PHOENIX – A 14,490-square-foot property in Phoenix that is net leased to Walgreens has sold to an unnamed buyer for $7.9 million. The property is located at 6838 North 7th Street. An acquisition loan with a 10-year term, 25-year amortization schedule and 4.1 percent rate was structured by Josh Sciotto of Marcus & Millichap Capital Corporation’s Phoenix office. The LLC seller was represented by Mark Ruble and Jamie Medress of Marcus & Millichap’s Phoenix office.
Retail
LOS ANGELES — Gabe Kadosh has joined Colliers International’s Downtown Los Angeles office as a vice president. He will specialize in the leasing of retail properties, landlord and tenant representation, and in investment sales in the Greater Los Angeles area. Kadosh will focus on building a mixed-use retail leasing division that will target residential environments. He previously opened the Los Angeles for Stream Realty, where he led the company’s retail division.
WOODRIDGE, ILL. — Hobby Lobby has signed a 42,997-square-foot lease at Centerpointe of Woodridge in suburban Chicago. Centerpointe of Woodridge is a 467,247-square-foot power center located near the intersection of I-355 and 75th Street. Hobby Lobby will join other tenant such as Sam’s Club, JC Penney, Home Depot and OfficeMax in the center. Joe Parrott of CBRE assisted Equity Fund Advisors in the lease to Hobby Lobby. Centerpointe of Woodridge is located at 7200-7440 Woodward Ave. Hobby Lobby is an arts and crafts retailer with 590 stores across the nation.
DALLAS — HFF has arranged a refinancing loan for Casa Linda Plaza Shopping Center, a 326,868-square-foot grocery-anchored retail property in the Lakewood submarket of Dallas. Located at 9440 Garland Road, the asset was 84 percent leased at the time of the sale to tenants including Albertson’s, Pei Wei, Starbucks, Torchy’s Tacos, Petco and Wells Fargo. Originally constructed in 1945, the property is the second-oldest shopping center in Dallas. Adam Herrin of HFF arranged the four-year, floating-rate loan on behalf of the borrower, AmREIT Casa Linda LP, through GE Capital Real Estate.
HUMBLE, TEXAS — Stan Johnson Co. has brokered the sale of a 4,307-square-foot retail property occupied by Chase Bank in the Houston suburb of Humble. Fifteen years remain on the tenant’s 20-year ground lease, which operates as a triple-net lease and includes four renewal options of five years and 10 percent rent increase each. Jim Gibson and Todd Moore of Stan Johnson Co. represented the seller, a Houston-based developer. An Oklahoma investor purchased the asset at a 5 percent cap rate.
LOS ANGELES — An affiliate of Merlone Geier Partnerscalled MGP XI REIT LLChas acquired the Plaza at Golden Valley, a 618,000-square-foot regional shopping center in Santa Clarita, for an undisclosed sum. The center is located at SR-14 at Golden Valley and Via Princessa in the Los Angeles submarket of Santa Clarita. Notable tenants at the center include Target, Lowes, Kohl’s, Bed Bath & Beyond, Staples and PetSmart. The center comprises the retail portion of the Golden Valley Ranch development, which also includes open space preserves and proposed housing. Bill Bauman and Kyle Miller of Studley’s National Retail Services Group represented the seller, GMS Golden Valley Ranch, LLC, a wholly-owned subsidiary of Terramar Retail Centers, LLC, in this off-market transaction.
SAN DIEGO – JH Real Estate Partners (JHREP) has acquired San Carlos Shopping Center, a 125,661-square-foot shopping center in the San Diego submarket of Lake Murray, for $35 million. The center is located at 8680 Navajo Road. It is currently 81 percent leased to tenants like Walgreens, LA Fitness, Chase Bank and Starbucks. JHREP plans to reposition and renovate the center. Leasing efforts will be handled by Cassidy Turley. The unnamed seller is from the East Coast.
BOCA RATON, FLA. — Meridian Capital Group LLC has arranged $15.5 million in refinancing for the Shoppes at Blue Lake, a 50,000-square-foot shopping center in Boca Raton. Notable tenants of the shopping center include Wells Fargo, PNC Bank and Miller’s Ale House. Michael Brown, Noam Kaminetzky and Daniel Bockstoce of Meridian’s Boca Raton office arranged the seven-year loan with a fixed interest rate of 4.13 percent.
CONYERS, GA — Franklin Street Real Estate Services has brokered the sale of a 3,200-square-foot Aspen Dental at 1450 Highway 138 in Conyers, about 20 miles east of Atlanta. The freestanding asset sold for approximately $1.4 million. Mac McCall of Franklin Street represented the seller, a local developer, in the transaction. The buyer, a California-based entity, purchased the property through a 1031 tax-deferred exchange. The buyer was represented in-house. The sale included a 10-year double-net lease with 10 percent rent increases every five years, as well as shared area access with Wells Fargo Bank.
MARLBORO, N.J. — Ethan Allen has signed a 13,750-square-foot lease at a shopping center at 117 Route 9 in Marlboro, a city located about 30 miles south of Newark. Other tenants at the center include Whole Foods, Walgreens, PNC Bank and Verizon. Mark Handwerker of The Goldstein Group represented Ethan Allen in the transaction. Ethan Allen is an American-based furniture and interiors chain that has more than 300 stores throughout the United States, Canada and the United Kingdom.