Whitestone REIT purchases Phase I of Pinnacle of Scottsdale, a 113,108-sq.-ft. class-A community center in North Scottsdale, Ariz. for $29 million. The transaction was originated off-market, and priced at a discount to replacement cost.
The center is 100 percent leased. Whitestone now owns five community centers in the North Scottsdale trade area.
“We are pleased to announce our seventh acquisition since September 2010, bringing our total to eight properties in the greater Phoenix market,” said Whitestone Chairman and CEO James C. Mastandrea in a statement. “We believe that the North Scottsdale market, which is showing signs of recovery from the recession, is a great hedge against inflation, particularly the purchases we have made at significantly discounted prices for properties with in-place cash flow.”
Equity One Inc. acquired Old Connecticut Path, an 80,198-sq.-ft. center in Framingham, Mass., for $23.2 million. The REIT plans to add the center to its joint venture with New York Common Retirement Fund.
The center is located in an area with 77,268 people living within three miles, where the average household income is $89,274 a year. Stop & Shop anchors the property.
The board of directors of General Growth Properties Inc. approved the spin-off of Rouse Properties Inc., its subsidiary.
The transaction will be completed using a pro rata taxable dividend of voting common stock of Rouse Properties held by GGP as of Jan. 12, 2012 to GGP’s stockholders of record as of Dec. 30, 2011. For every share of GGP common stock, the stockholders will receive approximately 0.0375 shares of Rouse Properties’ common stock. GGP expects that approximately 35.5 million shares of Rouse’s common stock will be outstanding immediately following the spin-off.
Rouse plans to trade on the New York Stock Exchange under the symbol RSE.
Cole Real Estatebought a portfolio of five CVS stores totaling 52,416 sq. ft. from a private investor for $11 million. The stores were part of a larger, 10-asset pool. Tom Lagos, Shawn Bakke and El Warner, of Colliers International, represented the seller in the transaction.
TNP Strategic Retail Trust Inc. acquired Summit Point Shopping Center, a grocery-anchored neighborhood shopping center in Fayetteville, Ga.
The center was completed in 2004. It is currently 88 percent leased. Publix Supermarkets anchors the property. Other tenants include Verizon Wireless, Subway, Wendy’s, Chase, Fantastic Sam’s and Curves.
Regency Centers sold Anthem Highlands Shopping Center, a 118,763-sq.-ft. retail property in Las Vegas, to Excel Trust for an undisclosed amount.
Albertsons Grocery and CVS Pharmacy anchor the property. In-line tenants include Bank of America, Wells Fargo Bank, Pizza Hut, Starbucks and Subway. Lucescu Realty represented both parties in the transaction.
Eden Group LLC sold a 50,000-sq.-ft. retail building in Hemet, Calif. to a private trust for $9.6 million in a 1033 exchange transaction. The transaction closed at a cap rate of 7.6 percent, reportedly the lowest cap rate paid for a single-tenant health club-occupied property in the U.S. since July 2008. LA Fitness occupies the building. Shaun Riley, of Faris Lee Investments, represented the buyer in the transaction.
MS Kearny CPB 3 LLC sold Margarita Center, a 60,390-sq.-ft. recent center in Murrieta, Calif. to Mon Mon LLC for $8.5 million. The center was completed in 2008. Fresh & Easy anchors the property. Todd Holley, of Voit Real Estate Services, represented the buyer in the transaction. John Read, Patrick Toomey and Phillip Voorhees, of CB Richard Ellis, represented the seller.
Pacific Coast Bankers’ Bank sold Pioneer Plaza, a 9,000-sq.-ft. strip center in Mesa, Ariz., to Dickinson-Phoenix 1 LLC for $845,000. The center was completed in 2006 and features seven retail units, five of which were occupied at the time of the sale. Paul Boyle, Rick Danis, Cliff Johnston, John Appelbe and Chris Hollenbeck, of Cassidy Turley BRE Commercial, represented the seller in the transaction. Ron Finkel, of AZ7 Real Estate, represented the buyer. In addition, Cassidy Turley negotiated the sale of Higley Village, a 44,484-sq.-ft. mixed-use center in Mesa from Meridian Bank to a private investor for $3.75 million. Higley Village was completed in 2007. It contains 22,527 sq. ft. of retail space, which was 31 percent occupied at the time of sale. Rick Danis, Paul Boyle, Ryan Schubert and Michael Hackett, of Cassidy Turley, represented the seller in the deal. Kevin Petersen, of Petersen Properties & Management Inc., represented the buyer.
Streetside Tampa LLC sold 8344-8406 Little Road, a 14,000-sq.-ft. shopping center in New Port Richey, Fla., to Atlantic Emerald Irrev Trust, for $3.2 million. The price represents $229 per sq. ft. The center was completed in 2007 and is 100 percent occupied. Tenants at the property include Papa Murphy’s, Planet Beach, Dunkin’ Donuts, T-Mobile, Shenanigan’s Irish Pub, The UPS Store and Firehouse Subs. Heidi Tuttle-Beisner, of Commercial Asset Partners, represented the seller in the transaction. Elliot Ross, of The Ross Realty Group, represented the buyer.
Buckner 3545 Associates LLC sold Buckner Boulevard Retail Center, a 12,814-sq.-ft. retail property in Virginia Beach, Va., to 130 London Bridge LLC for $2.7 million. Tenants at the center include Pollard’s Chicken and Allstate Insurance, among others. Chris Zarpas, of S. L. Nusbaum Realty Co., represented the buyer in the transaction. Timothy M. Finn, represented the seller.
Monroe Investment Partners LLC sold a triple net ground lease for a 16,750-sq.-ft. freestanding Aldi store into a private investor for $1.8 million. The building was completed in 2011 and comes with a rent increase of 10 percent every five years, with more than 18 years remaining on the initial lease term. Bill Wright, Tom Fritz and Mark Goldberg, of Mid America Real Estate Corp., represented the seller in the transaction.
Iberia Bank sold a 10,724-sq.-ft. retail center with a 12,000-sq.-ft. land outparcel in Fort Myers, Fla. to Central Line Properties LLC. The center was 50 percent occupied at the time of the sale. Subway and Mattress Firm occupy the property. The buyer has plans to develop the outparcel as a drive-thru retail venue. Karen Johnson-Crowther, of ColliersSouthwest Florida, represented the buyer in the transaction. The seller represented itself.