MORENO VALLEY, CALIF. – Alto Real Estate Funds has acquired TownGate Center, a 300,000-square-foot retail complex in Moreno Valley, for $47.2 million. The complex is located at 12625 Frederick Street, just east of Riverside. It is currently 91 percent occupied. Notable tenants include TJ Maxx, ULTA, AT&T, Chipotle, Chase Bank, Time Warner Cable, Wells Fargo Bank and Dollar Tree. TownGate was purchased by Alto through Alto Fund 2, the company’s new American investment vehicle. The transaction was financed with $15 million of equity, as well as a $32-million loan from Deutsche Bank. The loan carries a fixed interest rate of 4.55 percent.
Retail
OKLAHOMA CITY — Quantum Real Estate Advisors Inc. has brokered the $1.4 million sale of an 8,000-square-foot retail facility occupied by Family Dollar in Oklahoma City. The tenant had a full 10 years remaining on an initial 10-year net lease at the time of sale. Jordan Kaufman of Quantum represented the seller, a Houston-based developer, in the transaction. Chad Firsel, also of Quantum, represented the buyer, a California-based private investment fund.
ALISO VIEJO, CALIF. – A 25,960-square-foot property in Aliso Viejo that is triple-net leased to PetSmart has sold to RPM Catalina & Tanque Verde LLC for $8.1 million. The building is located at 26761 Aliso Creek Road within the Aliso Viejo Town Center. RPM Catalina was represented by Dennis Vaccaro of Faris Lee Investments. Vaccaro also represented the seller, a local partnership that had owned the property since it was constructed, along with Nicholas Coo.
SALINAS, CALIF. – A 22,500-square-foot retail building in Salinas that is occupied by CVS has sold to Robert Miles Living Trust for $5.2 million. The building is located at 662 E. Boronda. The trust plans to hold the property as an investment. It was represented by Matt Weaver, Al Apuzzo and Patrick Miller of Lee & Associates North County San Diego. The seller, LD&B Investment LLC, was represented by Brian Bethea of NAI Capital.
GROTON, CONN. — Marcus & Millichap has arranged the $5.2 million sale of a 34,944-square-foot retail property anchored by a Walgreens in Groton. Seth Richard and Laurie Ann Drinkwater of the firm marketed the property on behalf of the seller, a limited liability company, and represented the buyer, a private investor. Located at 441 Long Hill Road, the 24-hour store features a double drive-thru and separate exit.
LAS VEGAS — Capital Square Realty Advisors LLC has acquired a 14,378-square-foot retail location on the Las Vegas Strip that is net leased to CVS for a reported $30 million. The store is located at 2700 S. Las Vegas Blvd. on the ground floor of Sky Las Vegas, a luxury condominium. Sky Las Vegas is located near SLS Las Vegas and Resorts World Las Vegas, two new resorts that are currently under development on the north end of the Strip. CBRE’s Charles Moore and Marlene Fujita Winkel represented the seller, Sky Las Vegas Condominiums Inc., in this transaction.The senior debt for Capital Square was procured by Adam Levinson of BGC Capital Partners.
HOOVER, ALA. — Q10 | Professional Mortgage Co. has arranged financing for a 50,560-square-foot CarMax store, located at 2969 John Hawkins Parkway in Hoover. Bryson Thomason of Q10 arranged the $8.4 million, fixed-rate loan.
EFFINGHAM, S.C. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding Dollar General in Effingham. The 9,002-square-foot store sold for approximately $1.2 million. Jordan Kaufman and Dan Waszak of Quantum Real Estate Advisors represented the seller, a private, South Carolina-based developer and investor. The buyer, a private individual from Florida, purchased the asset in a 1031 tax-deferred exchange.
MADISON HEIGHTS, MICH. — Colliers International Detroit has arranged the lease of a 1,357-square-foot retail space in Universal Mall to T-Mobile. The wireless carrier will occupy space in the mall, which is located at 28532 Dequindre Road in Madison Heights, a northern suburb of Detroit. Barry Landau of Colliers represented the landlord, Universal Mall Properties LLC, and the tenant, T-Mobile, in the lease transaction.
DALLAS — HFF has arranged a $34 million loan for the refinancing of the retail portion of West Village, a mixed-use development in the Uptown District of Dallas. Completed in 2002, West Village includes 123,938 square feet of retail space, which was 98 percent leased at the time of the loan closing by tenants including Ann Taylor Loft, Tommy Bahama, Q Custom Clothiers, Gap and Starbucks. Located in close proximity to U.S. Highway 75, the complex also includes 179 apartments. John Rose of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a joint venture of Phoenix Property Co. and Urban Partners. Cornerstone Real Estate Advisers, acting on behalf of an institutional client, provided the refinancing.