Excel Trust bought Stadium Center, a 421,126-sq.-ft. community shopping center in Manteca, Calif., from Kitchell Development Co. for $41.15 million.
Stadium Center was completed in 2007. The property is currently 96.3 percent leased. Costco, Kohl’s, Ross Dress for Less, OfficeMax, Old Navy and Jo-Ann Fabrics anchor the center. In-line tenants include Dress Barn, Famous Footwear, Chili’s, Maurice’s, rue 21, Justice, Round Table Pizza, Payless ShoeSource, Verizon Wireless, Panda Express, Starbucks, GameStop, Jamba Juice, Subway and Supercuts.
Lucescu Realty negotiated this transaction.
Newport Capital Partners Pays $31.63M for Suburban Chicago Shopping Center
Newport Capital Partners, on behalf of Newport Capital Fund I, purchased Danada Square East, a 202,036-sq.-ft. grocery-anchored shopping center in Wheaton, Ill., from CBRE Global Investors for $31.625 million.
Dominick’s anchors the center. Other tenants include Petco, MC Sports, Bedding Experts and Blick Art Materials.
Ben Wineman and Stan Nitzberg, of Mid-America Real Estate Corp., represented the seller in the transaction. The buyer represented itself.
In another deal, Newport Capital Partners bought a 52,806-sq.-ft. retail property at 2301-15 North Clark St. in Chicago from a partnership of ACG Equities and Purinton Development. The building is 100 percent leased. Keely Polczynski, of CBRE, represented the sellers in the transaction.
HFF Helps Finance Albany-Based ShopRite with $11.8M Loan
HFF arranged an $11.8 million acquisition loan on behalf of The Hampshire Cos. for a 65,000-sq.-ft. freestanding ShopRite store in Albany, N.Y. A life insurance company provided funding for the loan, which features a fixed interest rate and a seven-year term.
The store was completed in 2012 and is fully leased to the Wakefern Corp., which operates ShopRite.
HFF’s Michael Klein and Jon Mikula negotiated this transaction.
Ohio Sam’s Club Sells for $145 PSF
Marcus & Millichap Real Estate Investment Services negotiated the sale of a 147,771-sq.-ft. freestanding triple-net leased Sam’s Club in Brooklyn, Ohio for $21.425 million. The price translates to $145 per sq. ft.
Sam’s Club has 5.5 years remaining on its base lease term, with three five-year extension options remaining and a percentage rent increase clause tied to the store’s gross sales.
Marcus & Millichap’s Scott Wiles, Erin Patton and Craig Fuller negotiated this transaction.
In an unrelated deal, Marcus & Millichapnegotiated the sale of an 18,750-sq.-ft. retail building at 1441 Washington Ave. in Miami Beach for approximately $12.288 million, or $656 per sq. ft. American Apparel anchors the property.
Drew A. Kristol and Kirk Olson, of Marcus & Millichap, represented both parties in the transaction.
Realty Income Buys Florida-Based LA Fitness for $10.95M
Realty Income Corp. bought a 45,000-sq.-ft. LA Fitness at 1901 NW Federal Highway in Stuart, Fla. from Jensen Beach Investors LLC for $10.95 million.
The freestanding building was completed in 2010 and anchors the Windemere Pointe retail development.
David Donnellan and Todd Weintraub, of CBRE, represented the seller in the transaction.
Other Notable Deals
ASB Real Estate Investments’ Allegiance Fund, in a joint venture with Centurion Realty LLC, acquired a 9,366-sq.-ft. retail condominium at 465 Broadway in New York City. The space is fully leased to tenants including Bose, Vivienne Tam, Dermalogica and Wells Fargo.
Quantum Real Estate Advisors Inc. negotiated the sale of a 6,512-sq.-ft. retail property in Wheat Ridge, Colo. for $2.75 million. The property is 100 percent leased to Starbucks and Pet Club. Quantum’s Chad Firsel represented the buyer in the deal.