BEACHWOOD, OHIO — Devonshire REIT Inc. has acquired Pavilion Shopping Center in Beachwood, a suburb of Cleveland, for $35 million. The shopping center is located on Chagrin Boulevard near I-271. Sub-anchors at the 249,873-square-foot power center anchored by Giant Eagle include Big Lots, Marshalls, Michaels and Stein Mart. Other national tenants include Petco, Lane Bryant, Quiznos, Bruegger’s Bagels, Sally Beauty Supply, GNC, Verizon Wireless, Ruby Tuesday and Huntington Bank. The property is 97 percent occupied with one remaining vacant space currently under negotiation. Huntington Bank provided financing for the transaction.
Retail
TOLEDO, OHIO — The Cooper Commercial Investment Group has brokered the $1.8 million sale of the Shoppes at Glendale, a 10,050-square-foot retail center in Toledo. The property, built in 2005, is shadow anchored by a Wal-Mart Supercenter. The center is fully occupied with all triple-net leases in place. The retail center sits directly in front of The University of Toledo Medical Center and Medical College and directly across from several national retailers including Panera Bread, Aldi, Ruby Tuesday, Bob Evans Restaurant, Payless ShoeSource, Tan Pro USA and Sally Beauty Supply. Dan Cooper of the Cooper Commercial Investment Group represented the seller, an Ohio-based private investment group. A Connecticut-based a private investor purchased the property. The property was sold at a 7.79 percent capitalization rate.
WARWICK, R.I.; BURLINGTON, PEABODY, FALL RIVER, READING AND WESTFORD, MASS. — HFF has secured a $50.6 million refinancing for a six-property, 224,001-square-foot retail portfolio in the New England area. The firm placed the fixed-rate loan with Allianz Real Estate of America LLC for the borrower, Burlington, Mass.-based Linear Retail Properties. The portfolio consists of 1000 Bald Hill Road in Warwick, Burlington Marketplace in Burlington, Peabody Gardens in Peabody, Flint Village Plaza in Fall River, 345 Main Street in Reading and One Carlisle Road in Westford. Overall, the properties are 97.7 percent leased to a variety of tenants, including Trader Joe’s, CVS/pharmacy, Rite Aid, Starbucks Coffee, Panera Bread, Chipotle Mexican Grill, Bank of America and Dunkin’ Donuts. Riaz Cassum and Brett Paulsrud of HFF represented the borrower in the transaction.
AUSTIN, TEXAS — NorthMarq Capital’s Dallas office has arranged the $10.2 million refinancing of West Side Village, a 50,107-square-foot retail and office property located at 1214 W. Sixth St. in Austin. The transaction was structured with a 10-year term and 30-year amortization schedule. Paul Brighton of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a CMBS lender. Long-time Austin fashion retailer Julian Gold anchors the property.
COLLEYVILLE, TEXAS — Studio Movie Grill has opened a 51,935-square-foot location at Town Center of Colleyville, a Dallas/Fort Worth suburb. John Zikos and Chris Booras of Venture Commercial represented American National Bank Special Assets LLC in the sale and assignment of two leases on the building to Studio Movie Grill Holdings LLC. Larry Leon and Ross McCook, also of Venture, assisted in the transaction. The center was recently acquired by Velocis, a Dallas-based private equity real estate fund.
SAN JOSE, CALIF. — ValueRock Realty Partners has acquired a 120,437-square-foot retail property in San Jose for $18.2 million. The Target-anchored center is located at 2155 Morrill Ave. This is ValueRock’s first Silicon Valley acquisition.
FRIDLEY, MINN. — Cushman & Wakefield | NorthMarq has brokered the sale of a 32,000-square-foot bowling alley in Fridley. The former AMF Bowling Center is located at 6310 Highway 65, approximately nine miles north of Minneapolis. Scott Beitz purchased the property for an undisclosed price. Banquets of Minnesota will renovate the building to serve as an event center, which will offer full-service catering and event planning for any occasion. The sale of a small parcel of land, which will be utilized for overflow parking at the new facility, was completed as a separate transaction. Deb Carlson of Cushman & Wakefield | NorthMarq represented AMF Bowling Centers in the sale of the building and Sinclair Oil Corp. in the sale of the land.
LOS ANGELES — Lev Restaurant Group has purchased four Southern California Jamba Juice stores from the Jamba Juice Company. The purchase price was not disclosed. The outlets are located in Sherman Oaks, Studio City and Encino. The company plans to invest additional capital into the stores, as well as introduce Jamba’s whole food blending and juicing menu. Lev Restaurant Group is the management company of FC Juice Partners LLC. It is the exclusive developer of Jamba Juice throughout the Las Vegas Valley. Juice Partners currently owns and operates 14 Jamba Juice locations, with additional locations under development. The transaction also requires Lev to develop a minimum of 10 additional Jamba Juice stores in adjacent Southern California territories. These include Altadena, Flintridge/La Canada, Van Nuys and North Hollywood. The sale is part of a re-franchising initiative as Jamba Juice moves toward a more franchise-operated business model.
OWOSSO, MICH. — Block & Co. has arranged the $3.3 million sale of a 62,379-square-foot retail center in Owosso, approximately 25 miles west of Flint, to an undisclosed buyer. The Walmart shadow-anchored center is located at 1561-1695 E. Main St. David Block and Max DiCarlo of Block & Co. represented the seller, a partnership between Bloomfield 2005 LLC and Metcalf Arlington SPE LLC. Block & Co. recently sold two other retail centers located in Huntington, Ind., and Jacksonville, Ill., on behalf of the partnership. The real estate firm is currently listing 10 other Walmart shadow-anchored centers for sale in six states throughout the Midwest for the partnership.
OAK RIDGE NORTH, TEXAS — The city of Oak Ridge North and the Oak Ridge North Economic Development Corp. have entered into an agreement to bring an iFLY Indoor Skydiving facility to The Shoppes at Oak Ridge North. The new $3.5 million, 5,600-square-foot facility will open in January 2015 at the shopping center, located at the intersection of I-45 North and Robinson Road in Oak Ridge North. UCR Realty represented the owner, Houston-based Grocers Supply Co., in the lease transaction.