Cole Real Estate Investments acquired three single-tenant retail properties totaling 121,000 sq. ft. from Vornado Realty Trust for $23.2 million.
The properties include a 45,000-sq.-ft. Nordstrom Rack in Tampa, Fla. with eight years remaining on the tenant’s lease. Cole paid $12 million for the building. Cole also bought a 31,000-sq.-ft. building leased to PetSmart and Travis Credit Union in Merced, Calif. The company paid $5.4 million for the property. Cole also paid $5.8 million for a 45,000-sq.-ft. building leased to PetSmart and BevMo in Redding, Calif.
Chad Adams and Brian Garrigan represented Cole in-house. Sterling Champ, of CBRE, represented Vornado in the transaction.
CBRE Helps Sell, Refinance Raleigh Residential/Retail Property
CBRE helped arrange concurrent recapitalization and partial sale of Park & Market, a class-A+ residential and grocery-anchored retail property in Raleigh, N.C. on behalf of Kane Realty Co. Kane sold the multifamily portion of the asset to a fund managed by Dallas-based Crow Holdings Capital Partners. Simultaneously, Goldman Sachs Commercial Mortgage Capital L.P. provided a $22 million loan to refinance the retail portion of the property. Together, the two transactions are valued at more than $100 million.
Park & Market features 409 luxury apartments and 96,257 sq. ft. of retail space.
Malcolm McComb, Phil Brosseau, Mark Burkhard and Jeff Glenn, from CBRE’s investment sales division, along with Steve Heffner, Michael Riccio and Mark Fisher, from the firm’s debt and equity finance division, negotiated these transactions.
Arizona’s Depot Marketplace Sells for $11.2M
Depot Marketplace Investors LLC bought Depot Marketplace, a 91,461-sq.-ft. grocery-anchored shopping center in Prescott, Ariz., from Depot Marketplace Owners LLC for $11.2 million.
A portion of the center is located on the site of the town’s original downtown train depot. The property was redeveloped in 1991 and features such tenants as Walgreens, Staples, Starbucks and Chipotle Mexican Grill. It was 92 percent leased at the time of the sale.
Bob Young, Glenn Smigiel, Steven Brabant, Rick Abraham and Nancy Romanovsky, of CBRE, along with Bebe Wright, of Arizona Commercial, represented the seller in the transaction.
HFF Sells $11.5M Senior Mortgage Loan Secured by California Center
HFF arranged the sale of an $11.5 million senior mortgage loan secured by Green Valley Station, a 52,245-sq.-ft., drug-anchored retail center in Cameron Park, Calif. The loan was originated in 2006 to fund the construction of the property. It initially had a balance of $17.5 million, but was later modified to $15.8 million.
Green Valley Station was completed in 2007. It is currently 69 percent leased to tenants including CVS, Starbucks, El Dorado Fitness and Sears Hometown Store.
Nicholas Bicardo, Gerry Rohm and Daniel O’Donnell, of HFF, represented the seller in the transaction.
Other Notable Deals
Westwood Financial Corp. bought Wesleyan Station, an 86,631-sq.-ft. retail center in Macon, Ga., from a private seller for $8.9 million. Wesleyan Station was completed in 1986 and remodeled in 1998 and 2009. Tenants at the property include Kroger, Tuesday Morning, Starbucks, El Sombrero Mexican Restaurant, Cricket Wireless, ASP Pool Spa, LaBerry Yogurt and Macon Crossfit. Chris Decoufle and Craig Taylor, of CBRE, represented the seller in the transaction. Westwood also sold Pacific Plaza Shopping Center, a 49,901-sq.-ft. shopping center in Ontario, Calif., to Baldwin Park LLC for $7.4 million. The center was completed in 1989. It is currently 58 percent leased to tenants including 24 Hour Fitness, Taco Bell, Manila Bay Seafood, Pizza Hut, Frazee Industries, Bank of America and Vineyard of Hope. Alan Kruger, of Marcus & Millichap, represented Westwood in the transaction.
Passco Cos. LLC acquired the Shoppes at Coronado Place I, a 15,534-sq.-ft. strip center in Blue Springs, Mo., from Coronado Partners LLC for $4.3 million. The Shoppes at Coronado Place II was completed in 2008. It was 100 percent occupied at the time of the sale to tenants including Adams Dairy Bank, AT&T Wireless, Vintage Stock, Sports Clips and Panera. Keoni Fursse, of Kokua Realty, represented the seller in the transaction. Passco represented itself.
AMROYCIV LLC sold a 14,740-sq.-ft. single-tenant Walgreens in Victorville, Calif. to a family trust for an undisclosed price. The transaction closed at a cap rate of 5.69 percent. The building was completed in 2011 and has a 25-year term with Walgreens, with 10 five-year options. William B. Asher and Patrick G. Kent, of Hanley Investment Group Real Estate Advisors, represented the seller in the transaction. Vince Schwab, of Marcus & Millichap Real Estate Investment Services, represented the buyer.
Fidelis Realty Partners Ltd. bought First Colony Marketplace, a 111,675-sq.-ft. neighborhood shopping center in Sugar Land, Texas, to CAP First Colony LLC for an undisclosed amount. The property is 100 percent leased. Tenants include Fitness Connection, 99 Cents Only, Sears Hardware and Smoothie King. Rusty Tamlyn and Ryan West, of HFF, represented the seller in the transaction.
WP Realty sold Shaw’s Plaza, a 178,000-sq.-ft. grocery-anchored shopping center in Plymouth, Mass. The firm originally purchased the property in May 2011 as part of an eight-asset portfolio.