MESQUITE, TEXAS — SRS Real Estate Partners has negotiated the $4.7 million sale of a retail asset triple-net leased to Walgreens in Mesquite, an eastern suburb of Dallas. The property was built in 2000 and totals 15,062 square feet. Matthew Mousavi and Patrick Luther of SRS represented the Utah-based seller in the transaction. The buyer in the all-cash deal was a California-based investor that acquired the property via a 1031 exchange.
Heidenberg Properties Acquires Shopping Center in Culpeper, Virginia from Regency Centers for $32.7M
CULPEPER, VA. — Heidenberg Properties Group (HPG) has acquired Culpeper Colonnade in Culpeper, located midway between Charlottesville and Washington, D.C. HPG bought the property from Regency Centers for $32.7 million. The 307,000-square-foot shopping center is anchored by Martin’s Food Market, Dick’s Sporting Goods and PetSmart. HPG plans to replace the center’s existing Staples location with a Michael’s store. The center, which is 100 percent occupied, also has Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle Mexican Grill and IHOP as tenants. The property is shadow-anchored by a 127,000-square-foot Target. Since January 2017, Heidenberg Properties and its partners have acquired more than 900,000 square feet of retail.
SANTA CRUZ, CALIF. — Newmark has arranged $29.9 million in financing for Five55 Pacific, a newly developed mixed-use property located in Santa Cruz. Swenson Builders, the borrower, completed the development earlier this year. The beachside property features 94 apartments and four ground-floor commercial spaces, which are managed by Woodmont Real Estate Services. Jeff Wilcox, Robert Slatt and Charlie Kokernak of Newmark structured the financing as a first deed of trust with Benefit Street Partners.
ANCHORAGE, ALASKA — KeyBank Community Development Lending & Investment (CDLI) has provided Cook Inlet Housing Authority (CIHA) with $12.7 million in financing. The package includes $6.9 million in combined construction-to-permanent loan financing for the development of Elizabeth Place Apartments in downtown Anchorage, along with $5.8 million in Low Income Housing Tax Credit (LITHC) equity. The mixed-use property will feature 2,680 square feet of ground-floor commercial space, 38 units of affordable housing for those earning 50 percent to 60 percent area median income, and 12 market-rate units. Among the affordable housing units, 15 will be fully equipped for residents with sensory and mobility impairments, 10 units will be set aside for residents who are otherwise differently abled and four will be for residents experiencing homelessness. CIHA partnered with a variety of local organizations on the development, including University of Alaska, YWCA, Red Cross, Providence Alaska, Ninestar, Credit Union 1, Alaska Injury Prevention Center, Junior Achievement and Catholic Social Services. Victoria Quinn and Beth Palmer Wirtz of KeyBank’s CDLI team arranged the financing.
CARROLLTON, TEXAS — Weitzman has completed the redevelopment of Trinity Plaza, a 59,438-square-foot retail center located at North Josey Lane and the George Bush Turnpike in Carrollton. The project upgraded the center’s façade, signage, landscaping and parking, and also delivered new spaces for both a junior anchor and an endcap restaurant. Current tenants include Café Brazil, Party City and O’Reilly Auto Parts. Hodges & Associates served as project architect.
SANTA MONICA, CALIF. — Locker Realty Corp. has arranged the acquisition of a restaurant property, located on Lincoln Boulevard in Santa Monica. An undisclosed buyer acquired the asset for $8.4 million. Chick-fil-A occupies the 1,560-square-foot restaurant and drive-thru building, which is located on 12,314 square feet of land, on a net-leased basis. Paul Locker and Kristine Locker of Locker Realty Corp. represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the deal.
PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Harris Professional Pavilion, a 17,636-square-foot retail/office center in Pasadena, a southeastern suburb of Houston. Justin Miller, Harris Brooks and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based investor, in the transaction. Tommy Lovell III and Richard Robson, also of Marcus & Millichap, procured the buyer, which acquired the property via a 1031 exchange. Other terms of sale were not disclosed.
GREEN BAY, WIS. — Mag Mile Capital has arranged a $1.6 million loan for the refinancing of a 12,900-square-foot retail property at 2066 Central Drive in Green Bay. Aveda Salon is one of the tenants. Mac Dobson of Mag Mile Capital arranged the five-year loan on behalf of the private borrower, Michael Nass. The loan features a 5.45 percent rate and a 25-year amortization schedule. The borrower plans to use the funds to refinance a maturing loan and buy out a partner in the property. The lender was not disclosed.
SAN RAMON, CALIF. — Sunset Development Co. has opened City Center Bishop Ranch, a shopping, dining, entertainment and community development located in San Ramon’s Bishop Ranch area. Designed by Renzo Piano Building Workshop and BAR Architects, the 300,000-square-foot regional shopping center will feature 70 stores and restaurants at full occupancy. THE LOT, a 10-screen cinema and dining destination, and Equinox San Ramon, a whole-body personal fitness, training and yoga center, anchor the property. The second location of The Slanted Door, a Vietnamese-inspired eatery, occupies a freestanding, all-glass structure at the center. Currently open tenants include AlysGrace, Boba Guys, Candle Delirium, Fieldwork Brewing Co., M by Maggie Rizer, NEEKO, On the EDGE, Pottery Barn, Starbucks Coffee, West Elm and Williams-Sonoma. Stores slated to open in the coming months include Anthropologie, Athleta, Equinox San Ramon, Heller Jewelers, KIN THE LABEL and Monokrome. Signed restaurants include C CASA, Curry Up Now, Delarosa, Gio Gelati, Joe & The Juice, Mendocino Farms, MIXT, Ramen Hiroshi, Roam, SOCIAL-AFFAIR, THE LOT and The Slanted Door. Sunset Development Co. owns and operates the property.
MURRIETA, CALIF. — Phillips Edison & Co. has purchased Sierra Vista Plaza, a value-add retail center located at 25030-25100 Hancock St. in Murrieta, for an undisclosed price. Stater Bros., CVS/pharmacy, Chuck E. Cheese, Valley Veterinary Clinic, The UPS Store, Pizza Hut and Jack in the Box are tenants at the 80,259-square-foot property. Bryan Ley, Gleb Lvovich, Justin Kundrak and Tony Ensbury of HFF represented the undisclosed seller in the deal.