Woodland Hills, Calif. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. Bolour Associates acquired the property from Flamingo Investments for $9 million in an off-market transaction. Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the transaction.
Memphis, Tenn. — SRS Real Estate Partners has brokered the sale of Cross Creek Shopping Center, a 262,847-square-foot retail property in Memphis. A New York-based entity doing business as Allied Development of Memphis LLC sold the property for an undisclosed price to Aspen Real Estate. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction, and Aspen was self-represented. Cross Creek is shadow-anchored by The Home Depot and features tenants including Ross Dress for Less, Conn’s HomePlus, dd’s Discounts and Five Below.
Delray Beach, Fla. — Concord Summit Capital LLC has secured a $16 million refinancing for Bed Bath & Beyond Plaza, a shopping center in Delray Beach. Justin Neelis and Daniel Rojo of Concord sourced the non-recourse financing through Seven Hills Realty Trust on behalf of the borrower, Berta Management. The bridge loan will be used to construct a new Starbucks Coffee outparcel, provide for capital improvements and pay off existing debt. Bed Bath & Beyond Plaza was 86 percent leased at the time of financing to Bed Bath & Beyond, …
Billerica, Mass. — PROCON has broken ground on the redevelopment of Billerica Mall on the northern outskirts of Boston. Development plans include the demolition of an 84,000-square-foot structure that was vacated by Kmart several years ago and the construction of a new 43,000-square-foot grocery store at that site. In addition, the development team, which is led by an entity doing business as F.B. Billerica Realty Investors LLC, will deliver 18,000 square feet of new restaurant space and upgrade the property’s signage, landscaping and utility systems. Lastly, the project team will …
Hoboken, N.J. — Katz & Associates has arranged the $13 million sale of a 20,000-square-foot retail building formerly occupied by Bow Tie Cinemas in Hoboken, located across the Hudson River from Manhattan. Jonathan Greenberg of Katz & Associates represented the seller, Hoboken Theaters LLC, in the transaction. Jon Compitello and Dan Spero of JLL represented the buyer, Hoboken Grace Community Church, which will use the buildings as its new headquarters and community center.
Sandusky, Ohio — Marcus & Millichap has negotiated the $2.2 million sale of an 11,325-square-foot property net leased to Rite Aid in Sandusky, a city in northern Ohio located along Lake Erie. The property is located at 334 W. Perkins Ave. Rite Aid has roughly six years remaining on its lease. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the Ohio-based private seller and the buyer, a Michigan-based limited liability company, in the transaction.
San Jose, Calif. — DJM Capital, through a joint venture with affiliates of Fortress Investment Group, has acquired a four-property, grocery-anchored portfolio totaling 488,000 square feet of retail space across California. Merlone Geier sold the portfolio. Chris Hoffmann of Eastdil Secured brokered the transaction. Bank of America served as lender and Brian Ley of JLL acted as equity intermediary. The portfolio includes: Magnolia & Adams, a 68,000-square-foot property at 9062 Adams Ave. in Huntington Beach, California; Magnolia & Warner, a 62,000-square-foot center at 17070 Magnolia St. in Fountain Valley, California; …
Boynton Beach, Fla. — CBRE has arranged the sale of Shoppes at Woolbright, a 146,759-square-foot shopping center in Boynton Beach. Casey Rosen, Dennis Carson, Chris Bosworth, Will Pike and Brian Pfohl of CBRE represented the seller, Principal Real Estate Investors. The Georgetown Co. acquired the property. Built in 2008, the property was 99 percent leased at the time of sale with Publix as the anchor tenant. The shopping center is located at 10935 Jog Road at the intersection of Jog and Woolbright roads.
Indian Trail, N.C. — JLL Capital Markets has arranged the $28.2 million sale of The Shoppes at Hanfield Village, a 90,996-square-foot, Publix-anchored retail center in Indian Trail, about 16 miles from Charlotte. Thomas Kolarczyk, Ryan Eklund, Bill Moylan, Daniel Naughton and Jordan Lex of JLL facilitated the transaction on behalf of the sellers, KGI Properties and Arista LLC, and procured the buyer, Pantry Express. Additionally, Taylor Allison and John Gavigan of JLL secured $17.5 million in acquisition financing on behalf of the buyer. Grant Street Funding provided the 10-year, fixed-rate, …
Tempe, Ariz. — Faris Lee Investments has arranged the sale of Costco Plaza, a 237,000-square-foot shopping center shadow-anchored by Costco at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. MacLellan of Faris Lee Investments represented the seller in the transaction.
