Shopping Center Business

OCT 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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18 • SHOPPING CENTER BUSINESS • October 2018 NEWSLINE CALBAY DEVELOPMENT ACQUIRES TWO RETAIL ASSETS IN SOUTHERN CALIFORNIA FOR COMBINED $5.9 MILLION CalBay Development has acquired two re- tail assets in Ontario totaling $5.8 million. The first site CalBay acquired was a soon- to-be vacated restaurant. The owner, MGR Real Estate Inc., sold the one-acre site for $2 million. CalBay plans to con- vert the restaurant into a Fast5Xpress Car Wash. Construction on the new facility is scheduled to begin in November. The sec- ond site CalBay acquired was a Chevy's Fresh Mex Restaurant. The 8,000-square- foot restaurant is an outparcel to the On- tario Mills Mall. CAPRE Brokerage ar- ranged the $3.9 million transaction, and Commerical Bank provided acquisition financing. The name of the seller was not disclosed. KIMCO REALTY SELLS 107,310-SQUARE- FOOT MARKET AT SPRING CREEK IN COLORADO SPRINGS Kimco Realty Corp. has sold The Market at Spring Creek, a 107,310-square- foot retail center in Colorado Springs. Larry Thiel, Brad Cohen and Lauren Quiram of Transwestern arranged the transaction on behalf of Kimco. Western Centers Inc. acquired the property for an undisclosed price. The Market at Spring Creek was originally constructed in 1988 as a grocery-anchored shopping center. At the time of sale, the property was 87 percent leased to 10 tenants including Dollar Tree, State Farm Insurance, Subway and EZ Pawn. Camerons Products anchors the center. CUSHMAN & WAKEFIELD ARRANGES $16.4 MILLION SALE OF NORTHRIDGE PROMENADE IN CALIFORNIA Cushman & Wakefield has arranged the sale of Northridge Promenade, an 89,473-square-foot shopping center in Northridge. PacWest Management ac- quired the asset through the Ten-X online auction platform for $16.4 million. Dixie Walker and Charley Simpson of Cushman & Wakefield arranged the deal on behalf of the seller, LNR Partners LLC. Guitar Center anchors Northridge Promenade, which was 82 percent leased at the time of sale. The center sold as "Covered Land Play," which provides the opportunity for potential future residential use and/or mixed-use development. CALKAIN NEGOTIATES $15.6 MILLION SALE OF PROPERTY NET LEASED TO PUBLIX IN NORTHERN VIRGINIA Calkain Cos. LLC has arranged the $15.6 million sale of a property net leased to Publix in Fredericksburg, a town in north- ern Virginia. The 49,098-square-foot store opened in July. The store is located within Cosner's Corner shopping center, which is home to tenants such as Super Target and Kohl's. Jonathan Hipp of Calkain arranged the transaction on behalf of the seller, Silver Cos. Publix Super Markets acquired the asset, exercising its Right of First Refusal. The property is net-leased to Publix for 20 years and is the northern- most store for the grocer. SRS REAL ESTATE PARTNERS ARRANGES $14.7 MILLION SALE OF LAGUNA VILLAGE IN ARIZONA SRS Real Estate Partners has arranged the $14.7 million sale of Laguna Village, a neighborhood shopping center located in

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