LOS ANGELES – The 14.56 acres that sit under the Midtown Shopping Center in Los Angeles have sold to Midtown Shopping Center Associates (MTSCA) for $42.5 million. The 185,000-square-foot center is located at 4725 W. Venice Blvd. in Mid-City. The land acquisition also includes the 3.5 acres under two properties adjacent to the shopping center. MTSCA includes Young Management Company and its partners, James Young and Courtland Young. Young Management will manage the property and oversee the center’s leasing and redevelopment efforts. Young Management is the center’s original developer and negotiated the ground lease with its original owner, Southern Pacific. Notable tenants at the center include Ralph's, CVS, Orchard Supply Hardware and Bank of America.
PORTLAND, ORE. — The Strand Restaurant, a 7,657-square-foot retail property in Portland, has sold to a limited liability company for $2.7 million. It is located at 1910 SW River Drive. There are about five years left on the Strand’s triple-net lease. The buyer was secured and represented by Ryan O'Leary, an investment specialist in Marcus & Millichap’s Portland office.
LAS VEGAS —Deer Springs Town Center Shopping Center, a 512,325-square-foot community shopping center in Las Vegas, has sold to Stoltz Real Estate Partners for $50.5 million. The center is located at the southeast quadrant of the Interstate 215 Beltway and 5th Street. It is anchored by Target, Home Depot, Toys ‘R’ Us, Babies ‘R’ Us, Ross Dress for Less, PetSmart, Staples and Michaels. The 143,160-square-foot Target was not part of the sale. Lucescu Realty represented both the buyer and the seller, Regency Centers Corporation, in this transaction.
HENDERSON, NEV. — Cornet Plaza, a 26,538-square-foot strip center in Henderson, has sold to Cliffwood Capital for $2.4 million. The center is located at 771 E. Horizon Drive. It was 51 percent occupied by Papa John’s Pizza, Hammer’s Grill & Bar, Aqua Salon & Horizon Sun Tanning, B Sharp Dance School, Capriotti’s Sandwich Shop, Cox & Gallacher Karate and Mom’s Cleaners. Cliffwood was represented by James J. Mitterlehner of American Realty Group LLC. The seller was a private insurance company.
APEX, N.C. — Faris Lee Investments has arranged the $7.3 million ground lease sale of a triple net-leased property occupied by Kohl's in Apex. Built in 2007, the 101,360-square-foot property is situated on nearly 10 acres at 1301 Beaver Creek Commons Drive. Kohl's has 15 years remaining on its lease. Matt Mousavi and Jeff Conover of Faris Lee Investments represented both the buyer, Los Angeles-based Rhyal Apex LLC, and seller, Kentucky-based First Capital Realty Ltd., which was also the developer of the property.
SULLIVAN, MO. — American Realty Capital Trust V (ARCT V) Inc. has closed on its first two acquisitions — two build-to-suit Dollar General stores in Sullivan and Mission, Texas. The combined purchase price was $2.2 million. The properties, totaling 18,126 square feet, are fully leased to Dollar General Corp. ARCT V is a publicly registered, non-traded real estate investment trust based in Maryland. The company aims to acquire single-tenant, net-leased properties.
PHILADELPHIA — Soloff Realty & Development has started construction of a new, 18,279-square-foot Bottom Dollar Food store at the intersection of Washington Lane and Chew Avenue in Philadelphia. The store will serve the Mt. Airy and Germantown neighborhoods of the city, and is expected to create 45-50 new jobs. The site will also be adjacent to the new Wissahickon Charter School, which is developing a second campus. The property marks the company's seventh store in Philadelphia.
LAS VEGAS — Deer Springs Town Center Shopping Center, a 512,325-square-foot community shopping center in Las Vegas, has sold to Stoltz Real Estate Partners for $50.5 million. The center is located at the southeast quadrant of the Interstate 215 Beltway and 5th Street. It is anchored by Target, Home Depot, Toys ‘R’ Us, Babies ‘R’ Us, Ross Dress for Less, PetSmart, Staples and Michaels. The 143,160-square-foot Target was not part of the sale. Lucescu Realty represented both the buyer and the seller, Regency Centers Corporation, in this transaction.
HENDERSON, NEV. — Cornet Plaza, a 26,538-square-foot strip center in Henderson, has sold to Cliffwood Capital for $2.4 million. The center is located at 771 E. Horizon Drive. It was 51 percent occupied by Papa John’s Pizza, Hammer’s Grill & Bar, Aqua Salon & Horizon Sun Tanning, B Sharp Dance School, Capriotti’s Sandwich Shop, Cox & Gallacher Karate and Mom’s Cleaners. Cliffwood was represented by James J. Mitterlehner of American Realty Group LLC. The seller was a private insurance company.
LIGHTHOUSE POINT, FLA. — The 27,000-square-foot Bank of America Building, located at 2850 N. Federal Highway in Lighthouse Point, has sold for $1.5 million. The four-story, Class B property was constructed in 1968 and is 29 percent occupied by a Bank of America branch with seven drive-thru lanes. Douglas Mandel of Marcus & Millichap represented the seller, a limited liability company from New York, in the transaction. Jason Yukins, also of Marcus & Millichap represented the buyer, a limited liability company from Illinois.