CINCINNATI, FORT SMITH, ARK. — Phillips Edison's Strategic Investment Fund I has closed two CMBS loans totaling $94.5 million. The 10-year loans are secured by shopping centers in Cincinnati and Fort Smith. The Cincinnati property is Bridgewater Falls, a 600,000-square-foot center anchored by Target, JCPenney and Dick's Sporting Goods. Fort Smith Pavillion in Fort Smith is a 400,000-square-foot shopping center anchored by Target and Dick's Sporting Goods. Both properties are more than 95 percent occupied.
Retail
EXPORT, PA. — Alside, a manufacturer and distributor of exterior residential building products, has opened its 100th supply center in the U.S. and second location in the Pittsburgh area. The new 37,000-square-foot center opened Jan. 2 at 3003 Venture Court in Export. The center includes Alside-manufactured products such as vinyl siding, as well as garage doors, stone, fencing and decking products.
JOSHUA — Tyler-based Brookshire Grocery Co. (BGC) has purchased a 6.33-acre tract and plans to build a 37,400-square-foot Brookshire's Food & Pharmacy store at the site, located at the intersection of State Highway 174 and Stadium Drive Boulevard in Joshua. The development will be part of the mixed-use development Joshua Station. The new store will feature a gas station, an in-store pharmacy with a drive-thru window and a full-service bakery and deli.
SAN DIEGO — Torrey Pines Bank has signed a new seven-year lease for 27,834 square feet at 12220 El Camino Real in Del Mar Heights. This lease expansion is valued at $8 million and has allowed the bank to absorb the balance of space on the building’s first and second floors. Torrey Pines Bank was represented by Dave Odmark of Cassidy Turley BRE Commercial. The building’s owner, Cognac Del Mar, LLC, was represented by Odmark, along with Rick Reeder and Joe Anderson, who are also with Cassidy Turley.
RANCHO CUCAMONGA, FONTANA, CALIF. – Two single-tenant properties have recently sold in the Inland Empire for a combined total of $5,527,000. A Rancho Cucamonga-based retail property that is currently occupied by Farrell’s Ice Cream Parlour Restaurant has sold to 4021 LLC for $3,292,000. The sale of the 7,841-square-foot property closed at a 7.5 percent cap rate. The buyer was represented by Acadia Corporation. The seller, Bengard-Foothill LLC, was represented by Jeff Conover and Rich Walter of Faris Lee Investments. The second property, a 10,000-square-foot retail building in Fontana that is currently occupied by Big 5 Sporting Goods, has sold to Kalmuk Trust for $2,235,000. The property resides within the Shops at Sierra Lakes and sold at a 6.47 percent cap rate. The all-cash buyer was represented by Opics Properties. The seller, PRP Investors Fontana, LLC, was represented by Conover and Matt Mousavi of Faris Lee.
VIRGINIA BEACH, VA. — A 34,000-square-foot retail property, located at 5565 Virginia Beach Blvd. in Virginia Beach, has sold for $2.75 million. Mark Warlick of S. L. Nusbaum Realty Co.'s Norfolk, Va., office represented the seller, CS Commercial Properties, in the transaction. The buyer was Royal Retail Realty.
EXPORT, PA. — Alside, a manufacturer and distributor of exterior residential building products, has opened its 100th supply center in the U.S. and second location in the Pittsburgh area. The new 37,000-square-foot center opened Jan. 2 at 3003 Venture Court in Export. The center includes Alside-manufactured products such as vinyl siding, as well as garage doors, stone, fencing and decking products.
HOUSTON — Jones Lang LaSalle has arranged a senior mortgage loan for the 312,676-square-foot CITYCENTRE Retail, a Class A retail center in Houston. The center is part of the 1.8 million-square-foot CITYCENTRE, a master-planned community. Tom Fish, Paul House and John Ream of Jones Lang LaSalle's Houston office arranged for AEGON to provide the loan through Transamerica on behalf of the borrower, Midway Cos. and a pension fund advised by L&B Realty Advisors.
TEMECULA, CALIF. — First Citizens Bank has purchased a 5,107-square-foot retail building located at 44575 Avenida de Missiones in Temecula for $4.1 million. Brent Bohlken of Grubb & Ellis represented the bank. Brian Bielatowicz of Lee & Associates’ Temecula Valley office represented the seller, Riverside County’s Credit Union, in this transaction.
NEW YORK CITY — A former H&H Bagels property, located at 639 W. 46th St., has sold to an undisclosed buyer for $11 million at a bankruptcy sale in New York City. GA Keen Realty Advisors sold the property on behalf of Chapter 7 trustee Yan Geron, who had filed with the court a stalking horse contract of $10 million for the building. Geron represents the property owner, Third Toro Family Limited Partnership. The two-story building contains 12,500 square feet of space, which previously housed H&H Bagel's manufacturing plant and retail store.