LAKEWOOD, COLO. — Newmark Knight Frank Colorado has arranged the sale of a retail property located at 1460 S. Wadsworth Blvd. in Lakewood. Wild Diversified LLC acquired the property from John Schmalz for $1.3 million. The property features 9,600 square feet of retail space. Steven Fletcher of Newmark Knight Frank Colorado represented the seller. Land Title Guarantee Co. and Colliers Bennett & Kahnweiler also participated in the transaction.
INDIO, CALIF. — Faris Lee Investments has arranged the sale of two retail strip centers — Rubidoux Plaza and South Rubidoux — in Indio. The assets sold for a combined total of $4.6 million. Totaling nearly 20,000 square feet, the retail centers are located along Highway 111 and serve the entire Coachella Valley area. Tom Chichester of Faris Lee Investments represented the seller in the transactions. The names of the seller and buyers were not released.
PORTLAND, ORE. — A joint venture between the Merchant Banking Division of Goldman Sachs and Lincoln Property Co. has purchased Field Office, a Class A mixed-use project along River Promenade in Portland’s Pearl District. A venture between National Real Estate Advisors and Project^, which developed the property, sold the asset for $118 million. Completed last year, Field Office features a total of 287,216 square feet of office and retail space. The property includes flexible floor plans, on-site daycare facility, courtyard area with seating and fire pits, fitness center, commuter lounge for cyclists, solar power arrays, below-grade parking, and executive rooftops with city and river views. The two-building asset is located on 2.3 acres at 1895 and 2035 NW Front Ave. The site is adjacent to Interstate 405 and directly across the street from 648 new multifamily units, in addition to more than 600 proposed within the submarket. Located just north of downtown Portland, the formerly industrial Pearl District is now a hotbed of development for retail, restaurants, art galleries, breweries, adaptive reuse projects, multifamily and office. Field Office is also located within an Enterprise Zone, according to the developers, making tax abatements available for tenants that meet certain requirements, such …
INDIO, CALIF. — Marcus & Millichap has arranged the sale of a retail property, located at 82360 U.S. Highway 111 in Indio. An individual/personal trust acquired the 9,888-square-foot property for $2.1 million at a 6.7 percent capitalization rate. Edwin Mariscal of Marcus & Millichap’s Ontario, Calif., office represented the buyer in the deal.
PASADENA, TEXAS — Hobby Lobby will open a 47,768-square-foot store at Fairway Center, a retail property located at the intersection of Beltway 8 and Fairmont Parkway in Pasadena, an eastern suburb of Houston. Debbie Adams of EDGE Realty Partners represented the landlord in the lease negotiations. Scott Shillings of Riverway Retail represented Hobby Lobby.
MISSOURI CITY, TEXAS — Marcus & Millichap has brokered the sale of Knights Court, a 40,882-square-foot retail property in Missouri City, a southwestern suburb of Houston. James Bell and Watt Harrison of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.
CHESTERFIELD, MO. — Mid-America Real Estate Corp. and Pace Properties have negotiated the sale of Chesterfield Valley Square in Chesterfield, about 20 miles west of St. Louis, for an undisclosed price. The 53,928-square-foot retail center is fully occupied. Tenants include Sherwin Williams, U.S. Bank, Bar Louie, Athletico and Oishi Sushi & Steakhouse. Ben Wineman of Mid-America and Scott Seyfried of Pace represented the seller, a St. Louis-based private investor. The Staenberg Group purchased the asset.
BURLESON, TEXAS — Venture Commercial has negotiated the sale of McAlister Square, a 169,378-square-foot shopping center located at 12700 South Freeway in Burleson, a southern suburb of Fort Worth. Anchored by Academy Sports + Outdoors, the property’s tenant roster includes national retailers like FedEx Office, Verizon Wireless and Firehouse Subs. Jonathan Cooper, John Zikos and Don Miller of Venture Commercial represented the seller in the transaction. Kevin McIntosh of KMAC Group Inc. represented the buyer. Both parties requested anonymity.
PITTSBURGH — LG Realty Advisors, a privately held development and management firm, has unveiled plans for Liberty East, a $50 million office and retail project in Pittsburgh. Liberty East, which is a redevelopment of the nine-story Penn Plaza building, will ultimately house 246,000 square feet of Class A office space with a 50,000-square-foot retail space on the ground floor that will be occupied by Whole Foods Market. The development will also include an additional 4,600 square feet of retail space and 700 parking spaces. Construction of Phase I of the project, which also includes a $1 million contribution to the upgrading of nearby Enright Park, is expected to begin this summer and wrap up in summer 2021.
LIVINGSTON, N.J. — Locally based development and management firm Eastman Cos. has refinanced The Shoppes at Livingston Circle, a 95,809-square-foot retail center in Livingston, an eastern suburb of Newark. Built in 1993 and anchored by German discount grocer Aldi, the property was 80 percent leased at the time of sale to tenants such as Olive Garden, Goldfish Swim and Club Pilates. Jon Mikula and Jim Cadranell of HFF placed the loan, which features a 12-year term and a fixed interest rate, on behalf of Eastman. The lender was not disclosed. There are more than 150,000 residents earning an average annual household income in excess of $190,000 living within a five-mile radius of the center, which has been extensively redeveloped over the past two years.