SANTA ANA, CALIF. — Faris Lee Investments has directed the sale of a retail property located at 111 E. Saint Andrew Place and 1947 and 1959 S. Main St. in Santa Ana. An undisclosed buyer acquired the property for $1.3 million. The property is a value-add, multi-tenant asset situated in Santa Ana’s historic district. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller, while Andres Cortez of RE/MAX Orange County East represented the buyer in the deal.
JUPITER, FLA. — SRS Real Estate Partners has arranged the $8.1 million sale of a vacant, freestanding retail building in Jupiter, a city on Florida’s southeastern coast. Home Depot USA acquired the 38,000-square-foot asset and will use the site as an expansion and redevelopment of the Home Depot store currently onsite. Sports Authority previously occupied the property. Matthew Mousavi, Patrick Luther, John Artope and Michael Weiss of SRS arranged the transaction on behalf of the seller, Indiantown Road LLC. Corporate Property Dispositions and The Rotella Group Inc. represented Home Depot. Walgreens, PetSmart, Winn-Dixie and Pep Boys neighbor the property.
ST. LOUIS — Select Strategies Retail Holdings V LLC, an affiliate of privately held real estate investment firm Select Strategies Realty, has purchased a seven-property shopping center portfolio in metro St. Louis for $78.4 million. The 1.1 million-square-foot portfolio is 91 percent leased to tenants such as Aldi, Fresh Thyme Farmers Market, Burlington and Planet Fitness. The properties include Creve Coeur, Kings Highway, LeMay Shopping Center, Gravois Plaza, Kirkwood Crossing, Overland Crossing and Fairview City Centre. Jeremy Sain of HFF represented Select Strategies. The seller was not disclosed.
SAN BERNARDINO, CALIF. — Newman International has acquired Seley Plaza, a neighborhood shopping center located at 2002-2383 E. Highland Ave. in San Bernardino. A joint venture between Robhana Group and SAFCO Capital Corp. sold the property for $20 million, or $125 per square foot. At the time of sale, the 159,324-square-foot property was 91 percent occupied by 21 tenants. Current tenants include 99 Cents Only, Rite Aid Pharmacy, Big 5 Sporting Goods, Dollar Tree, Chase Bank, Rent-A-Center, Western Dental, Del Taco and Goodyear Tire. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, while Max Wang and John Griffin, also of Cushman & Wakefield, represented the buyer in the deal.
RIVERVALE, N.J. — Marcus & Millichap has negotiated the $4.8 million sale of a 14,900-square-foot retail property in Rivervale also known as the Rudd O’Connor Building. Located at 184 Rivervale Road, the property is fully occupied by a mix of tenants. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a limited liability company.
LOS ANGELES — Quantum Capital Partners has secured $16 million in long-term first mortgage financing for the recapitalization of a retail center in downtown Los Angeles’ Arts District. Third Art Holdings, a local investment group, is the sponsor. Located at 833 E. Third St., the 27,000-square-foot retail center is the $5 million adaptive reuse of a 1930s-era bowstring truss warehouse building. Completed in 2017, the property is currently 100 percent leased to a variety of tenants, including Over the Influence, H. Lorenzo, Shinola, Salt and Straw, Salt Bae and Inko Nito. Proceeds from the 10-year CMBS loan originated by Deutsche Bank were used to take out the construction loan and return equity to the sponsor. Jonathan Hakakha and Mike Yim of Quantum Capital Partners arranged the financing for the borrower.
OOLTEWAH, TENN. — HFF has brokered the $18.5 million sale of Snow Hill Village, an 86,108-square-foot shopping center in Ooltewah, roughly 18 miles east of Chattanooga. Jim Hamilton, Mike Allison and Andrew Kahn of HFF arranged the transaction on behalf of the seller, Six Pines Realty. Publix Super Markets — which anchors the center — was the buyer. Snow Hill Village was constructed in 2008 and was 95 percent leased at the time of sale. In addition to Publix, the center is home to tenants such as Beef O’Brady’s, Edward Jones, H&R Block, The UPS Store, Dr. Hammontree, Ooltewah Vision Center, Unique Nails, Marco’s Pizza, SunTrust Bank, Open Spigot Liquor and Great Clips.
BOURBONNAIS, ILL. — The Boulder Group has negotiated the $12.3 million sale of a single-tenant property net leased to Jewel-Osco in Bourbonnais, about 50 miles south of Chicago. The 62,000-square-foot property is located at 655 Main St. Renovated in 2016, the property features a drive-thru pharmacy. The lease, guaranteed by parent company Albertsons, has 20 years remaining. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the sale. A private real estate company based in the Southwest was the seller, while an Australia-based investor was the buyer.
ST. LOUIS — Pinnacle Real Estate Advisors LLC has brokered the sale of a three-property dollar store portfolio in metro St. Louis for $3.2 million. The portfolio includes a Dollar General store at 7900 Olive St. in University City; a Dollar General store at 10 Fee Fee Road in Maryland Heights; and a Family Dollar store at 9474 Lackland Road in Overland. Zach Wright of Pinnacle’s Edwards | Ethington Team represented the buyer, a Colorado-based investor completing a 1031 tax-deferred exchange. A local real estate company was the seller.
SAN FRANCISCO — HFF has arranged $113.5 million in financing for a 12-building multifamily portfolio in San Francisco. The borrower is Mosser Capital. Peter Smyslowski and Bercut Smith of HFF secured the six-year (including extension options), floating-rate loan through an affiliate of Walton Street Capital. The financing includes interest-only payments through the first five years of the term. The planned use of the funding was not disclosed. The portfolio features a total of 455 residential units and 13 ground-floor retail suites. The properties are located at 775 (36 units) and 1029 (58 units) Geary St.; 17 Decatur St. (eight units); 840 (50 units) and 2360 (21 units) Van Ness Ave.; 245 Leavenworth St. (48 units); 305 Hyde St. (38 units); 347 Eddy St. (40 units); 371 Turk St. (25 units); 575 O’Farrell St. (47 units); 618 Bush St. (38 units); and 891 Post St. (46 units).