OXNARD, CALIF. — Starbucks Corp. has signed a 20-year lease for a freestanding, drive-thru store at Shopping at the Rose in Oxnard. The coffee shop will join Walmart, Sam’s Club, Vons, Ross Dress for Less, Hobby Lobby and PetSmart, among other tenants, at the 500,000-square-foot power center, which is currently under construction. Linda Hagelis of Hagelis Group represented the landlord, McGrath-RHD Partners, in the transaction.
VENTURA, CALIF. — Hagelis Group has arranged the sale of a freestanding retail property located within Ventura’s retail corridor. A private investor from Santa Barbara acquired the property. The sale price was not disclosed, but the property was listed at $2.4 million. Rob Devericks and Bill Hagelis of Hagelis Group represented the undisclosed seller, while Kris Roth of Hayes Group represented the buyer in the transaction.
SAN ANTONIO — Marcus & Millichap has arranged the sale of AT&T Distribution Center, a 131,755-square-foot industrial property located in San Antonio. Joshua Murphy of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Jon Danklefs of Marcus & Millichap’s San Antonio office secured and represented the buyer, an individual/personal trust. AT&T Distribution Center is located at 827-829 AT&T Center Parkway. Built in 1975 on five acres, the property is adjacent to the AT&T Center in the northeast San Antonio industrial submarket.
STAMFORD, CONN., AND BETHESDA, MD.— Stockholders from Marriott International (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide (NYSE: HOT) have approved Marriott’s acquisition of Starwood. The new entity will be the world’s largest hotel company with 30 brands, approximately 5,700 hotels and 1.1 million hotel rooms. The shareholder vote conducted at each company on April 8 passed easily with 97 percent of Marriott’s shareholders approving the transaction and 95 percent of Starwood’s shareholders approving the deal. “There is no doubt that this transaction puts our company on the best path forward,” says Thomas Mangas, Starwood’s CEO. “We remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests.” At closing, Starwood stockholders will receive 0.8 shares of Marriott common stock, plus $21 in cash for each share of Starwood common stock. The transaction is on target to close by the middle of this year.
HARTSDALE, N.Y. — Northeast Private Client Group has brokered the sale of a retail property located at 150-152 S. Central Ave. in Hartsdale. A family trust sold the property to a New York-based investor for $8.8 million, or $420 per square foot. Situated on 1.7 acres, the multi-tenant property comprises 21,000 square feet and is currently occupied by Ethan Allen and Blinds to Go, each on 10-year leases with rent escalations and option periods. Edward Jordan of Northeast Private Client Group represented the seller, while Vijay Raghavan of Vijay Realtors represented the buyer in the transaction.
CONCORD, FAIRFIELD AND FOLSOM, CALIF. — A partnership between Birtcher Anderson Realty and Merced Capital has acquired a three-property industrial portfolio in Northern California for $63.4 million. The portfolio boasts a total of 533,700 square feet. The acquisition includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom. The portfolio contains 18 industrial, flex and office buildings that are 85 percent leased to more than 30 tenants. Terry Daly of Cushman & Wakefield placed the debt for the buyer. The firm’s Steve Hermann, Robert Gilley, Brooks Pedder and Tony Binswanger represented the seller, Garaventa Properties, in this transaction. Pedder and Binswanger will continue to serve as the properties’ leasing agents. Cushman & Wakefield will also assume property management under the new ownership.
COVINGTON, LA. — Dallas-based Cypress Equities has acquired Covington Nord du Lac shopping center, a 460,000-square-foot regional retail power center located in Covington, roughly 40 miles north of New Orleans. The center comprises 214,000 square feet of existing space, 83,000 square feet of partially built improvements and 162,000 square feet of planned development space. Tenants including Hobby Lobby, Academy Sports + Outdoors, Petco and Kohl’s anchor the center. Kyle Stonis, Scott Tiernan and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction.
ROANOKE, VA. — H&R Retail has arranged the sale of Valley View, an 81,789-square-foot shopping center located at 1123 Valley View Blvd. in Roanoke, for an undisclosed price. The center was fully leased at the time of sale to tenants including hhgregg and Dick’s Sporting Goods. Michael Gorsage and Kate Howarth of H&R Retail represented the seller, Valley View SC LLC, in the transaction. David Andrews of The Shopping Center Group represented the buyer, Southeast Holdings LLC.
RICHMOND, VA. — CBRE | Richmond has arranged a 36,125-square-foot lease for a new 2nd & Charles store in Richmond. The new and used goods retailer will replace a former Babies “R” Us store at the Tuckernuck Square shopping center located at 9004 W. Broad St. 2nd & Charles specializes in trading used books, audio books, CDs, DVDs, video game systems, vinyl records and accessories. Brand new merchandise is also available for purchase along with musical instruments and autographed books. According to CBRE | Richmond, each 2nd & Charles store typically has more than 500,000 items and three miles of shelf space. The new store will be the retailer’s second location in the greater Richmond area and third in Virginia. Rob Black, Robby Brownfield and Chris Doyle of CBRE | Richmond represented 2nd & Charles in the transaction.
GREENLAWN, N.Y. — Winick Realty Group has arranged the sale of an under-construction TD Bank location in Greenlawn. A 1031 exchange buyer acquired the property from CLC Greenlawn LLC for $4.6 million. Situated on 1.8 acres at the corner of Pulaski and Cuba Hill roads, the 2,500-square-foot bank, which is under a 20-year lease, is adjacent to the BAE Systems office complex. Michael Cleeman of Winick Realty Group represented the buyer, while Stan Johnson Co. and GFI Realty Services represented the seller in the transaction.