Orlando, Fla. — Marcus & Millichap has brokered the $9.9 million sale of the Shoppes at Turkey Lake, a 19,213-square-foot retail center located in Orlando. Doug Mandel, Tarek Chbeir, Zach Levine and Cody Hershey of Marcus & Millichap represented the seller and procured the buyer, Darna Developments LLC, in the transaction. Built in 2014 on nearly 2 acres, Shoppes at Turkey Lake is fully leased to Rokka’s Market, AYR Cannabis Dispensary and Club Champion.
Long Beach, Calif. — JLL Capital Markets has arranged a $7.5 million permanent loan to refinance 200 Pine Avenue, a 64,376-square-foot retail and office property located in Long Beach. Brad Vansant and Jenna Frakes of JLL secured the fixed-rate financing on behalf of the borrower, Bascom Group. Renovated in 2022, 200 Pine Avenue is a six-story building with an attached 123-stall parking garage and ground-floor retail space. The building, which has recently been renovated to provide common area and tenant improvements, is 81 percent leased to 15 tenants. Restaurant and …
Scottsdale, Ariz. — Salt River Pima-Maricopa Indian Community (SRPMIC) and Scottsdale-based Mullin 360 have received approval to develop a Costco at 4499 N. Pima Road in the Phoenix suburb of Scottsdale. The project will be the first-ever Costco store on tribal land in the United States. Spanning 21.5 acres, the project will include a 162,000-square-foot retail building and approximately 994 parking stalls. The store will include an expanded ready-to-eat section with a wide selection of grab-and-go meals, as well as a food court. A formal groundbreaking will be planned for June …
Hesperia and San Bernardino, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the $5.2 million sale of two newly constructed, single-tenant Quick Quack Car Wash properties in two separate transactions located in Hesperia and San Bernardino. Each 3,596-square-foot property operates on a 20-year absolute triple-net ground lease and sold for roughly $2.6 million. Bill Asher and Jeff Lefko of Hanley represented both sellers.
Houston — MetroNational has acquired M-K-T Heights, a 218,000-square-foot mixed-use adaptive reuse development in Houston’s Heights neighborhood. MetroNational has entered into a joint venture with the original developers, Radom Capital and Triten Real Estate Partners, who will remain active in the development’s operations, leasing and management. M-K-T Heights has converted five 1970s warehouse buildings into a mixed-use destination that now includes 100,000 square feet of retail and dining; 100,000 square feet of office space; and a 2,000-square-foot boardwalk for pedestrians that connects the property directly to the Heights Hike-and-Bike Trail. Tenants …
Mount Dora, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.4 million sale of Tri-Cities Shopping Plaza, a 71,172-square-foot shopping center located in Mount Dora, roughly 30 miles northwest of downtown Orlando. Kirk Olson and Drew Kristol of IPA represented the seller, Davie, Florida-based Ross Realty Investments, and procured the buyer, a Florida-based investor. T.J. Maxx, Ross Dress for Less and Dollar Tree anchor Tri-Cities Shopping Plaza, which was fully leased at the time of sale. Additional tenants include VIPcare Mount Dora, Victoria’s …
Gilbert, Ariz. — New York City-based Surmount has arranged the $10.8 million sale of The Shops at Civic Center, a 25,690-square-foot neighborhood center located in Gilbert, a suburb of Phoenix. Constructed in 2005, The Shops at Civic Center is situated within the 180-acre Gilbert Town Center development. Tenants at the property, which was 95 percent leased at the time of sale, include Zipps Sports Grill, One Stop Nutrition and Lifetime Family Dental. Ross Sanzari of Surmount served as the listing agent and represented the seller, a private investor, in the transaction. …
Montgomery, Ala. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a single-tenant retail property in Montgomery. Instant oil change provider Valvoline occupies the building on a 15-year, triple-net ground lease that features 10 percent rent increases in the initial term. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, a preferred developer for Valvoline, in the transaction. “This transaction demonstrates the demand for investment-grade credit tenants on long-term leases with attractive rent increases,” says McMinn. “We represented the seller, and …
Charlottesville, Va. — JLL Capital Markets has secured a $74.5 million loan to refinance the Shops at Stonefield, a 267,294-square-foot shopping center located in the Central Virginia city of Charlottesville, about 70 miles northwest of Richmond. Brian Gaswirth, Evan Parker, Gus Caiola and Jude Carlon of JLL arranged the three-year loan through FS Credit Real Estate Income Trust on behalf of the borrower, O’Connor Capital Partners. Shops at Stonefield is anchored by Trader Joe’s and includes a mix of additional tenants such as L.L. Bean, lululemon, Sephora and a 14-screen …
Chesterfield, Mo. — Gantry has arranged a $22 million permanent loan to refinance maturing debt for Chesterfield Commons, a 750,000-square-foot power center located in Chesterfield, approximately 22 miles west of St. Louis. Joe Monteleone and Rulin Dai of Gantry secured the five-year, fixed-rate, nonrecourse loan through one of Gantry’s correspondent insurance company lenders on behalf of the borrower, a private real estate investor. Gantry will service the loan. Chesterfield Commons is anchored by Walmart, Sam’s Club, Best Buy and Ross. The center features a mix of 40 additional tenants, including …
