LOS ANGELES — Eastern Real Estate and Atlas Capital Group have purchased Eagle Rock Plaza, a regional shopping center at the intersection of Glendale and Ventura freeways in Los Angeles’ Eagle Rock neighborhood. Situated on 22 acres, the property features 466,000 square feet of retail space. Current anchor tenants include Target, Macy’s, Seafood City and Fitness 19. Bill Bauman and Kyle Miller of Newmark Capital Markets represented the undisclosed seller in the deal. The acquisition price was not released.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the sale of Chauncey Lane Marketplace, a mixed-use development in north Scottsdale. Los Angeles-based Ronal LLC acquired the asset from Chauncey Retail Partners for $17.4 million. Located at 17757 and 17767 N. Scottsdale Road, the property features 34,963 square feet of office and retail space. Current tenants include a breakfast diner, cocktail lounge, salon/spa, financial advisory offices, a law firm, residential development firm and a dental practice. The asset was developed in 2019. Eric Wichterman and Mike Coover of Cushman & Wakefield handled the transaction.
TEMECULA, CALIF. — Progressive Real Estate Partners has arranged the sale of a Rancho Car Wash-occupied retail asset located at 27378 Jefferson Ave. in Temecula. The property traded hands for $6 million. Victor Buendia of Progressive Real Estate Partners represented the buyer and seller, both of which are Los Angeles County-based private investors, in the transaction. Established in 1988, Rancho Car Wash offers full-service hand car washes, auto detailing services and an oil and lube center. The transaction included both the business and real estate and the buyer plans to remodel and upgrade the operation.
MIAMI, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased a 27-property portfolio of Walgreens-occupied assets for $133 million. Wells Fargo provided financing for the acquisition. Kevin Sanz of Orion Real Estate Group led the buyer group. Brian Pfohl and Maury Vanden Eykel of CBRE Inc. represented the seller in the transaction. Further details on the properties were not disclosed. Miami-based Limestone Asset Management is a real estate investment firm and an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Orion Real Estate Group is a Miami-based provider of commercial real estate services.
MIRAMAR, FLA. — Dubner Properties has completed $4 million in renovations to Monarch Gardens, an office and retail property in Miramar. Construction firm Origin Construction, G3 Architecture Interiors Planning and engineering firm Kamm Consulting led the renovation project. Gibraltar Realty & Management oversaw the property’s renovation and will provide property management and owner’s representative services. The Monarch Gardens upgrades include a complete renovation of the main lobby, common areas and bathrooms, which include the installation of modern, touchless fixtures. The project included construction of three speculative office suites, as well as buildouts for incoming tenants such as Strayer University and Spectrum Brands. Within the office tower, ownership also installed bipolar ionization systems intended to slow or stop the spread of airborne pathogens such as the coronavirus. The property now features Class A office space as a result of the renovation. Monarch Gardens features 54,000 square feet of office space and 41,000 square feet of retail space at the street level. The mixed-use property has a tenant roster of Dollar Tree, Strayer University, APX Engineering and Spectrum Brands. Office spaces are available between 2,700 to 7,500 square feet. The property also offers office parking with a ratio of five spaces per …
ILLINOIS — The Boulder Group has arranged the sale of nine single-tenant properties net leased to First Midwest Bank throughout Illinois for approximately $46 million. Approximately 10 years remain on each location’s lease. Buyer and seller information was undisclosed.
CHICAGO — NewMark Merrill Cos. Inc., a shopping center owner based in Woodland Hills, Calif., has acquired Bricktown Square in Chicago for an undisclosed price. The 292,309-square-foot retail center is home to Ross Dress for Less, Harbor Freight Tools, Aldi, XSport Fitness, DD’s Discounts and Farmer’s Best Fresh Market. NewMark Merrill plans to enhance the asset with investments in deferred maintenance and updates such as new signage. Bonnie Investment Group was the seller. ReCap, the real estate subsidiary of RGA Real Insurance Group of America, provided acquisition financing. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill on an internal basis. NewMark Merrill currently owns and operates three other retail properties in the Chicagoland area, including Stony Island Plaza in Chicago, Stratford Crossing in Bloomingdale and Winston Plaza in Melrose Park.
FAIRFIELD, CONN. — Atlanta-based home improvement retailer Floor & Décor will open its 100,000-square-foot warehouse store and design center in Fairfield, located in the southern-coastal part of the state, on Monday, June 21. About 50 full- and part-time associates will work at the store, which is located at 300 Tunxis Hill Road. Brian Katz of retail brokerage firm Katz & Associates represented the retailer in its site selection and negotiations for the new store, which is one of two Floor & Décor outlets set to come on line in Connecticut this year.
BILLINGS, MONT. — Wood Investments Cos. has purchased a vacant retail building situated on 5.19 acres at 2618 King Ave. West in Billings. Billings-based Wilson-Taylor Partnership sold the asset for $4.6 million. Formerly occupied by Big Bear Sports Center, the building features 67,000 square feet of retail space. By the close of escrow, Wood Investments had secured leases with HomeGoods, Sierra Trading Post and Petco to occupy the multi-tenant building. Wood Investments will redevelop the building to comply with tenant specifications, as well as implement capital improvements and upgrades to the overall asset. HomeGoods and Sierra Trading Post will occupy a total of 42,000 square feet and Petco will occupy 15,000 square feet. All three tenants are slated to open in 2022. Additionally, approximately 10,000 square feet of space is still available. Chad Moore of Mountain West Commercial Brokerage in Salt Lake City represented the buyer, while Richard Martin of Mountain West Commercial Brokerage in Billings represented the seller in the transaction.
ESTERO, FLA. — JLL Capital Markets has brokered the $14.4 million sale of a freestanding, single-tenant grocery store in Estero leased to Sprouts Farmers Market. Michael Brewster, Brad Peterson and Tommy Isola of JLL represented the seller, Brentwood, Tenn.-based developer GBT Realty, in the transaction. An undisclosed private investor purchased the property. The Sprouts store is located at 19990 S. Tamiami Trail in metro Fort Myers. The property is adjacent to a Walmart and is located close to a Texas Roadhouse, 9 Thai-Sushi and an Aldi. The 29,896-square-foot store is 14 miles from Fort Myers. Sprouts opened the Estero location in 2020.