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$284 million
SJ Cityview, an affiliate of San Francisco–based Bay Area developer Jay Paul, purchased the 600,000-square-foot Cityview Plaza mixed-use complex from Park Center Plaza Investors, an affiliate of Equus Capital Partners. Along with several large office buildings, Cityview Plaza contains 40,000 square feet of restaurant and retail spaces, among them Bank of America, Heritage Bank, Morton’s Steakhouse, Peggy Sue’s, Scott’s Seafood, Specialty’s Bakery & Cafe and Wells Fargo Bank.
$92 million
Nashville, Tenn.–based GBT Realty acquired the 350,000-square-foot Ellsworth Place, in Silver Spring, Md., from a joint venture between Rockwood Capital and Petrie Richardson Ventures. The five-story urban retail center includes the air rights for a fully entitled, 250,000-square-foot office building to be constructed atop the existing structure. Ellsworth Place is anchored by Burlington, Five Below, Marshalls, Ross Dress for Less and T.J.Maxx.
Ellsworth Place, Silver Spring, Md.
$23.2 million
In a 1031 exchange, a private investor from Lexington, Ky., acquired Magnolia Shoppes, in the Coral Springs submarket of Fort Lauderdale, Fla. CBRE represented seller Regency Centers, and Franklin Street represented the buyer. Franklin Street, which sourced the $15.5 million financing from Citibank at a fixed rate of 4.63 percent, will also provide property management and retail leasing services for the new owners. A Regal cinema anchors the center, which underwent a significant renovation in 2016. Other tenants are Ben & Jerry’s, Broward Health & Creative Child Learning Center, Dollar Tree, H&R Block and W Salon & Spa.
$19.8 million
Stambul bought the Walgreens building in downtown Miami from Habitat Development Corp. Colliers International represented both parties in the deal. Stambul plans to redevelop the building and to add high-end retail, dining and entertainment. The building is listed on the National Register of Historic Places and has also earned a historical designation from the city.
Magnolia Shoppes, in the Coral Springs submarket of Fort Lauderdale, Fla.
$15.9 million
CREC acquired the Killearn Shopping Center, a 95,200-square-foot strip center in Tallahassee, Fla., from DDR and Madison International Realty. Bonefish Grill, CVS Pharmacy and Hobby Lobby are anchors. JLL represented the sellers.
Killearn Shopping Center, Tallahassee, Fla.
$8.75 million
In a 1031 exchange, Toor Capital acquired the Shops at Visalia Pavilion, which consists of four multitenant pad buildings, totaling 33,000 square feet. The property is located within a larger, WinCo Foods–anchored shopping center. Seattle-based Kidder Matthews represented the seller, New York City–based Cohen Equities. Tenants include Papa Murphy’s Pizza, Starbucks and Subway.
$1.875 million
A Midwest real estate developer sold a single-tenant, net-leased Chipotle Mexican Grill property in Effingham, Ill., to a regional investor. Baum Realty Group represented the seller.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
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