Retail

Karlin Golden Sells Office, Retail Building for $15.9M in Downtown Golden, Colorado

by Amy Works March 14, 2019

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.

March 14, 2019

Acquisitions California Retail Western

Hanley Investment Directs Sale of ALDI-Anchored Shopping Center in Escondido

by Amy Works March 14, 2019

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.

March 14, 2019

Acquisitions Nevada Office Retail Western

Colliers Negotiates $11.5M Purchase of 85,134 SF Retail, Office Asset in Las Vegas

by Amy Works March 14, 2019

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.

March 14, 2019

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $125M Sale of Five-Property Shopping Center Portfolio in Metro Richmond

by Alex Tostado March 13, 2019

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.

March 13, 2019

Loans Louisiana Retail Southeast

Money360 Provides $12.5M Loan for Retail Center in Louisiana

by Alex Tostado March 13, 2019

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.

March 13, 2019

Development Florida Retail Southeast

Konover South Backfills Former Winn-Dixie in South Florida with Sprouts, Planet Fitness

by Alex Tostado March 13, 2019

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.

March 13, 2019

Acquisitions New York Northeast Property Type Retail

Marcus & Millichap Negotiates $1.6M Sale of Retail Property in York, Pennsylvania

by David Cohen March 13, 2019

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.

March 13, 2019

Acquisitions Oregon Retail Western

SRS Negotiates $3.2M Sale of Grocery-Anchored Retail Property in Oregon

by Amy Works March 13, 2019

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.

March 13, 2019

Acquisitions California Restaurant Retail Western

Hanley Investment Arranges $2.6M Sale of Single-Tenant Restaurant Building in Barstow, California

by Amy Works March 13, 2019

BARSTOW, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly delivered retail asset, located at 2804 Lenwood Road in Barstow. An Orange County, Calif.-based partnership sold the property to a Los Angeles-based private investor for $2.6 million, or $1,000 per square foot. The newly constructed 2,600-square-foot building features a drive-thru. A combination Dunkin’ and Baskin-Robbins occupies the single-tenant property. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Paul Bahk and James Chin of Los Angeles-based Realtex Properties represented the buyer in the transaction.

March 13, 2019

Development Retail Texas

Weitzman Begins Renovation of 330,000 SF Retail Power Center in Grapevine, Texas

by Taylor Williams March 13, 2019

GRAPEVINE, TEXAS — Weitzman has begun the renovation of Grapevine Towne Center, a 330,000-square-foot retail power center located about 25 miles northeast of downtown Fort Worth. The property, which is anchored by Target and opened in the mid-1990s, is also home to tenants including Ross Dress for Less, Big Lots, Bealls, Office Depot and Jason’s Deli. Hodges & Associates is the architect for the project, which will add modern lifestyle elements and pedestrian-friendly features, as well as an updated façade. Completion is slated for the second half of this year.

March 13, 2019

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