Regency Centers Corp. closed the acquisition of Balboa Mesa Shopping Center, a 189,321-sq.-ft. grocery-anchored shopping center in San Diego, from Balboa Realty LLC for $59.5 million.
The center was completed in 1969. Vons, Kohl’s and CVS/Pharmacy anchor the property, which is currently 95 percent leased.
“Balboa Mesa fits Regency’s standards for a dominant shopping center, including infill location, market-leading anchors and population density,” said Howard Overton, vice president of transactions for Regency Centers. “Located in the core market of San Diego, this center complements Regency’s premier portfolio of centers nationwide.”
Private Fund Pays $17.9M for Whole Foods Center in Fort Collins
A private real estate fund advised by Crow Holdings Capital Partners L.L.C. purchased The Whole Foods Center, a 68,334-sq.-ft. retail property in Fort Collins, Colo., from a private investor for $17.9 million.
The property is 100 percent occupied by two tenants: Whole Foods and Wilbur’s Total Beverage. The seller originally purchased the asset in 2006.
Bryan Ley, Barry Brown and John Crump, of HFF, represented the seller in the transaction.
H&R REIT Buys Regency Village in Orlando for $16M
H&R REIT bought Regency Village, an 83,167-sq.-ft. shopping center in Orlando, Fla., from Cohen Commercial Properties for $16 million.
Publix Supermarket and Outback Steakhouse anchor the center. The property was 97 percent occupied at the time of the sale.
Michael Cleeman, of Cohen & Co., represented the buyer in the transaction. Helen Putterman represented the seller.
Phillips Edison Buys Sarasota Shopping Center for $11.6M
Phillips Edison—ARC Shopping Center REIT Inc. bought the Publix at Northridge, a 65,320-sq.-ft. grocery-anchored shopping center in Sarasota, Fla., from a joint venture led by Kimco Realty Corp. for $11.6 million.
The center was completed in 2003. It is currently 84 percent leased.
Danny Finkle, Brad Peterson, Luis Castillo and Kim Flores, of HFF, represented the seller in the transaction.
Wells Fargo-Occupied Net Lease Asset in Phoenix Sells for Record-Breaking Price of $2,231 Per SF
TradeCor LLC sold a single-tenant 4,100-sq.-ft. triple-net leased Wells Fargo Bank in Phoenix to 8155th Ave. LLC for $9.15 million. The price works out to $2,231 per sq. ft., the highest price paid this year for any bank-occupied property nationwide. The transaction also featured a cap rate of 4.17 percent, the lowest cap rate for a bank-occupied building in 2012.
The building was built in 2008 and sits on 43,037 sq. ft. of land. Wells Fargo has 16 years remaining on its lease, which features built-in 3 percent annual rent escalations.
Jereme Snyder and Eric Carlton, of Colliers International, represented the seller in the transaction. Andrew Greenberg, of ERG Property Advisors, represented the buyer.
Other Notable Deals
A Canadian private fund bought County Line Plaza, a 75,640-sq.-ft. grocery-anchored shopping center in Philadelphia, from a local operator for $9.6 million. The property was 100 percent occupied at the time of sale. A&P’s Food Basics concept and Big Lots anchor the center. Brad Nathanson and Steve Siegel, of Marcus & Millichap Real Estate Investment Services, negotiated this transaction.
Winick Realty Group LLC negotiated the sale of a 17,676-sq.-ft. retail property at 80 Jamaica Ave. in Brooklyn for $3.2 million. The transaction closed at a cap rate of 5.3 percent. The building houses a Citibank branch location on the ground floor. Zach Mishaan, of Winick Realty, represented the buyer in the deal. Ken Zakin, Hymie Dweck and Randall Liberman, of Newmark Grubb Knight Frank, represented the seller.
Ziff Properties Inc. purchased Franklin Shopping Centre, a 31,400-sq.-ft. shopping center in Lenoir City, Tenn. from U.S. Bank for $2.25 million. Aaron’s Rental and Dollar Tree anchor the property. Christian Chamblee, of Ziff Properties, along with Ean Moffett and Ben Sullivan, of Holrob Commercial, represented Ziff in the transaction.
Quantum Real Estate Advisors Inc. negotiated the sale of a 6,800-sq.-ft. O’Reilly Auto Parts store in Richmond, Texas for $1.187 million. The transaction closed at a cap rate of 6.5 percent. O’Reilly Auto Parts has almost 20 years remaining on its lease. Jordan Kaufman, of Quantum Real Estate Advisors, represented the buyer in the deal. Quantum also negotiated the sale of a vacant freestanding 6,520-sq.-ft. Blockbuster Video store in Cary, Ill to a local Meineke franchise for $825,000. Jordan Kaufman, of Quantum, and Peter Caruso, of Mid-America, represented the seller in the transaction. Ryan Samuelson, of Corcoran Commercial Real Estate, represented the buyer.
Marcus & Millichap Real Estate Investment Services negotiated the sale of a 4,900-sq.-ft. Sheetz store in Mansfield, Pa. to a private investor for $840,000. The building was completed in 2011. Sheetz has a 15-year triple-net lease for the property, with built-in 10 percent rent escalations every five years. Michael Shover and Matthew Gorman, of Marcus & Millichap, represented both parties in the transaction.