SANTA MONICA, CALIF. – A half-acre land parcel in Santa Monica has sold to Q6 Real Estate, Inc. for $7 million. The parcel is located at 1402 Santa Monica Blvd. The owner, which is an affiliate ofthe Quinn Automotive Group, plans to build a two-story car dealership franchise on the lot. A gas station is currently situated on the property. The 33,700-square-foot MINI of Santa Monica is slated for completion in mid-2016. Joseph Gabbaian of Avison Young’s West Los Angeles office represented both the buyer and the seller, SBZ Partnership, in this transaction.
CORONA, CALIF. — Corona Hills Town Center, a 54,379-square-foot retail center, has received a $5.5-million refinance. The property is located at107-131 N. McKinley Street in Corona. It is shadow-anchored by Food-4-Less. Financing was secured by Blake Melstrom of Pacific Southwest Realty Services through a local conduit lender.
KEY WEST, FLA. — Cronheim Mortgage has secured $10.6 million for a 104,000-square-foot Home Depot property located on North Roosevelt Blvd. in Key West. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged financing on behalf of the borrower, Industries Exchange No. 2 LLC. The loan was structured over 19 years and 10 months at a 3.63 percent interest rate.
ALBANY, N.Y. — Marcus & Millichap has arranged the $1.7 million sale of a 29,374-square-foot, net-leased property occupied by Rite Aid in Albany. Preet Sabharwal, senior associate at Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a private investor, and the buyer, also a private investor. Rite Aid is located at 17-21 N. Pearl St.
SANTA MONICA, CALIF. – A half-acre land parcel in Santa Monica has sold to Q6 Real Estate, Inc. for $7 million. The parcel is located at 1402 Santa Monica Blvd. The owner, which is an affiliate ofthe Quinn Automotive Group, plans to build a two-story car dealership franchise on the lot. A gas station is currently situated on the property. The 33,700-square-foot MINI of Santa Monica is slated for completion in mid-2016. Joseph Gabbaian of Avison Young’s West Los Angeles office represented both the buyer and the seller, SBZ Partnership, in this transaction.
CORONA, CALIF. — Corona Hills Town Center, a 54,379-square-foot retail center, has received a $5.5-million refinance. The property is located at 107-131 N. McKinley Street in Corona. It is shadow-anchored by Food-4-Less. Financing was secured by Blake Melstrom of Pacific Southwest Realty Services through a local conduit lender.
COMMERCE, CALIF. – A 105,000-square-foot building in Commerce that is leased to Home Depot has received a $7.9-million refinance. The property is located at 7015 Telegraph Road. The seven-year loan features a 3.6 percent interest rate and a 25-year amortization schedule. Financing was arranged by Blake Melstrom of Pacific Southwest Realty Services through an undisclosed life insurance correspondent.
GLEN BURNIE, MD. — Marcus & Millichap has brokered the $6.5 million sale of a 13,650-square-foot Walgreens, located at 7901 Ritchie Highway in Glen Burnie, which is 11 miles south of Baltimore. Craig Fuller, Erin Patton, Scott Wiles and Dustin Javitch of Marcus & Millichap's Cleveland office represented the seller, a private investor, in the transaction. The group, along with Jason Cropper of Marcus & Millichap, secured and represented the buyer, a limited liability company. Bryn Merrey of Marcus & Millichap assisted in closing the transaction.
SAYREVILLE, N.J. — The Azarian Group has begun the renovation of the Raritan International Center, a 75,000-square-foot shopping center in Sayreville, located about eight miles east of New Brunswick. Walgreens and Family Dollar anchor the one-story retail property. Work on the center includes new landscaping, light poles, parking lot and storefront façade throughout the shopping center. Additionally, the renovation includes the construction of a 15,000-square-foot pad site and playground for The Learning Experience. Construction is slated for completion by spring 2014. The shopping center runs along Raritan Street, directly off of Exit 124 of the Garden State Parkway. Available retail space for lease ranges from 2,500 square feet to 13,650 square feet.
STATE COLLEGE, PA. — The remodeling of Hills Plaza South, an 111,000-square-foot shopping center in State College, is under way. Construction started with the project’s anchor tenant, Weis Markets, which underwent interior renovations in December and exterior renovations with an expansion in June. The shopping center owner, South Canadian Pacific Realty Co., hired architect Albert A. Drobka to design a remodeling for the remainder of the retail center. Veronesi Construction was awarded the construction contract. Vita & Vita Realty Corp. recently signed several tenants at the property including Huntington Learning Center, Pella Windows, Cosmo Prof and H2O To Go, totaling 6,725 square feet. A grand re-opening is planned for November.