Cole Real Estateacquired a portfolio of 32 Albertson’s grocery store properties in an all-cash, sale-leaseback transaction for $266 million from Albertson’s LLC.
The 32 grocery stores, totaling 1.9 million square feet, are located in key markets in Arizona, New Mexico, Colorado, Texas and Louisiana. The properties are subject to recently signed 20-year individual NNN leases that also include renewal options.
“We are thrilled to execute a sale-leaseback transaction of this caliber and acquire such an attractive portfolio of assets, which are in-line with our disciplined investment parameters; income-producing core retail properties that are leased to nationally recognized, quality tenants under long-term net leases,” said Kim Kundrak, chief acquisitions officer for Cole.
Mark Manheimer, director of acquisitions, represented Cole in the transaction. Chris Hoffmann of Eastdil Secured represented the seller.
Saul buys Rockville, Md. Shopping Center
Saul Center acquired the 20,509-square-foot Shoppes on the Pike in Rockville, Md., from JBG Rosenfeld Retail Properties for $15.05 million, or about $746 per square foot.
The property is fully leased with. Holliday Fenoglio Fowler’s James Meisel and Stephen Potts represented JBG.
RECA Holdings 89 LLC acquired the 12,426-square-foot Clock Tower Plaza in San Diego for $3.15 million from Sonic Investments LLC. Sonic was represented by Justin Earley and Matt LoPiccolo and RECA was represented by Witt Properties Inc. The one story strip center was constructed in 1988 on 0.57 acres and was 62 percent vacant at the time of sale. The tenants include Naked Pizza, Paris Nails, Bahia Grill and Lucky Donut.
NorthMarq’s Denver regional office arranged a permanent loan of $7.25 million for North Oak Marketplace in Kansas City, Mo. The 154,651-square-foot center, built in 1970 and remodeled in 2004, consists of one, one-story building whose major anchors are Price Chopper, Goodwill Industries and Big Lots. Other tenants include Cici’s Pizza, Jackson Hewitt and Quizno’s, to name several. John M. Stewart, Senior Vice President; and Brock Yaffe, Investment Analyst, arranged the financing for the borrower.
Agree Realty Corp. acquired a property ground leased on a long-term basis to PNC Bank in Antioch, Ill., for $2.78 million. PNC Bank has approximately 28.5 years remaining on the base term of the lease.
Colliers International directed the sale of an 8,189-square-foot retail building located in Valencia, Calif., to Performance Cyclery, a private bicycle retailer, for an undisclosed amount. Zeke Patterson, along with John Erickson, senior vice president in Colliers International’s Valencia office, represented the buyer. \Kevin Fenenbock, senior vice president in Colliers International’s Valencia office, along with John Cserkuti and Bert Abel, both with NAI Capital, represented the seller, MDI Cinema Drive LLC.