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DealPoint Merrill Buys Second Antelope Retail Property

Posted: 11/21/2018 Link: BizJournals.com
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Southern California-based DealPoint Merrill has followed its purchase of one Antelope retail property by also buying the one next door.

The Woodland Hills-based firm announced last week the purchase of 86,479 square-foot Elverta Crossing II, on the 8100 block of Watt Avenue. The sales price had not yet recorded in property records as of Tuesday.

In September, DealPoint Merrill acquired Elverta Crossing I, at Watt Avenue and Elverta Road, in a $6.3 million deal. Though separate properties, Elverta Crossing I and II are part of one contiguous shopping center, with II to the north.

Elverta Crossing II, which is 7.91 acres, has a Tractor Supply Co. store and a StorSmart self storage business. In September, DealPoint Merrill announced plans to convert an empty former FoodMaxx store in Elverta Crossing I into a CubeSmart self storage outlet. The StorSmart site in the new purchase will convert to CubeSmart management now as well, said Danielle Watson, DealPoint’s communications director, in an email.

“We are looking at additional Pad(s) availability for a restaurant or other retail at this time,” she said when asked about further redevelopment plans for Elverta Crossing I and II. A site plan provided by DealPoint indicates the pads on the east side of the shopping center, with direct frontage onto Watt, are not part of the previous two transactions.

DealPoint Merrill CEO David Frank negotiated the deal, while president Sterling McGregor handled the due diligence, according to a news release. Jason Limbert of DealPoint Merrill completed the acquisition.

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