Stoltz Real Estate Partners bought Deer Springs Town Center, a 512,325-sq.-ft. community shopping center in Las Vegas, from Regency Centers Corp. for $50.5 million.
Regency completed Deer Springs Town Center in 2009. Home Depot, Toys ‘R’ Us, Babies ‘R’ Us, Ross Dress for Less, PetSmart, Staples and Michaels anchor the property. The center also houses a 143,160-sq.-ft. tenant-owner Target, which was not included in the sale. In-line tenants at Deer Springs Town Center include AT&T, In-N-Out, Pacific Dental, Nevada Federal Credit Union, Verizon Wireless and State Farm Insurance.
Lucescu Realty represented both parties in the transaction.
“It’s an institutional quality piece of real estate, built by one of the premier real estate investment and development companies in the U.S.,” said Mark Lucescu, president of Lucescu Realty, in a statement. “Regency did a great job assembling the land, lining these tenants up and built a great center. Stoltz should do well with this acquisition as they continue their pursuit of high quality commercial real estate assets throughout the Las Vegas Valley.”
Kite Realty Pays $39M for Indianapolis Shopping Center
Kite Realty Group Trust acquired Castleton Crossing, a 280,000-sq.-ft. shopping center in Indianapolis, for $39 million, exclusive of closing costs.
Castleton Crossing is 100 percent leased. TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival anchor the center.
“Castleton Crossing is an excellent addition to our retail portfolio, reflecting our continued success in acquiring high quality shopping centers in off-market transactions,” said Kite Realty Group Chairman and CEO John A. Kite in a statement. “This property is located at one of the premier intersections in Indianapolis.”
NorthMarq Capital Arranges CMBS Loan to Refinance Simi Valley Promenade
NorthMarq Capital arranged an $11.85 million loan to refinance Simi Valley Promenade, an 82,333-sq.-ft. retail center in Simi Valley, Calif. The CMBS loan features a 10-year term and a 30-year amortization schedule.
Albertson’s grocery store anchors the property.
NorthMarq’s David Blum negotiated this transaction.
Walker & Dunlop Helps Finance Mixed-Use Property in Florida
Walker & Dunlop Inc. provided a $53.09 million loan to Taplin Development Co. for the Falls at Marina Bay, a mixed-use development in Fort Lauderdale, Fla.
The property contains 376 apartment units, a 9,000-sq.-ft. office building and a 10,000-sq.-ft. clubhouse. Walker & Dunlop’s David Gahagn negotiated this transaction.
Other Notable Deals
N. D. Dinh Tran Trust purchased Saigon Plaza, a 33,074-sq.-ft. retail center in Garden Grove, Calif., from Westgrove Plaza for $8.5 million. Tom Nguyen, of NAI Capital, negotiated this transaction.
Kierland Village Center LLC, an affiliate of A&C Properties, purchased part of the Village at Surprise, a 115,613-sq.-ft. neighborhood shopping center in Surprise, Ariz., from PWDAF Belland Litchfield LLC for $6 million. The 27,205-sq.-ft. purchase property does not include the Kohl’s anchor space. The Village at Surprise was completed in 2004. Tenants at the center include Sears Home Appliance, Edible Arrangements, H&R Block, Payless Shoesource, Sports Clips and UPS Store. Ryan Schubert and Michael Hackett, of Cassidy Turley, represented the buyer in the transaction. CBRE represented the sellers.
Cliffwood Capital bought Cornet Plaza, a 26,538-sq.-ft. strip center in Henderson, Nev., from a private insurance company for $2.4 million, or $90 per sq. ft. The center was purchased out of REO. It was completed in 2006 and was 51 percent occupied at the time of the sale. Tenants at the center include Papa John’s Pizza, Hammer’s Grill & Bar, Aqua Salon and Horizon Sun Tanning, Capriotti’s Sandwich Shop and Mom’s Cleaners. James J. Mitterlehner, of American Realty Group, represented the buyer in the transaction. Carlos Lopez, of Hanley Investment Group Real Estate Advisors, represented the seller.
Luttner Real Estate Investment Services negotiated the sale of a 6,890-sq.-ft. strip center in Lewis Center, Ohio for $1.9 million, or $276 per sq. ft. The center was 100 percent occupied at the time of the sale. Starbucks, Verizon and Pizza Hut occupy the property.
Jeffrey R. Anderson Real Estate Inc. and a joint venture partner purchased The Shops at Pembroke Gardens, a 395,000-sq.-ft. open-air center in Pembroke Pines, Fla. In addition to serving as the managing partner in the joint venture, Anderson will provide leasing and property management services for the asset. Anderson co-developed The Shops at Pembroke Gardens in 2007. Tenants at the property include Banana Republic, Bebe, Sur La Table, Victoria’s Secret, Brio Tuscan Grill, The Cheesecake Factory, Brimstone Woodfire Grill and Village Tavern.
Midtown Shopping Center Associates acquired the land under Midtown Shopping Center, a 185,000-sq.-ft. shopping center in Los Angeles, plus two adjacent land parcels totaling 14.56 acres from Catellus Development Corp. Northmarq Capital provided financing for this transaction.
The Retail Connection L.P. and an affiliate of North American Development Group entered into a partnership to acquire a 119,480-sq.-ft. former Target building in San Antonio, Texas from the Target Corp. The building is part of The Concourse shopping center.