BOCA RATON, FLA. — Konover South LLC has purchased Yamato Crossing, a 28,000-square-foot retail center in Boca Raton, for $13 million. The property is currently 92 percent leased to CVS, Panera Bread and a yet-to-be-built Regions Bank outparcel. Konover South purchased the property through a bankruptcy auction. In addition to owning Yamato Crossing, the company plans to lease and manage the asset as well.
Retail
MELBOURNE, FLA. — Faris Lee Investments has completed the $5.7 million sale of ULTA & Shops at Viera, a 14,410-square-foot freestanding retail property in Melbourne, a suburb of Orlando. The newly constructed property is fully leased to ULTA, Hair Cuttery and Subway. This is the third phase in a strategy that Faris Lee has completed on the developer’s behalf for the lifestyle center development, which will total 100,000 square feet of retail space upon completion. Matthew Mousavi, Patrick Luther and Nicholas Coo of Faris Lee Investments represented the seller, a private developer based in Florida, in the transaction. Colliers International represented the buyer, a private investor from San Diego who paid all-cash.
ROCK HILL, S.C. — The Boulder Group has arranged the $3.1 million sale of a single-tenant Dollar General Plus store located at 1333 E. Main St. in Rock Hill, 25 miles south of downtown Charlotte. The 12,480-square-foot store is located across the street from a Food Lion approximately one mile from I-77. Dollar General has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment firm, in the transaction. The buyer, a South Carolina-based investor, purchased the asset in a 1031 tax-deferred exchange.
TROY, MICH. — RAIT Financial Trust has acquired Oakland Square and Oakland Plaza in Troy for $51 million. The properties are adjacent to Oakland Mall, a 1.5 million square-foot regional mall. Urban Retail Properties, a wholly owned subsidiary of RAIT Financial Trust, manages the property. Oakland Square is a 236,070-square-foot big box center that is fully occupied with tenants such as Kohl’s, Bed Bath & Beyond, DSW, Home Good and ULTA.Oakland Plaza is a 160,665-square-foot community strip center that is 96 percent occupied with tenants such as TJ Maxx, Pier 1 Imports, Planet Fitness Panera Bread and Michaels. The properties are located adjacent to highway I-75.
CLARKSTON, MICH. — Bernard Financial Group has arranged a $1.9 million loan to for the refinancing of Sashabaw Crossing. The multi-tenant, inline retail center is located in Clarkston, approximately 21 miles northeast of Troy. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Sashabaw Crossing LLC, through a life insurance company.
ORANGE COUNTY, CALIF. — The Orange County office of Berkadia Commercial Mortgage LLC has arranged $33.5 million for the refinancing of a portfolio of 15 retail properties in Louisiana and Mississippi. Ed Kim and Zane Sweet of Berkadia arranged the five-year, fixed-rate loan through Bank of America Merrill Lynch on behalf of the borrower, Kimble Development of Louisiana LLC. The loan is structured at 83 percent LTV with a 30-year amortization schedule. The properties, located in secondary markets such as Baton Rouge in Louisiana and Natchez in Mississippi, comprise nearly 500,000 square feet, and are collectively 92.5 percent occupied. Notable tenants include Rue21, Stage, Dollar Tree and Family Dollar.
DUBLIN, OHIO — Marcus & Millichap has arranged the $2.2 million sale of Sawmill Center, an 11,388-square-foot retail property located at 6185-6195 Sawmill Road in Dublin. The property is an outparcel to a Meijer grocery store and is fully occupied. Tenants include Ted’s Montana Grill, FedEx Office, National Check Cashers and Nutrition X. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Columbus and Cleveland offices represented the seller, a private investor, and the buyer, a limited liability company.
PERRIS, CALIF. — Indian Hills Plaza, a 10,142-square-foot retail strip center in the High Desert community of Perris, has sold to Nemax Inc. for $2.2 million. The plaza is located at 540 West 4th Street. It was 82 percent leased at the time of sale. Mike Qutami of Country Estate Realty represented the seller, Hakam K. Othman and Talat Award Dib, in this transaction.
CUPERTINO, CALIF. — Sprouts Farmers Market has opened a 20,901-square-foot store in the Cupertino Crossroads shopping center. The store is located at 20558 Stevens Creek Blvd., inside the former PetSmart space. Sprouts joins Pier 1 Imports and TJ Maxx, among other tenants, at the neighborhood shopping center. The health-conscious grocer was represented by Bob Berndt and Sarah Edwards of SRS Real Estate Partners. The landlord, Mardesich Company, was represented by CBRE’s Rick Shaffer.
SAN FRANCISCO — Golden Gate Bell Restaurant Holdings (GGBRH) has acquired 72 Taco Bell restaurants in the Bay Area for an undisclosed sum. The restaurants are located throughout the Bay Area, from Benicia to Santa Cruz to Tracy. GGBRH is an affiliate of A&C Ventures Inc. (ACV). ACV now has an ownership stake in more than 100 YUM! Brands restaurants through its partnerships. The seller, franchisee Dolan Foster Enterprises LLC (DFE), opened its first Taco Bell restaurant in Oakland in 1969. DFE was one of the larger Taco Bell franchises in the nation.