DDR Corp. purchase Tucson Spectrum Shopping Center Phase I and II in Tucson, Ariz. from an affiliate of Barclay Group and Creswin Properties Inc. for $125.4 million. The price works out to $177 per sq. ft.
The property features 709,911 sq. ft. of space and seven developable finished retail pads. Tenants at the center include Target, Home Depot, Ross, PetSmart, Marshalls, Michaels, J.C. Penney, Best Buy, Old Navy, Bed Bath & Beyond, Harkins Theatres and LA Fitness.
Jan Fincham and Patrick Dempsey, of Lee & Associates, represented the seller in the transaction.
“This transaction is the culmination of over a decade of meticulous planning and development,” said Scott T. Archer, managing director of Barclay Group, in a statement. “Our partners, relationships and company’s dedication were essential in creating this institutional quality asset. With the stabilization of the center and the improvement in market conditions, it proved to be an opportune time to sell. With DDR’s reputation and proven track record, they provide a natural fit to ensure the future success of Tucson Spectrum.”
Katz Properties Buys Two Centers in Mid-Atlantic for More Than $48M
Katz Properties acquired Festival Shopping Center, a 117,000-sq.-ft. grocery-anchored shopping center in Manassas, Va., for $15.75 million and East River Park Shopping Center, a 150,000-sq.-ft. retail property in Washington, D.C. for $33.65 million in two separate transactions.
Festival Shopping Center is currently 100 percent occupied. Global Food anchors the center. Other tenants include Potbelly Sandwich Shop and Jo-Ann Fabric & Craft Store. The property was purchased for all cash.
East River Park is approximately 97 percent occupied. Safeway serves as anchor for the center. Other tenants include CVS and Citibank. Jackson National Life Insurance Co. provided mortgage financing for the center.
R. William Kent and Gary S. Lawrence, of CBRE, represented the buyer and the seller in both transactions.
Other Notable Deals
HFF arranged a $6.3 million acquisition loan on behalf of IRA Realty Capital for a 60,283-sq.-ft. retail portfolio located in Pensacola and Orlando, Fla. The portfolio includes Pensacola Marketplace, a 49,768-sq.-ft. fully-leased power center completed in 2008, and a 10,515-sq.-ft. fully-leased freestanding strip center in Orlando. Citigroup Global Markets-CMBS provided the loan, which features a fixed 4.87 percent rate and a 10-year term. John Chun, of HFF, negotiated this transaction.
Colliers International negotiated the sale of a 7,487-sq.-ft. freestanding restaurant building and 32,313 sq. ft. of land in Encino, Calif. to a private investor for $5.3 million. The price works out to $707 per sq. ft. for the building and $164 per sq. ft. for the land. The property is currently vacant. Jeff Gould and Brock Burnett, of Colliers International, represented the seller in the transaction. Rob Ippolito, of Cushman & Wakefield, represented the buyer.
Capstone Advisors purchased a four-building, 57,893-sq.-ft. showroom retail and industrial flex development in Palm Desert, Calif. for $4.35 million. The project is currently 76 percent leased. Wilson Johnson Commercial Real Estate represented both the buyer and the seller in the transaction.
Quantum Real Estate Advisors negotiated the sale of a 44,597-sq.-ft. shopping center in Shorewood, Ill. to a private investor for $3.6 million. Tenants at the center include HomeGoods, Payless, Sally Beauty Supply, Cold Stone Creamery, Great Clips, Manpower and Wine Styles. Chad Firsel, of Quantum Real Estate, represented both parties in the transaction.
R&M Realty Co. sold a 10,125-sq.-ft. single-tenant net-leased CVS property in Bainbridge, Ga. to an affiliate of Cole Real Estate Investments for $2.4 million. The building was completed in 1999. Sean Patrick and Jason Powell, of Ackerman & Co., represented the seller in the transaction. Chad Adams represented the buyer.
Charles Dunn Co. negotiated the sale of a two-building, 5,678-sq.-ft. retail property at 6350-6380 N. Long Beach Blvd. in Long Beach, Calif. to a private investor for $1.627 million in a 1031 exchange transaction. The sale closed at a cap rate of 8.4 percent. Golden Burger and London Liquor occupy the property. Ramin Gheitanchi, of Charles Dunn, represented the buyer in the transaction. Kevin Fryman, of Hanley Investment Group, represented the seller.