HESPERIA, CALIF. — Faris Lee Investments has arranged the sale of a single-tenant, triple-net leased retail property located at 14075 Main St. in Hesperia. Hesperia-Main Street LLC sold the 3,600-square-foot property to a Los Angeles-based private investor for $3.3 million, or $911 per square foot. U.S. Bank occupies the property, which was built in 2007. Nicholas Coo and Joseph Chichester of Faris Lee Investments represented the seller in deal.
YUCCA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of Shoppes @ Balsa 62, a multi-tenant retail pad located at 58132 Twentynine Palms Highway in Yucca Valley. A Northern California-based investor acquired the 6,518-square-foot property for $2.5 million, or $391 per square foot. Greg Bedell and Victor Buendia of Progressive Real Estate represented the seller, a Nevada-based private investor, and the buyer in the deal.
FREMONT, CALIF. — Vestar has signed two new tenants at Pacific Commons, a 1.1 million-square-foot retail property located at 43484 Boscell Road in Fremont. i-Tea and uBreakiFix are slated to open stores in the first quarter. Located near Vitamin Shoppe, i-Tea will offer traditional teas, as well as fruit-based teas, creamas, slushies, smoothies and classic milk teas. uBreakiFix, which will be located near Applebee’s, offers repair services for a variety of technical devices.
CONWAY, S.C. — Morgan Construction Co. has been awarded a contract to build its 100th and 101st Aldi stores in the Southeast. The two new stores will be located in Conway. The Chattanooga, Tenn.-based contractor has previously built Aldi stores in eight states in the region, including all six Aldi stores in southeast Tennessee and northwest Georgia over the past decade. The German grocer awards contracts one project at a time, according to Morgan Construction.
PHILADELPHIA — HFF has arranged permanent financing for the retail portion of Rodin Square, a 79,233-square-foot newly built mixed-use property in Philadelphia’s Center City. Ryan Ade, Chris Munley and Mark West of HFF secured the 20-year, fixed-rate loan through Principal Real Estate Investors for the borrower, a partnership between Rodin Group and Benenson Capital Partners. Whole Foods Market anchored the property, which is situated on 2.9 acres at 501 N. 22 St. Additional tenants include Thomas Jefferson Hospital, CVS/pharmacy and Santander Bank.
PEMBROKE PINES, FLA. — InvenTrust Properties Corp. has acquired Paraiso Parc and Westfork Plaza retail centers in Pembroke Pines for $163 million. The two adjacent centers are located approximately 20 miles north of Miami. Upon completion of an ongoing expansion project in mid-2017, the two centers will total approximately 389,000 square feet. The properties include national tenants such as Publix, Costco, Regal Cinemas, Ross and TJ Maxx. “The acquisition of Paraiso Parc and Westfork Plaza represents a truly unique opportunity to secure an A+ asset in one of South Florida’s strongest retail submarkets,” says Michael E. Podboy, CFO at InvenTrust. InvenTrust is a self-managed REIT that owns and manages 88 retail properties totaling 15.1 million square feet of retail space. —Kristin Hiller
EASTON, PA. — Phillips Edison has acquired Palmer Town Centre, a shopping center located in Easton, for $32.3 million. Anchored by Giant Foods Supermarket and Marshalls, the property offers 153,085 square feet of retail space. Colliers International represented the seller, Los Angeles-based The Festival Cos., in the deal.
Bennett Williams Commercial Arranges Sale of 70,692 SF Retail Center in East Hempfield, Pennsylvania
EAST HEMPFIELD, PA. — Bennett Williams Commercial has brokered the sale of Wheatland Shopping Center, a retail center located at 1761-1835 Columbia Ave. in East Hempfield. Nico Wheatland LLC acquired the 70,692-square-foot property from Homewood Realty for an undisclosed price. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial represented the buyer, while Stine, Rohrbaugh and Gary Russell of Bennett Williams represented the seller in the deal.
SYLVANIA, OHIO — Eidi Properties is redeveloping a 2.3-acre property into a Chick-fil-A restaurant in Sylvania, along the Michigan border. The property, located at 6636 W. Central Ave., will be Chick-fil-A’s fourth freestanding location in the Toledo market and the first location in the Sylvania market. Demolition of the retail building currently at the site is slated for mid-March, and the restaurant is set to open in the summer of 2017.
DURHAM, N.C. — NorthMarq Capital has arranged the $7.3 million refinancing of Hope Valley Commons, a 38,963-square-foot retail property located at 1125 W. NC Highway 54 in Durham. NorthMarq arranged the 15-year loan with a 25-year amortization schedule through an unnamed life insurance company.