FONTANA, CALIF. – A 29,398-square-foot retail property in Fontana that is occupied by Family Dollar and Harbor Freight Tools has sold to a private investor for $4 million. It is located at 8933 Sierra Ave. Alvin Mansour of The Mansour Group of Marcus & Millichap Real Estate Investment Services represented both the buyer and the seller, a developer, in this transaction.
JOHNSON CITY, N.Y. — Johnson City Town Center, an 83,866-square-foot retail property, has sold for $10.8 million to a Canadian equity fund. The property is located at 420 Harry L Drive in Johnson City, about 70 miles south of Syracuse. The 34,627-square-foot Christmas Tree Shops anchors the retail center. Other tenants include Petco, Party City, Five Below and Lumber Liquidators. Steven Stoehrer and Preet Sabharwa of Marcus & Millichap represented the seller, a New York-based development fund, in the deal.
FONTANA, CALIF. – A 29,398-square-foot retail property in Fontana that is occupied by Family Dollar and Harbor Freight Tools has sold to a private investor for $4 million. It is located at 8933 Sierra Ave. Alvin Mansour of The Mansour Group of Marcus & Millichap Real Estate Investment Services represented both the buyer and the seller, a developer, in this transaction.
ST. LOUIS — Three different Crushed Red Urban Bake & Chop restaurants have received approximately $1.4 million in renovations. The properties include a 3,300-square-foot facility located at 8007 Maryland Ave. in Clayton; a 3,100-square-foot building located at 140 S. Kirkwood Road in Kirkwood; and a 5,600-square-foot property located at 313. N. Euclid Ave. in St. Louis. The Clayton location, which received $500,000 for renovations, opened recently, while the other two locations are slated to open by the end of summer. St. Louis-based Hilliker Corp. assisted Crushed Reds restaurants with site location, negotiating lease terms and allowance from landlords toward renovations. Shamel Contracting completed the Clayton remodeling.
SAN DIEGO — The Plaza at the Border, a 98,000-square-foot retail center that’s situated along the U.S./Mexico border in the San Diego submarket of San Ysidro, has received a $23.5-million bridge loan. It is located at 3951-3975 Camino De La Plaza. The interest-only financing will replace a construction loan and cover the tenant improvement and leasing costs. The non-recourse, five-year, floating-rate loan was secured by HFF’s Aldon Cole, Tim Wright and Husayn Hasan on behalf of The Shamrock Group, LLC. Prime Finance served as the lender.
SAN DIEGO – A 5,000-square-foot retail building in San Diego’s Little Italy neighborhood has sold to H.G. Fenton Company for $3.3 million. The building is located at 1665 India Street. It is currently leased to Princess Pub & Grille. The seller, the Zolezzi Family Trust, was represented by Brian Jinings of Cassidy Turley San Diego.
MIAMI — 1803 Wilmington Road Co. has acquired a Walgreens drugstore at the southeast corner of SW 26th Street and SW 142nd Avenue in Miami for $3.9 million. The seller, Morgan Property Group (MPG), acquired the 1.4-acre property in 2001 through its affiliate, and developed the freestanding drugstore. Morgan Real Estate, the brokerage arm of MPG, represented the seller in the transaction.
CHICAGO — Leopardo has completed the Gateway to the West Loop, a $34 million, 190,000-square-foot retail project anchored by Mariano’s Fresh Market. The company has also started construction on Ravenswood Station, a $43 million, 240,000-square-foot retail center also anchored by Mariano’s. Gateway to West Loop, located at 14-40 S. Halstead, is home to eight tenants including Mariano’s, Ulta Salon, GNC, Massage Envy and Supercuts. Ravenswood Station will also be home to Mariano’s, LA Fitness and Sears Auto. The project is slated for completion in January 2014. Both project teams include Leopardo (general contractor), Antunovich Associates (architect), Paul Shadle of DLA Piper (attorney) and developers Seymour Taxman, Timothy Barrett and Gene Porto.
PITTSBURGH — AdVenture Development LLC has begun site grading and clearing for the 500,000-square-foot town center portion of the McCandless Crossing development in the North Hills submarket of Pittsburgh. McCandless Crossing is a 1.2 million-square-foot, multi-phased project that will feature retail, multifamily units, office space and two hotels. McCandless Town Center, which will be complete in 2014, is the fourth phase of the overall development. Tenants at the center will include a 12-screen Cinemark theater, specialty grocery store, Bonefish Grill, LongHorn Steakhouse and HomeGoods. The town center will also house 50 townhomes. The Dollar Bank of Pittsburgh is financing McCandless Town Center.
DALLAS — Dallas-based 7-Eleven Inc. has achieved record store growth in 2012 and is expecting the number of 7-Eleven stores worldwide to pass the 50,000-store mark in March. The company added close to 5,000 stores to its portfolio in 2012 alone. The company's growth strategy in the U.S. is to build market concentration in the major metropolitan areas. By the end of 2012, the company had more than 10,000 North American stores and 39,000 stores in 13 countries throughout Europe and Asia.