sales_and_leases

Marcus & Millichap’s Chetek Group Brokers $32.5M Sale of Retail Power Center in Mobile

by John Nelson November 4, 2016

MOBILE, ALA. — Marcus & Millichap’s Chetek Group has arranged the $32.5 million sale of Eastern Shore Plaza, a 270,105-square-foot retail power center located at 10200 Eastern Shore Blvd. in Mobile. Built in 2004, the property was 96 percent leased at the time of sale to tenants such as Ross Dress for Less, Old Navy, Michael’s, PetSmart, Cost Plus World Market, Dollar Tree and Ashley Furniture. Brett Chetek and Alex Perez of the Chetek Group, along with Andrew Chason of Marcus & Millichap, represented the seller, a private Alabama-based development group. Michael Fasano is Marcus & Millichap’s broker of record in Alabama. The buyer was undisclosed.

November 4, 2016

Illinois Midwest Retail

The Boulder Group Arranges $4.2M Sale of Net Leased CVS Pharmacy Property in Peoria, Illinois

by Kristin Harlow November 4, 2016

PEORIA, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to CVS Pharmacy in Peoria for $4.2 million. Located at 6820 N. Pear Tree Lane, the 10,125-square-foot property is just off the intersection of West War Memorial Drive and North Big Hollow Road. CVS has operated at this location since 1998, and has 20 years remaining on its recently extended lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction, a private investor in a 1031 exchange. The seller was a Midwest-based partnership.

November 4, 2016

California Retail Western

Reliable Properties Acquires 124,000 SF Retail Center in Pomona

by Nellie Day November 4, 2016

POMONA, CALIF. — Reliable Properties has acquired Foothill & Garey Center, a retail property located at the southeast corner of Foothill Boulevard and Garey Avenue in Pomona, for an undisclosed price. Situated on 10.7 acres, the 124,000-square-foot property is occupied by Superior Grocers, O’Reilly Auto Parts, Chase Bank, Carl’s Jr., Sally Beauty Supply, Fred Loya Insurance and Boost Mobile, among others. The name of the seller was not released.

November 4, 2016

New Jersey Northeast Retail

PCCP Acquires 218,000 SF Shopping Center in Plainsboro, New Jersey

by Amy Works November 4, 2016

PLAINSBORO, N.J. — PCCP LLC has purchased Plainsboro Plaza, a shopping center located at 10 Schalks Crossing Road in Plainsboro, for an undisclosed price. Situated on 27 acres and built in 1987, the 218,000-square-foot property is occupied by CVS/pharmacy, Planet Fitness, UPS and Dunkin’ Donuts. At the time of acquisition, the property was 42 percent occupied, however a lease has been executed with Key Food that will bring the center’s occupancy to 62 percent in early 2017.

November 4, 2016

Florida Mixed-Use Retail Southeast Top Stories

CNL Lifestyle Properties Sells Resort Retail Portfolio in U.S., Canada for $103M

by John Nelson November 4, 2016

ORLANDO, FLA. — In a move to further liquidate the company, CNL Lifestyle Properties Inc., a REIT specializing in the acquisition of resort properties, has sold a seven-property portfolio of international trophy retail assets located within luxury resorts for $103 million. A private real estate consortium between The Imperium Cos., MMG Equity Partners and Blue River Family Office Partners was the buyer. The portfolio consists of 423,482 square feet of ground-floor retail in the mixed-use villages of six ski resorts and one golf and beach resort in the United States and Canada. The properties include: • Whistler Creekside Village in Whistler, British Columbia • The Village at Mammoth in Mammoth Lakes, Calif. • Village at Snowshoe in Snowshoe, W.Va. • Village at Cooper in Frisco, Colo. • Stratton Mountain Village in South Londonderry, Vt. • Blue Mountain Village in Blue Mountains, Ontario and • The Village of Baytowne Wharf in Miramar Beach, Fla. Lori Schneider of Marcus & Millichap’s Institutional Property Advisors (IPA) division arranged the sale. Schneider, along with the Marcus & Millichap’s brokers of record for each state in the portfolio, exclusively represented the seller and procured the buyer. “These stabilized yet dynamic assets are unique in location, …

November 4, 2016

Industrial Nevada Western

Westcore Properties Buys Reno Industrial Portfolio for $54.5M

by Nellie Day November 3, 2016

RENO, NEV. — Westcore Properties has purchased a 12-property industrial portfolio in Reno for $54.5 million. The portfolio contains a total of 1.17 million square feet. The acquisition marks Westcore’s entry into the Reno marketplace. The properties included in the transaction range in size from 11,200 square feet to 210,215 square feet. The portfolio is 92 percent leased by 53 tenants, which primarily use the properties for distribution space. HFF’s Anthony Brent, Ryan Martin and Scott Pertell represented the seller, GLP US, in this transaction.

November 3, 2016

California Office Western

The Merritt Building in Downtown Los Angeles Sells for $24M

by Nellie Day November 3, 2016

LOS ANGELES — An unnamed buyer has acquired The Merritt Building, a 55,948-square-foot office building in downtown Los Angeles, for $24 million. The historic site is located at 761 S. Broadway, also known as 301 W. 8th St. in the SoBro (South Broadway) district. The building was originally designed by the Reid Brothers in 1915 as a rendition of Minerva’s Temple. The Home Savings & Loan Association bought the building in 1957. Today, the property is a nine-story commercial building with a basement level and ground-floor retail. Mike Condon Jr. and Kelli Snyder of Cushman & Wakefield represented the seller, LIZ, in this transaction.

November 3, 2016

California Office Western

Barker Pacific Group, WHI Real Estate Partners Buy 182,302 SF Office Campus in Roseville

by Nellie Day November 3, 2016

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased Lava Ridge Business Center, a 182,302-square-foot office campus in Roseville, for an undisclosed sum. The three-building campus is located at 2990, 3000, and 3010 Lava Ridge Court. Lava Ridge Business Center was built in 2000. Current tenants include American Pacific Mortgage, Polycomp Admin Services, Asurea Insurance and Wells Fargo. Palmer Capital’s Bill Palmer, Ryan Thompson and Brad Idleman brokered the sale of the property. The firm’s Jeremy Thornton assisted the JV in securing new lender financing from Compass Bank. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as the center’s leasing agents.

November 3, 2016

Illinois Midwest Restaurant Retail

The Boulder Group Arranges $2.9M Sale of a McDonald’s Ground Lease in Hoffman Estates, Illinois

by Kristin Harlow November 3, 2016

HOFFMAN ESTATES, ILL. — The Boulder Group has arranged the $2.9 million sale of a McDonald’s ground lease in Hoffman Estates. McDonald’s is the sole occupant of the 4,388-square-foot building located at 1070 N. Roselle Road. McDonald’s has 20 years of lease term remaining with 8 percent rental increases every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and the seller, both of which were Midwest-based real estate investment firms.

November 3, 2016

Industrial Northeast Pennsylvania

Carson Companies Acquires Eight-Building Industrial Portfolio in Bristol, Pennsylvania

by Amy Works November 3, 2016

BRISTOL, PA. — Carson Companies has purchased an eight-building industrial portfolio in Bristol for an undisclosed price. Located within Keystone Industrial Parks, the assets, totaling 475,910 square feet, are 2530 and 2578 Pearl Buck Road, 2524 and 2554 Ford Road, 160, 171 and 219 Rittenhouse Circle, and 130 Wharton Road. Ranging from 31,000 square feet to 112,000 square feet, the properties were collectively 40 percent occupied at the time of sale. Tenants include FedEx, Philadelphia Media Network, Vivint Solar and Autopark International. Gerry Blinebury, Jeff Williams and Robert Yoshimura of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

November 3, 2016

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