California Center Sells For $79 Million (5/21)
May 21, 2009 11:53 AM
SKT Investments bought Crossroads Marketplace, a 539,270-square-foot retail center in Chino Hills, Calif., from CRCH, LLC for $79 million. The property houses PetSmart, Best Buy, Bed Bath & Beyond, Steinmart, Sport Chalet and CVS Pharmacy. The buyer assumed an existing CMBS loan on the center. CB Richard Ellis' National Retail Investment Group-West represented the seller in the transaction. The CMBS loan was interest only. The sale closed at a cap rate of 5.87 percent.
"This sale demonstrates CBRE's ability to reach 'one-of-a-kind' private buyers that are intermittently in the market," said Philip D. Voorhees, of CBRE, in a statement. Voorhees, together with Todd Goodman and Kirk Brummer, brokered the deal. "Database-driven, cooperative marketing uncovered a broker representing a foreign investor with an immediate requirement for a large, high quality center. Compared with portfolio sales, selling properties individually continues to yield the highest pricing and greatest surety of closing for sellers."
There are approximately 361,831 people living within a five-mile radius of the property, with the average household income of $83,451 a year.
Other Notable Deals
Cohen Financial secured $21.8 million in refinancing for two mixed-use properties in San Rafael, Calif. The properties include San Rafael Town Center, which combines 113 apartments with office and retail space, and the Montgomery Tech Center, which features a combination of industrial and retail space. Jackson National Life Insurance Co. served as the lender on the transaction…. David Cronheim Mortgage Corp. arranged a $15 million permanent loan for Hawthorne Discount Plaza, a 110,285-square-foot retail center in Hawthorne, N.J. The property is anchored by Value Village, a thrift store chain, and also houses CVS, Dollar Tree, Ace Hardware and Payless Shoe Source, among other tenants. The loan featured a 10-year term and a 30-year amortization schedule…. Marcus & Millichap Real Estate Investment Services negotiated the sale of a 132,984-square-foot Home Depot in Bridgewater, Mass. for $11.55 million. The price translates into $87 per square foot. Home Depot, which opened for business in February 2009, has a 30-year triple-net ground lease for the property with eight- and five-year options. The options have 10 percent rental increases built into them…. Capitol Square Ltd. expanded its ownership of the Arena District, a $750 million, 75-acre mixed-use project in Columbus, Ohio, to 20 percent from 10 percent and acquired a 20 percent stake in Grandview Yard, an 80-acre mixed-use project less than a mile from Ohio State University. Nationwide Realty Investors will be the firm's partner in these developments…. Miller Capital Advisory, Inc. appointed United Commercial Realty as the managing, leasing and marketing agent for Jefferson Pointe Shopping Center in Fort Wayne, Ind. The property is a regional lifestyle center with 545,000 square feet of space. This is the first leasing and management contract between Miller Capital and United Commercial Realty…. Envision Credit Union purchased a Kentucky Fried Chicken (KFC) restaurant in Tallahassee, Fla. for $1.8 million. The property contains a 3,500-square-foot building on a 0.67-acre outparcel. Envision Credit Union plans to convert the building into a credit union site. Sperry Van Ness represented the buyer in the transaction.
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