ALBANY AND FOLSOM, CALIF. — ValueRock Realty Partners has purchased two retail properties in Albany and Folsom. The company acquired University Village at 1075-1095 Monroe St. in Albany for $19.2 million and Sprouts Farmers Market at 90 S.E. Bidwell St. in Folsom for $9.2 million. Twin Cities-based Oppidan sold the properties. University Village is occupied by Sprouts Farmers Market, Pet Food Express, Starbucks Coffee, Banfield Pet Hospital and The Habit Burger. Located in Folsom, the Sprouts Farmers Market was recently converted into a Sprouts from an Orchard Supply Hardware.
LAKE FOREST, CALIF. — Baker Ranch Investment LLC acquired Baker Ranch Center, a retail center located at 20491 Alton Parkway in Lake Forest, for $4.8 million. The 6,000-square-foot property is 100 percent triple-net leased to four tenants, including Tenko Sushi & Teriyaki, Ameci Pizza, Sage Nail Lounge and Sheesh Lebanese Kitchen. Patrick Toomey, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller, Shea/Baker Ranch, while John Carpenter from The 949 Group represented the buyer in the deal.
CALABASAS, CALIF. — Marcus & Millichap has hired Scott Holmes as senior vice president and national director of its retail division. The industry veteran will be responsible for directing the firm’s retail business strategy nationwide. Most recently, Holmes served as senior vice president at Cole Real Estate Investments Inc., where he was responsible for leading the company’s shopping center acquisitions team, overseeing national investment activities and sourcing acquisitions nationally. Holmes has held leadership roles at AEW Capital Management LP and American Realty Advisors. Over the course of his career, he has closed more than $6 billion in commercial real estate transactions.
AUSTIN, TEXAS — CBRE has brokered the sale of Market at Parmer, a 122,349-square-foot shopping center located on Austin’s north side. San Antonio-based grocer H-E-B anchors the property, which was about 96 percent leased at the time of sale. Other tenants at Market at Parmer include Anytime Fitness, Pet Supplies Plus and Twin Liquors. Chris Cozby, Chris Gerard and Blaine Dozier of CBRE represented the undisclosed seller in the transaction. Other terms of sale were not released.
GAINESVILLE, FLA. — Representatives of Celebration Pointe have inked a new lease with Nike Factory Store. Celebration Pointe Holdings LLC — a partnership between RaCo Real Estate LLC and Viking Cos. — is leading the 160-acre mixed-use development, located at I-75 and Archer Road in Gainesville. At full build-out, Celebration Pointe will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues. Nike will join Bass Pro Shops, which opened in 2016, as an anchor tenant at the development. A 10-screen Regal RPX theater will open at Celebration Pointe this spring, and a 140-room Hotel Indigo will open in the summer.
NORTH KINGSTOWN, R.I. — A joint venture between Unison Realty Partners and Blue Vista Capital Management has purchased Hunt River Commons, a shopping center located in North Kingstown, for $15.8 million. Anchored by Stop & Shop and Marshalls, the 147,270-square-foot property was 84 percent leased at the time of acquisition. Additional tenants include Planet Fitness, GNC and Citizen’s Bank. The shopping center was constructed in 1989. The Wilder Cos. will serve as property manager and leasing agent for the center. This acquisition is the first joint venture between Unison Realty Partners and Blue Vista Capital Management. Nat Heald of JLL brokered the acquisition.
METUCHEN, N.J. — Regency Centers has purchased The District at Metuchen, a retail center located in Metuchen, for an undisclosed price. Whole Foods Market anchors the 66,000-square-foot shopping center. Additional tenants include Comida Fresca, European Wax, Title Boxing and Chipotle. The name of the seller was not released.
QUAKERTOWN, PA. — EXP Realty Advisors has brokered the sale of a retail property located at 616 N. West End Blvd. in Quakertown. A New York City-based real estate investor acquired the property for $12.2 million in a 1031 exchange. BJ’s Wholesale Club occupies the 85,000-square-foot property. Andrew Greenberg and Daniel de Sa’ of EXP Realty Advisors brokered the transaction.
KANSAS CITY, MO. — Copaken Brooks has completed the lease-up of the retail space at its Town Pavilion office building in Kansas City. The property totals 840,642 square feet with 30,372 square feet of first-floor retail space. Three new tenants — Johnny C’s Deli & Pasta, Chick N Pie and Ruby Jean’s Juicery — have signed leases at the property. Johnny C’s is a local Italian deli that serves pastas, sandwiches and salads. Chick N Pie will occupy the space formerly home to Pizza Hut and KFC Express. The quick-service concept, from the same owners of Plowboys BBQ, serves chicken, burgers, pizza and salads. Ruby Jean’s Juicery specializes in smoothies, juices, performance shakes and snacks. The company has five other locations.
IRVING, TEXAS — 7-Eleven Inc. has closed on the acquisition of approximately 1,030 Sunoco (NYSE: SUN) convenience stores across 17 states. The sales price was $3.3 billion, according to local media reports. The acquisition brings 7-Eleven’s portfolio to approximately 9,700 convenience store locations in the United States and Canada. Japan-based Seven & i Holdings Co. Ltd., the parent company of Irving-based 7‑Eleven, operates more than 65,000 stores in 18 countries across the globe. Sunoco’s sub-brands — APlus, Laredo Taco, Ladson Grill and Stripes — will see no immediate changes during the ownership transition. Despite overall uncertainty on the performance of retail properties today, there seems to be a strong case for the success of single-tenant assets occupied by convenience stores. In a convenience store report issued by Quantum Real Estate Advisors Inc. at the close of 2017, the top 10 convenience stores accounted for nearly 64.3 percent of the top 100 ranked stores in the country. 7-Eleven and Alimentation Couche-Tard, the parent company of Circle-K and Kangaroo Express, dominated the rankings in the top two spots. Sunoco’s stock price closed at $31.97 per share on Thursday, Jan. 25, up from $28.37 per share one year ago. — Kristin Hiller