SAN CLEMENTE, CALIF. — Equity One has acquired Talega Village Center, a 102,282-square-foot, grocery-anchored center in San Clemente for $23 million. The center is located at 801 Via Suerte. Talega Village is anchored by Ralphs Fresh Fare. Other notable tenants include Panera Bread, Peet’s Coffee & Tea, Wells Fargo and State Farm Insurance. The center was originally developed by Rockwood Capital. Equity One and Vestar acquired an interest in the center in December 2010. Rockwood and Vestar have partnered together on a variety of other projects as well. They were represented by Palmer Capital in this sales transaction. Vestar continues to focus on the acquisition of value-add retail investment opportunities. The firm has acquired more than $1 billion in retail properties in the Western U.S. in the past 30 months alone.
Retail
PHOENIX – A five-center retail portfolio in the Phoenix metro region has received $20 million in financing. The portfolio contains a total of 117,300 square feet that was nearly 90 percent leased at the time of closing. All of the centers are shadow anchored by either Fry’s Food & Drug Store or Kohl’s Department Store. Other notable tenants include Subway, Panda Express, Peter Piper Pizza and The UPS Store. Most of the centers were built between 2002 and 2007, though one was constructed in the mid-‘90s. The new loan is secured by a blanket first lien on the five properties. The loan has a five-year term with a fixed interest rate, a 30-year amortization schedule and a loan-to-value ratio of 74 percent. The new loan was procured through a CMBS lender. Financing was originated by Don Burnes of Johnson Capital’s Phoenix office. The borrower was a local property owner who develops and invests in retail and office properties throughout Arizona, California and Colorado. The properties included in this transaction are managed by an affiliate of the borrower.
ALPHARETTA, GA. — Bull Realty has arranged the $3.8 million sale of Ellard Mercantile Exchange, a 33,461-square-foot shopping center located at 8470 Holcomb Bridge Road in Alpharetta, a northern suburb of Atlanta. The shopping center was 93 percent leased at the time of sale to Quest Women’s Health and Fitness Center, Josephine’s Antiques, Victoria’s Closet, Durden-Jones Furniture and Elle Couture. Darrell Chapman of Bull Realty represented the seller, New York City-based Northlight Investment Partners, in the transaction. Alpharetta-based QS America Real Estate purchased the property. Fergal Brady of Wells Fargo arranged acquisition financing.
WARREN, OHIO – Marcus & Millichap has arranged the $2.4 million sale of Trumbull Plaza, a 189,996-square-foot retail property located in Warren, a city in northeast Ohio. Erin Patton, Scott Wile, and Craig Fuller investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, marketed the property on behalf of the seller, a developer, and represented the buyer, a limited liability company, in the transaction. Trumbull Plaza is located at Parkman Road and Route 422. Kmart and Sparkle Market are the two largest tenants at the center.
NAPERVILLE, ILL. – Quantum Real Estate Advisors Inc. has brokered the sale of a freestanding 37,582-square-foot, single-tenant ground lease in Naperville, a western suburb of Chicago. The developer of Freedom Commons in Naperville sold the property. A Florida-based company purchased the property, which is occupied by iFly and located at I-88 and Naper Boulevard. Chad Firsel and Dan Waszak at Quantum Real Estate Advisors represented both the buyer and the seller in the transaction.
NEW YORK CITY – Prince Realty Advisors has arranged the acquisition of a 49.5 percent, non-controlling interest in a 55,565-square-foot retail condominium at 510 Sixth Ave. in New York City, valued at just under $68 million, for Madison International Realty. David Ash of Prince Realty Advisors arranged the purchase for the buyer and worked with the seller, Ark Partners, in the transaction. Located on corridor between 13th and 14th streets, 510 Sixth Ave. is at the cusp of the West Village and Chelsea and close to the High Line and Union Square. Current tenants at the property include Urban Outfitters, Chipotle and LensCrafters.
AUSTIN, TEXAS — The Weitzman Group has brokered the sale of Anderson Mill Shopping Center, a 171,794-square-foot retail property in Austin. Located at the intersection of Lake Creek Parkway and U.S. Highway 183, the community center is currently anchored by 24 Hour Fitness and has co-anchor space available. Adam Zimel and Graham Carter of The Weitzman Group represented the purchaser, Anderson Mill Acquisitions LLC, which will rebrand the property Market at Lake Creek.
PORT ARTHUR, TEXAS — Full-service commercial real estate brokerage firm Baker Katz has acquired a 90,000-square-foot retail property in Port Arthur, a city near the Louisiana state border. Located at the intersection of Highway 69 and FM 365, the property previously housed a single occupant but will be redeveloped as a multi-tenant shopping center. To date, Hobby Lobby has signed a lease for 58,000 square feet, Party City has signed a lease for 13,000 square feet, and both tenants are expected to open this summer. Sutherland Lumber Co. sold the asset to Baker Katz, which also plans to construct an additional 7,000-square-foot outparcel at the site.
GAINESVILLE, VA. — The Peterson Cos., a commercial real estate developer, plans to open a new 29,000-square-foot Stein Mart store at Virginia Gateway, a 1.3 million-square-foot shopping center in Gainesville. The store is slated to open in October and will be Stein Mart’s third store in the Washington, D.C., area. Following Stein Mart’s lease and the opening of the 300,000-square-foot Promenade at Virginia Gateway lifestyle center in April, the total Virginia Gateway project is 98 percent leased.
CINCINNATI — Marcus & Millichap has arranged the $14.3 million sale of a 138,445-square-foot Lowe’s Home Improvement store ground lease in Cincinnati. The sale price equates to $103 per square foot. Craig Fuller, senior associate, and Scott Wiles, vice president of investments in Marcus & Millichap’s Cleveland office and Erin Patton, a vice president of investments in the firm’s Columbus office, represented the seller, a New York-based investment fund. Fuller, Wiles and Patton also represented the buyer, a national real estate investment trust. The home improvement store is located at 5385 Ridge Ave. and has 8.5 years remaining on the ground lease.