LOS ANGELES — Michigan-based Agree Realty Corp. has acquired a portfolio of 11 retail net lease properties from an undisclosed seller for $79.5 million. The portfolio consists of properties net leased to national and super-regional retailers, including Orchard Supply Hardware, Hobby Lobby, Smart & Final, Walmart Neighborhood Market, Big Lots and Ross Dress for Less. Nearly 40 percent of the portfolio’s net operating income is derived from investment-grade tenants operating in e-commerce resistant sectors, including home improvement, grocery, discount apparel, craft and novelty, and specialty retail. More than 50 percent of the portfolio’s net operating income is attributable to properties near the Los Angeles and San Francisco markets and an additional 30 percent of the portfolio’s net operating income is derived from properties near to the Seattle, Denver, Austin and Orlando markets. Additionally, the portfolio has a weighted-average remaining lease term of 11.4 years.
SAN BERNARDINO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $8.6 million sale of Seven Trees Shopping Center, a 150,338-square-foot, Target-anchored shopping center located in San Bernardino. Ed Hanley and Kevin Fryman of Hanley represented the buyer, Westland Real Estate Group, and the seller, a Los Angeles-based private investor, in the transaction. The property was 85 percent leased at the time of sale to tenants including Baskin Robbins, County of San Bernardino, Payless ShoeSource, Sally Beauty Supply and Waba Grill.
DENVER — Developers Tom and Brooke Gordon have chosen OZ Architecture to design DriveTrain, a mixed-use development to be built in Denver’s RiNo neighborhood. The development is projected to cost between $75 million and $90 million, according to reports by the Denver Business Journal. The project will include pedestrian-friendly, interconnected residential, retail, restaurants, incubator space for local chefs and artists, underground parking and a 120-room boutique hotel. The property’s residential component will include condominiums ranging from penthouses, to micro-units and affordable housing. Groundbreaking is expected to take place in early 2017, with completion scheduled for late 2018.
LADERA RANCH, CALIF. — Ladara Ranch Strength and Conditioning (LRSAC) and Cutting Edge Sports Training have partnered to open a sports and fitness training center at Ladera Sports Center in Ladera Ranch. The training facility will occupy 3,500 square feet of space at the $35 million, solar-powered multi-use facility, which is slated to open this summer. Located on Terrace Road, Ladera Sports Center will feature a 60,000-square-foot gymnasium with 48,750 square feet of court spaces, including eight basketball and volleyball courts, that have air conditioning, noise decibel reduction systems, superior wood flooring and ceiling-mount volleyball nets with ample spectator seats per court.
MADERA, CALIF. — Nunes California Properties LLC has completed the disposition of a retail building located at 2300 W. Cleveland Ave. in Madera. NIKI Madera LLC acquired the 4,400-square-foot property for an undisclosed price. Nick Frechou of Retail California, a division of Pearson Realty, represented the seller and buyer in the deal.
CUPERTINO, CALIF. — A joint venture between Sand Hill Property Company and its capital partner has received $120 million in financing for a pair of office buildings within the Main Street Cupertino mixed-use project in Silicon Valley. The buildings contain a total of 260,000 square feet. Main Street Cupertino will include a mix of office, retail, hotel and loft apartments. The office component was completed earlier this year. The retail component is scheduled for completion by the end of 2016, though seven retailers are already open for business. Stores include Dog, Lyfe Kitchen, TD Ameritrade, Eureka! Burger and Philz Coffee. The hotel is franchised to be a Marriott Residence Inn, and the loft apartments are set to open in 2017. Main Street Cupertino will also contain a one-acre town square and a half-acre park. The loan features a variable, LIBOR-based rate. John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team arranged the financing. HSBC Bank USA, National Association provided the capital.
LEHI, UTAH — Thanksgiving Holdings has received a $52.6 million loan for two office buildings in Lehi. The buildings are known as Thanksgiving Park V and Thanksgiving Park VI. They contain a total of 291,040 square feet. Fred Dockweiler and Mike Keach of KeyBank’s Commercial Mortgage Group arranged the non-recourse, first-mortgage loan for the five-story, Class A office buildings through a correspondent life-company relationship. The loan was used to refinance two existing KeyBank construction loans
CULVER CITY, CALIF. — CBRE Group has completed a 19,000-square-foot lease for Co-Opportunity Natural Foods, a Santa Monica-based boutique grocery store, at Access Culver City in Culver City. Known as The Co-op, Co-Opportunity Natural Foods has sold natural, organic and local foods to the Santa Monica area since 1974. The new location, which is slated to open in early 2017, will be the company’s second store. Located at 8770 Washington Blvd., Access Culver City is a transit-oriented urban mixed-use project featuring 31,240 square feet of retail and restaurant space below 115 apartments.
LOS ANGELES — Marcus & Millichap has arranged the sale of Vernon Square, a retail property located at 515 E. Vernon Ave. in Los Angeles. A limited liability company acquired the 7,840-square-foot asset from a private investor for $2.4 million. Built in 1988, the property features a stable tenant mix of local retailers. Chris Martin of Marcus & Millichap’s West Los Angeles office represented the seller and buyer in the transaction.
MADERA, CALIF. — Retail California, a division of Pearson Realty, has arranged the lease of 3,300 square feet of retail space at 422 S. Gateway Drive in Madera. Francisco and Valderama leased the space from 2004 Knox Family Revocable Trust for an undisclosed sum. Nick Frechou of Retail California represented the tenant and landlord in the transaction.