DIAMOND BAR, CALIF. — Diamond Hills Plaza, a 139,314-square-foot grocery- and drug-anchored neighborhood retail center in Diamond Bar, has sold to Retail Opportunity Investments Corporation (ROIC) for $48 million. The center is located at 2711 S. Diamond Bar Blvd. It is 99.4 percent leased to tenants like the Asian supermarket chain Super H-Mart, Rite-Aid Pharmacy, Starbucks, Burger King, KFC, HSBC Bank, Pacific Dental and Flame Broiler. The seller, Country Hills Holdings, LLC, was represented by Dixie Walker, Charley Simpson and Tom Blake of Cassidy Turley.
SALEM, N.C. — COLE Capital has acquired a 21,018-square-foot grocery store in Salem, which will be occupied by The Fresh Market, for $4.6 million. The property is part of the Mount Tabor Place Development near Wake Forest University. Sean Patrick and Jason Powell of Ackerman & Co. represented the seller, Mount Tabor Place II LLC, in the transaction.
CLEVELAND, OHIO — KeyBank Real Estate Capital has arranged $46 million in financing for Steelyard Commons, a retail shopping center located at 3447 Steelyard Drive in Cleveland. John Hofmann, Michael Keach and Katie Allinder of KeyBank’s Income Property Group worked with Steelyard Commons LLC to negotiate a $40 million first mortgage through Barclays. The group also secured a $6 million mezzanine loan through Investcorp, which paid off an existing KeyBank loan. Steelyard Commons sits at the intersection of I-71 and Jennings Freeway, along the western edge of Cleveland’s industrial valley. The shopping center, which opened in January 2007, includes a combination of retail stores, restaurants and recreation facilities.
LADUE, MO. — The Women’s Exchange, a nonprofit organization, has signed a 10-year, 6,000-square-foot lease at Colonial Marketplace in Ladue, a western suburb of St. Louis. The organization is moving from a 4,000-square-foot location, located at 9214 Clayton Road, into the new space June 2013, when Colonial Marketplace opens. Jeff Altvater of Hilliker Corp. represented The Women’s Exchange, which will spend $500,000 to build out its space, in the transaction. The Women’s Exchange is a marketplace for women to earn a livelihood through the sale of their handmade goods. The DESCO Group and Idea Architects will renovate the store.
NEWTON, MASS. — Bierbrier Development has received approval from Newton officials for Needham Street Village Shops, a 19,000-square-foot, small-shop development at located at 55 Needham St. The project is set to begin construction this summer and will be ready for tenant occupancy in late 2013, with a grand opening slated for March 2014. The Needham Street Village Shops site is a 1.5-acre assemblage of two properties previously occupied by International Bicycle and Skipjack’s Restaurant. Worcester, Mass.-based Commerce Bank provided construction and acquisition financing, which was arranged by Kyle Juszczyszyn and Carlos Febres of CBRE New England.
DIAMOND BAR, CALIF. — Diamond Hills Plaza, a 139,314-square-foot grocery- and drug-anchored neighborhood retail center in Diamond Bar, has sold to Retail Opportunity Investments Corporation (ROIC) for $48 million. The center is located at 2711 S. Diamond Bar Blvd. It is 99.4 percent leased to tenants like the Asian supermarket chain Super H-Mart, Rite-Aid Pharmacy, Starbucks, Burger King, KFC, HSBC Bank, Pacific Dental and Flame Broiler. The seller, Country Hills Holdings, LLC, was represented by Dixie Walker, Charley Simpson and Tom Blake of Cassidy Turley.
LOS ANGELES — Barker Block, a multifamily community located in the Arts District of Downtown Los Angeles, has broken ground on its final phase. This phase will convert an old warehouse into 68 lofts and townhomes. Once the project is complete, the $150-million Barker Block will boast 309 condo units. They will be the first for-sale homes to hit the market in Los Angeles since the economic downturn. The project was developed by Blackstone and CityView in partnership with the Kor Group. It was designed by Nakada and Associates.
HUNTINGTON BEACH, CALIF. — Sampont Properties has received an $8.4-million acquisition loan for CVS Plaza, a 31,140-square-foot, multi-tenant retail center in Huntington Beach. The center is located on 2.54 acres at 18872-17922 Beach Blvd. It is fully leased to tenants including CVS/pharmacy, Starbucks, O’Reilly Auto Parts, Verizon Wireless and Bank of America.Sampont was represented by Jim Wellbaum of Triwell Properties. The seller, ValCenters, was represented by William B. Asher, Eric P. Wohl and Edward B. Hanley of Hanley Investment Real Estate Advisors. CVS Plaza was built in 2004 and remodeled in 2008. The total sales price for the property was $13.87 million. Financing was provided by Kenny Lim of Farmers & Merchants Bank.
SURPRISE, ARIZ. — Grand Village, a 25,653-square-foot retail center in Surprise, has received $2.15 million in financing. Bealls, the center’s major tenant, is expected to renew its lease shortly. Financing was arranged by Jim Cooper of NorthMarq Capital’s Phoenix regional office.
EAU CLAIRE, WIS. — Marcus & Millichap Real Estate has arranged the sale of Southpoint Shopping Center, a 15,183-square-foot retail property located in Eau Claire, for $2.8 million. Jason Ladner and Jeff Rowlett of Marcus & Millichap’s Milwaukee office marketed the property on behalf of the seller, a private Milwaukee-based investor and secured the buyer, a private Idaho-based investor. Southpoint Shopping Center is located at 2901-2917 Mall Drive and is shadow-anchored by Festival Foods, which recently signed an 18-year lease. Other tenants include Famous Dave’s, Northwestern Bank, Little Caesar’s, Clearwater Chiropractic, Scottrade Inc. and Weight Watchers. Southpoint Shopping Center was fully occupied at the time of sale.