Dealmaker: Transwestern Closes Two Deals Totaling $43M

Transwestern, Houston, represented the buyer and the seller in two separate transactions in California and Florida totaling $43.05 million.

Transwestern Senior Vice President and Director of Investment Services Michael Cisternino and Associate Kyle Snyder represented Loja Real Estate LLC when it acquired Tracy Corners Shopping Center in Tracy, Calif.  

Cisternino said the 87,000-square-foot grocery-anchored center sold for $15.25 million. “The stabilized, diverse tenant mix at Tracy Corners Shopping Center made it an attractive investment, offering a quality return in a competitive market with limited inventory,” he said.

The center’s tenants include Harbor Freight Tools and O’Reilly Auto Parts in addition to anchor Mi Pueblo Food Center. The transaction represents one of the largest retail centers to trade hands in Stanislaus County this year.

In Florida, Transwestern’s Southeast Investment Services Group represented LNR Partners LLC in selling the Shoppes at Jupiter in Jupiter, Fla. Orion Venture XI Jupiter LLC, Miami, acquired the 197,000-square-foot property for $27.8 million.

Transwestern Managing Director John Bell said the center received more than 400 requests for marketing materials.

Cinépolis, Gold’s Gym, Staples and Bealls anchor the 94 percent leased center, which received a renovation last year, Bell said. “The seller repositioned the property by investing in renovations that added material value and solidifying the tenant roster to achieve maximum investor interest,” he said.

Orion’s managing principals now hold a portfolio exceeding $500 million.