A joint venture of Vestar and UBS Global Asset Management acquired Riverside Plaza, a 475,211-sq.-ft. retail center in Riverside, Calif., from Westminster Funds for $84.84 million in an all-cash transaction.
The property is currently 92 percent leased. Vons Supermarket, Trader Joes, CVS Pharmacy and Regal Cinemas Stadium 16 anchor the center. Other tenants include Forever 21, Chico‚Äôs, JoS A. Bank, El Torito, California Pizza Kitchen, Islands Burgers, Chase Bank, Panera Bread, Chipotle, Wendy‚Äôs and El Polo Loco.
Bryan Ley, Ryan Gallagher, John Crump and CJ Osbrink, of HFF, represented the seller in the transaction. Vestar represented itself.
DRA Advisors and RED Legacy Acquire The Streets of Brentwood for $72.1M
A partnership of DRA Advisors LLC and RED Legacy purchased The Streets of Brentwood, a 305,428-sq.-ft. lifestyle center in Dallas, from Brentwood Specialty Center LLC for $72.1 million. The sale also included a parcel of land approved for Phase II of development and 110,000 sq. ft. of additional retail space.
A 14-screen Rave Theater anchors the property. Other tenants at the center include REI, Banana Republic, DSW, Ulta Cosmetics, Ann Taylor and Jos A. Bank.
Alfred Hackbarth, of SRS Real Estate Partners, represented the seller in the transaction and procured the buyer.
W. P. Carey Pays $25M for Portfolio of Five Net Leased Walgreens Stores
W. P. Carey & Co. LLC acquired five Walgreens stores totaling 74,100 sq. ft. for approximately $25 million. The properties include stores in Virginia Beach, Va., Florence, Ala., Snellville, Ga., Concord, N.C. and Rockport, Texas.
‚ÄúThe five properties acquired are leased to an investment grade tenant and represent a solid income-generating investment,‚ÄĚ said W. P. Carey Managing Director and Co-Head of Global Investments Gino Sabatini in a statement. ‚ÄúThe addition of these facilities to our portfolio is consistent with our investment objectives, providing the potential for appreciation over the longer term as well as an attractive current yield.‚ÄĚ
HFF Arranges $23.2M in Acquisition Financing for Scottsdale Horizon
HFF arranged a $23.2 million loan on behalf of a private real estate fund advised by Crow Holdings Capital Partners for the acquisition of Scottsdale Horizon, a 154,766-sq.-ft. neighborhood shopping center in Scottsdale, Ariz. A correspondent life insurance company provided funding for the loan, which features a fixed interest rate and a five-year term.
The property was completed in 1997 and is currently 95 percent leased. Safeway and CVS/Pharmacy anchor the center. Other tenants include Chase Bank, H&R Block, Supercuts, Massage Envy, Jack in the Box, Panda Express and Bank of America.
Paul Brindley, of HFF, negotiated this transaction. HFF will also service the loan.
Hawthorne Retail Partners Buys North Carolina Center for $22.25M
Hawthorne Retail Partners acquired Pinecrest Plaza, a 280,000-sq.-ft. shopping center in Southern Pines, N.C., for $22.25 million.
The center is 99 percent leased. Hawthorne Retail plans to complete a renovation at the property, including fa√ßade and landscaping enhancements.
Private Investor Buys San Dimas Station in California for $15.75M
Marcus & Millichap Real Estate Investment Services negotiated the sale of San Dimas Station, a 148,958-sq.-ft. shopping center in San Dimas, Calif., to a local private investor for $15.75 million.
The shopping center was completed between 1986 and 1987. Tenants at the property include 99 Cents Only, Baskin Robbins, Furniture Depot and Zendejas Mexican Restaurant.
Alan Krueger and Richard Longobardo, of Marcus & Millichap, represented the buyer in the transaction.
NorthMarq Secures $21.45M Loan for New York Shopping Center
NorthMarq Capital arranged a $21.45 million first mortgage for a 124,000-sq.-ft. retail property on Sunrise Highway in Patchogue, N.Y. A life insurance company provided funding for the loan, which features a 10-year term and a 20-year amortization schedule. It was a take-out of the existing construction loan for the renovated property.
The site formerly housed a Home Depot. It currently features Raymour Flanigan and Shop Rite as tenants. Zachary Rechler and Ernest DesRochers, of NorthMarq, negotiated this transaction.
In an unrelated transaction, NorthMarq arranged a $14.75 million mortgage to refinance Conejo Valley Plaza II, a 90,855-sq.-ft. retail center in Thousand Oaks, Calif. A life insurance company provided funding for the loan, which features a 20-year term and a 20-year amortization schedule. Ralphs, Jo-Ann Fabric and Bank of America occupy the center.
Michael Elmore, of NorthMarq, negotiated this transaction.
NorthMarq also arranged a $13.5 million loan to refinance Wheat Ridge Marketplace, a 103,438-sq.-ft. retail center in Wheat Ridge, Colo.
The center was completed between 1966 and 1996. Safeway anchors the property, with other tenants including McDonalds, Burger King, J.P. Morgan Chase and Baskin Robbins.
John M. Stewart and Ilan Reissner, of NorthMarq, negotiated this transaction.
Fresno CVS Sells at Record Low Cap Rate of 5.25%
Hanley Investment Group Real Estate Advisors negotiated the sale of an 11,800-sq.-ft. single-tenant CVS/Pharmacy in Fresno, Calif. to a private investor for $5.24 million. The transaction closed at a cap rate of 5.25 percent, the lowest cap rate in the country paid for a CVS store.
The freestanding building was completed in 2010.
Timothy A. Genske, of Cypress Retail Group, represented the buyer in the transaction. Eric P. Wohl, of Hanley Investment Group, represented the seller.
Other Notable Deals
CBRE|Raleigh negotiated the sale of four corporate-run Bojangles‚Äô restaurants in South Carolina for $7.465 million. Joe Graham, of CBRE|Raleigh, represented the buyer in the transaction.
CBRE negotiated the sale of a fee simple ground leased Taco Bell restaurant in Ontario, Calif. for $2.06 million. The price works out to $890 per sq. ft. The deal closed at a current cap rate of 4.37 percent. Taco Bell has occupied the building since 1989 and recently signed a 20-year renewal lease. John Read, Philip D. Voorhees, Patrick Toomey and Megan Read, of CBRE, represented the seller in the transaction.
An affiliate of North American Development Group acquired Northline Commons, a 478,584-sq.-ft. power center in Houston, Texas for an undisclosed amount. Ross Dress for Less, Marshalls, Office Depot, Burlington Coat Factory, Conn‚Äôs, Palais Royal and Shoe Carnival anchor the property. Rusty Tamlyn, of HFF, represented the seller in the transaction.
Berenson Associates sold Northline Commons, a 478,584-sq.-ft. power center in Houston, Texas, to an affiliate of North American Development Group. The center was completed in 2009 and is currently 86 percent leased. Marshalls, Ross Dress for Less, Burlington Coat Factory, Conn‚Äôs and Palais Royal anchor the property. Rusty Tamlyn and Ryan West, of HFF, represented the seller in the transaction. Stephen Preston represented the buyer.