PENNSVILLE, N.J. — Marcus & Millichap has brokered the $3.5 million sale of Cranberry Plaza, a 106,165-square-foot shopping center in Pennsville. Located at 233 S. Broadway, the 18-acre center features a tenant roster that includes Save A Lot, Metro PCS and local tenant PV Pets and Tap & Bottle. Michael Cebula represented the seller, a private investor in the transaction. The buyer was a New Jersey-based private investor.
THOUSAND OAKS, CALIF. — Los Angeles-based Agora Realty & Management has purchased Office Depot Plaza, a shopping center located at 11-25 E. Hillcrest in Thousand Oaks. An undisclosed seller sold the property for $14.4 million. At the time of acquisition, the 33,708-square-foot shopping center was 96 percent occupied. Major tenants include Office Depot, Bank of the West, AT&T, Habit Restaurant and Wescom Credit Union. Agora Realty plans to remodel the center’s parking lot with new asphalt and striping, install new LED parking lot lights and upgrade the center’s landscaping.
LA MESA, CALIF. — Pacific Coast Commercial has arranged the sale of a 12,215-square-foot retail/flex building located at 7575 University Ave. in La Mesa. La Mesa Retail LLC sold the property to MY & RY Enterprises LLC for $2.3 million. Constructed in 1993 for Fountain’s Aquarium, the showroom that was dedicated to tropical fish was remodeled and re-sold to an owner-user. Tommas Golia and Jason Vieira of Pacific Coast Commercial represented the seller, while Brandon Keith of Voit Real Estate represented the buyer in the deal.
PEORIA, ILL. — Portland, Ore.-based breakfast chain Original Pancake House will open a 3,800-square-foot restaurant within Grand Prairie Developments, a 200-acre mixed-use development by Cullinan Properties Ltd., in Peoria. The landlord will break ground on a new space for the restaurant this spring, with the opening slated for October. Major anchors at Grand Prairie Developments include AMC Theatre, Hy-Vee and Dick’s Sporting Goods in addition to numerous restaurants, retail stores and five hotels. Adjacent to the development is the $18 million Louisville Slugger Sports Complex estimated to draw 450,000 visitors each year.
KATY, TEXAS — Marcus & Millichap has arranged the sale of a 5,000-square-foot retail property located at 9333 Spring Green Blvd. in the western Houston suburb of Katy. The property is currently leased to Starbucks Coffee and fast casual restaurant chain Salata. James Bell and Watt Harrison of Marcus & Millichap represented the buyer, a limited liability company that acquired the asset via a 1031 exchange. Other terms of sale were not released.
SAN FRANCISCO — Gap Inc. (NYSE: GPS) will close approximately 230 Gap specialty stores within the next two years, the San Francisco-based apparel chain announced in its fourth-quarter and 2018 fiscal year reports, released Thursday. Gap Inc. also revealed plans to spin off Old Navy, a brand it established in 1994, into a separate publicly traded entity, as well as to rebrand itself under a yet-to-be-determined name. In explaining their reasoning behind the split, company leaders cited a growing divergence between the customer bases, operating strategies and value-creation mechanisms of Gap and Old Navy, with the latter outperforming the former. According to The Wall Street Journal, Old Navy accounted for nearly half of Gap Inc.’s total 2018 sales of $16.6 billion. The new company will carry Gap-brand apparel in addition to clothing lines from sister brands like Athleta and Banana Republic. The two companies will trade under different ticker symbols and have separate management and leadership structures, as well as distinct financial profiles, company executives said. The company estimates that the closures of the 230 stores — roughly 20 percent of its total global store count— will result in approximately $625 million in annualized sales losses. Additionally, the company estimates …
FAIRFAX, VA. — Federal Realty Investment Trust has purchased Fairfax Junction, a 75,000-square-foot retail center in Fairfax, for $22.5 million. The center sits on seven acres and was fully leased to Aldi, Planet Fitness and CVS/pharmacy at the time of the sale. Fairfax Junction is situated about 17 miles west of downtown Washington, D.C. Michael Gorsage of H&R Retail Investment Properties represented the seller, Glazer Properties, in the transaction.
LA JOLLA, CALIF. — Colliers International San Diego Region has arranged the sale of two adjacent mixed-use properties in downtown La Jolla. Located at 7527-7535 and 7545-7553 Girard Ave., the assets sold for a combined total of $9 million. Bill Shrader of Colliers International San Diego Region’s Urban Property Team represented the seller of both properties, Rancho Girard LLC. Shrader also represented the buyer, YDNL LLC, of 7527-7535 Girard Ave., while Michael McNally of Pacific Commercial Management represented the undisclosed buyer of 7545-7553 Girard Ave. The 7545-7553 Girard Ave. property is a 7,649-square-foot restaurant and retail building occupied by Harry’s Coffee Shop and Everett Stunz. Situated on a 9,749-square-foot lot, the building at 7527-7535 Girard Ave. features two residential apartments and long-term retail tenants, including Dewhurst & Associates and Salon Spruce, among others.
DOWNERS GROVE, ILL. — The Boulder Group, an investment brokerage firm specializing in net-leased properties, has brokered the $3.2 million sale of a 6,267-square-foot retail asset in Downers Grove, about 25 miles west of Chicago. Located at 336-338 W. Ogden Ave., the property was fully leased at the time of sale to three tenants: Five Guys, ATI Physical Therapy and Sports Clips. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a local investor, in the transaction. The buyer was a private investor based in California. There are approximately 253,000 people earning an average household income of $121,377 living within a five-mile radius of the property.
HOUSTON — EDGE Realty Capital Markets has negotiated the sale of I-10 & Haden Shopping Center, a 15,605-square-foot retail center located at 13740 East Freeway in Houston. The center was fully leased at the time of sale to tenants such as Verizon Wireless and Batteries + Bulbs. Burdette Huffman and Josh Jacobs of EDGE Realty represented the seller, I-10 & Haden Ltd., in the transaction. Nathan Wang of Citadel Venture Holdings represented the buyer, SBTC Properties LLC.