CULVER CITY, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property located at 5400 Sepulveda Blvd. in Culver City. A partnership of two family trusts and two charitable organizations sold the property to Jack in the Box for $2.1 million. Jack in the Box has occupied the 9,309-square-foot property since it was built in 1963. Justin Mendelson and Ashley Saye of Charles Dunn Co. represented the seller in the transaction.
STOCKTON, CALIF. — Hanley Investment Group has arranged the sale of Hammer Plaza, a 20,388-square-foot retail center located at 2701 E. Hammer Lane in Stockton. A Tracy, Calif.-based private investor acquired the property from a Stockton-based investor for $1.4 million. Built in 1980 and situated on 1.5 acres, the property was 55 percent vacant at the time of sale. Eric Vu of Hanley Investment Group represented the seller and buyer in the transaction.
SAN DIEGO — EMMES Realty Services has signed a lease with CFG Downtown LLC to open Crunch Fitness Downtown, a four-level fitness center at 701 B St. in downtown San Diego. Slated to open in the later this year, the 30,000-square-foot fitness center will feature a glass-enclosed cardio deck overlooking the renovated lobby; tiered memberships, including preferred pricing for all EMMES tenants; locker rooms; towel service; an advanced spin studio with state-of-the-art equipment; hydrotherapy and tanning; personal training; group training, including high intensity interval training; and turf and open areas for plyometric training and functional/athletic-based training. The new fitness center represents an approximately $3.5 million investment in the 24-story, Class A office building.
WEST ROXBURY, MASS. — Linear Retail Properties has acquired a retail property located at 1869-1881 Centre St. in West Roxbury for $2.1 million. Built in 1920, the 7,335-square-foot property is occupied by Atlas True Value Hardware, Rox Diner, Iron Body Studios and Saigon Nails. The name of the seller was not disclosed.
BUCKS COUNTY, PA. — J.G. Petrucci Co. has acquired a 1.7-acre land parcel located at 10 Old York Road in Bucks County for an undisclosed price. Situated on the property is a 13,900-square-foot Walgreens, which is on a long-term lease with multiple extension options. Donald MacLaren Jr. of Marcus & Millichap represented the buyer, while Mark Taylor, also of Marcus & Millichap represented the undisclosed seller in the transaction.
BURLESON, TEXAS — Kroger Marketplace is now open in Burleson Commons, located at the intersection of Wilshire Boulevard (State Highway 174) and FM 731 in Burleson. Kroger conducted a grand opening of the 120,000-square-foot store on Jan. 8. The grocery store, which features a Kroger Fuel Center and Kroger Pharmacy, joins Premiere Cinemas as a co-anchor of the shopping center, which is owned and managed by Peoria, Ill.-based Cullinan Properties. SRS Real Estate’s Dallas/Fort Worth office represented Cullinan Properties in the transaction. The new store will feature more than 60 shopping aisles and more than 20 checkout lanes, as well as a Starbucks coffee shop. The store will employ more than 300 associates. Daily hours of operation are from 6 a.m. to 1 a.m.; pharmacy hours may vary.
FORT WORTH, TEXAS — Southside Magnolia Partners has acquired a mixed-use building located at 701 W. Magnolia Ave. in Fort Worth. Situated on the southwest corner of Magnolia Avenue and Hemphill Street, the building is the former headquarters of Fort Worth National Bank. The building features residential living, casual dining, retail and office space. Anchor tenants include Southside Bank and Shinjuku Station. There is a 4,000-square-foot site available for restaurant or retail, as well as five lofts on the second floor. Will Martin and Southside Magnolia Partners have a light restoration in plan for the property, but parts of the building still have original architectural features including exposed brick, hardwood floors and views of downtown Fort Worth. W. Martin and Co. represented the buyers and Grant Huff with Transwestern represented the seller.
MOBILE, ALA. — Marcus & Millichap has brokered the $11.2 million sale of a 41,117-square-foot Walmart Neighborhood Market located at 1300 N. University Blvd. in Mobile. The store is situated less than two miles from the University of South Alabama and features a 20-year lease term with Walmart. Glen Kunofsky of Marcus & Millichap’s Manhattan office and Mike James of the firm’s Encino, Calif., office represented the seller, a major national developer, in the transaction. Eddie Greenhalgh of Marcus & Millichap’s Birmingham office is the firm’s broker of record in Alabama.
OVERLAND PARK, KAN. — Marcus & Millichap has brokered the $12.2 million sale of a 37,930-square-foot shopping center in Overland Park, a southern suburb of Kansas City. The sales price equates to $322 per square foot. Los Angeles-based Highpoint Capital Group LLC purchased the Southridge retail center, which was built in 2008 and 2009, from Carson Development, a local developer. The retail property is located 12090 Metcalf Ave. Southridge is shadow anchored by Costco.
NEW YORK CITY — Brookfield Asset Management Inc. has made an unsolicited offer to buy the majority stake of mall owner Rouse Properties Inc. that it doesn’t already own for $17 in cash per share, or approximately $657 million. Brookfield currently owns about 33 percent of Rouse’s outstanding shares. The proposed price represents a premium of 26 percent to the closing price of Rouse shares on Jan. 15, and a 19 percent premium to the 30-day volume-weighted average trading price of Rouse shares. The proposal was presented to the Rouse Board of Directors on Jan. 16. Rouse Properties (NYSE: RSE), a New York City-based publicly traded real estate investment trust, is a regional mall owner. The company’s portfolio includes 35 malls and retail centers in 21 states encompassing approximately 24.1 million square feet. Rouse was created in 2012 when General Growth Properties Inc. spun off a portfolio of 30 malls. According to the Wall Street Journal, Toronto-based Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT:BAMA) acquired a 33 percent stake in the Rouse portfolio by leading a $30 billion restructuring of General Growth Properties to help it emerge from bankruptcy in 2010. Brookfield Asset Management describes itself as a global alternative asset manager with …
