LA QUINTA, CALIF. – A 4,562-square-foot retail building in La Quinta that is occupied by Union Bank of California has sold to Don & Marily Lynch c/o Dunn Property Group for $4.5 million. The building is located at 79670 Highway 111. The buyer was represented by Michael Dunn of Dunn Property Group. The seller, Hull LQ Properties, LLC c/o Sage Retail Group, was represented by Kevin Held and Chuck Klein of Cassidy Turley.
Retail
CARLSBAD, CALIF. — Noodles & Company has signed a 12-year lease for 2,837 square feet of retail space at Palomar Airport Commons in Carlsbad. The lease is valued at $2 million. The center is located at 2521 Palomar Airport Road. Noodles & Company was represented by Danny Fitzgerald, Michael Burton and Pasquale Ioele of Cassidy Turley and Sharon Carmichael of Terranomics Retail Services. The landlord, Sudberry Properties, was represented by Matt Moser of Retail Insite.
SPRINGFIELD, VA. — PREIT has entered into an agreement with Vornado Realty Trust to acquire Springfield Town Center in Springfield for $465 million. The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall and remain operational while the rest of the mall undergoes renovation. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The transaction is expected to be funded using $125 million in PREIT common and preferred operating partnership units, with the balance expected to be paid in cash. Vornado will continue the ongoing renovation of the retail center’s non-anchor space. PREIT and Vornado will jointly lease the space as a result of the transaction. PREIT has the capacity to develop 3 million square feet of additional retail, residential, office and/or hotel space, in compliance with existing zoning.
LITTLE ROCK, ARK. — Disney Investment Group, a boutique brokerage firm based in Dallas, has closed on the sale of Park Avenue shopping center, a 69,000-square-foot property in Little Rock. Inland Real Estate Income Trust purchased the property for approximately $28.1 million from SPC Park Avenue LP and SPC Condo LP, affiliates of Dallas-based Strode Property Co., Park Avenue’s developer. David Disney of Disney Investment Group represented the sellers in the transaction and procured the buyer. Park Avenue’s tenant roster includes Staples, Cheddar’s, Jared Jewelers, Panera Bread, Mattress Firm, Sport Clips, Verizon Wireless, Carter’s, Radio Shack and AT&T.
CITRUS PARK, FLA. — ECHO Realty LP has acquired Westgate Plaza, a 100,000-square-foot shopping center in Citrus Park, approximately 16 miles northwest of Tampa, Fla. Publix anchors the shopping center with a 55,000-square-foot store. The property also features two outparcels leased to SunTrust Bank and Fifth Third Bank. ECHO Realty purchased the shopping center from a joint venture between Kimco and GE Capital, owners of the center since 2007. ECHO has appointed Orlando, Fla.-based Crossman & Co. to manage and lease the property.
CHELSEA, MICH. — Sperry Van Ness / Property Investment Advisors LLC has arranged the $6.4 million sale of a 50,000-square-foot Polly’s Country Market in Chelsea, a city located about 15 miles west of Ann Arbor. The sale price equates to $128 per square foot, an 8 percent cap rate. Marsolin Holdings LLC, a local investor, purchased the net-leased property. Robert Pliska of Sperry Van Ness represented the seller, a Pontiac, Mich.-based trust, in the transaction. The grocery store is on a long-term lease with the new owner.
AUSTIN, TEXAS — Regency Centers Corp. has acquired the Shops at Mira Vista, a 68,340-square-foot retail property in Austin. Located at 2785 Bee Cave Road, the shopping center is in proximity to the affluent Rollingwood and Westlake Hills neighborhoods, as well as the Austin Central Business District. The facility was 98 percent leased at the time of the sale to Trader Joe’s, Panera Bread Co., Nothing Bundt Cakes and Champions Cheer and Dance. Erik Tompkins of Regency Centers Corp. will manage leasing at the property going forward.
MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of Tuscan Village Plaza, a 15,318-square-foot retail property in the Houston suburb of Magnolia, for $3.4 million. Located at 7214 FM 1488, the recently constructed strip shopping center was fully occupied at the time of the sale. Derek Hargrove and Nate Newman of Marcus & Millichap marketed the property on behalf of the seller, a group of prominent local developers. An undisclosed buyer purchased the asset in an all-cash transaction within eight days of the initial listing.
LOS ANGELES — Gabe Kadosh has joined Colliers International’s Downtown Los Angeles office as a vice president. He will specialize in the leasing of retail properties, landlord and tenant representation, and in investment sales in the Greater Los Angeles area. Kadosh will focus on building a mixed-use retail leasing division that will target residential environments. He previously opened the Los Angeles for Stream Realty, where he led the company’s retail division.
MOUNT PLEASANT, S.C. — Grandbridge Real Estate Capital has arranged $33.3 million in first mortgage financing for the acquisition of The Boulevard Apartments in Mount Pleasant. The 325-unit apartment community features 10,000 square feet of retail space that will include a restaurant and spa. The property also includes a pool and fitness center. Mike Ortlip of Grandbridge originated the loan through a life insurance company. Josh Davis of Grandbridge also assisted in the transaction.