Author

Alex Tostado

Investment salesNewsRetailersUtah

CIM Sells The Family Center Retail Asset in Utah to CCA Acquisition Co. for $48.2 Million

by Alex Tostado

Riverdale, Utah — CIM has completed the disposition of The Family Center at Riverdale, a 427,828-square-foot shopping center located on 42 acres at 1083 W. Riverdale Road in Riverdale, Utah, 35 miles from downtown Salt Lake City. CCA Acquisition Co. acquired the property for $48.2 million. At the time of sale, the center  was 97 percent occupied by Target (165,550 square feet), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree and Joann Fabrics. The retail center was built in phases from 1995 to 2008. Pete Bethea, …

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CaliforniaFinanceNewsRetailers

Ready Capital Provides $20.1 Million Loan for Back Bay Center Retail/Office Building in Costa Mesa

by Alex Tostado

Costa Mesa, Calif. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in Costa Mesa, California. The asset features 36,630 square feet of Class B retail space and 17,210 square feet of office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.

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CaliforniaGrocery-anchoredInvestment salesNews

SRS Arranges $5.3 Million Sale of Grocery Outlet Bargain Market

by Alex Tostado

Riverside, Calif. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a freestanding, single-tenant property located on 1.9 acres at 3490 Madison St. in Riverside, California. A Newport Beach, California-based private developer sold the property to a Newport Beach-based physician for $5.3 million. Grocery Outlet Bargain Market occupies the 17,889-square-foot retail property on a 15-year triple-net lease. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Marcus & Millichap represented the buyer. Additionally, Garrett Colburn and Townsend Cropsey of SRS …

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Investment salesNevadaNewsRetailers

Marcus & Millichap Negotiates $5.2 Million Sale of 10,500-Square-Foot Retail Building in Las Vegas

by Alex Tostado

Las Vegas — Marcus & Millichap has arranged the sale of Mountain’s Edge Pad E, a retail property in Las Vegas. An undisclosed seller sold the property for $5.2 million. Located at 8085 Blue Diamond Road, the property features 10,500 square feet of retail space. Dustin Alvino and Jake Wasserkrug of Marcus & Millichap represented the seller and undisclosed buyer in the deal.

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ArizonaInvestment salesNewsRetailers

Valencia Property Acquires CVS-Occupied Property in Arizona for $4.5 Million

by Alex Tostado

Prescott, Ariz. — Valencia Properties has purchased a freestanding, single-tenant property located at 901 Willow Lake Road in Prescott, Arizona. A Southern California-based private investor sold the building for $4.5 million in an all-cash transaction. CVS/pharmacy occupies the 13,186-square-foot drive-thru property, which was built in 2015. The absolute triple-net leased asset is corporate guaranteed by CVS Health Corp. with 22 years remaining. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Gulf Stream Capital Ventures represented the buyer.

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IllinoisInvestment salesNewsRetailers

SVN | Chicago Commercial Negotiates $4.4 Million Sale of Retail Center in Arlington Heights, Illinois

by Alex Tostado

Arlington Heights, Ill. — SVN | Chicago Commercial has arranged the sale of The Esplanade at Arlington Heights for $4.4 million. The 18,419-square-foot retail property is located at 2920-2964 W. Euclid Ave. in Arlington Heights, Illinois. Subway and Starbucks Coffee are the anchor tenants. Tim Franz and John Livaditis of SVN represented the seller, a private real estate investment group. The buyer was not disclosed.

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FinanceMassachusettsNewsRetailers

Cornerstone Realty Capital Arranges $2.7 Million Acquisition Loan for Retail Building in Massachusetts

by Alex Tostado

Marlborough, Mass. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough, Massachusetts. Located in Middlesex County, the property currently houses four tenants with Starbucks Coffee as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.

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DevelopmentFloridaNewsRestaurants

Yumbrella Food Hall Opens at The Shops at Sunset Place in South Miami, Florida

by Alex Tostado

South Miami, Fla. — Yumbrella Food Hall is now open at The Shops at Sunset Place in South Miami, Florida. Led by food truck organizer and restaurateur Steve Simon, Yumbrella is the only food hall in the city, paying homage to Miami’s original food hall, which opened in the 1970s by the same name. The 6,500-square-foot hall features seven restaurant concepts ranging from Chinese to soul food, Italian, Latin, American and German fare. Confirmed food hall vendors include Cracked by Chef Adrianne, Dr. Limon Express, Killer Melts, NOODS, King of …

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DevelopmentGeorgiaGrocery-anchoredNews

RPC to Build Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado

Cumming, Ga. — Retail Planning Corp. (RPC) will break ground on The Publix at Matt shopping center in Cumming, Georgia. Publix will anchor the 82,000-square-foot center, with additional tenants set to include Great Clips, AT&T, J. Christopher’s and Nail Talk & Tan. The property will be situated at the corner of Bannister Road and Matt Highway, 48 miles north of downtown Atlanta. RPC expects to deliver the shopping center in summer 2020.

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Investment salesNew JerseyNewsRetailers

Marcus & Millichap Negotiates $11.7 Million Sale of Shopping Center in New Jersey

by Alex Tostado

Manalapan, N.J. — Marcus & Millichap has negotiated the $11.7 million sale of Tennent 9 Shopping Center in Manalapan, New Jersey. Located at 700 Tennent Road, the 60,000-square-foot center is anchored by NetCost Supermarkets, a European specialty supermarket. The remaining 10 units are leased to a mix of local and regional tenants, along with a Rite-Aid pharmacy. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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