REAL ESTATE

Southern California shopping center sold for $44.3 million

BY Jennifer Setteducato

Lake Elsinore Marketplace, a 144,034-sq.-ft. shopping center in Lake Elsinore, California, was sold to Irvine-based Pacific Castle for $44.3 million.

The seller, Diamond Development of San Diego, was represented by Hanley Investment Group.

The 95% occupied center is anchored by Grocery Outlet, Dollar Tree and PetSmart. Other tenants include Kirkland’s, AT&T, Chili’s Grill & Bar, The Coffee Bean & Tea Leaf, Del Taco, Dickey’s Barbecue Pit, EZ Lube, Great Clips, Navy Federal Credit Union, Panda Express, Pacific Dental, Popeyes, Wells Fargo Bank and Wendy’s.

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Regency sells Virginia center for $32 million

BY Al Urbanski

Heidenberg Properties announced it has completed the purchase of a 307,000 sq. ft. shopping center in Culpeper, Va., from Regency Centers.

Culpeper Collonade is anchored by a 70,000-sq.-ft. Martin’s Food Market, as well as Dick’s Sporting Goods and PetSmart. It is shadow-anchored by a 127,000-sq.-ft. Target store.

The center is 100% occupied and draws steady traffic for its array of fast-casual dining options, including Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle, and IHOP.

Culpeper is at the nexus of four main interstates–I-66 to the north, I-95 to the east, I-64 to the south, and I-81 to the west—and is the dominant retail location within a 15-mile radius.

“This acquisition is in many ways a culmination of the investment strategy that we have been executing over the past few years,” said CEO Robert Heidenberg. “It affords us the opportunity to add another dominant, grocery-anchored center, as well as grow our portfolio in the Mid-Atlantic.”

Heidenberg Properties focuses on the acquisition and development of open-air shopping centers, net leased properties, and secured note purchases in the eastern United States.

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Amazon expands newest brick-and-mortar format

BY CSA Staff

Amazon has opened its third Amazon 4-star location.

The store is located on Fourth Street in Berkeley, Calif., according to Berkleyside.

The format only sells items with a rating above four stars on Amazon, as well as new trending items and best-sellers. That said, the 4,000-sq.-ft. store features “thousands of items” ranging from kitchen cookware, home décor objects and books, to Amazon branded electronics such Amazon Fire tablets, TVs, Amazon Echo speakers, as well as other smart-home devices. It also features a table with products that are trending in Berkeley, as well as popular kids’ toys and stuff from people’s wish lists on Amazon.

The online giant introduced the concept in September, in Manhattan’s SoHo neighborhood. A second location opened in Lone Tree, Col., in early November.

For more, and photos, click here.

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