Cole Real Estate Investments acquired three power centers totaling approximately 875,000 sq. ft. for an aggregate purchase price of $130.9 million.
Cole paid $27 million for Hillside Town Center, a 165,000-sq.-ft. property in Hillside, Ill. The center was completed in 2009 and is anchored by HomeGoods, Michael’s, Staples and PETCO. Scott Holmes represented Cole in-house. Joe Girardi, of Mid-America Real Estate, represented the seller.
Cole paid $68 million for White Oak Village, a 433,500-sq.-ft. center in Richmond, Va. The property was completed in 2008 and is currently 95.5 percent leased. JC Penney, Martin’s grocery, PetSmart, Michael’s and OfficeMax anchor the center. Other tenants include Five Below, Rack Room Shoes, Hibbett Sports and Bath & Body Works. Thomas Falatko represented Cole in-house. Bill Kent and Gary Lawrence, of CBRE, represented the seller.
Cole paid $35.9 million for Barrow Crossing, a 276,000-sq.-ft. center in Winder, Ga., in a joint venture with Faison, the developer of the property. Belk, Publix, TJ Maxx, PetSmart and Staples anchor the center. Thomas Falatko and Chuck Vogel represented Cole in-house. David Lampke represented Faison in-house.
“Each of these acquisitions is a great fit for our disciplined investment criteria,” said Cole’s Senior Vice President of Acquisitions, Multi-Tenant Retail, Scott Holmes in a statement. “Each center has strong credit, national anchor tenants on long-term leases and is located in an established trade area in close proximity to major highways, providing easy access for shoppers.”
HFF Secures $91M Construction Loan for Cathedral Commons in D.C.
HFF secured a $91 million construction/permanent loan on behalf of a joint venture of Giant of Maryland and The Bozzuto Group for Cathedral Commons, a 264,272-sq.-ft. mixed-use development in Washington, D.C.
Northwestern Mutual provided funding for the loan, which features a fixed interest rate and a 13-year term.
When completed, Cathedral Commons will include 137 luxury rental units, eight townhomes and 128,852 sq. ft. of ground-floor retail space. A 56,000-sq.-ft. Giant Food grocery store will anchor the retail portion of the development. Mark Remington and Daniel McIntyre, of HFF, negotiated this transaction.
Phillips Edison Fund Buys Parmatown Mall out of Receivership
Phillips Edison Strategic Investment Fund II LLC purchased Parmatown Mall, a 1.18-million-sq.-ft. mixed-use complex in Parma, Ohio.
The property includes Parmatown Plaza, an enclosed regional mall; Parmatown Strip Center, a neighborhood shopping center anchored by Marc’s Grocery Store, and Parmatown Medical Center, a four-story medical office building. JC Penny, Dick’s Sporting Goods and Walmart anchor the mall portion of the complex. Parmatown Mall has been managed by a court-appointed receiver since July 2011, after the original owner defaulted on the mortgage.
“Phillips Edison has been in the business of redeveloping retail properties for over 20 years. Parmatown represents an ideal opportunity to apply our expertise and revitalize this historic property to its full potential,” said Roy Williams, vice president of Phillips Edison Strategic Investment Fund, in a statement. “Now that the acquisition process has been concluded, we will focus our efforts on a comprehensive strategy that will rejuvenate this key component of Parma’s commercial center.”
Terramar Buys California Shopping Center for $42.2M
Terramar Retail Centers acquired Spring Street Pavilion, a 93,873-sq.-ft. neighborhood shopping center in Long Beach, Calif., from The Weingart Foundation for $42.2 million.
Spring Street Pavilion was completed in 1988 and is currently 95 percent occupied. A 58,654-sq.-ft. Pavilions anchors the property. Other tenants include Panda Express, The Coffee Bean and Tea Leaf, Leslie’s Pool Supply and Circle K/Mobil Gas Station.
Chirs Hoffmann, Rob Wehmueller and Thao Tran, of Eastdil Secured, represented the seller in the transaction. Terramar represented itself.
Specialty/Entertainment Center in Arizona Trades for $17.5M
CIRE Investments LLC purchased The Boulevard At Surprise Pointe, a 141,507-sq.-ft. specialty/entertainment shopping center in Surprise, Ariz., from Karlin Real Estate LLC for $17.5 million.
The center was 62 percent occupied at the time of the closing. Ultra Star Cinemas, Walgreens and Uptown Alley Entertainment Center anchor the property.
Ryan Schuberg and Michael Hackett, of Cassidy Turley, represented the seller in the transaction.
Marcus & Millichap Sells California Center for $12.54M
Marcus & Millichap Real Estate Investment Services negotiated the sale of Riverview Place, a 45,525-sq.-ft. shopping center in Santa Clarita, Calif., for $12.54 million, including the assumption of a CMBS loan. The price works out to $275 per sq. ft.
Riverview Place was completed in 2003. Tenants at the center include CVS, Chase Bank, Starbucks, Panda Express, Menchies and Massage Envy.
Kyle Matthews of Marcus & Millichap, represented both parties in this transaction.
In an unrelated deal, Marcus & Millichap negotiated the sale of a 4,997-sq.-ft. net leased Sheetz convenience store and gas station in Harrisburg, Pa. to a private investor for $1.95 million. The deal closed at a cap rate of 6.46 percent. The property was built in 2007 and has 10 years remaining on its initial lease term with Sheetz. Michael Shover and Matthew P. Gorman, of Marcus & Millichap, negotiated this transaction.
RPM Investments Buys Sports Authority Store in $11.11M Deal
Torrance Gateway LP sold a single-tenant triple net leased 46,000-sq.-ft. Sports Authority store in Torrance Calif. to RPM Investments for $11.11 million in an all-cash off market transaction. The building was completed in 1994 and rehabbed in 2012.
Jeff Conover, of Faris Lee Investments, represented the seller in the transaction. Shaun Riley represented the buyer.
Other Notable Deals
Continental East Development bought an 18.7-acre parcel of land in Indio, Calif. from Wells Fargo for approximately $2.3 million. The parcel comes with flexible zoning. Kathleen Howard and Kate Rust, of NAI Capital, represented the seller in the transaction. Stone James, of Land Advisors, represented the buyer.
Adak of University LLC sold a 5,944-sq.-ft. former Houlihan’s restaurant in Orlando, Fla. to a private investor for $1.675 million. Scott Corbin, of Colliers International, represented the seller in the transaction. Sherrif Guindi, of Prudential Commercial Real Estate, represented the buyer.
Phillips Edison—ARC Shopping Center REIT Inc. acquired New Prague Commons, a 59,948-sq.-ft. shopping center in New Prague, Minn. New Prague Commons is 98.2 percent occupied. A Coborn’s grocery store anchors the property.
Chase Properties Ltd. acquired Valley Corners, a 144,000-sq.-ft. shopping center in Hickory, N.C., from Collett & Associates. Michaels, Ross, Ashley Furniture and PETCO anchor the center. Other tenants include Rack Room Shoes, Cato, McDonald’s, Olive Garden and Chili’s. David Webb, of Berkeley Capital Advisors, negotiated this transaction.