ESCONDIDO, CALIF. — BridgeCore has provided a $2 million bridge loan for the refinancing of a retail property located at 607 W. 9th Ave. in Escondido. The undisclosed borrower required a bridge loan to refinance a matured loan and to obtain cash-out funds to resolve a mechanic’s lien, pay-off delinquent property taxes and cover upgrades and renovations to two of the in-line units. Family Dollar occupies the retail property. BridgeCore funded the loan with a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The loan’s 12-month term, including one six-month extension option, is providing the borrower the necessary time to execute an exit strategy to sell the property.
BAKERSFIELD, CALIF. — Southern California-based ZDI Inc. has acquired a retail center, located at 2625-2635 Mall View Road in Bakersfield, for $8.1 million through a 1031 exchange. The seller was a local partnership of real estate professionals, which has owned the property for more than 15 years after purchasing it from the original developer. Built in 2005, the 29,387-square-foot retail property is fully occupied by a variety of tenants, including a major office supply retailer. Cushman & Wakefield’s Duane Keathley and Vincent Roche represented the seller in transaction.
MONROEVILLE, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $4.8 million acquisition loan for a 12,738-square-foot retail property in Monroeville, an eastern suburb of Pittsburgh, that is fully leased to Rite Aid. Jared Cassidy of MMCC arranged the loan, which was structured with a 10-year term, fixed interest rate and a 30-year amortization schedule, through an undisclosed credit union. The undisclosed borrower acquired the asset via a 1031 exchange.
MATAMORAS, PA. — Discount retailer T.J. Maxx has opened a 25,000-square-foot store at Westfall Town Center, a 115,360-square-foot shopping center in Matamoras, located near the confluence of the New Jersey-New York-Pennsylvania border. A 73,000-square-foot ShopRite grocery store anchors the center. Derek Zerfass and Scott Horner of Colliers represented the landlord, Chicago-based CenterPoint Properties, in the lease negotiations. The representative of the tenant was not disclosed.
LAS VEGAS — Institutional Mall Investors LLC, a joint venture between Miller Capital Advisory and CalPERS, has started renovations at Miracle Mile Shops, a 500,000-square-foot shopping center on the Las Vegas Strip. The property is attached to the Planet Hollywood Resort & Casino. The mixed-use project will remain open during construction, which is scheduled for completion in spring of 2023. The redevelopment costs were not disclosed. New entertainment features will include exterior and interior immersive light, sound and video experiences. Miracle Mile Shops guests will also enjoy new and upgraded restaurants. “Miracle Mile Shops has been a highly successful shopping and entertainment destination in Las Vegas for over 20 years, attracting locals, visitors and international tourists,” says Robert Buchanan, vice president and general manager of Miracle Mile Shops. “The renovations are coming at the ideal time as our city welcomes the return of domestic and international tourists.” The revitalized interior will include new flooring, lighting, ceilings, seating and a new sound system. The “rainstorm” attraction, a free daily show that features thunder, lightning, fog and rain, will also be enhanced. The renovation includes a redesign to Miracle Mile Shops’ exterior entrances on the Las Vegas Strip and Harmon Avenue, featuring …
By John Hickman, Managing Director, NewMark Merrill San Diego may be California’s second most populous county, but you wouldn’t know it by strolling through one of its many business districts. The county has grown up since its early days as a small military outpost, yet today its hundreds of communities and neighborhoods still impart a small-town feel. The retail real estate market reflects an intimate beach town vibe with a tightly knit brokerage and landlord community. Brokers and investors can cover the market with a limited footprint, while many retailers can achieve a major presence with a handful of locations. This is opposed to the dozens of locations they may require in other California markets, such as Los Angeles, Orange County and the Bay Area. And big, national brands aren’t the only retailers finding success — 98 percent of firms in San Diego are small businesses. Retailers in San Diego are open to taking chances on new concepts and structuring different types of leases. They’re also willing to pay slightly higher rent to gain access to the area’s strong demographics and limited supply of new shopping centers. This uniqueness provided resiliency during the pandemic and will contribute to a thriving …
COLORADO SPRINGS, COLO. — CBRE has facilitated the sale of Erindale Square, an open-air retail property in Colorado Springs. A New York City-based investor acquired the property from a Los Angeles-based investor for $12.1 million. Situated on 6.9 acres at 5881-5975 N. Academy Blvd., the 29-unit Erindale Square features 103,552 square feet of retail space. Current tenants include Fodor Billiards, Bill’s Bed and Appliances, Cutting Edge Realtors, HomeFix and The Door Christian Center. At the time of sale, Erindale Square was 90 percent leased, with 10,657 square feet still available. The property also features 0.55 acres of undeveloped land zoned for business. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE represented the seller in the transaction.
WOODLAND HILLS, CALIF. — Bolour Associates has purchased a retail property within Warner Center, a master-planned community in Woodland Hills, from Flamingo Investments for $9 million. Michael Pakravan and Kyle Pari of Matthews Real Estate Investment Services represented the buyer and seller in the deal. Located at 5780 Canoga Ave., the property features 10,400 square feet of retail space that supports the surrounding 800,000-square-foot LNR Warner Center office development. Bolour plans to modernize and reposition the asset to serve the demands of the area’s daytime office users and its growing residential base. Planned renovations include façade and exterior upgrades, new landscaping and signage, and expanded patio spaces to create an indoor/outdoor environment.
MESA, ARIZ. — Orion Investment Real Estate has arranged the sale of an auto repair shop property located at 8027 E. Main St. in Mesa. Faith Works Auto acquired the property for $1 million, or $194 per square foot. The buyer plans to expand its business to the new location, resulting in three locations in the East Valley. Nick Miner of Orion represented the buyer, while Aleta Ruark of Russ Lyons Realty represented the seller, Billy G Revocable Trust, in the deal.
AUGUSTA, GA. — Matthews Real Estate Investment Services has facilitated the sale of Village Plaza, a shopping center in Augusta. The property traded for $20.5 million. The names of the seller and buyer were not released. Located at 270 Bobby Jones Expressway, Village Plaza features 208,269 square feet of retail space. Current tenants include Gold’s Gym, GNC, Bealls Outlet and Tractor Supply Co. The property is shadow anchored by Walmart. Johnny Blue Craig of Matthews Real Estate Investment Services represented the seller in the deal.