MCALLEN, TEXAS — Faris Lee Investments has arranged the $7 million sale of a 65,000-square-foot retail property in McAllen that is triple-net leased to Floor & Décor for a term of 55 years. The store, which will be the Atlanta-based home improvement retailer’s first in the Rio Grande Valley, is under construction and slated to open on March 3. Jeff Conover and Scott DeYoung of Faris Lee represented the Texas-based developer and seller in the transaction. The buyer was a Texas-based 1031 exchange investor. Both parties requested anonymity.
EGG HARBOR CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $7 million sale of a 5,585-square-foot retail property in Egg Harbor City, located in Atlantic County. The property is under construction and is preleased to convenience store operator Wawa for 20 years on a triple-net basis. Jason Pucci and Justin Lupo of Kislak represented the buyer, Kamson Corp., in the transaction. The seller was not disclosed.
LAWRENCEVILLE, GA. — RealSource Group has arranged the $9.4 million sale of a single-tenant property occupied by LA Fitness at Lawrenceville Town Center, a shopping center in the eastern Atlanta suburb of Lawrenceville. Austin Blodgett of RealSource, in association with ParaSell Inc., represented the seller, New York-based DLC Management. The undisclosed buyer was a private investor based in Dallas. Built in 2020, the LA Fitness building spans 34,000 square feet. The property’s co-tenants include a Kroger supermarket and fuel station, H&R Block, O’Reilly Auto Parts, Verizon Wireless, Aaron’s, Rainbow Shops, Ameris Bank, Coast Dental, Burger King, Tidal Wave Auto Spa, Kumon and Lawrenceville Health Center. Located at 600 Gwinnett Drive, the property is positioned at the signalized intersection of Grayson Highway and Gwinnett Drive. The property is also situated 3.2 miles from Georgia Gwinnett College, 42.7 miles from downtown Atlanta and 42.6 miles from Hartsfield-Jackson Atlanta International Airport.
LONG BEACH, CALIF. — Gantry has arranged a $33.3 million refinancing for Marina Pacific Shopping Center, located on Pacific Coast Highway in Long Beach. George Mitsanas, Peter Hillakas and Austin Ridge of Gantry’s Los Angeles production office represented the borrower, a private investor, in the financing. Situated on 20 acres, the property features 296,958 rentable square feet of retail space in nine buildings. Anchor tenants include Ralphs Supermarket, Nordstrom Rack, Barnes & Noble, AMC Theatres, LA Fitness and Howards Appliances.
ASHEBORO, N.C. — A partnership known as Flagship Realty LLC, led by Patrick O’Connell and Christian Poyant, has purchased 1334 East Dixie Drive, a two-tenant retail building in Asheboro. Jimmy Flowers of Flowers Capital Holdings brokered the $2 million sale. Flowers Capital Holdings will serve as the property manager. Pinnacle Bank provided a $1.6 million acquisition loan. The 1334 East Dixie Drive property is a 6,400-square-foot retail building that is fully occupied with long-term leases in place to Mattress Warehouse and AT&T. Additionally, the property is shadow-anchored by the Six Four Nine Commons Shopping Center, which is anchored by an Aldi and Harbor Freight Tools. The property is located near Randolph Mall, as well as a McDonald’s, a Chevrolet dealership, the Asheboro Mall and a Food Lion.
BIG BEAR LAKE, CALIF. — Progressive Real Estate Partners has arranged the sale of Village Mall at Big Bear, a multi-tenant retail property located at 40729 Village Drive in Big Bear Lake. An Inland Empire-based investor sold the asset to a San Gabriel Valley-based investor for $3.9 million in an all-cash transaction. Greg Bedell and Roxy Klein of Progressive Real Estate represented the seller, while Doreen Chen of Pinnacle Real Estate Group represented the buyer in the deal. At the time of sale, the 24,806-square-foot retail center was 100 percent leased.
SAN DIEGO — JLL has secured $11.7 million in refinancing The Convoy, a neighborhood retail strip center located at 4428-4444 Convoy St. in the Kearny Mesa submarket of San Diego. The borrower was CEG Capital Partners, which will use the proceeds to refinance the existing bridge loan used to acquire the asset in 2017. CEG Capital renovated The Convoy, which was originally constructed in 1973, after acquiring the property in 2017. The 51,623-square-foot property is fully leased to a variety of tenants, including Bank of Hope, Hive, Convoy Strength, Ichibanya and Axe Thro, Manna Heaven BBQ, Synergy Dental Group and Da Nang Corner. Chris Collins and Daniel Pinkus of JLL arranged the seven-year, fixed-rate loan through a regional credit union on behalf of the borrower.
GEORGETOWN, TEXAS — Dallas-based SRS Real Estate Partners has negotiated the sale of Oak Meadows Marketplace, a 78,888-square-foot shopping center located in the northern Austin suburb of Georgetown. Built in 2018, the property was 92 percent leased at the time of sale, with grocer Randalls serving as the anchor tenant. Cathy Nabours, Walter Saad, Kyle Shaffer and Aaron Johnson of SRS represented the seller, Cypress Equities, in the transaction. Cincinnati-based retail REIT Phillips Edison & Co. (NASDAQ: PECO) purchased Oak Meadows Marketplace for an undisclosed price.
NEW YORK CITY— Hobby Lobby will open a 42,768-square-foot store within a former Babies ‘R’ Us store at The Crossing, a strip center that is part of Staten Island Mall. The store, which is scheduled to open in the first quarter of 2023, will be the Oklahoma-based retailer’s first in New York City. Brian Katz and Daniel DePasquale of Katz & Associates, along with Graeme Keith of The Keith Corp., represented Hobby Lobby in its site selection and lease negotiations. Alex Varon represented the landlord, Brookfield Properties, on an internal basis.
IRVINE, CALIF. — Irvine, Calif.-based Faris Lee Investments has arranged the sale of 10 Dairy Queen-occupied properties across Louisiana. The portfolio was sold to two separate buyers for an undisclosed sales price. Scott DeYoung, Jeff Conover and Hunter Steffien of Faris Lee represented the seller, an entity doing business as MP Holdings LLC, the existing Dairy Queen franchisee. The 10 stores are located in metro New Orleans, Baton Rouge, Lafayette and Houma. All featured relatively new locations, except for the Houma location being under construction at the time of sale. Additionally, all the properties are freestanding buildings with drive thrus. One of the locations was temporally closed and going through a remodel at the time of sale due to the impact of Hurricane Ida.