WOODRIDGE, ILL. — Red Mountain Group Inc. has acquired Woodridge Plaza, a 50,809-square-foot neighborhood retail center in the Chicago suburb of Woodridge. The purchase price was undisclosed. Anchor tenants include Walgreens, Dunkin’ and Anytime Fitness, which is opening soon. There is also a 7-Eleven gas station. Red Mountain Group plans to make immediate improvements to enhance the property’s aesthetic appeal and functionality.
SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the $6.8 million sale of a multi-tenant commercial flex center located at 165 E. Hospitality Lane in San Bernardino. The 44,290-square-foot property comprises two buildings with suites ranging in size from 950 square feet to 1,930 square feet. Originally built in 1980, the recently renovated center was 93 percent leased at the time of sale to 24 tenants, including retail, restaurant, healthcare, education, fitness, finance and office businesses. Situated in the Tri-City Commons/Hospitality Lane District, the center is part of a larger Inland Empire commercial hub totaling more than 4.4 million square feet of office, industrial, retail and hospitality space. Greg Bedell and Lance Mordachini of Progressive represented the Los Angeles-based seller in the transaction. The undisclosed buyer was an Orange County-based private investor.
TORRANCE, CALIF. — Hanley Investment Group has arranged the $5.9 million sale of a newly constructed, single-tenant property in Torrance, a city in the South Bay area of Los Angeles. Chipotle Mexican Grill occupies the building — which totals 3,570 square feet — on a 15-year, corporate guaranteed, triple-net lease. Bill Asher, Jeff Lefko and Sean Cox of Hanley represented the buyer, a Los Angeles-based private investor, in the all-cash transaction. Christopher Huddleston of The Sher Group represented the seller, a Los Angeles-based private investor.
LOS ANGELES — Ware Malcomb has completed the interior design build-out of a pharmacy location at the University of Southern California (USC) in Los Angeles. The firm provided interior architecture and design services for the tenant improvement project, totaling 2,819 square feet. HC Olson Construction served as general contractor for the project. The redesign enabled the university’s pharmacy services at the USC University Park Campus in Los Angeles to move into a larger location that is near other health services to better serve students, staff and the public. The pharmacy includes a retail area with product display, two consultation rooms, a waiting area, dedicated receiving area for deliveries, compliant staff restroom and a break room. Additionally, the building’s footprint can accommodate Script Pro, a pharmacy robot that fills prescriptions, and its infrastructure includes uninterruptible power supply (UPS) battery backups for pharmacological systems and technology.
BEVERLY HILLS, CALIF. — Cain International and Eldridge Industries have secured a $300 million investment from VICI Properties Inc. (NYSE: VICI) for the development of One Beverly Hills, a luxury mixed-use development located in the Los Angeles County community of Beverly Hills. Construction on One Beverly Hills, which was originally announced in 2021, is currently underway with recent local coverage valuing the development at $5 billion. Foster + Partners master-planned the 17.5-acre project, which will include hospitality, residential, retail and restaurant space. One Beverly Hills will be anchored by a luxury Aman-branded hotel and two Aman-branded residential towers designed by Kerry Hill Architects. The hotel will offer 78 all-suite guest rooms overlooking the Los Angeles Country Club. The three towers will offer access to private gardens and a 100,000-square-foot Aman Club, the brand’s private membership club offering wellness, dining and social spaces. The project will also include a full-scale refurbishment of The Beverly Hilton, an iconic hotel that hosts the Golden Globes awards show and Milken Institute conference annually. Renovations are being led by David Collins Studio and will integrate designs that play homage to the property’s legacy. One Beverly Hills will also include curated luxury retail and dining space to …
By Randy Shearin Deals are getting done in the net lease retail sector, just not with the volume or velocity that industry veterans would like to see. Higher interest rates have hampered transactions in most commercial real estate sectors, leading to a slowdown in 1031 exchange deals, which this sector is extremely dependent upon. Those in the industry are positive about 2025, however. With the Federal Reserve Bank cutting interest rates in late 2024 — and potentially embracing further cuts ahead — the winds appear to be in favor for the sector. To learn more, Shopping Center Business recently spoke with a number of net lease industry executives for its annual roundup. Putting Wind In The Sails For the past two years, the net lease retail market has been somewhat stymied by higher interest rates. Because most assets in the sector sell for under $15 million, the sector is heavily dependent on 1031 buyers — those selling from a commercial real estate asset and moving to another — and financing to lever those acquisitions. Because transaction volume has slowed in sectors like multifamily and office, 1031 transactions have slowed their pace. Higher interest rates directly impact an investor’s yield, often …
MIDLOTHIAN, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of Shops on 663, a 14,812-square-foot retail strip center in Midlothian, a southern suburb of Dallas. The name stems from the site’s location on FM 663, and the fully leased center is home to tenants such as Sport Clips and Anytime Fitness. Jack Hicks and Hudson Lambert of STRIVE represented the seller, an Austin-based developer, in the transaction and procured the buyer, a California-based investor. Both parties requested anonymity.
HAMILTON, N.J. — Marcus & Millichap has brokered the $8.3 million sale of Quakerbridge Shoppes, a 42,912-square-foot shopping center located in the Central New Jersey community of Hamilton. The center sits on 5.1 acres and is home to 18 tenants, including Northfield Bank and Villa Maria’s Restaurant. Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
SAN RAFAEL, CALIF. — Marcus & Millichap has arranged the sale-leaseback of a mixed-use building located at 2066 4th St. in San Rafael. A limited liability company sold the asset to an undisclosed buyer for $1.4 million. Built in 1946, the 5,739-square-foot property offers one retail unit, one office unit, six single-room occupancy units and a one-bedroom/one-bath residential unit. John Lee, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal. The seller will remain as a commercial tenant at the property.
MUNCIE, IND. — Regency Properties has acquired Muncie Towne Plaza, a 173,773-square-foot shopping center in Muncie. The purchase price and seller were undisclosed. Developed in 1997 and renovated in 2005, Muncie Towne Plaza was fully leased at the time of sale. Key tenants include Kohl’s, TJ Maxx, Old Navy, Ulta Beauty and Shoe Carnival. The property includes a 1.1-acre undeveloped land site immediately adjacent to Old Navy. Regency plans to develop the parcel following consideration of what represents the greatest opportunity between a single- or multi-tenant space. The parcel can accommodate a 50,000-square-foot development. Regency says the purchase underscores its acquisition philosophy as a “county seat” community retail property investor. County seat communities are defined as towns that typically serve as the hub for business, local government, recreation and shopping for a surrounding rural area.
