NAPLES, FLA. — Investment Properties Corp. has brokered the sale of Goodlette Corners, a 46,000-square-foot retail center located at the intersection of Goodlette-Frank and Pine Ridge roads in Naples. OREXCO purchased the asset from Goodlette Corners LLC for $13.3 million. David Stevens of Investment Properties Corp. represented the buyer in the transaction. Steve Hovland of Hovland Real Estate represented the seller.
According to new reports published by The Boulder Group and Marcus & Millichap, net-leased properties remain attractive to investors, keeping cap rate at very low levels. Cap rates in the third quarter of 2014 for the single tenant net-leased retail sector remained at their historic low rate of 6.5 percent from the second quarter. Cap rates for the office sector compressed by 37 basis points to 7.4 percent, while cap rates in the industrial sector rose by three basis points to 8 percent. There were no major factors contributing to the leveling of retail cap rates as supply and demand remained near levels from the previous quarter. During the third quarter, the Ten-Year Treasury Yield fell to its lowest point of the year (2.55) in late August. But by the end of the quarter, treasury rates rose and ended at levels similar to the end of the second quarter. With little movement in the capital markets, retail cap rates have flattened as buyers cannot meet acceptable return thresholds at lower cap rates because of the low interest rate environment. During the third quarter, the supply of office and industrial properties increased significantly by 30 percent and 21 percent, respectively. According …
ROANOKE, LITTLE ELM AND ROCKWALL, TEXAS — Venture Commercial has arranged land transactions in the north Texas cities of Roanoke, Little Elm and Rockwall. Venture’s land division represented developer MQ Development Partners in the sale of a 2.2-acre pad site at the Roanoke Gateway development, located on the northwest corner of State Highways 170 and 114 in Roanoke. Ken Reimer, Edward Bogel and David Davidson of Venture Commercial represented MQ Development in the transaction. Kyle Anz of HGA Holdings represented the buyer, which will develop the site for an On the Border Mexican Grill & Cantina. Venture also arranged the sale of two pad sites in Little Elm. Clay Mote and Davidson, of Venture, represented the seller, Providence/380 Partners Ltd. in both transactions. The sites will be developed into an automotive business and an emergency care clinic. In the third transaction, Venture arranged the sale of a three-acre tract of land in Rockwall. Mote represented the seller in the transaction. Gary Halbrooks of Venue Properties Inc. represented the buyer, Fenton Motors, which will develop the property into an automotive dealership.
AUSTIN — CBRE Capital Markets’ investment properties team has arranged the sale of a 5,162-square-foot retail building in a long-term, triple net lease to MedSpring Urgent Care. An unnamed Austin-based private investor purchased the asset for an unnamed price from The DuPont Group, an Austin-based real estate group. The property is 100 percent occupied by MedSpring Urgent Care, with 11 years remaining on a triple net lease. The property, located at 208 W. Ben White Blvd., was built in 2012 and is near St. David’s South Austin Medical Center and a P. Terry’s Burger Stand. Walter Saad, Cathy Nabours and Logan Reichle with CBRE represented the seller.
INGLEWOOD, CALIF. — Inglewood Plaza, a 101,329-square-foot community shopping center in the Los Angeles submarket of Inglewood, has sold to two buyers for a total of $27.4 million. The four-building center is located at 3100 – 3180 W. Imperial Highway. Three of the plaza’s four buildings sold to CCPT IV for $25.1 million. These buildings contain a total of 96,874 square feet. The remaining 4,455-square-foot building sold to G3H Investments LLC for $2.3 million. The seller, Howard Building LLC, was represented by Darrell Levonian, Justin D. Mendelson and Fred A. Sheriff of Charles Dunn Company. The team also worked directly with the two buyers. The center was built in 2008. It is situated near the Hollywood Park redevelopment project. That site will eventually include a hotel, renovated casino, offices, residences and two lakes.
TEMPE, ARIZ. — Popeyes Louisiana Kitchen will open a new 23,000-square-foot location at Elliot Plaza in Tempe. The new space will be located at the southwest corner of Elliot Road and Priest Drive. Popeyes’ second Tempe location is scheduled to open by the end of this year. The chain was represented by Velocity Retail Group. The landlord, TPP JV Maricopa LLC, was represented by Cliff Johnston, John Appelbe, Brad Douglass and Chris Hollenbeck of Cassidy Turley. Popeyes was founded in New Orleans in 1972. It is the world’s second largest quick-service chicken concept.
ONTARIO, CALIF. — A new retail duo has joined CBRE’s Ontario office. Ryan Gast and Dan Samulski will focus on projects of more than 100,000 square feet throughout the Inland Empire. The team has represented a variety of landlords in shopping centers throughout Southern California.
DALLAS — HFF has arranged a permanent loan for Lakewood Shopping Center, a 65,674-square-foot retail center in Dallas. HFF worked on behalf of the borrower, Lincoln Property Co., to secure the 15-year, fixed-rate loan through Aegon USA Realty Advisors LLC. Lakewood Shopping Center is located at 6400 Gaston Ave. on 4.3 acres near the Lakewood neighborhood. The center was completed in 1946 and renovated in 2012. The property is 91 percent leased to tenants including CVS Pharmacy, Sport Clips, RadioShack, Unleashed by Petco and Liberty Burger. Travis Anderson, Adam Herrin and Cory Fowler of HFF represented the borrower.
LAGO VISTA, TEXAS — BMC Capital’s Austin office has arranged for a $5.5 million refinancing loan for Lago Vista Town Center, a 62,093-square-foot shopping center in Lago Vista. Lowe’s Grocery and Ace Hardware anchor the shopping center, which is 20 miles northwest of Austin. The loan features a seven-year fixed rate of 4.5 percent and a 20-year amortization schedule. Hank Crane of BMC arranged the loan through one of BMC Capital’s correspondent banking relationships.
MAPLEWOOD, MINN. — Mid-America Real Estate Corp. – Minnesota LLC has brokered the $27.4 million sale of Birch Run Station in Maplewood, a suburb of Minneapolis. Greenwood Village, Colo.-based GDA Real Estate purchased the 278,347-square-foot retail center. Birch Run Station is located at the northwest quadrant of Beam Avenue and Southlawn Drive and is adjacent to the Maplewood Mall. Marshalls, Jo-Ann Stores, Burlington Coat Factory, Herberger’s and Dollar Tree anchor the shopping center. Joe Girardi and Rick Drogosz of Mid-America Real Estate represented the seller, Los Angeles-based RPD Catalyst.