Atwater, Calif. — BridgeCore Capital has funded a $12.4 million loan for the purchase of a retail center in Atwater. The undisclosed borrower required a bridge loan to acquire the fully occupied, grocery- and pharmacy-anchored retail center. The borrower was unable to secure traditional financing that provided flexibility to allow for the sale of individual parcels of the property during the loan term. BridgeCore was able to provide a loan with a fixed 6.9 percent interest rate and 24-month term, including two six-month extension options.
Culver City, Calif., Alexandria, La. and Ocala, Fla. — Hanley Investment Group Real Estate Advisors and Enduring Real Estate have brokered the sales of three, single-tenant net lease retail properties occupied by Starbucks. The combined total of the sales was approximately $10 million. One of the properties, a 2,249-square-foot building in Culver City, is located at 12313 Jefferson Blvd. and does not have a drive-thru. Built in 2007, the building is situated at the entrance to Playa Vista, which is home to Facebook, Google, Microsoft, Yahoo, YouTube, Fox Sports, Nike …
Fontana, Calif. — SRS Real Estate Partners has arranged the sale of Heritage Crossings, a fully leased retail property located at 7470 Cherry Ave. in Fontana. A Southern California-based development firm sold the asset to a private investor for $7.6 million. Built in 2008 on 2.8 acres, Heritage Crossings features 16,273 square feet of retail space. Current tenants include 7-Eleven, Boston Market, Subway and Little Caesars. John Redfield and Chris Tramontano of SRS’ National Net Lease Group represented the seller, while Jigar Shah of Century 21 Discovery represented the buyer.
Phoenix — Carlsbad, Calif.-based Capstone Advisors has completed the disposition of a single-tenant building located within Ahwatukee Foothills Towne Center in Phoenix. A Nevada-based investor acquired the asset for $3.7 million. Salad and Go occupies the property under an absolute triple-net, 20-year ground lease. The restaurant opened for business at the newly constructed building in mid-June. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented Capstone in the deal.
Raleigh, N.C. — A joint venture between SLI Capital and Regent Partners has acquired 15 parcels totaling approximately 10 acres in Raleigh for the second phase of the East End Market mixed-use development. Seven undisclosed entities sold the 15 parcels to the joint venture for a total of approximately $18 million. Located on Whitaker Mill Road between Wake Forest Road and Atlantic Avenue, East End Market is a mixed-use, food and beverage destination that will offer a collection of restaurants, apartments, shops and office spaces. Phase I of East End …
Plano, Texas — CTO Realty Growth Inc. has purchased The Shops at Legacy North, an approximately 236,000-square-foot office and retail center in Plano, for $72.5 million. The property was built on 12.7 acres in 2007 and was 83 percent leased across its office and retail components at the time of sale. The retail portion of the property consists of 121,496 square feet and houses tenants such as Capital Grille, Seasons 52, Mexican Sugar, Benihana and Ra Sushi. The office component spans 114,936 square feet and is home to users such …
Fontana, Calif. — SRS Real Estate Partners’ National Net Lease Group has arranged the $7.6 million sale of Heritage Crossings, a fully leased 16,273-square-foot retail center located at 7470 Cherry Avenue in Fontana. John Redfield and Chris Tramontano of SRS represented the seller, a Southern California-based development firm. Jigar Shah from Century 21 Discovery represented the buyer, who was a private investor in a 1031 exchange. Built in 2008 and situated on 2.9 acres, the center is occupied by 7-Eleven, Boston Market, Subway and Little Caesars Pizza.
Bakersfield, Calif. — Retail Equities has completed the disposition of East Hills Malls, a vacant shopping center situated on 38 acres in Bakersfield. A partnership between Steve Zimmerman of ZDI and Michael Heslov of Soboroff Partners acquired the asset for $7.2 million. Located at 2800-3200 Mall View Road, the 352,666-square-foot property was initially developed by the Hahn Co. in 1988. The property was formerly called City Lights at East Hills. Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap’s Los Angeles office represented the seller in the deal. …
Fairfax, Va. — Bloomingdale’s has announced plans to open its first Bloomie’s store at the Mosaic District shopping center in Fairfax on August 26. Bloomingdale’s is the latest retailer to unveil an updated store concept designed to reflect the changing wants and needs of shoppers following the COVID-19 pandemic. The new, smaller-footprint concept will span 22,000 square feet and feature an evolving mix of merchandise from top brands alongside tech-enabled stylist services and a restaurant. A standard Bloomingdale’s location spans approximately 200,000 square feet. Bloomie’s stores will offer an evolving, …
Hanover, N.J. — JLL Capital Markets has brokered the $46 million sale of a 133,276-square-foot shopping center and two nearby restaurants located approximately 25 miles west of New York City in Hanover. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, J.B. Bruno and Nicholas Stefans of JLL represented the seller, Mack-Cali Realty Corp., and the undisclosed buyer in the transaction. Wegmans Retail Center was completed in phases in 2017 and 2020. The fully occupied center is home to tenants including Wegmans Food Markets and Panera Bread. The two recently developed …