CAMBRIDGE, MASS. — Linear Retail Properties LLC has acquired a 6,291-square-foot retail store property comprising three adjacent buildings in the Porter Square Neighborhood of Cambridge, a northwestern suburb of Boston, for $3.6 million. Located at 1755-1761 Massachusetts Ave., the property is fully leased to The Abbey Irish Pub, One Ramen & Sushi, The Laundry Room and Judy Jetson hair salon. Anthony Bruno and Kerry Dowlin of Gibson Sotheby’s International Realty brokered the transaction. The seller was undisclosed.
AUSTIN, TEXAS — Resolute RE has brokered the sale of Bull Creek Market, a 27,040-square-foot shopping center located at 6203 N. Capital of Texas Highway in Austin’s Northwest Hills submarket. The property was listed for sale at $6.3 million, which would represent an 8.5 percent cap rate. Bull Creek Market was 96 percent leased at the time of sale to tenants including Sherwin Williams, Waterloo Ice House, Siente Ristorante Toscana, Chase Flooring, 360 Pizza and Sharkey’s Cuts for Kids. The three-building retail center was built in 1999 and 2004 on a seven-acre site, according to LoopNet Inc. Janice Landers of Resolute RE represented the undisclosed seller in the transaction. Sara Foskitt of Floyd Real Estate represented the unnamed buyer.
LYNNWOOD, WASH. — Vestar has purchased a six-property, 297,599-square-foot retail portfolio in Lynnwood for $95 million. The seller was the original developer of the properties, which were built between 1997 and 2002. The six properties are Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III. The properties are all located at the northeast and northwest corners of Alderwood Mall Parkway and 196th Street SW, near Alderwood Mall 17 miles north of downtown Seattle. At the time of sale, the portfolio was fully leased a variety of tenants including Best Buy, Ulta, Nordstrom Rack, DSW Shoe Warehouse, Barnes & Noble and Old Navy. Paul Sleeth and Billy Sleeth of Newmark Knight Frank represented the seller in the transaction.
VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, with building construction scheduled to begin in early 2021. Lagoon Valley will include Class A office space, 12 residential neighborhoods and a variety of recreational components. The office portion — Ascend @ Lagoon Valley — will feature seven four-story buildings ranging in size from 700,000 square feet to potentially 1 million square feet. Additionally, Ascend will offer a 30,000-square-foot amenity building with a fitness center, food and recreation space. Outdoor amenities at the property will include an amphitheater, sports courts and field space. Lagoon Valley is also surrounded by 2,000 acres of protected open space, including a 470-acre Lagoon Valley Park, 100-acre lake, a centrally located eight-acre public park and numerous neighborhood parks. The community will also include a fire station, a 50,000-square-foot town center …
SACRAMENTO — Phillips Edison & Co. (PECO) has purchased Del Paso Marketplace, a shopping center in Sacramento, for an undisclosed price. The name of the seller was not released. The acquisition bolsters PECO’s presence in Northern California, representing the company’s fifth metro Sacramento shopping center. Situated at the intersection of Del Paso Road and East Commerce Way, Del Paso Marketplace features 59,796 square feet of retail space. A 29,296-square-foot Sprouts Farmers Market anchors the shopping center. Additional tenants include T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State Farm and Jersey Mike’s Subs.
KAILUA-KONA, HAWAII — Pearlmark has closed on a $16.2 million mezzanine investment for the development of Niumalu Marketplace, a retail property in Kailua-Kona. Situated on 20 acres of fee-simple land, Niumalu Marketplace will feature 204,275 square feet of retail and commercial space, as well as 711 parking spaces. A 63,000-square-foot Safeway grocery store with a 27,000-square-foot gas pad will anchor the property. The sponsors, CREDE and two institutional equity capital partners, started construction on the site in October 2018 and are expected to complete the project in October. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. Centennial Bank provided a senior construction loan. George Smith Partners represented the borrower in securing the financing, while Bill Swackhamer arranged in the transaction in-house for Pearlmark.
SAN DIEGO — Cushman & Wakefield has negotiated the sale of a freestanding retail building located in La Jolla Village in San Diego. Girard Avenue LP acquired the property from a private family trust for $15.3 million. Located at 1133-1147 Prospect St., the multi-tenant property features 8,116 square feet of retail space. Mike Slattery, Jason Kimmel, Tim Winslow and Kevin Nolen of Cushman & Wakefield’s San Diego office represented the seller in the deal.
JUNCTION CITY, KAN. — Marcus & Millichap has negotiated the sale-leaseback of a 35,000-square-foot property occupied by Orscheln Farm & Home in Junction City in central Kansas. The sales price was $4.4 million. The newly constructed property is located at 121 E. Chestnut St. John Nuzman brokered the sale-leaseback and represented both parties. A New York-based limited liability company purchased the asset. Orscheln operates farm and ranch supply stores with over 170 locations across the Midwest.
PALATINE, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, two-tenant retail building in Palatine for $3.1 million. Aspen Dental and T-Mobile occupy the 5,250-square-foot property, which is located on East Dundee Road about 30 miles northwest of Chicago. Completed in 2019, the building is situated near other retailers such as Walmart, Home Depot and Target. Jeff Lefko and Bill Asher of Hanley, along with Greg Dietz and Danny Spitz of Greenstone Partners, represented the seller, a Chicago-based real estate investment and development firm. RML Management represented the buyer, a California-based private investor.
KENNESAW, GA. — JLL has arranged $34.6 million in acquisition financing for Barrett Pavilion, a 458,740-square-foot retail center in Kennesaw, 22 miles northwest of downtown Atlanta in Cobb County. The borrower and buyer is a partnership between Lincoln Property Co. and Stockbridge. Tarik Bateh and Jennifer Swanson of JLL negotiated the four-year, floating-rate loan through Prime Finance. Margaret Caldwell and Margaret Jones of JLL represented the seller, a partnership between Nuveen Real Estate and SITE Centers Corp., in the sale. Barrett Pavilion is situated on approximately 55 acres near the interchange between Ernest W. Barrett Parkway and Interstate 75 near Kennesaw State University. Barrett Pavilion’s anchor tenants include Target, AMC Theatres, Jo-Ann Fabric and Crafts, Best Buy, buybuy BABY, Old Navy, Ulta Beauty, Total Wine & More and REI.