense, as retail stores suffered during the shutdown, with many existing retailers turning to curbside pick-up services to stay afloat. Many developers simply aren’t …
PEORIA, ARIZ. — Thompson Thrift Retail Group has completed the disposition of Sunrise Promenade, a shopping center in Peoria. An undisclosed buyer acquired the asset for $18.2 million. Situated at the corner of Lake Pleasant Parkway and Happy Valley Road, Sunrise Promenade features 26,852 square feet of retail space. Current tenants include Aldi, Black Rock Coffee Bar, Club Pilates, Sherwin-Williams, Dip Nail Spa, Harumi Sushi, Wow Wow Hawaiian Lemonade, Stretch Labs, Butta Cakes and Pearle Vision.
BRECKENRIDGE, COLO. — Birmingham, Ala.-based Southern Oak Capital and Green Rock LLC have acquired the Main Street Station retail condominiums in Breckenridge. The asset traded for $16.7 million. Built in 2002, the three-building property features more than 34,000 square feet of retail space and 22 tenants, including lululemon, local boutiques and restaurants.
JUPITER, FLA. — A joint venture between JB Capital Management and Royce Properties has acquired Fresh Market Village, a shopping center in Jupiter, for $25.5 million. Justin Smith of Atlantic Retail represented the seller, an entity doing business as Adar Jupiter LLC, in the transaction. The Fresh Market Village is a 55,046-square-foot center that was 97 percent leased at the time of sale to tenants including The Fresh Market, 2 Vinez Restaurant & Wine Bar, Starbucks Coffee, Casa Mia and Gretchen Scott Designs. Located at 311 E. Indiantown Road, the center is about 2.6 miles from Jupiter Beach, approximately 16.3 miles from West Palm Beach and about 20.7 miles from Palm Beach International Airport.
GULF SHORES, ALA. — Franklin Street has arranged the sale of Pelican Place at Craft Farms, a 220,372-square-foot shopping center in Gulf Shores. Bryan Belk and John Tennant of Franklin Street’s Atlanta-based Retail Investment Sales Team represented the seller, an affiliate of RCG Ventures, in the transaction. Atlanta-based Octave Holdings purchased the property for $16 million. Pelican Place at Craft Farms was 82.9 percent leased at the time of sale to tenants such as CMX Cinemas movie theater, Books-A-Million, Bed Bath & Beyond and Dollar Tree. The property is shadow-anchored by Target and Publix. Located at 3800 Gulf Shores Parkway, Pelican Place at Craft Farms is situated approximately 1.6 miles from the Jack Edwards National Airport. The property is also situated at the entrance of Craft Farms, a 150-acre master-planned community that features a golf course.
FRANKLIN, LA. — Marcus & Millichap has arranged the sale of a 14,820-square-foot net-leased retail property located at 2030 Main St. in Franklin. The property, which is net-leased to Walgreens, sold for $4.9 million. Brennan Clegg, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company, in the transaction. David Cutler, Joshua Johnson and Kirk Trammell of Marcus & Millichap represented the buyer, also a limited liability company. Chris Shaheen of Marcus & Millichap assisted in closing this transaction. The Walgreens property is situated 46.6 miles from Lafayette, about 1.3 miles from Franklin Foundation Hospital and within walking distance to a Walmart. Walgreens has 12.5 years left on its lease.