Retail

Nicola Wealth Real Estate Buys Mixed-Use Property in Tempe for $16.7M

by Amy Works June 22, 2021

TEMPE, ARIZ. — Vancouver, Canada-based Nicola Wealth Real Estate has acquired a mixed-use property located in downtown Tempe from Wexford Developments for $16.7 million. Located at 425 S. Mill Ave., the 22,209-square-foot building features three levels of office space above ground-floor retail space. At the time of sale, the property was 100 percent leased to multiple tenants. The property is near the Valley Metro Light Rail station and the new Tempe Streetcar, which is scheduled to open this year. Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield handled the transaction.

June 22, 2021

Walmart-Bass-Pro-Shops-Hooksett-New-Hampshire

Acquisitions New Hampshire Northeast Retail

Horvath & Tremblay Negotiates $14.9M Sale of Retail Property in Hooksett, New Hampshire

by Taylor Williams June 22, 2021

HOOKSETT, N.H. — Horvath & Tremblay, an investment sales brokerage firm serving New England, has negotiated the $14.9 million sale of a two-unit retail condo in Hooksett, located just outside Manchester in Merrimack County. The property consists of a 153,430-square-foot building that was built on 25.2 acres in 2007 and is now occupied by Walmart and a 139,790-square-foot building that was constructed on 17 acres in 2008. The original occupant of the smaller of the two buildings, Lowe’s Home Improvement, has subleased the space to Bass Pro Shops since 2013. Bob Horvath of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.

June 22, 2021

Acquisitions Iowa Midwest Retail

Metro Crossing Shopping Center Sells in Council Bluffs, Iowa

by Kristin Harlow June 22, 2021

COUNCIL BLUFFS, IOWA — Metro Crossing Shopping Center in Council Bluffs has sold for an undisclosed price. The property spans 309,811 square feet. It was 96 percent occupied at the time of sale by 57 tenants, including Dick’s Sporting Goods, PetSmart, Kohl’s, Hobby Lobby, Old Navy and TJ Maxx. Ember Grummons of Investors Realty represented the buyer, Bridge 33 Capital. CBRE represented the seller, a partnership between Walton Street Capital and Pine Tree Commercial.

June 22, 2021

Acquisitions Colorado Retail Western

Evergreen Devco Sells Multi-Tenant Retail Building at Shops at Beeler Park in Denver

by Amy Works June 21, 2021

DENVER — Evergreen Devco has completed the disposition of a multi-tenant retail building located at the northeast corner of 56th Avenue and Central Park Boulevard in northeast Denver. 5565 N Beeler LLC acquired the building, which is located within The Shops at Beeler Park. The acquisition price was not released. Situated on 33,371 square feet, the 8,500-square-foot building is fully leased to five tenants: Epic Cycles, Aspen Lane, Paws’n’Play, Box State Barbers and Northfield Pediatric Dentistry. Dorit Fischer and Hayden Hirschfield of Shames-Makovsky Realty Co. represented the buyer in the deal.

June 21, 2021

Loans Mixed-Use Multifamily Oregon Retail Western

Alliant Credit Union Provides $13M Loan for Mixed-Use Building in Portland, Oregon

by Amy Works June 21, 2021

PORTLAND, ORE. — Alliant Credit Union has provided a $13 million permanent loan with $9.5 million in initial funding to refinance debt on a mixed-use building in Portland. The name of the borrower was not released. The financing included a cash-out of equity and an earn-out provision structured as a reimbursement based on the borrower’s capital improvement budget. Additionally, the loan structure ensures the loan-to-value ratio for the property will remain below 65 percent. Built in the late 1990s, the five-story, 129,398-square-foot building features 85 apartments and 26,402-square-foot of fully leased, ground-floor retail space, which H-Mart Asian Grocery occupies. The Class B property also features on-site parking. Peter Margolin of Alliant originated the loan, while Casey Davidson of JLL Capital Markets referred the transaction to Alliant.

June 21, 2021

Acquisitions California Net Lease Retail Western

Hanley Investment Group Brokers $3.2M Sale of Single-Tenant Retail Building in Fontana, California

by Amy Works June 21, 2021

FONTANA, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant retail building located at Highland Village Shopping Center in Fontana. Adler Realty Investments sold the asset to an Inland Empire-based 1031 exchange investor for $3.2 million. Sit ‘n Sleep occupies the 8,400-square-foot property on a triple-net-lease basis. Built in 2019, the building is located at 16948 S. Highland Ave. The seller developed the Highland Village Shopping Center, which is anchored by a 30,000-square-foot Sprouts Farmers Market, in 2018 and 2019. Other tenants at the shopping center include Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio, Oggi’s Restaurant, Pacific Dental, Quick Quack Car Wash and Mountain View Tire & Auto Service. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the transaction.

June 21, 2021

Illinois Loans Midwest Retail

Associated Bank Provides $26.7M Loan for Acquisition, Revitalization of Shopping Center in Naperville, Illinois

by Kristin Harlow June 21, 2021

NAPERVILLE, ILL. — Associated Bank has provided a $26.7 million loan for the acquisition and revitalization of Market Meadows Shopping Center in Naperville. The 148,700-square-foot retail center is located at 1201 S. Naper Blvd. Existing tenants include Jewel, US Bank, McDonald’s and T-Mobile. The borrower, Shorewood Development Group, plans to build a new three-tenant, 6,855-square-foot property on an outparcel at the northwest corner of 75th Street and Naper Boulevard as well as a Lock-Up self-storage facility. Chipotle, BMO, Jersey Mike’s, Big Blue Swim School and Delta Life Fitness have already signed new leases to occupy the center upon completion of the redevelopment project. Daniel Barrins of Associated Bank handled the loan arrangements and closing. This is the 11th loan that Associated Bank has provided on behalf of Shorewood.

June 21, 2021

Acquisitions California Retail Western

Eastern Real Estate, Atlas Capital Acquire 466,000 SF Eagle Rock Plaza in Los Angeles

by Amy Works June 18, 2021

LOS ANGELES — Eastern Real Estate and Atlas Capital Group have purchased Eagle Rock Plaza, a regional shopping center at the intersection of Glendale and Ventura freeways in Los Angeles’ Eagle Rock neighborhood. Situated on 22 acres, the property features 466,000 square feet of retail space. Current anchor tenants include Target, Macy’s, Seafood City and Fitness 19. Bill Bauman and Kyle Miller of Newmark Capital Markets represented the undisclosed seller in the deal. The acquisition price was not released.

June 18, 2021

Acquisitions Arizona Office Restaurant Retail Western

Cushman & Wakefield Brokers $17.4M Sale of Chauncey Lane Marketplace Office/Retail Property in Scottsdale

by Amy Works June 18, 2021

SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the sale of Chauncey Lane Marketplace, a mixed-use development in north Scottsdale. Los Angeles-based Ronal LLC acquired the asset from Chauncey Retail Partners for $17.4 million. Located at 17757 and 17767 N. Scottsdale Road, the property features 34,963 square feet of office and retail space. Current tenants include a breakfast diner, cocktail lounge, salon/spa, financial advisory offices, a law firm, residential development firm and a dental practice. The asset was developed in 2019. Eric Wichterman and Mike Coover of Cushman & Wakefield handled the transaction.

June 18, 2021

Acquisitions California Retail Western

Progressive Real Estate Negotiates $6M Sale of Rancho Car Wash Property in Temecula, California

by Amy Works June 18, 2021

TEMECULA, CALIF. — Progressive Real Estate Partners has arranged the sale of a Rancho Car Wash-occupied retail asset located at 27378 Jefferson Ave. in Temecula. The property traded hands for $6 million. Victor Buendia of Progressive Real Estate Partners represented the buyer and seller, both of which are Los Angeles County-based private investors, in the transaction. Established in 1988, Rancho Car Wash offers full-service hand car washes, auto detailing services and an oil and lube center. The transaction included both the business and real estate and the buyer plans to remodel and upgrade the operation.

June 18, 2021

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