Chula Vista, Calif. — PSRS has secured a $16.3 million non-recourse loan for the refinancing of a 43,471-square-foot retail space at Eastlake Village Center in Chula Vista, roughly 10 miles southeast of downtown San Diego. James Mulvihill and Kevin Mulvihill of PSRS arranged the loan, which a life insurance company provided. PSRS will service the mortgage as part of its $6.6 billion loan serving portfolio.
Peachtree City, Ga. — Northmarq has arranged the $3.3 million sale of Governor’s Walk, a 21,280-square-foot shopping center located in Peachtree City, roughly 30 miles southwest of Atlanta. The property was fully leased at the time of sale, to tenants including Car Wash, Donut Shop, Peachtree Pawn, Fresh Smoothie Café, Mary Nails, Curves, Carolina Hemp Co., Southern Crescent Spa, Peachtree Wax Studio, La Plaza R&R Inc., Flooring Store, Men’s World Barber, Rene’e Paige Salon and M&R Alterations. Jeff Enck of Northmarq represented the Florida-based seller in the transaction. Enck also …
Union, N.J. — Bed Bath & Beyond has announced the locations of 87 flagship stores it plans to close across the country. These closures come in addition to the 150 stores announced for closure in August. The Union, New Jersey-based company will also shutter 48 Harmon drugstores as well as five Buybuy Baby stores. Bed Bath & Beyond missed interest payments on its bonds last week, according to reports by The Wall Street Journal. This came one week after a default notice for overdrawing on credit lines was sent to …
Woodbridge, N.J. — Levin Properties has received a $43.2 million refinancing for St. Georges Crossing, a 343,423-square-foot shopping center located in the central New Jersey community of Woodbridge. ShopRite anchors the property, which was fully leased at the time of financing. Other tenants include P.C. Richard & Son, PetSmart and TJ Maxx. Jim Cadranell, Gregory Nalbandian and Salvatore Buzzerio of JLL Capital Markets arranged the 12-year, fixed-rate loan through PGIM Real Estate on behalf of Levin Properties.
Woonsocket, R.I. and Chicago — CVS Health (NYSE: CVS) has agreed to acquire Oak Street Health (NYSE: OSH) in an all-cash transaction at $39 per share, representing a total purchase price of roughly $10.6 billion. The price represents a premium of approximately 11.9 percent over Oak Street’s opening price per share this morning. Chicago-based Oak Street Health is a network of primary care centers for adults on Medicare. The company employs approximately 600 primary care providers and maintains 169 medical centers across 21 states. By 2026, Oak Street Health plans …
Westborough, Mass. — Grossman Development Group (GDG) has acquired Bay State Commons, a 261,672-square-foot retail center located in Westborough, approximately 30 miles west of Boston. Roche Bros. anchors the property, and other tenants include Boston Interiors, Reliant Medical, Boston Ski & Tennis, Ted’s Montana Grill and Panera Bread. GDG purchased the property with a partnership doing business as Baystate Westborough LLC, which includes Mark Reardon. Todd Alexander of Kelleher & Sodowsky handles leasing at the development.
Long Beach, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of El Dorado Shopping Center, a retail property located in Long Beach. A partnership managed and represented by Milan Capital Management acquired the center from DPI Retail for $21.2 million. Grocery Outlet and Dollar Tree anchor the 74,500-square-foot shopping center. Built in 1965 and renovated in 2003, the property was 93 percent occupied at the time of sale. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the seller in the transaction.
Frisco, Texas —STRIVE has arranged the sale of The Shops at Eldorado, a 13,522-square-foot retail strip center located in Frisco. Built in 2016, the center was fully leased at the time of sale to tenants including Sugar Boy Donuts, Smoke Central and Discovery Kids Dentistry. Hudson Lambert and Jason Vitorino of STRIVE represented the seller, a Dallas-based developer, in the transaction.
Ventura, Calif. — IRA Capital has completed the $66 million sale of Poinsettia Plaza, a 157,322-square-foot shopping center located in Ventura. Tenants at the center, which was 96.5 percent occupied at the time of sale, include Ross Dress for Less, Office Depot, Petco, FedEx, Lamps Plus and Aldi. Recent renovations at the property include modernizations of existing facades, new landscaping and parking lot upgrades. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal.
Peachtree City, Ga. — Northmarq has arranged the sale of Westpark Walk, a 73,847-square-foot retail center located in Peachtree City, roughly 30 miles south of Atlanta. A developer acquired the property, which was fully leased at the time of sale, for $15.2 million. Tenants at the center include Tuesday Morning, Verizon Wireless, State Farm, Firehouse Subs, HOTWORX, and Ranchero Mexican Grill. Jeff Enck and Emery Shane of Northmarq represented the seller, an individual investor, in the transaction.