BALDWIN PARK, CALIF. — NewMark Merrill Cos. and a New York-based real estate partner has begun the $2.5 million redevelopment of Park Plaza on Maine, a 165,000-square-foot retail center in Baldwin Park. The property was built in 1989 as part of an agreement with the City of Baldwin Park's redevelopment agency. Superior Grocers and CVS/pharmacy anchor the center, which includes other tenants such as Chase Bank, Little Caesers and O'Reilly Auto Parts. All of the stores are remaining open during the construction. Park Plaza on Maine will be upgraded with modern facades, monument signage, outdoor seating and a new water feature. The redevelopment will also make room for more street-front retailers along Maine Avenue and Ramona Boulevard. Luca Giovanardi of NewMark Merrill Cos. is overseeing the project.
SAN DIEGO — The Uptown District Shopping Center, a 148,638-square-foot, mixed-use retail center in San Diego, has sold to Regency Centers Corporation for $81.1 million. It is located at 940 University Ave. in the city’s Hillcrest neighborhood. Notable tenants at the center include Ralphs, Trader Joe’s, Wells Fargo, Panera Bread and Starbucks. The sale was executed by the Mansour Group of Marcus & Millichap.
ORLANDO, FLA. — Metro Pointe Shopping Center, a 32,538-square-foot retail property, has traded for $4.75 million in Orlando. It is 100 percent occupied and is shadow-anchored by a Walmart Supercenter. Metro Pointe Shopping Center’s tenants include Planet Fitness Gym and Rainbow USA, a clothing store. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, a Sunrise, Fla.-based banking institution. The buyer was a private investor from Toledo, Ohio.
FARMINGTON HILLS, MICH. — Michigan-based Agree Realty has purchased four Applebee’s restaurants and an Advance Auto Parts for a total cost of approximately $10.1 million. The recently acquired Applebee's assets are located in Harlingen and Wichita Falls Texas, as well as two properties in Pensacola, Fla. The Advance Auto Parts is located in Lebanon, Va. Each of the restaurants has a new 20-year lease providing for fixed annual rental increases. Agree Realty specializes in single tenant net lease retail properties throughout the U.S.
BURNSVILLE, MINN. — St. Louis-based Bianco Properties has acquired the property leased to Kohl’s department store in Burnsville, a suburb of Minneapolis. The acquisition of the 102,412-square-foot retail building marks Bianco’s entry into the market. The property was purchased in an all-cash transaction from an affiliate of Cole Real Estate Investments, with CB Richard Ellis representing the seller.
EWING, N.J. — Urge Fitness has signed a lease for a new 13,000-square-foot exercise facility to be developed in the Ewing Square Shopping Center, located at 968 Parkway Ave. in Ewing. Construction is slated to begin this fall and the club is expected to open before the holidays. The Goldstein Group is the property landlord.
SAN ANTONIO AND OKLAHOMA CITY — Inland American Real Estate Trust has acquired two shopping centers in San Antonio and Oklahoma City for approximately $94.7 million. The properties include the 218,436-square-foot Stone Ridge Market in San Antonio and the 254,690-square-foot Rockwell Plaza in Oklahoma City. Stone Ridge's tenants include PetSmart, Sports Authority and Half Price Books. Rockwell Plaza has more than 40 tenants, including Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men's Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree.
DALLAS — Dallas-based UCR Investment Sales has arranged the sale of seven retail properties in Texas totaling 87,652 square feet. The properties include: The Shops at Carter Ranch located in Celina Roanoke Center located in Roanoke 7-Eleven located in Richardson North Main Street Center located in Fort Worth Lake June Commons located in Balch Springs O'Reilly Auto Parts and Cashmax located in Childress Hibbett Sports and Cashmax located in Athens Tommy Tucker of UCR Investment Sales represented the six different sellers in seven separate transactions.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has secured a $12.5 million refinance for Westchase Shopping Center, located in Houston. Peter Dunn of MMCC's Houston office arranged the 10-year loan to amortize over 30 years through a CMBS lender. The LTV on the loan is 75 percent.
SAN DIEGO — The Uptown District Shopping Center, a 148,638-square-foot, mixed-use retail center in San Diego, has sold to Regency Centers Corporation for $81.1 million. It is located at 940 University Ave. in the city’s Hillcrest neighborhood. Notable tenants at the center include Ralphs, Trader Joe’s, Wells Fargo, Panera Bread and Starbucks. The sale was executed by the Mansour Group of Marcus & Millichap.