MERIDIAN TOWNSHIP, MICH. — Martin Commercial Properties has arranged the sale of a 7,400-square-foot retail property located at 3490 Okemos Road in Meridian Township near Lansing. The sales price was not disclosed. Shawn O’Brien of Martin represented the buyer, Tommy Hannawa of Affinity 8 Investments LLC, which also purchased a neighboring Tim Horton’s property. Property renovations are scheduled to begin in the next 90 days. The seller was not disclosed.
SAN MATEO, CALIF. — HFF has arranged a $21 million refinancing for Baywood, an office and retail asset property in downtown San Mateo. The borrower is developURBAN, a private developer. Chris Gandy and Taylor Gimian of HFF secured the 10-year, fixed-rate loan with full-term interest-only payments. Citigroup provided the capital. Loan proceeds will be used to refinance the existing debt that HFF arranged in 2017. The 27,897-square-foot property is fully leased and recently underwent renovations and capital improvements. The property is home to a technology arm of a publicly listed company, with the ground-floor office space leased to a data analytics firm and the retail space leased to a yoga chain.
GOLDEN, COLO. — Los Angeles-based Karlin Golden has completed the disposition of Clear Creek Square, a mixed-use building located at 600-650 12th St. in downtown Golden. Colorado State Land Board acquired the asset for $15.9 million in an off-market transaction. Built in 2002, the building features 78,647 square feet of office space, with approximately 11 percent of the square footage dedicated to ground-floor retail space, free covered parking, on-site showers and lockers. The multi-tenant building is home to five office users. Tenants include Equian, The Regis Co., Institutional Cash Distributor, Big Ring Cycles, Anthony’s Pizza & Pasta and Barrels & Bottles. At the time of sale, the property was 95 percent occupied. Campbell Davis, James Brody and Blake Harris of CBRE represented the seller in the deal.
ESCONDIDO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Escondido Valley Center, a retail property located at 1346, 1352 and 1358 W. Valley Parkway in Escondido. An Orange County, Calif.-based family trust acquired the property from El Segundo, Calif.-based Paragon Commercial Group for an undisclosed price. Situated on 7.2 acres, the 92,169-square-foot property is anchored by ALDI, HomeGoods, BevMo! and Staples. At the time of sale, the property was fully occupied. Ed Hanley, Bill Asher and Kevin Fryman of Hanley Investment Group represented the seller, while Ken McLeod and Zachary Card of CBRE’s Los Angeles’ office represented the buyer in the deal.
LAS VEGAS — Colliers International has arranged the acquisition of a retail and office property, located within Scottsdale Plaza at 8716 S. Maryland Parkway in Las Vegas. SREF Scottsdale Plaza LLLP sold the 85,134-square-foot property to Highland and Sterling LLC for $11.5 million. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyer in the deal.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $125 million sale of a five-property shopping center portfolio in metro Richmond spanning 745,000 square feet. Connie Jordan Nielsen of Cushman & Wakefield | Thalhimer represented the seller, Marchetti Properties, in the transaction. Rosenthal Properties and PGIM Real Estate purchased the portfolio, which includes Stonehenge Village, a 180,000-square-foot power center anchored by Wegmans. The shopping center also features 71,300 square feet of inline space and five outparcels. Other assets in the portfolio include Staples Mill Marketplace, a 156,476-square-foot, Kroger-anchored retail center, with additional tenants including Panda Express and Zaxby’s; Staples Mill Square, a 96,488-square-foot center leased to Petco, Aldi and a separately owned Target, as well as Discount Tire, McDonald’s and Taco Bell; Parham Plaza is a 177,450-square-foot center anchored by Walmart, T.J. Maxx and Petco; Ridge Shopping Center, situated across from Parham Plaza, is a 101,163-square-foot center anchored by The Fresh Market, with other tenants including Sherwin Williams, Chick-fil-A, Hallmark, Virginia ABC and Sugar Shack.
LAKE CHARLES, LA. — Money360 has provided a $12.5 million refinancing loan for a 121,070-square-foot retail property in Lake Charles. The term of the recourse loan is 24 months with a 9 percent fixed interest rate. Tenants include Ross Dress for Less, Bed Bath & Beyond, Marshalls and Rack Room Shoes. The borrower and the name of the asset were not disclosed.
JUPITER, FLA. — Konover South LLC has signed Sprouts Farmers Market and Planet Fitness to backfill a former Winn-Dixie at Admirals Crossing in Jupiter. Sprouts will span 30,900 square feet, and Planet Fitness will cover 17,800 square feet. Konover South CEO David Coppa expects Sprouts and Planet Fitness to open by the end of the year. Admirals Crossing, which is located at 3757 Military Trail, about three miles south of downtown Jupiter, totals 73,000 square feet. Other tenants include Berry Fresh Café, Inlet Liquors, Jimmy John’s Gourmet Sandwiches, Massage Envy and My Gym.
YORK, PA. — Marcus & Millichap has negotiated the $1.6 million sale of a 3,640-square-foot, net-leased retail property in York. Located at 2650 S. Queen St., the property is currently occupied by KFC. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.
REEDSPORT, ORE. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a newly renovated retail property, located at 1300 U.S. 101 in the small, coastal city of Reedsport. An Oregon-based developer sold the property to an Oregon-based private family trust for $3.2 million. McKay’s Market and Dollar Tree each recently signed 10-year triple-net leases to occupy the 27,011-square-foot building. Patrick Luther, Matthew Mousavi and Ron Dowhaniuk of SRS Real Estate Partners represented the seller, while the buyer was self-represented.
