Hanley logs 10 December retail property sales
Irvine, Calif. — Hanley Investment Group Real Estate Advisors closed out 2013 with 10 retail property sales totaling nearly $61 million in December. For the year, Hanley logged sales of more than $315 million. Among the December sales were:
• A private investor acquired the 84,796-sq.-ft. La Verne Courtyard in La Verne, Calif. Orchard Supply Hardware and Office Depot anchor the center. Other tenants include City Financial, Pizza Hut, Rubio’s Baja Grill, Quiznos and Magic Wok.
• A private investor from Los Angeles, Calif., purchased Knollwood Plaza, a 23,922-sq.-ft. shopping center in Granada Hills, Calif., for $10.6 million. The center is 100% occupied. Tenants include Starbucks, Curves, Pacific Dental, Stat4e Farm Insurance, The UPS Store and Bank of America.
• In Cerritos, Calif., a private investor acquired the 15,568-sq.-ft. Big 5 Plaza for $4.7 million. Big 5 Sporting Goods anchors the 100% occupied center. Other tenants include Subway, Castlehead Escrow and Providence Speech and Hearing.
• In Costa Mesa, Calif., a private investor acquired a 4,830-sq.-ft. retail center for $3 million, representing $621 per sq. ft. Built in 1995, the Orange County center is 100% occupied. Tenants include Yoshinoya, AT&T and GoldMax.
• A private investor purchased The Plaza Irvine, the 8,489-sq.-ft. retail component of three 15-story luxury residential condominium buildings in Irvine, Calif., for $3.7 million. Tenants in the fully occupied center include Phans55, Avocado Café, Fukada, Barry’s Bootcamp and Plaza Cleaners. The seller was Marshall Property & Development of Newport Beach.
• In Hesperia, Calif., in San Bernardino County, a private investor acquired a 5,000-sq.-ft. pad in a Stater Bros.-anchored shopping center on Main Street. The purchase price was $1.3 million, representing a cap rate of 6.77%.
• In Fresno, Calif., a single-tenant, 17,164-sq.-ft. NNN Smart & Final on H. Street sold for $6.3 million representing a cap rate of 5.75%. The investment comes with a new 25-year corporate NNN lease with multiple options to extend.
• Adler Realty Investment acquired Hamilton Crossings, a 48,470-sq.-ft. shopping center in Buford, Ga. The purchase price was not disclosed. Built in 2006, the 84% occupied center is across the street from a Super Wal-Mart-anchored center and in close proximity to Publix, Kohl’s and Home Depot-anchored centers.
Publix to anchor Doral Commons in Doral, Fla.
Miami — Publix Super Markets will open a 49,000-sq.-ft. supermarket and pharmacy to anchor Terra Group’s latest retail center development, Doral Commons in Doral, Fla. The 140,000-sq.-ft. center is located in one of the fastest growing residential areas of Miami Dade County.
Courtelis Company represented Terra Group in the lease negotiation with Publix and will continue to represent the company in the leasing of the remaining available space in Doral Commons.
Woodmont to expand Streetsboro Commons
Dallas-Fort Worth, Texas — The Woodmont Company plans to break ground in February on a new building at its Streetsboro Commons development in Streetsboro, Ohio. The new building, located on a pad, is already about 80% pre-leased to three national tenants: Starbucks, Jimmy John’s and Midwest Mobility Services/AT&T dealer.
Specializing in the development, management, leasing and sale of retail properties, Woodmont represented the landlord in all three transactions. Goodman Real Estate Services represented Starbucks. Passov Real Estate Group represented Jimmy John’s, and CBRE represented Midwest Mobility.
Current tenants at the 230,476-sq.-ft. property include a Wal-Mart Supercenter, Sonic, Chipotle, GameStop, Best Cuts and Verizon Wireless.
Woodmont expects to complete the new building by August of this year. Additional pad sites remain available for future development.