PORTERVILLE, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding, single-tenant retail building located at 421 Vandalia Ave. in Porterville. A Southern California-based owner and developer sold the asset to a California-based investor in a 1031 exchange for $2.9 million, or $960 per square foot. Built in 2008, the 2,992-square-foot property was originally an El Pollo Loco restaurant until it was renovated in 2020 for Starbucks Coffee, which occupies the property under a 10-year, triple-net lease. The building also features a drive-thru lane. Matthew Mousavi and Patrick Luther of SRS National Net Lease Group represented the seller, while Bryan Cifranic of Commercial Retail Associates represented the buyer in transaction.
SAN GABRIEL, CALIF. — NAI Capital Commercial has arranged the sale of a three-building retail asset located at 259-267 S. San Gabriel Blvd. and 715 E. Broadway in San Gabriel. San Gabriel Sash & Door Inc. sold the asset for $2.9 million, or $255 per square foot, to an undisclosed buyer. Totaling 11,712 square feet, the asset comprises three buildings on three separate parcels with frontage along both S. San Gabriel Boulevard and East Broadway, plus a parking lot. The property was partially leased at the time of sale. The seller plans to lease back 2,156 square feet of the property, while the new owner will occupy the vacant unit. Marie Taylor of NAI Capital Commercial’s Investment Services Group handled the transaction.
BRENHAM, TEXAS — Houston-based development and leasing firm Baker Katz has broken ground on Brenham Crossing, a 163,518-square-foot retail project in Brenham, located about 75 miles northwest of Houston. Baker Katz is developing the property, which spans 50 acres at the intersection of U.S. Highway 290 and Chappell Hill Road, in partnership with the City of Brenham. Retailers including Hobby Lobby, Marshalls, Five Below, PetSmart and Burkes Outlet have already signed leases at the center, which is scheduled to open in 2022.
PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) reported 19.3 percent growth in same-store sales for its fiscal fourth quarter, which ended on Jan. 30, 2021, as well as a record-setting 9.3 percent sales growth for the full year 2020. In addition to posting healthy sales within its brick-and-mortar stores as customers sought home workout equipment in lieu of visiting gyms amid the COVID-19 pandemic, the Pittsburgh-based retailer also reported year-over-year growth of 100 percent across its online sales platform. E-commerce sales increased by 57 percent alone in the fourth quarter, though this figure represents a decline from the 95 percent growth in e-commerce sales that Dick’s Sporting Goods posted in its fiscal third quarter. The company recorded quarterly net sales of approximately $3.1 billion, nearly a 20 percent increase from the fourth quarter of 2019. Dick’s Sporting Goods also opened a number of new stores in 2020 in markets such as Houston, San Antonio, Atlanta, Cape Cod and metro Boston and now operates about 730 stores throughout the country. The company’s stock price opened at $72 per share on Thursday, March 11, up from $30.56 per share a year ago. “We’ve never had a year quite like 2020,” said Ed …
CINCINNATI — Stan Johnson Co. has brokered the sale of a 25,600-square-foot retail center located at 7074 Harrison Ave. in Cincinnati for $3 million. The property was 94 percent leased at the time of sale to seven tenants. Constructed in 2006, the two-story building sits on 2.3 acres. Patrick Metz of Stan Johnson represented the seller, a California-based private investor. MAGNA Properties, an Ohio-based individual investor, purchased the asset as part of a 1031 exchange. The sale reflects a cap rate of 9.1 percent.
FORT WAYNE, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two retail properties in Fort Wayne for $11.8 million. Located at 407 W. Coliseum Blvd., the Shops at 407 spans 14,271 square feet. It was built in 2019 and is home to Mission BBQ, WingStop, CoreLife Eatery, Comcast and 5-Star Nutrition. The second property, named Corner Shoppes, is located at 401-407 E. Coliseum Blvd. Newly renovated and spanning 12,939 square feet, the building is home to Blaze Pizza, Red Wing Shoes, iCYRO, T-Mobile and Stanton Optical. Dylan Mallory and Jeff Lefko of Hanley represented the seller, a private partnership between Jackson Investment Group and McCormack Development. Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer, a Mexico City-based private investor.
NAPLES, FLA. — JLL Capital Markets has brokered the sale of Mission Hills Shopping Center, a fully leased, 85,078-square-foot neighborhood shopping center anchored by Winn-Dixie in Naples. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Phillips Edison & Company Inc., a REIT based in Cincinnati. Slate Grocery REIT acquired the asset for an undisclosed price. Completed in 2005, Mission Hills Shopping Center was renovated in 2018 and features 17 service-oriented tenants, with 85 percent deemed “essential.” The center is situated on 18.8 acres at 7550 Mission Hills Drive, about 37 miles from Fort Myers. Toronto-based Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate.
LAKE ELSINORE, CALIF. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of ULTA Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The names of the buyers were not released. The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased Marshalls; a single-tenant, net-leased Panera Bread with drive-thru; a two-tenant pad occupied by Pieology and Ono Hawaiian BBQ; a single-tenant, net-leased Five Below; a single-tenant, net-leased Sketchers; a single-tenant, net-leased Miguel Jr.’s with drive-thru; and the single-tenant, net-leased ULTA Beauty. Situated on 7.3 acres, Central Plaza is a 66,000-square-foot retail center located at the junction of Interstate 15 and Central Avenue. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in all the transactions.
ANAHEIM, CALIF. — CBRE has brokered the sale of a retail property located at 3430 W. Lincoln Ave. in Anaheim. Land Investments sold the asset to a Los Angeles-based private investor for $5.8 million. Grocery Outlet occupies the 26,414-square-foot building, which is situated on a two-acre lot. The asset is situated two miles south of Knott’s Berry Farm and six miles east of Disneyland. Alan Krueger and Vanessa Haddad of CBRE represented the buyer and seller in the transaction.
FRISCO, TEXAS — General contractor Talley Riggins Construction Group has broken ground on Shops at Creekside, a 20,130-square-foot retail project located at 13030 Preston Road in Frisco. Cross Architects is designing the project, and AOS Panther Creek LLC is the developer. Inroads Realty is leasing the project and has already secured commitments from Sweetwaters Coffee & Tea, Domino’s Pizza and a general dentistry practice. Construction of Phase I, which centers on the 13,250-square-foot main building, is underway. Construction of Phase II, which will feature a 6,880-square-foot building that could become a build-to-suit, is scheduled to begin in the coming weeks.