HFF arranged a $43 million loan on behalf of a joint venture between Zelman Development Co. and Carltas Co. to refinance The Plaza at Encinitas Ranch, a 145,303-sq.-ft. power center in Encinitas, Calif. A life insurance company funded the loan, which features a fixed interest rate and a 13-year term.
The Plaza at Encinitas Ranch was completed in 2002. It is currently 100 percent leased. Walmart anchors the center, with other tenants including REI, Starbucks, Pei Wei, Subway and AT&T. Paul Brindley, of HFF, negotiated this transaction.
Macerich Sells Montebello Forever 21 for $20.75M
Macerich sold an 81,619-sq.-ft. freestanding Forever 21 store in Montebello, Calif. to a core fund advised by UBS Realty Investors LLC for $20.75 million in an all-cash transaction.
The store is located within The Shops at Montebello regional mall. Forever 21 signed an absolute triple net lease for the property, with 16 years remaining on its initial term and built-in 10 percent rental increases every five years.
Donald MacLellan and Christopher Tramontano, of Faris Lee Investments, represented Macerich in the transaction. The buyer represented itself.
Philips Edison Buys Part of Broadway Plaza in $12.68M Transaction
Larsen & Baker sold an 83,612-sq.-ft. portion of Broadway Plaza Shopping Center in Tucson, Ariz. to Philips Edison-Arc for approximately $12.68 million.
Broadway Plaza was completed in 1982 and contains 464,934 sq. ft. of space. At the time of the sale it was 94 percent occupied. Tenants at the center include Sprouts Grocery, PetSmart, Western Dental of Arizona Inc. and Table Talk, among others. Home Depot and Kohl’s shadow anchor the property.
Sanford Burstyn, of Marcus & Millichap Real Estate Investment Services, represented the buyer in the transaction.
Colliers International Helps Arrange REO Sale in New Jersey
Lamar Cos. bought ITC Crossing North, a 179,775-sq.-ft. shopping center in Mount Olive, N.J. from an undisclosed seller in a real estate owned (REO) sale for $11.2 million.
Sam’s Club anchors the property. Other tenants at the center include Staples and Subway.
Jeffery Oram and Jonathan Ortiz, of Colliers International, represented both parties in the transaction. Tom Lagos and El Warner assisted with the transaction.
Other Notable Deals
R&M Realty Co. sold a 10,125-sq.-ft. single-tenant net-leased CVS in Bainbridge, Ga. to an affiliate of Cole Real Estate Investments for $2.415 million. The building was completed in 1999. Sean Patrick and Jason Powell, of Ackerman & Co., represented the seller in the transaction. Chad Adams, vice president of acquisitions, represented Cole in-house.
Quantum Real Estate Advisors negotiated the sale of an 8,000-sq.-ft. Family Dollar store in Katy, Texas to a private investor for $1.25 million in an all cash deal. The transaction closed at a cap rate of 8.5 percent. Family Dollar has a 10-year net lease for the property. Jordan Kaufman, of Quantum Real Estate, represented the seller.
Houlihan-Parnes Realtors LLC and Q10 New York Realty Advisors LLC placed a $1.2 million first mortgage on a Kentucky Fried Chicken restaurant and Clean City laundromat in the Bronx. The loan features a fixed 4.25 percent interest rate, a five-year term and a 30-year amortization schedule, with a five-year extension option. Mike O’Neill, of Houlihan-Parnes, negotiated this transaction.
Agree Realty Corp. sold Shawano Plaza, a 193,730-sq.-ft. shopping center in Shawano, Wis., to RCG Ventures Fund II. Pick ‘n Save, JC Penney and Kmart anchor the property. Kyle Matthews, of Marcus & Millichap, represented the seller in the transaction.
Avalon Town Center LP LTD sold Publix at Avalon Park, a 64,494-sq.-ft. shopping center located within Avalon Park Community in Orlando, Fla., to BET Investments Inc. The center was completed in 2004. It was 91.4 percent leased at the time of the sale. Plaza Advisors Holdings negotiated this transaction.