PERRYSBURG, OHIO — Reichle Klein Group has arranged the lease of a 30,000-square-foot retail building for Planet Fitness in Perrysburg, approximately 11 miles southwest of Toledo. The building is located within the Shoppes at South Boundary shopping center at 100 E. South Boundary St. The new fitness facility will open in the first quarter of 2015. Duke Wheeler and Kurt Pollex of Reichle Klein Group represented the tenant in the transaction.
IRVINE, CALIF. — KZ DevCo LP has announced plans to build 13 new CVS/Health and Longs drugstores in Hawaii and Southern California. This totals about $150-million worth of construction in the pipeline. KZ DevCo completed construction on five CVS Health/Longs Drugs stores in Hawaii and California this past year. The full-service commercial real estate development firm anticipates it will complete three more outposts in 2015, valued at more than $25 million. Some of the 13 new drugstores will be delivered to Murrieta, Chula Vista and Long Beach, Calif. They will also be completed on the islands of Oahu, Kauai and Maui, as well as on the Big Island. Though Longs was acquired by CVS/Health in 2008, the chain still exists in Hawaii. Once the current pipeline is cleared, KZ will have delivered a total of more than 45 CVS/Health and Long’s Drugs stores. Irvine, Calif.-based KZ DevCo specializes in shopping center development, single-tenant representation, property management and construction management.
SALT LAKE CITY — The Family Center at Taylorsville, a 779,000-square-foot regional power center, has received $45 million in post-closing acquisition financing. The center is located at 5400 South and Redwood in the suburb of Taylorsville, less than nine miles south of Downtown Salt Lake City. Notable tenants at the Family Center include Jo-Ann Fabrics & Craft, Ross Dress for Less, Pet Smart, 24-Hour Fitness, Shopko, Guitar Center, Texas Roadhouse, Jamba Juice and Chick-fil-A. The three-year, floating-rate loan was arranged by HFF’s Jim Curtin on behalf of TriGate Capital. The loan was provided by Wells Fargo Bank. Proceeds were used to acquire the center.
CHICAGO — The Boulder Group has arranged the $7.1 million sale of a Gino’s East restaurant property in Chicago. The asset is located at 500 N. LaSalle St. in Chicago’s River North neighborhood. The three-story, 17,400-square-foot building is constructed of brick, wood and masonry. Gino’s East recently invested $1 million for tenant improvements to the building. The property is a relocation of the restaurant’s former flagship location in the area. There are nine years remaining on the Gino’s East lease, which expires in July 2023. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Frontline Real Estate Partners. Matthew Berres of JLL represented the buyer, an affiliate of a Midwest-based real estate investment fund.
LAFAYETTE, IND. — Marcus & Millichap has brokered the $5.8 million sale of a Home Depot ground lease in Lafayette. The 133,868-square-foot, net-leased property is located at 311 Sagamore Parkway N. Home Depot has approximately 12 years of term left on its lease, which is corporately guaranteed. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus office represented the seller, a developer, and the buyer, a limited liability company. Josh Caruana, an Indiana broker of record, assisted in closing the transaction.
NEW HYDE PARK, N.Y. — A subsidiary of Kimco Realty Corp. (NYSE: KIM) has executed a contract to acquire the remaining 66.7 percent interest in the 39-property “Kimstone” portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BREP). The deal is valued at $925 million, which includes the assumption of approximately $426.7 million in mortgage debt. Kimco will pay approximately $512.3 million to acquire BREP’s interest using a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America, as well as availability under its existing $1.75 billion revolving credit facility. Upon closing, which is expected in the first quarter of 2015, Kimco will own 100 percent of the portfolio. The 5.6 million-square-foot portfolio is approximately 97 percent occupied and comprises grocery-anchored shopping centers and power centers. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California and Maryland. The portfolio includes four signature assets: • 280 Metro Center, a 228,000-square-foot property located in the San Francisco Bay Area of Colma, Calif. The 95-percent-occupied center is supported by a well-known list of anchors that includes Nordstrom Rack, Marshalls, Bed Bath & Beyond …
CARLSBAD, CALIF. – A 156,132-square-foot building in Carlsbad that is leased to Macy’s West Stores Inc. has sold to an international commercial real estate investor for $13.7 million. The building is located at 2559 El Camino Real, within the Westfield Plaza Camino Real shopping mall. Macy’s has operated at this location since 1979. The space was renovated in 2000. The seller, a San Diego-based private investor, was represented by John Rodiles and Kirk Garabedian of Marcus & Millichap’s Los Angeles office.
OAKBROOK TERRACE, ILL. — Marcus & Millichap has arranged the $2.2 million sale of a 2,650-square-foot, net-leased property occupied by Starbucks in Arlington Heights, a northwest suburb of Chicago. The property is located at 1808 S. Arlington Heights Road. The building includes a drive-thru. The location is a retrofit of an existing building that includes a new 10-year corporate lease with Starbucks Corp. Austin Weisenbeck, Aaron Baum and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a local developer.
BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 9,360-square-foot net-leased property occupied by Family Dollar in Brownsville. Curtis Carter and Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Stephen Berchelmann and Knibbe represented the buyer, a private investor. Family Dollar is located at 4465 Paredes Line Road. The property was built in 2006 and is comprised of 9,360 square feet surrounded by a 28-space parking lot on 0.35 acres.
COSTA MESA, CALIF. – An 8,118-square-foot building in Costa Mesa that is triple-net leased to Citibank has sold to a Pasadena, Calif.-based family trust for $5 million. The building is located at 2700 Harbor Blvd. It sits adjacent to Mesa Verde Shopping Center. Shaun Riley of Faris Lee Investments represented the 1031 exchange buyer. The seller, CP Sunshine LLC, was represented by Equity Investment Advisors.