LOS ANGELES — Marcus & Millichap has sold two Southern California-based net-leased assets for a total of $6.3 million. They include a 25,998-square foot former Ralphs in Lomita that sold for $5.1 million, or $196 per square foot, and a 52,340-square-foot Albertsons in Downey that sold for $1,275,000, or $24 per square foot. Alex Kozakov and Patrick Wade of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller of the former Ralphs. The supermarket’s lease expired earlier this month, and it did not have the option to renew. It was sold to a private REIT by two family trusts. The duo also worked on the Albertsons’ sale, in which a Southern California-based developer sold to a local 1031 Exchange buyer.
MILWAUKEE — The Redmond Co. has finished renovations for the 21,000-square-foot Silver Terrace Shopping Center, located at 5803 W. Silver Spring Dr. in Milwaukee. The project included exterior facade improvements such as new storefronts, masonry, EIFS and roofing. Interior improvements included relocation of existing tenants into new spaces and preparations for a new AutoZone.
QUINCY, MASS. — A joint venture between the City of Quincy, Street-Works Development and National Realty and Development Corp. (NRDC) will develop and lease approximately 400,000 feet of anchor retail space in the new Quincy Center, a $1.6 billion transit-oriented mixed-use development in downtown Quincy. The new retail space will be known as Market Center. NRDC is providing pre-development capital as part of the joint venture arrangement, and Street-Works will upgrade Quincy's infrastructure using private money. Quincy's investment of public funds occurs after the redevelopment produces new tax revenues.
EGG HARBOR, N.J. — NorthMarq Capital has arranged $1.6 million in first mortgage financing for the 50,000-square-foot Tilton Times Plaza, a multi-tenant retail property in Egg Harbor. Pep Boys anchors the center. David Henrich of NorthMarq's Philadelphia office arranged the financing with a 10-year term and a 25-year amortization schedule through Symetra Life Insurance Co. on behalf of the borrower.
DALLAS — After overseeing the leasing and development for more than 12 years, Henry S. Miller Cos. has sold the 50,254-square-foot Lakeside Village, a shopping center located at the corner of North Central Expressway and Walnut Hill Lane in Dallas. Vaughn Miller and Robert Grunnah represented both Henry S. Miller Cos. in house and the buyer, Retail Plazas, Inc. Lakeside Village's tenants include Performance Bicycles, Ironstone Bank and PPG.
BRENHAM — NorthMarq Capital has arranged $2.6 million in first mortgage financing for the 16,066-square-foot Brenham Crossroads, a retail center in Brenham with tenants such as Starbucks, AT&T and CiCi's Pizza. Tony Gray of NorthMarq's Houston office arranged the financing with a 5-year term and a 15-year amortization schedule through Symetra Life Insurance Co.
HOLLYWOOD, FLA. — Marcus & Millichap has brokered the $5.51 million sale of the 83,251-square-foot Hollywood Self-Storage Offering, located at 851 Knights Rd. in Hollywood. Chico LeClaire of Marcus & Millichap's Denver office and Michael Mele of the Tampa, Fla., office represented the seller, a bank/financial institution, and procured the buyer, a limited liability company. The property contains 795 units.
WYLIE — B&B Theatres plans to open a 12-screen, 58,000-square-foot movie theater, located at FM 544 and Country Club Road in Woolbridge, a master-planned community in Wylie. The theater will feature stadium seating, leather rocker-style seats, Christie digital projection and 3D capabilities in some theaters. Completion is slated for November 2012.
FORT WALTON BEACH AND DESTIN, FLA. — Columbus, Ga.-based Victory Real Estate Investments has purchased two shopping centers in Florida in two separate transactions for a total of $34.4 million. Victory bought the 300,194-square-foot Uptown Station, located at 99 Eglin Pkwy. in Fort Walton Beach, from Destin-based Crystal Beach Development for $26.9 million. Winn Dixie, Ross Dress for Less, West Marine and Party City anchor the center, which is 97 percent leased. Chris Abbott of Destin Real Estate Co. represented the seller in the transaction. Additionally, Victory acquired the 84,682-square-foot 98 Palms in Destin for $7.5 million at a foreclosure auction. Winn Dixie anchors the center.
ST. SIMONS ISLAND, GA. — A joint venture between Atlanta-based Paces Properties and Somera Capital Management has purchased the 108,000-square-foot Retreat Village Shopping Center, located in St. Simons Island, from RVMC for $8 million. Fred Freyer of St. Simons-based Don Wright & Associates represented the buyer in the transaction. John Hampton of White Oak Real Estate Advisors arranged joint venture equity for the transaction. The joint venture will invest approximately $1 million for renovations at the center, which will include a new facade, updated exterior lighting and the addition of decorative awnings and architectural pilasters.