SAN DIEGO — Location Matters has arranged the acquisition of an urban retail building located at 4081-4087 30th St. in San Diego’s North Park neighborhood. George McKeever purchased the property from Cheryl Keller, for $1.3 million. The 2,516-square-foot building features four retail units. Limor Spilky and Marc Karren of Location Matters represented the buyer, while Jac Sachs of Ascent Commercial represented the seller in the deal.
SACRAMENTO, CALIF. — Armstrong Development Properties has announced the opening of Raley’s Supermarket at Fair Oaks Plaza, located at the northwest corner of Fair Oaks Boulevard and Howe Avenue in Sacramento. Slated to open in April, Raley’s Supermarket and Starbucks will join the retailers at the new center, which commenced construction in 2015. Upon completion, the property will be home to a variety of tenants, including Grub Burger Bar, KB Nails and CVS/pharmacy.
MCKINNEY, TEXAS — HSM Equity Partners, the commercial development branch of Henry S. Miller Cos., has acquired a three-acre retail tract at the corner of McKinney Ranch Parkway and Ridge Road in McKinney, about 40 miles north of Dallas. The development plan for the tract includes a 21,000-square-foot retail center, set to begin construction in the second quarter of 2017. Joe Benton of Benton Commercial Real Estate Services represented the seller, while Lynn Dowdle of Dowdle Real Estate represented the buyer. Both parties requested confidentiality.
ELKHART, TEXAS — Marcus & Millichap has brokered the sale of a 9,180-square-foot retail property in Elkhart, a city roughly halfway between Houston and Dallas. Family Dollar is the sole tenant of the property, located at 212 N. U.S. Highway 287, and recently extended the original 10-year, double-net lease until 2022. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, an undisclosed limited liability company. Other terms of the sale were not released.
CHICAGO — Mid-America Real Estate Corp. has arranged the sale of Webster Place in Chicago’s Lincoln Park. The 134,918-square-foot retail center is located at the southwest corner of North Clybourn and Webster avenues, and is anchored by Regal Cinemas, Webster Place Athletic Club, Barnes and Noble and Chase Bank. Ramco-Gershenson Properties Trust purchased the property from Chicago-based Syndicated Equities Group. Ben Wineman and Carly Gallagher of Mid-America arranged the transaction.
QUINCY, ILL. — Slumberland Furniture has unveiled plans to open a new store at Quincy Mall in the fall. The national furniture retailer will be the first furniture retailer to be a tenant in the mall, and will anchor the center in the space formerly home to JC Penney. Improvements totaling over $4 million are planned for the retail center, according to the mall owner and manager, Cullinan Properties Ltd. In addition to the opening of Slumberland, the mall will receive new signs and enhancements to the interior décor before the end of the year. Quincy Mall opened in 1978 and consists of 500,000 square feet.
SHREWSBURY, N.J. — Cronheim Mortgage has arranged $30 million in financing for Shrewsbury Plaza, a community retail center located along Route 33 in Shrewsbury. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage originated the loan for the undisclosed borrower. The loan self-liquidates over a 30-year period and was funded by American General Life Insurance Co. Totaling 223,000 square feet, the property features five multi-tenant buildings and two freestanding outparcels. Marshalls, Saks Off-5th, Visionworks, Jo-Ann Fabrics, Massage Envy, CVS/pharmacy, Great Clips, Jersey Mike’s Subs, Petvalu and Verizon Wireless are tenants at the center. Additionally, HomeGoods is slated to open at the property later this year.
MERIDEN, CONN. — Horvath & Tremblay has arranged the sale of a retail property located at the intersection of Broad Street, Anne Street and Gale Avenue in Meriden. An undisclosed buyer purchased the 14,000-square-foot property for $9.3 million. CVS/pharmacy will occupy the newly constructed property under a 25-year, triple-net lease with six five-year extension options. Bob Horvath and Todd Tremblay of Horvath & Tremblay of represented the undisclosed seller and procured the buyer in the transaction.
PLEASANT HILL, CALIF. — PSRS has secured a $15 million refinancing for Courtyard Shopping Center, an 85,000-square-foot retail center located roughly 25 miles outside San Francisco in Pleasant Hill. Smart & Final, Staples and Rite Aid anchor the property. Seth Ludwick of PSRS Santa Barbara secured the non-recourse loan, which features a 25-year term, through a life insurance company.
RENO, NEV. — Hanley Investment Group has arranged the $4.9 million sale of a 7,624-square-foot retail building located in Reno. Jos. A. Bank and Sleep Number occupy the property, located at 6350 S. Virginia St. Hanley Investment represented the buyer, a Los Angeles-based private investor, in the transaction. Pegasus Investments represented the seller, an undisclosed real estate investment and development firm based in Indianapolis. Both tenants are operating under corporate leases.
