Indio, Calif. —Faris Lee Investments has arranged the sale of two retail strip centers — Rubidoux Plaza and South Rubidoux — in Indio. The properties sold for a combined total of $4.6 million. Totaling nearly 20,000 square feet, the retail centers are located along California Highway 111 and serve the entire Coachella Valley area. Tom Chichester of Faris Lee Investments represented the seller in the transactions. The names of the seller and buyers were not released.
Burleson, Texas — Venture Commercial has negotiated the sale of McAlister Square, a 169,378-square-foot shopping center located in Burleson, Texas, a southern suburb of Fort Worth. Anchored by Academy Sports + Outdoors, the property’s tenant roster includes national retailers like FedEx Office, Verizon Wireless and Firehouse Subs. Jonathan Cooper, John Zikos and Don Miller of Venture Commercial represented the seller in the transaction. Kevin McIntosh of KMAC Group Inc. represented the buyer. Both parties requested anonymity.
Chesterfield, Mo. — Mid-America Real Estate Corp. and Pace Properties have negotiated the sale of Chesterfield Valley Square in Chesterfield, 20 miles west of St. Louis, for an undisclosed price. The 53,928-square-foot retail center is fully occupied. Tenants include Sherwin Williams, U.S. Bank, Bar Louie, Athletico and Oishi Sushi & Steakhouse. Ben Wineman of Mid-America and Scott Seyfried of Pace represented the seller, a St. Louis-based private investor. The Staenberg Group purchased the asset.
Indio, Calif. — Marcus & Millichap has arranged the sale of a retail property, located at 82360 U.S. Highway 111 in Indio. An individual/personal trust acquired the 9,888-square-foot property for $2.1 million at a 6.7 percent capitalization rate. Edwin Mariscal of Marcus & Millichap’s Ontario, California, office represented the buyer in the deal.
Burbank, Calif. — SBH Real Estate Group has completed the disposition of a 14,000-square-foot retail property occupied by Harbor Freight Tools in Burbank, California. SBH originally purchased the property in the first quarter of 2018 and proceeded to renovate and improve the building. Renovations included a new roof, updated electrical and lighting systems, new restrooms and a new HVAC system. A private investor acquired the property for $7.8 million. Adam Friedlander and Kien Tsoi of JLL represented the seller, while Jeff Gerlach from CBRE represented the buyer in the deal.
Longwood, Fla. — SRS Real Estate Partners has arranged the $6.3 million sale of Shoppes at Village Square, a 61,200-square-foot shopping center located in Longwood, Florida, 14 miles north of downtown Orlando. The center was 88 percent leased at the time of sale to tenants such as O’Reilly Auto Parts, Sherwin-Williams and CrossFit Evolution. Kevin Yaryan of SRS’ Investment Properties Group in Orlando represented the seller, Harvest Holdings LLC, in the transaction. Trey Gravenstein of First Capital Property Group represented the buyer, Shoppes at Village Square LLC.
Lancaster, Calif. — Hanley Investment Group Real Estate Advisors has directed the sale of two multi-tenant pads adjacent to a Walmart Supercenter in Lancaster, approximately 70 miles north of downtown Los Angeles. The Niki Group Wood Investment Cos. sold the properties to a Los Angeles-based private buyer for $6 million. Eric Wohl, Ed Hanley and Andrew Cunningham of Hanley Investment Group represented the sellers, while James Chin of Realtex Properties represented the buyer in the deal. Built in 2003, the fully occupied buildings total 13,760 square feet. AT&T, Papa John’s, …
Virginia Beach, Va. — Armada Hoffler will acquire Red Mill Commons and Marketplace at Hilltop in Virginia Beach, Virginia, for a combined $105 million from local retail developer Venture Realty Group. As part of the acquisition, Armada Hoffler will exchange 4.1 million operating partnership units valued at $15.55 apiece, as well as the assumption of $36 million in debt and $5 million in cash. Red Mill Commons is a 374,000-square-foot retail center that was 98 percent leased at the time of sale to more than 90 tenants, including T.J. Maxx, …
Naples, Fla. and Kennesaw, Ga. — The Sembler Co. and Forge Capital Partners have purchased a pair of Publix-anchored shopping centers in Naples, Florida, and Kennesaw, Georgia. The companies purchased the centers for an undisclosed price via their Forge Real Estate Partners IV (FREP) investment fund. Properties include the 59,893-square-foot Naples Lake Village Center and the 68,744-square-foot Kennesaw Walk. Sembler will serve as the property manager and leasing agent for both properties. Including these properties, Sembler and Forge have acquired 14 shopping centers in the Southeast and Texas using their …
Merced, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail building, located at 360 W. 16th St. in Merced, California. Ares Commercial Properties acquired the property from a Bakersfield, California-based private investor for $2.6 million. Built in 2016, the 3,700-square-foot pad building features a 1,900-square-foot Starbucks Coffee with drive-thru and an 1,800-square-foot T-Mobile store. Bill Asher, Jeff Lefko and William Ito of Hanley Investment Group represented the seller, while Mort Rothman of Commercial Real Estate represented the buyer in the transaction.
