LOS ANGELES – A six-tenant retail property in Los Angeles has sold to Ness Holdings, Inc. for $6.2 million. The property is located at 7601-7615 Beverly Blvd. It is situated across from the Grove, Pan Pacific Park, and the Broadcast Center Apartments. Ness plans to reposition the month-to-month leases. It will also renovate the property.
Walking the floor at yesterday’s ICSC Western Division Conference in San Diego, one gets a strong sense of industry-wide optimism as the economy continues to incrementally improve. Many more retailers are actively leasing, tons of new startups are in the market and some regions are even seeing an uptick in infill, ground-up development. While the industry may not see the heyday that occurred before the Lehman Brothers’ collapse for some time, widely publicized low interest rates have generated large volumes of refinancing. This has resulted in a slow but steady sector growth of 4 percent to 5 percent over the past five years. Of course, larger retail developers (many of which are REITs) realized a tremendous boon by refinancing portions of their portfolios at historically low interest rates. In addition, the housing market’s rebound over the past 12 to 18 months, coupled with near-historically low interest rates, has driven some shop tenants back into the market. As key indicators continue to point toward a cautious growth trajectory for housing – median home values are up and homebuilders are acquiring more land to develop – ICSC attendees have taken a positive outlook on the market. Naturally, that outlook is tempered by …
SAN DIEGO – A joint venture between Clarion Partners and HP Investors has acquired an interest in the retail and commercial parking portion of the Gaslamp City Square condominium project. The purchase price was not disclosed. The property is located at 450 J Street in Downtown San Diego’s historic Gaslamp District. The property’s 54,773-square-foot retail component contains a mix of national and regional tenants like Quicksilver, Oceanaire and GStar. The acquisition also includes more than 250 dedicated parking stalls. Gaslamp City Square was developed in 2004. This is HP’s sixth Downtown San Diego acquisition in the past 18 months.
DELRAY BEACH, FLA. — HFF has arranged $46 million in financing for The Plaza at Delray, a 328,989-square-foot, grocery-anchored shopping center in Delray Beach. Eric Tupler, Chris Drew, Kristian Lichtenfels and Leon McBroom of HFF arranged the 10-year loan through Allianz Real Estate Of Americas on behalf of the borrower, Heitman and Ramco-Gershenson Properties Trust. The center is nearly 98 percent leased to tenants such as Publix, Marshalls, Ross Dress for Less, T.J. Maxx, CVS/pharmacy, Michaels, Anna's Linens and Ulta Salon.
KNOXVILLE, TENN. — Crossman & Co., an Orlando-based real estate services firm, has arranged the sale of Northshore Town Center, a 78,306-square-foot, grocery-anchored retail development in Knoxville. Publix anchors the development, which was built in 2012. A private group purchased the property from the original developer, Knoxville-based CHM LLC. John Zielinski and Brian Carolan of Crossman & Co. handled the transaction.
HUNTERSVILLE, N.C. — Whole Foods Market has signed a lease at Northcross Commons, a 56,120-square-foot shopping center in Huntersville, about 14 miles north of Charlotte. The shopping center is located on the northwest corner of the Interstate 77 and Sam Furr Road intersection. This will be Whole Foods' second store in the Charlotte MSA. Ryan Preston of Hawthorne Retail Partners Inc. represented the owner, Hawthorne Northcross LLC, in the lease deal. Bill Moseley of Moseley Retail Advisors represented Whole Foods. The Austin-based specialty grocer will occupy the space formerly housing Food Lion.
ST. LOUIS, MO. — BMC Capital has provided $3.9 million in acquisition financing for a single-tenant property at 8583 St. Charles Rock Road in St. Louis. The borrower was an out-of-state buyer. The 10-year loan includes a 5 percent fixed interest rate and a 25-year amortization schedule. QuikTrip occupies the property.
PETERBOROUGH, N.H. — NAI Norwood Group has arranged the $2.9 million sale of a ground lease of a CVS/pharmacy building in Peterborough, 30 miles west of Nashua. Andy Fleisher of NAI Norwood Group represented the buyer in the 1031 tax-deferred exchange. Bradley Vear of Vear Commercial Properties Inc. represented the seller, East Moriches, N.Y.-based 125 Kublin Road LLC, in the transaction. The property is located at 125 Dublin Road, adjacent to a Shaw’s Grocery Store. Built in 2008, the 13,167-square-foot drugstore is situated on 1.9 acres.
HOUSTON — Marcus & Millichap has brokered the sale of a 23,024-square-foot retail property located at 4505 Highway 6 N. in Houston. The asset commanded a list price of $1.7 million. Gus Lagos and Alex Bouchard of M&M’s Houston office marketed the property on behalf of the seller, a private investor. The name of the buyer was not disclosed.
ROUND ROCK, TEXAS — CBRE will market Boardwalk Shopping Center, a super-regional power shopping center totaling 184,598 square feet in Round Rock, a northern suburb of Austin. The property, built in 1996 at the interchange of Interstate 35 and State Highway 45, is currently 98.6 percent occupied by tenants including Ross Dress for Less, PetSmart, Office Max and Party City. Boardwalk boasts a weighted average historical occupancy of 11.8 years and limited rollover, as 69 percent of the current tenants signed to leases through 2018 or later. Chris Cozby, Chris Gerard and Kevin Holland of CBRE are representing the seller, the name of which was undisclosed.