PEARLAND, TEXAS — TIG Real Estate Services has sold Sunrise Lake, a 74,612-square-foot retail and medical office property located in the southern Houston suburb of Pearland. Sunrise Lake offers roughly 50,000 square feet of office/medical office space and approximately 24,500 square feet of retail space, which was a combined 86 percent leased at the time of sale. Dan Miller, John Indelli and Bryan Strode of JLL represented TIG in the transaction and procured the undisclosed buyer.
APPLE VALLEY, CALIF. — Houston-based Weingarten Realty has completed the sale of Jess Ranch Marketplace, a community shopping center located in Apple Valley. A Newport Beach, Calif.-based, privately held investment, development and management company acquired the asset for $89 million. The sale included the grocery, lifestyle and entertainment portions of Jess Ranch Marketplace, a 704,927-square-foot community shopping center. Anchor tenants include Target, Winco Foods, Burlington, 24 Hour Fitness, Cinemark, Best Buy, Bed Bath & Beyond, PetSmart, Rite Aid, Big 5 Sporting Goods, Staples, 99 Cents Only Stores and ULTA Beauty. Target, Winco Foods, Staples and 99 Cents Only Stores were not included in the sale. At the time of sale, the property was more than 98 percent leased, with more than 90 percent of the leased gross leasable area occupied by regional and national tenants. Additional tenants include Famous Footwear, Kirkland’s Home, Buffalo Wild Wings, Bank of America, Red Robin Gourmet Burgers and Brews, Western Dental, CareMore, Banner Mattress, rue21, Carter’s, Denny’s, Verizon Wireless, Massage Envy, Sprint, OshKosh B’gosh, Jack in the Box, Chipotle, CareMore’s Nifty After Fifty, AT&T, GNC, Golden Chopstix, Jersey Mike’s Subs, The Flame Broiler and MetroPCS. Lucescu Realty represented the seller and procured the buyer in …
CLOVIS, CALIF. — Mason Asset Management and Namdar Group have purchased Sierra Vista Mall and Lifestyle Center, a regional mall located at 1050 Shaw Ave. in Clovis, eight miles northeast of Fresno. An undisclosed seller sold the asset for $41 million. The seller had a 100 percent leasehold interest in the 500,000-square-foot mall. Originally built in 1988 and renovated in 2005, the mall features an outparcel and open-air configuration, as well as interior space. Current tenants include Kohls, Target, Sierra Vista Cinema, AT&T, Baja Fresh, Chipotle, Jamba Juice, Panera Bread, Red Robin Gourmet Burgers and Brews, Sleep Fit and Starbucks Coffee. Thomas Dobrowski of Newmark Knight Frank’s Capital Markets represented the seller in the transaction.
GLENDORA, CALIF. — JLL has brokered the sale of Glendora Commons, a grocery-anchored retail center located in Glendora. Seagrove Property Group sold the asset to a private foreign investor for $13.6 million. Located at 1241-1251 Lone Hill Ave., Glendora Commons features 41,689 square feet of retail space. Completed in 2017, the property is currently occupied by Aldi, Guitar Center, Chick-fil-A and Pick-Up-Stix. Bryan Ley and Tony Ensbury of JLL Capital Markets represented the seller in the sale.
ORANGE PARK, FLA. — Katz Properties Retail has acquired Bolton Plaza, a 174,063-square-foot shopping center in Orange Park. Bolton Plaza was built in 1988, then redeveloped and expanded between 2015 and 2017. The center was 99 percent leased at the time of the sale to tenants including Aldi, Marshalls, LA Fitness and Academy Sports + Outdoors. Bolton Plaza is situated at 661 Blanding Blvd., 20 miles south of downtown Jacksonville. The seller and sales price were not disclosed.
PEMBROKE PINES, FLA. — The Aztec Group has arranged an $18.5 million refinancing of an existing construction loan for Pembroke Centre in Pembroke Pines. Continental Casualty Co. provided the five-year, non-recourse, fixed-rate loan. The borrower, Hart Lyman Cos., delivered Pembroke Centre, a 37,900-square-foot shopping center, in 2017. Tenants include anchor Twin Peaks, Comcast, TooJay’s, AT&T, Firebirds, Pieology and Habit Burger. Howard Taft, Charles Penan and Joel Zusman of Atzec Group represented the borrower in the loan transaction.
FRIENDSWOOD, TEXAS — Locally based developer Virgata Property Co. will build Virgata Commons, a 14-acre retail and office project in Friendswood, located south of Houston. Phase I will deliver 20,000 square feet of retail space that is currently 85 percent preleased to tenants such as Orangetheory Fitness, MOD Pizza, Chipotle Mexican Grill and Chick-fil-A. Construction of Phase II is scheduled to begin in early 2020 and will feature an additional 30,000 square feet of retail and office space.
TUCSON, ARIZ. — Commercial Retail Advisors has brokered the sale of Orange Grove Village Shopping Center, a retail strip center located at the northwest corner of Oracle and Orange Grove roads in Tucson. After 55 years of ownership, California-based 4-D Properties sold the asset to S1K LLC for an undisclosed price. The new owner plans to renovate the property and retained Stickley Design Group to head project design. Chapman Management Group was hired as the property manager, and Commercial Retail Advisors will continue in its capacity as the project leasing agent. Craig Finfrock of Commercial Retail Advisors represented both parties in the transaction.
GREENWICH, CONN. — CBRE has arranged the $30 million sale of a retail property leased to CVS in Greenwich, a city on the southwest coast of Connecticut. The 10,695-square-foot property is located at 99 Greenwich Ave., in a retail and restaurant corridor that also includes apparel vendors Saks Fifth Avenue and Gucci. Jeffrey Dunne, David Gavin, Travis Langer and Will Pike of CBRE represented the seller, Midwood Investment & Development, in the transaction. The trio also procured the undisclosed buyer.
EAST GARDEN CITY, N.Y. — RIPCO Real Estate has secured a 68,000-square-foot retail lease for department store chain Century 21 Stores on Long Island. The property is located in the Roosevelt Field shopping center of East Garden City, which also includes a Bloomingdale’s Furniture, Nordstrom, Macy’s and a variety of other retail and dining businesses. The store is scheduled to open in spring of 2021. Gene Spiegelman of RIPCO represented Century 21 Stores in the transaction. Simon Property Group owns Roosevelt Field.