Regency Centers Corp. bought Uptown District Shopping Center, a 148,638-sq.-ft. mixed-use center in San Diego for approximately $81 million. The sale marked the largest retail transaction in San Diego County in 2012.
Uptown District Shopping Center is located in the in-fill Hillcrest neighborhood. Tenants at the property include Ralphs, Trader Joe’s, Wells Fargo, Panera Bread and Starbucks, among others.
Alvin Mansour and his team, of Marcus & Millichap Real Estate Investment Services, negotiated this transaction.
“The sale of Uptown District Shopping Center exemplifies the unwavering demand for trophy assets in major metropolitan markets,” said Mansour in a statement. “Although there has been an overall uptick in sales volume for retail properties, the increase in demand for multi-tenant properties has been magnified in the grocery anchored segment. We are confident that Regency Centers will continue the historical success associated with the ownership of a nationally recognized class-A asset.”
ROIC Acquires Four Shopping Centers in $114M Off-Market
Retail Opportunity Investments Corp. (ROIC) bought a portfolio of four shopping centers totaling approximately 444,000 from a Southern California family for $114 million in an off-market transaction. ROIC is funding the acquisitions with borrowings under its unsecured credit facility.
“The shopping centers are well-located at major intersections within densely populated communities, which we know extremely well, and are an excellent strategic fit with our current Southern California portfolio,” said ROIC President and CEO Stuart A. Tanz in a statement. “The four shopping centers represent a balance of stable cash flow, derived from well-established anchor retailers and numerous value-added growth opportunities.”
Sterling Org. Closes Retail Acquisition Fund With $138M in Equity
Sterling Org. closed its first fund Sterling Value Add Partners LP with total capital commitments of $138 million. With leverage, the fund will have more than $400 million in buying power. Sterling Value Add Partners LP will target fundamentally sound grocery-anchored shopping centers and power centers in major markets with dense populations, high barriers to entry and low anchor rental rates.
H&R REIT purchased The Shoppes at Mission Trace, a 61,000-sq.-ft. neighborhood shopping center in St. Augustine, Fla., for $8.91 million. The center was completed in 2009 and is 93 percent leased. Publix anchors the property. AT&T Wireless and China Wok make up some of the other tenants. Cliff Taylor, of CBRE, negotiated this transaction.
The Boulder Group negotiated the sale of an 11,945-sq.-ft. net leased CVS property in Bogalusa, La. for $4.8 million. The property was completed in 2007. CVS has 20 years remaining on its lease. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the buyer in the transaction. The Boulder Group also negotiated the sale of a 9,600-sq.-ft. net leased Dollar General property in Lake Worth, Fla. for $1.382 million. Dollar General has nine years remaining on its lease term. Randy Blankstein and Jimmy Goodman represented both parties in the transaction.
Olympic Harbor Investment Corp. bought a single tenant restaurant located on a 2.4-acre site in West Covina, Calif. for $4.2 million. Patrick Barnes and Peter Spragg, of Colliers International, represented the seller in the transaction.
Southgate Mall LLC, an affiliate of CCA Acquisition Co. and Kornwasser Shopping Center Properties, bought Southgate Mall, a 208,976-sq.-ft. regional center in Yuma, Ariz., from MidFirst Bank for $4.12 million. The property was completed in 1973 and expanded in 2009/2010. At the time of the sale, it was 62 percent occupied. Bob Young, Glenn Smigiel, Steve Brabant, Rich Abraham and Nancy Romanovsky, of CBRE, along with Tom Pancrazi, of A.T. Pancrazi Real Estate Services, represented the seller in the deal.
Sungate Partners LLC bought a 1,520-sq.-ft. single-tenant Starbucks with a drive-thru in Stuart, Fla. for $1.25 million. The property was built in 2004. Todd Weintraub, Charlie Manuel and David Donnellan, of CBRE, negotiated this transaction.
Tremont Capital Corp. and Cedar Rapids Properties Inc. sold Westdale Mall, a 743,369-sq.-ft. retail center in Cedar Rapids, Iowa. JC Penney and Younkers anchor the property. Kris Cooper and Margaret Caldwell, of Jones Lang LaSalle, represented the sellers in the transaction.
Bentall Kennedy bought Parkway Village, a 132,260-sq.-ft. grocery-anchored shopping center in Houston, Texas. The center was completed in 2000 and is 97 percent leased. Kroger anchors the property. Other tenants include Walgreens, La Madeleine, GNC, State Farm and Hallmark. Rusty Tamlyn and Ryan West, of HFF, negotiated this transaction.
Robb Capital Associates LLC and Better Commercial Mortgage Inc. arranged a $27.75 million loan for Prewitt’s Point, a 100,000-sq.-ft. retail center in Osage Beach, Mo. The non-recourse loan features a fixed 4.34 percent interest rate, a 10-year term, a 30-year amortization schedule and 75 percent LTV.
Tennis Express bought a 40,777-sq.-ft. former Syms store in Houston, Texas for an undisclosed amount. Jamie Weaver, of Baker Katz, an X Team International partner, represented the seller in the transaction. Lispah Hogan, of Newmark Grubb Knight Frank, represented the buyer.
Hunington Properties Inc. negotiated the sale of two 13,905-sq.-ft. Walgreens drug stores, located in Houston and Arlington, Texas. Todd A. Carlson and Sandy Aron represented the seller in the transaction.