Sacramento, Calif. — Irvine, California-based Pacific Castle Management has sold Strawberry Creek, a shopping center in Sacramento. A local private investment group acquired the property for $20.9 million. Constructed in 2007 on 7.4 acres, the four-building property features 57,373 square feet of retail space. Edward Nelson and Nicholas Scelsa of Marcus & Millichap represented the seller and procured the buyer in the deal.
Surprise, Ariz. — Cushman & Wakefield has arranged the sale of Mountain Vista Plaza, a retail center located in Surprise. An entity formed by Boarder Capital sold the asset to Canada-based MIRAJH LLP for $14.1 million. Located at the southwest corner of Bell and Reems roads in Surprise, Mountain Vista Plaza features 64,071 square feet of retail space. Built in 2006, the fully redeveloped property is 93.5 percent occupied. Planet Fitness is the anchor tenant. Ryan Schubert and Michael Hackett of Cushman & Wakefield handled the transaction.
Morton Grove, Ill. — Adelphia Properties has arranged the sale of an 8,020-square-foot retail building in Morton Grove for an undisclosed price. The property is situated on one acre at 9300 Waukegan Road near Skokie, Illinois. Gail’s Carriage Grove, a restaurant and pancake house, is a tenant at the property. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a private Chicago-based real estate investor. A local private buyer purchased the asset.
Harahan, La. — Regency Centers has sold Elmwood Oaks Shopping Center, a 136,284-square-foot retail center in Harahan, for $15 million. Academy Sports + Outdoors and Dollar Tree anchor the property, which was 96 percent leased at the time of sale to tenants including Lumber Liquidators and AutoZone. Elmwood Oaks is located at 800 S. Clearview Parkway, eight miles west of downtown New Orleans. Kyle Stonis, Pierce Mayson and Steve Miskew of SRS represented the seller in the transaction. The buyer was Property Commerce Dividend Fund LP.
Stoughton, Mass. — RK Centers has acquired a shopping center in Stoughton, located approximately 20 miles south of Boston, for $19.5 million. A 59,987-square-foot Stop & Shop grocery store anchors the 79,300-square-foot center, which also houses tenants such as Bank of America, Care Central Urgent Care and Andrade’s Liquors. Nat Heald, Chris Angelone and Jessica Dowd of JLL represented the seller, Katz Properties Retail, in the transaction.
Woonsocket, R.I. — CVS Health (NYSE: CVS) plans to close 22 underperforming drugstores during the first quarter of 2020. In its third quarter results of 2019, the Rhode Island-based drugstore giant reported a 36.5 percent increase in revenue from $47.3 billion in 2018 to $64.8 this year. During 2018, CVS closed 46 underperforming stores and acquired health insurance and Medicare company Aetna (NYSE: AET) for approximately $70 billion. The integrated companies moved forward with major asset redevelopments, including a “hub-and-spoke” model wherein smaller retail stores function as outposts for central …
Chicago — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the borrower.
Orange, Calif. — Newmark Knight Frank (NKF) has negotiated the sale of a single-tenant retail property located at 1809 W. Chapman Ave. in Orange. A Southern California-based family trust acquired the property from Orange County, California-based Adray Plaza for $8.8 million in a 1031 exchange. Fresenius Medical Care, a dialysis clinic, occupies the 21,000-square-foot property on an absolute, triple-net lease basis. Glenn Rudy and Rob Ippolito of NKF represented the seller, while Matthew Graham of Graham & Associates represented the buyer in the deal.
Long Beach, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of high-street, multi-tenant retail property located at 5354 E. Second St. in Long Beach’s Belmont Shore neighborhood. A Jackson, Wyoming-based private investor sold the asset to a Long Beach-based private investor for $5 million. Built in 1952, the two-story building features 8,991 square feet of retail space. At the time of sale, the property was 100 percent leased. Current tenants include Arthritis National Research Foundation, Jonnum Media, The Flynn Group and FEA Consulting. Kevin Fryman, Carlos …
Kansas City, Mo. — Linwood Investors LLC has broken ground on its $8 million redevelopment of Linwood Square, a blighted retail strip center in the Linwood-Prospect corridor on Kansas City’s east side. The project complements the redevelopment of the Linwood Shopping Center, which the company completed in 2017. Linwood Square is a 55,000-square-foot property originally built in 1992. Project plans call for new exterior facades and roofing as well as energy-efficient HVAC, LED lighting and an interior redesign. Project funding comes from public incentives and private financing. The public improvements …
