Retail Opportunity Investments Corp. bought Diamond Hills Plaza, a 139,314-sq.-ft. grocery- and drug-anchored neighborhood shopping center in Diamond Bar, Calif., from Sarofim Realty Advisors for $48 million in an all-cash transaction.
Diamond Hills Plaza is 99.4 percent leased. A Super H-Mart and a Rite-Aid Pharmacy anchor the center. Other tenants include Starbucks, Burger King, KFC, HSBC Bank, Pacific Dental and Flame Broiler.
Sarofim purchased the property in 2008 and completed a major renovation and repositioning.
Dixie Walker Charley Simpson and Tom Blake, of Cassidy Turley San Diego, represented the seller in the transaction.
Kite Realty Acquires Tennessee Shopping Center for $37.5M
Kite Realty Group Trust acquired Cool Springs Market, a 224,000-sq.-ft. shopping center in Franklin, Tenn., for $37.5 million, exclusive of closing costs.
The center is 95 percent leased. Dick’s Sporting Goods, Marshall’s, JoAnn Fabrics, Staples and Kroger anchor the property.
“Nashville is a new market for us that we are very excited to be entering as it aligns directly with our geographic strategy of growth cities in the Southeast, Midwest and Texas,” said Kite Realty Group Chairman and CEO John A. Kite in a statement.
Cole Entities Buy 12 Sunoco Gas Stations in $32M Deal
Entities managed by Cole Real Estate Investments bought a portfolio of 12 Sunoco fuel centers and convenience stores in Central and Southeast Florida from S & S Enterprises Inc. for $32 million.
The properties total 37,275 sq. ft. of space and are located in Lake Worth, West Palm Beach, Palm Beach Gardens, Merritt Island, Titusville, Cocoa, Palm City and Sebastian. All 12 properties recently received 20-year lease extensions.
Kyle Stonis, Pierce Mayson, David Holcombe and Blake Hunter, of SRS Real Estate, represented S & S Enterprises in the transaction. Dan Lovitz represented Cole in-house.
STORE Buys Two Oklahoma Garden Ridge Stores from W.P. Carey
STORE Capital bought two Garden Ridge retail stores in Oklahoma City, Okla. from W.P. Carey Inc. for $19.6 million.
Both properties are 100 percent leased, with absolute bondable triple net leases. The leases have 11.5 years remaining on their primary terms, with five-year renewal options.
Ken Hedrick, Andrew Ragsdale and Jerry Hopkins, of Stan Johnson Co., represented the seller in the transaction.
NorthMarq Arranges $18.25M CMBS Loan to Refinance Fort Worth Asset
NorthMarq Capital arranged an $18.25 million first mortgage to refinance Chapel Hill Shopping Center, a 200,000-sq.-ft. retail property in Fort Worth, Texas. A CMBS lender provided funding for the loan, which features a 10-year, interest-only term.
Tenants at the center include HEB Central Market, Container Store and World Market.
NorthMarq’s Phillip Bankhead negotiated this transaction.
Other Notable Deals
Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., arranged a $7.4 million loan to refinance a drugstore in Aliso Viejo, Calif. The loan features a 4.3 percent rate, with five years of interest only, a 10-year term and a 30-year amortization schedule. Mark One Capital’s Farhan Kabani negotiated this transaction.
Cohen Financial secured a $5.6 million loan for Troutdale Commons Shopping Center, a 39,261-sq.-ft. retail property in Portland, Ore. The loan features a 15-year term. The center is 100 percent occupied. Albertson’s anchors the property. Other tenants include Rite Aid and Walgreen’s.
An entity formed by A&C Properties Inc. bought Riggs Marketplace, a grocery-anchored neighborhood shopping center in Chandler, Ariz., from 436 Sterling LLCfor $5.05 million. The price works out to $276.85 per sq. ft. The property was 100 percent occupied at the time of closing. Ryan Schubert and Michael Hackett, of Cassidy Turley Arizona, represented the buyer in the transaction. Joe Cattaneo, of A&C Properties, and Tim Gunnick, of GDC/RE, represented the seller.
Oceanside Atlantic LLCbought six retail units in Pompano Beach, Fla. from Pompano Retail One North Ocean Blvd LLC for $1 million. The units are located on the ground floor of a residential high-rise and total 24,448 sq. ft. of space. Clinton Casey and Achikam Yogev, of Colliers International South Florida, represented the seller in the transaction. David Duckworth, of Avison Young, represented the buyer.