Livonia, Mich. — Gerdom Realty & Investment has arranged the sale of a 23,900-square-foot retail and office property in Livonia for an undisclosed price. The two-building asset is located on Middlebelt Road between 5 Mile and 6 Mile roads. Larry Siedell, Michael Murphy and Tjader Gerdom brokered the sale. A local investor purchased the property with plans to complete an exterior renovation. Gerdom will remain as the listing broker.
West Palm Beach, Fla. — Miami-based Tricera Capital has broken ground on the redevelopment of the Palm Beach Post newspaper office campus in West Palm Beach. The project, named The Press, will add 125,000 square feet of new retail space and 140,000 square feet of refurbished office space to the market. The project began with the demolition of a two-story office building and bridge. The development team, which acquired the 11-acre site in February 2019, will preserve most of the remaining structures, including those that housed the Post’s original office building and printing press. …
Clovis, Calif. — Great Neck, New York-based Uber Capital Group has secured a $28.7 million acquisition loan for the purchase of Sierra Vista Mall, located at 1050 Shaw Ave. in Clovis, a suburb of Fresno. The borrower is a private national commercial real estate investment group based in New York. The lender was not disclosed. Joel J. Gorjian, president and founder of Uber Capital Group, sourced the 10-year, fixed-rate loan, which features 15-year full amortization and partial recourse. Totaling 690,487 square feet, Sierra Vista Mall is occupied by 75 tenants …
Madison, Wis. — Mid-America Real Estate Corp. has brokered the sale of Oakbridge Retail Center in Madison for an undisclosed price. The 54,216-square-foot shopping center is fully leased to tenants such as Salons Etc., Heid Music, Rocky Rococo, Brothers Main and iCare. Carly Gallagher and Dan Rosenfeld of Mid-America represented the seller, a Madison-based investment group. Baltimore-based AGM Commercial Real Estate Advisors purchased the asset.
Phoenix — An affiliate of Capstone Advisors has purchased a retail portion of Tuscano Town Center. The full complex totals 250,331 square feet and is located at the southwest corner of West Lower Buckeye Road and South 75th Avenue in the Tuscano master-planned community in southwest Phoenix. Terms of the transaction were not released. At the time of sale, the 18,037-square-foot retail section was 100 percent leased to 12 tenants, including Allstate Insurance, GameStop, Sally Beauty, Subway and T-Mobile. Matt Milinovich and James DeCremer of Strategic Retail Group will continue …
Anaheim, Calif. — SRS Real Estate and Hanley Investment Group have arranged the $5 million sale of a new Raising Cane’s Chicken Fingers in Anaheim. The 3,233-square-foot, freestanding building was delivered in late August and is located at 223 S. Euclid Ave., two miles west of downtown Anaheim. The property is situated at the entrance to a Target-anchored shopping center. Bill Asher and Jeremy McChesney of Hanley Investment represented the buyer, a private investor from Los Angeles, in the transaction. Patrick Luther and Matthew Mousavi of SRS Real Estate represented the …
Summerville, S.C. — Stan Johnson Co. has arranged the $22.2 million sale of Oakbrook Station Shopping Center, a 138,166-square-foot, Lowes Food-anchored retail center in Summerville. The property was fully occupied at the time of sale to tenants including Lowes Food, Dollar Tree, OneMain Financial, State Farm Insurance and ATI Physical Therapy. Oakbrook Station is located at 10070 Dorchester Road, 21 miles northwest of downtown Charleston. Maggie Holmes, Joey Odom, Mike Sladich, and Mollie Alteri exclusively represented the seller, Charleston-based developer RealtyLink, in the transaction. Los Angeles-based LBX Investments acquired the …
Ballwin, Mo. — Mid-America Real Estate Corp. and Pace Properties have arranged the $20.9 million sale of Ballwin Plaza in Ballwin, about 20 miles west of St. Louis. The 204,859-square-foot shopping center is situated on Manchester Road. Schnucks Supermarket anchors the property, which is 93 percent leased. Other tenants include Hobby Lobby, Marshalls and Buffalo Wild Wings. Joe Girardi of Mid-America and Scott Seyfried of Pace Properties represented the seller, Cincinnati-based Viking Partners. Cincinnati-based Select Strategies Realty purchased the asset.
Peoria, Ariz. — Cave Creek Capital Partners LLC has sold 9494 Northern, a 23,058-square-foot retail center in Peoria. The property was fully leased at the time of sale to tenants including NextCare, ATI Physical Therapy, Navy Federal Credit Union, FedEx Office and Sprint. The site is located at 9494 W. Northern Ave., across the street from the planned Desert Diamond Casino. Jesse Goldsmith, Steve Julius, and Chase Dorsett of CBRE in Phoenix represented the seller in the transaction. Shashikant Patel of Scottsdale, Arizona acquired the property.
Henderson, Nev. — PEBB Enterprises has acquired Galleria Pavilion, a 64,599-square-foot shopping center in Henderson. The property was 37 percent leased at the time of sale to tenants including Panera Bread, Buffalo Wild Wings and Sport Clips. Galleria Pavilion is situated 11 miles southeast of downtown Las Vegas. This is PEBB’s third acquisition in the metro in the past six months. The sales price and seller were not disclosed.
