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Lazy Acres
CaliforniaDevelopmentNews

CGI+, Megdal Investments to Develop 31,000-Square-Foot Lazy Acres Market in Los Angeles

by Julia Sanders

Los Angeles — CGI+ Real Estate Investment Strategies, in partnership with Megdal Investments, has acquired the third and final piece of a 1.7-acre land assembly at the southwest corner of Franklin and Western Avenues in Los Angeles’ Los Feliz neighborhood. The single-tenant, 24,000-square-foot property, which Rite Aid formerly occupied, will be redeveloped into 31,000-square-foot Lazy Acres Market, a division of Good Food Holdings. The organic grocery store signed a long-term lease with CGI+. The new store is scheduled to open by year’s end. CGI+ has started renovations and redevelopment, which …

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FinanceIllinoisInvestment salesNews

Stream Capital Partners Arranges $29 Million Sale-Leaseback of Texas Restaurant Portfolio

by Julia Sanders

Chicago — Chicago-based Stream Capital Partners LLC has arranged a $29 million sale-leaseback of a portfolio of nine quick service restaurants located throughout Texas. Palenque Group, which operates 34 restaurants throughout the state under the Taco Palenque, Pollo Palenque and Palenque Grill brands, was the seller and will continue to occupy the properties. The buyer was not disclosed. Chelsea Mandel of Stream Capital Partners brokered the deal.

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Towne Square Retail Center
Investment salesNewsWashington

Marcus & Millichap Brokers $9.4 Million Sale of Towne Square Retail Center in Metro Seattle

by Julia Sanders

Port Orchard, Wash. — Marcus & Millichap has arranged the sale Towne Square Retail Center, a retail property located at 1700 S.E. Mile Hill Drive in Port Orchard, approximately 24 miles west of Seattle. A private investor sold the center to an undisclosed buyer for $9.4 million. Grocery Outlet, Goodwill and Ace Hardware are anchor tenants at the 154,604-square-foot retail property, which also includes a two-story interior mall space with more than 100 tenants. The buyer plans to renovate the property, increase occupancy levels and improve management systems. Clayton Brown …

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The Shoppes at Alameda
Investment salesNew MexicoNews

Quantum Real Estate Negotiates $6.6 Million Sale of Multi-Tenant Shopping Center in Albuquerque

by Julia Sanders

Albuquerque, N.M. — Quantum Real Estate Advisors has arranged the sale of The Shoppes at Alameda, a retail property located at 3410 Highway 528 in Albuquerque. A Florida-based private real estate investor acquired the asset from a California-based private real estate investment firm for $6.6 million. At the time of sale, the property was 100 percent occupied. Current tenants include Jason’s Deli, Starbucks Coffee, The Joint, Baskin Robbins, uBreakiFix, Minerva Canna and other local retailers. Chad Firsel and Jason Lenhoff of Quantum represented the seller in the transaction.

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Hesperia property
CaliforniaInvestment salesNews

CBRE Brokers $5.4 Million Sale of Eagle Plaza Shopping Center in California’s Inland Empire

by Julia Sanders

Hesperia, Calif. — CBRE has arranged the sale of Eagle Plaza, a shopping center located at 15776 Main St. in Hesperia. A Texas-based private buyer acquired the center for $5.4 million. Alan Krueger and Vanessa Haddad of CBRE represented the seller, a private local investor, in the deal. Totaling 39,877 square feet, Eagle Plaza is occupied by five tenants, including a donut shop, laundromat and sandwich store that have occupied the property since it opened in 1989. The other two tenants are government-funded school district operations.

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Retail center
FloridaInvestment salesNews

Limestone, Orion Sell Tampa Bay Retail, Office Center for $5.3 Million

by Julia Sanders

St. Petersburg, Fla. — Limestone Asset Management, via a joint venture with its parent company Orion Real Estate Group, has sold a 23,031-square-foot retail and office center in the Tampa Bay area for $5.3 million. Located at 1914 4th St. N in St. Petersburg, the property was 100 percent leased at the time of sale to six tenants, including Outback Steakhouse and Panera Bread. Ben Mallah of Equity Management Partners Inc. purchased the property in a 1031 exchange. Mark Shellabarger and Ari Ravi of CBRE represented Limestone and Orion, both …

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Pecos Square
ColoradoInvestment salesNews

Marcus & Millichap Arranges $5.1 Million Sale of Pecos Square Retail Property in Denver

by Julia Sanders

Denver — Marcus & Millichap has arranged the sale of Pecos Square, a multi-tenant retail property located at 1777 and 1717 W. 38th Ave. in Denver. A private investor acquired the property from a private partnership for $5.1 million. Built in 1988, Pecos Square features 10,729 square feet of retail space and was 100 percent occupied at the time of sale. The property consists of 81 percent corporate leases with an average occupancy of 18 years. The asset also features a standalone Burger King restaurant. Drew Isaac and Ryan Bowlby …

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FloridaLeasingNews

Two Retail Tenants Open at Westshore Marina District in Tampa

by Julia Sanders

Tampa, Fla. — Two new retail tenants have opened at Westshore Marina District in Tampa. The construction of the retail portion of the 52-acre mixed-use development is currently being completed. The two new tenants are Cru Cellars and Sand Surf Co. Cru Cellars, which signed a lease in August 2019, and Sand Surf Co., which signed a lease in September 2019, are the first of several retailers that will open their doors at Marina Landings, Westshore Marina District’s 70,000-square-foot town center. Fort Lauderdale-based BTI Partners is the developer of Westshore …

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Cofer Crossing
GeorgiaGrocery-anchoredInvestment salesNews

JLL Arranges $20 Million Sale of Kroger-Anchored Shopping Center in Metro Atlanta

by Julia Sanders

Tucker, GA. — JLL Capital Markets has arranged the $20 million sale of Cofer Crossing, a 136,139-square-foot shopping center located 20 miles outside Atlanta in Tucker. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, a partnership between SITE Centers Corp. and Madison International Realty. A private buyer based in Ontario, California, acquired the asset in a 1031 exchange and was represented by Hanley Investment Group’s Ed Hanley and Kevin Fryman, along with ParaSell Inc. Kroger and HomeGoods anchor the fully leased center.

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Shops at Surfside Center
FloridaInvestment salesNews

SRS Brokers $7 Million Sale of Shops at Surfside Center in Cape Coral, Florida

by Julia Sanders

Cape Coral, Fla. — SRS’ Investment Properties Group has brokered the sale of Shops at Surfside Center, a five-tenant retail center located in Cape Coral. The 117,566-square-foot center is fully occupied by tenants including Belk, Anytime Fitness, SalonPlex and Humana. The seller, a private service entity, sold the property for $7 million to Patagonian Holdings LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.

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