Fort Myers, Fla. — JLL Capital Markets has arranged the $15.5 million sale of Daniels Crossing, a 112,003-square-foot neighborhood shopping center anchored by Publix in Fort Myers. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the sellers, EverWest Real Estate Investors LLC and Stiles Corporation, in the disposition of the property to Forge Capital Partners. Daniels Crossing is 70.5 percent occupied and with a mix of essential, restaurant and service tenants. The property is situated on 15.9 acres at 6900 Daniels Parkway at the intersection of Daniels Parkway …
Investment sales
Long Beach, Calif. — JLL Capital Markets has arranged the $4.5 million sale of a newly constructed, 1,839-square-foot retail building at 5865 E. Spring St. that is triple net leased to The Coffee Bean & Tea Leaf in Long Beach. Adam Friedlander of JLL marketed the property on behalf of the seller, Pacific West Property Group Inc. An undisclosed private investor acquired the property in an all-cash transaction as part of a 1031 exchange. Alan Wong of DAAG Developments acted as the buyer’s consultant. Situated 20 miles south of downtown …
Indianapolis — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Nora submarket of Indianapolis for $3.7 million. The single-tenant building is located at 1505 E. 86th St. Jordan Klink of Marcus & Millichap marketed the property on behalf of the seller, Indianapolis-based Westfield Pointe LLC, and sourced the buyers, Nora LLC and PP Nora LLC.
Owings Mills, Md. — Greenberg Gibbons has launched a $100 million private equity fund with the goal of acquiring shopping centers throughout the East Coast, Southeast and Midwest. The Greenberg Gibbons Real Estate Income Fund officially closed last month with the majority of equity committed and will be finalized during the second quarter of 2021. With the addition of a co-investment vehicle, the fund will have the capacity to acquire up to $300 million in assets. Greenberg Gibbons CEO Brian Gibbons notes that plans for the fund have been in …
Chapin, S.C. — Aztec Group Inc. has secured $10.8 million in debt and equity for the acquisition of Chapin Crossing, a 72,714-square-foot, Publix-anchored shopping center in Chapin. Jason Shapiro, Sean Harrington and Joel Zusman of Aztec Group arranged the financing on behalf of the buyer, a partnership led by affiliates of Miami-based CF Properties Corp. A Missouri-based life insurance company provided the 10-year loan, which features a fixed interest rate under 3 percent. Located at 1235 Chapin Road, Chapin Crossing was built in 2017 and is situated at the southwest …
Long Beach, Calif. — A joint venture between Turnbridge Equities, Waterford Property Co. and Monument Square Investment Group has acquired City Place Long Beach, a 14-acre mixed-used property in downtown Long Beach. The open-air center offers a mix of retail and office space. The partnership secured financing to acquire City Place Long Beach at the end of 2020 and will now take over ownership of the center, which was previously home to an enclosed regional mall prior to the property’s redevelopment in 2002. All current tenants are set to remain …
Hawaii — A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million. The portfolio includes 12 properties in Oahu, two facilities on Kauai, four properties on Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple net basis. D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net …
Austin, Texas — Newmark has arranged the $3.4 million sale of a property net leased to Outback Steakhouse in Austin. Matt Berres and Samer Khalil of Newmark represented the undisclosed institutional seller in cooperation with Newmark’s Lispah Hogan. The buyer of the 6,176-square-foot property was a private 1031 exchange buyer.
Porterville, Calif. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.9 million sale of a single-tenant property fully occupied by Starbucks Coffee located at 421 Vandalia Ave. in Porterville. The property is an outparcel to Riverwalk Marketplace, a shopping center anchored by Lowe’s Home Improvement. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Southern California-based owner and developer. Bryan Cifranic of Commercial Retail Associates Inc. represented the buyer, a California-based investor who was in a 1031 exchange. The closing cap rate was 4.4 …
Anaheim, Calif. — CBRE has brokered the sale of a 26,414-square-foot retail property leased to Grocery Outlet at 3430 W. Lincoln Ave. in Anaheim. Land Investments sold the asset to a Los Angeles-based private investor for $5.8 million. The property is situated two miles south of Knott’s Berry Farm and six miles east of Disneyland. Alan Krueger and Vanessa Haddad of CBRE represented the buyer and seller in the transaction.