Excel Trust bought multiple phases of Tracy Pavilion Shopping Center, a 404,721-sq.-ft. community shopping center in Tracy, Calif., from affiliates of Kornwasser Shopping Center Properties for $31.97 million.
The purchased part of the center is anchored by Marshalls, Ross Dress for Less, PetsMart and Staples, which occupy approximately 60 percent of the property’s aggregate GLA. In-line tenants include Ulta, Anna’s Linens, Chase Bank, Rubio’s, Panda Express, Starbucks, Supercuts, UPS and Subway.
Tracy Pavilion also houses a 139,368-sq.-ft. Home Depot and a 95,000-sq.-ft. WinCo, both of which are tenant-owned and so were not included in the sale.
The center was completed in 2002.
Mark Lucescu, of Lucescu Realty, negotiated this sale.
NorthMarq Helps Refinance Edinger Plaza with $22.5M Loan
NorthMarq arranged a $22.5 million loan to refinance Edinger Plaza, a 155,275-sq.-ft. retail center in Huntington Beach, Calif. A life insurance company provided funding for the loan, which features a 20-year term with six months interest only and a 19.5-year amortization schedule.
Nordstrom Rack, Dick’s Sporting Goods, PetSmart and Michael’s anchor the center.
NorthMarq’s Michael Elmore and Ory Schwartz negotiated this transaction.
Other Notable Deals
Agree Realty Corp. acquired a 45,000-sq.-ft. Dick’s Sporting Goods store and a 12,342-sq.-ft. Petsmart in St. Joseph, Mo. for approximately $8.5 million. Both tenants have 9.5 years left on the base term of their leases.
Hanley Investment Group Real Estate Advisors negotiated the sale of a 6,160-sq.-ft. Chase Bank in Riverside, Calif. for $5 million, or $812 per sq. ft. George Y. Ragheb, of Entrance Homes Inc., represented the buyer in the transaction. William B. Asher, Kevin T. Fryman and Edward B. Hanley, of Hanley Investment Group, represented the seller. In an unrelated transaction, Hanley Investment Group negotiated the sale of a 2,400-sq.-ft. single-tenant 7-Eleven in Culver City, Calif. for $1.8 million. Jeremy S. McChesney represented both parties in the transaction.
Walker & Dunlop closed a $3.6 million loan on behalf of Johnson Family Trust for Cedar Walk Market, a newly constructed, 19,313-sq.-ft. retail center in Ballantyne, N.C. A CMBS lender provided funding for the loan, which features a 10-year term and a 30-year amortization schedule. At the time of closing, the center was 94 percent leased. Tenants at the property include Buffalo Wings & Rings and Lorenzon’s Pizzeria. Walker & Dunlop’s Hagan Dick negotiated this transaction.
Heitman purchased the Miracle Marketplace, a 243,047-sq.-ft. power center in Miami, from AWE Talisman for an undisclosed amount. Nordstrom Rack, Bed Bath & Beyond, Marshalls, LA Fitness, PetSmart, DSW Shoe Warehouse and Ulta anchor the center. Carson Good, Margaret Caldwell, Kris Cooper and Denny St. Romain, of Jones Lang LaSalle, negotiated this transaction.
Viking Partners LLC acquired three shopping centers for its Fund II portfolio. The properties include Kensington Park, a 28,289-sq.-ft. center in Minneapolis; Indian Creek Commons, a 59,782-sq.-ft. center in Indianapolis and Mid Oak Shopping Plaza, a 77,249-sq.-ft. shopping center in Midlothian, Ill.
City Center Realty Partners LLC sold 33 Grant Avenue, a 5,770-sq.-ft. retail building located in Union Square in San Francisco, free and clear of debt. Steve Madden and Archer occupy the property. Nicholas Bicardo and Mark Damiani, of HFF, represented the seller in the transaction.