Retail

SRS Negotiates $11M Sale of Two-Tenant Retail Property in Mission Viejo, California

by Amy Works July 14, 2021

MISSION VIEJO, CALIF. — SRS Real Estate Partners has arranged the sale of a two-tenant retail property located at 26911 and 26921 Trabuco Road in Mission Viejo. Starpoint Properties sold the asset to a Hawaii-based private investor for $11 million. Smart & Final and Saddleback Carpet & Flooring fully occupy the 26,202-square-foot property, which is part of Alicia Trabuco Plaza. Smart & Final serves as the anchor tenant for the plaza. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller and buyer in the deal.

July 14, 2021

Acquisitions Georgia Retail Southeast

Principal Real Estate Investors Sells Kroger-Anchored Retail Center in Metro Atlanta for $20.8M

by Julia Sanders July 13, 2021

ROSWELL, GA. — Principal Real Estate Investors has sold Coleman Village, a 90,981-square-foot, Kroger-anchored shopping center in Roswell. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. The Georgetown Co. acquired the property for $20.8 million. Situated on 12.2 acres at 800 Marietta Highway, Coleman Village was 97 percent leased at the time of sale. The tenant roster includes Starbucks, El Porton Mexican Restaurant, Attitude Fitness and Mavis Tire. Principal Real Estate Investors manages or sub-advises $90.3 billion in commercial real estate assets and is based in Des Moines, Iowa. The Georgetown Co. is a New York-based, privately held real estate firm.

July 13, 2021

Acquisitions Florida Retail Southeast

Franklin Street Arranges $6.3M Sale of Davie Plaza Shopping Center in South Florida

by Julia Sanders July 13, 2021

DAVIE, FLA. — Franklin Street has arranged the $6.3 million sale of Davie Plaza, a 24,623-square-foot shopping center located in Davie. Greg Matus and Jonathan De Maa of Franklin Street represented a local private investor in acquiring the property. An entity doing business as Davie Investments LLC was the seller. Located at 7110-7162 Stirling Road in South Florida’s Broward County, Davie Plaza is situated on the corner of Stirling and Davie roads and is surrounded by neighboring retail plazas, as well as several multifamily development projects. The 1970s-era property was 100 percent leased at the time of sale to tenants including anchor Boost Mobile. The center includes a retail outparcel ground-leased to McDonald’s.

July 13, 2021

Acquisitions Indiana Midwest Retail

First National Realty Partners Acquires Kroger-Anchored Shopping Center in Bloomington, Indiana

by Kristin Harlow July 13, 2021

BLOOMINGTON, IND. — First National Realty Partners (FNRP) has acquired Whitehall Plaza in Bloomington for an undisclosed price. Anchored by a 62,426-square-foot Kroger store, the shopping center spans a total of 172,485 square feet. The property, located at 500 South Liberty Drive, is 92 percent occupied. Additional tenants include Planet Fitness, JoAnn, Regions Bank and Freddy’s Frozen Custard and Steakburgers. Seller information was undisclosed.

July 13, 2021

Acquisitions Retail Texas

JLL Negotiates Sale of 365,559 SF Winwood Town Center in Odessa, Texas

by Taylor Williams July 13, 2021

ODESSA, TEXAS — JLL has negotiated the sale of Winwood Town Center, a 365,559-square-foot regional shopping center located in the West Texas city of Odessa. The property sits on 40.4 acres and was 100 percent leased at the time of sale. Tenants include regional grocer H-E-B, Target, Ross Dress for Less, dd’s Discounts, Office Depot and Michaels. Restaurant users include Chick-fil-A, Jack in the Box and Taco Bell. Chris Gerard, Ryan Shore and Barry Brown of JLL represented the seller, Brixmor Property Group, in the transaction. Colby Mueck, Ryan West and Clint Coe of JLL arranged a 10-year acquisition loan through Frost Bank on behalf of the buyer, Houston-based Fidelis Realty Partners.

July 13, 2021

Development Retail Texas

Mesquite City Council Approves Shadow Creek Crossing Retail Project

by Taylor Williams July 13, 2021

MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has approved a proposal for the development of a retail project that will be known as Shadow Creek Crossing. Shadow Creek Crossing will be developed on a seven-acre site adjacent to John D. Horn High School that is owned by an entity doing business as LF Gateway LP. At full build-out, Shadow Creek Crossing could span as much as 57,500 leasable square feet across six buildings. A firm construction timeline was not released.

July 13, 2021

Acquisitions Net Lease Retail Washington Western

Marcus & Millichap Brokers $7.9M Purchase of Jiffy Lube Net-Leased Portfolio in Washington

by Amy Works July 13, 2021

TUKWILA, PUYALLUP AND PORT TOWNSEND, WASH. — The Leibsohn Group of Marcus & Millichap has arranged the acquisition of a three-property retail portfolio in Tukwila, Puyallup and Port Townsend. A private, Pacific Northwest-based investor acquired the portfolio from an undisclosed seller for $7.9 million. Jiffy Lube occupies each of the properties on long-term, net-lease basis. Brian Leisbsohn and Raymond Vara of The Leibsohn Group of Marcus & Millichap’s Seattle office procured and represented the buyer in the deal.

July 13, 2021

Loans New York Northeast Retail

Newmark Arranges $20.3M CMBS Loan for Refinancing of Retail Condo in Queens

by Taylor Williams July 13, 2021

NEW YORK CITY — Newmark has arranged a $20.3 million CMBS loan for the refinancing of a 26,000-square-foot retail condominium located in the Long Island City area of Queens. The property, which consists of 14,600 square feet of ground-floor retail space and 11,400 square feet of below-grade space, is situated within The Prime, a 71-unit luxury condo building. The majority of the ground-floor space is leased to Trader Joe’s, which opened earlier this month. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of Newmark arranged the 10-year, fixed-rate loan through Ladder Capital on behalf of the borrower, Circle F Capital.

July 13, 2021

California Loans Retail Western

BridgeCore Capital Provides $12.4M Loan for Shopping Center Acquisition in Atwater, California

by Amy Works July 12, 2021

ATWATER, CALIF. — BridgeCore Capital has funded a $12.4 million loan for the purchase of a retail center in Atwater. The undisclosed borrower required a bridge loan to acquire the fully occupied, grocery- and pharmacy-anchored retail center. The borrower was unable to secure traditional financing that provided flexibility to allow for the sale of individual parcels of the property during the loan term. BridgeCore was able to provide a loan with a 6.9 percent interest rate and 24-month term, including two six-month extension options.

July 12, 2021

Acquisitions California Retail Western

SRS Real Estate Partners Brokers $7.6M Sale of Heritage Crossings Retail Asset in Fontana, California

by Amy Works July 12, 2021

FONTANA, CALIF. — SRS Real Estate Partners has arranged the sale of Heritage Crossings, a fully leased retail property located at 7470 Cherry Ave. in Fontana. A Southern California-based development firm sold the asset to a private investor for $7.6 million. Built in 2008 on 2.8 acres, Heritage Crossings features 16,273 square feet of retail space. Current tenants include 7-Eleven, Boston Market, Subway and Little Caesars. John Redfield and Chris Tramontano of SRS’ National Net Lease Group represented the seller, while Jigar Shah of Century 21 Discovery represented the buyer.

July 12, 2021

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