JACKSONVILLE, FLA. — Bi-Lo Holdings LLC, the parent company of the BI-LO and Winn-Dixie supermarket chains, plans to convert seven existing Harveys stores in Georgia to Winn-Dixie stores and three existing Winn-Dixie stores in Georgia to Harveys stores. Last month, Bi-Lo Holdings received approval from the Federal Trade Commission to proceed with the transaction to acquire the Sweetbay, Harveys and Reid’s supermarket chains from Delhaize Group pending the divestiture of 12 stores by Bi-Lo Holdings, and Delhaize Group retaining two stores and converting them to the Food Lion banner. The following Harveys stores will convert to Winn-Dixie: · 341 Venture Drive in Brunswick · 5711 Altama Ave. in Brunswick · 284 Hyde Park Commons in Brunswick · 2714 Osborne Road in Saint Marys · 2111 Bemiss Road in Valdosta · 4036 Bemiss Road in Valdosta · 1715 Norman Drive in Valdosta The following Winn-Dixie stores will convert to Harveys: · 1208 Crawford St. in Americus · 2800 Old Dawson Road in Albany · 1553 US 19 South in Leesburg
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MONTGOMERY, ALA. — Beech Street Capital has provided a Freddie Mac CME loan for the acquisition of Bell Station and Watchman Court Apartments in Montgomery. The contiguous properties total 252 units. Chad Thomas Hagwood of Beech Street’s Birmingham, Ala., office originated the loan on behalf of the borrower, EBSCO Watchman Drive. EBSCO plans to combine the operations of both properties, which had separate ownership prior to the transaction. Jimmy Adams of Multi Housing Advisors (MHA) brokered the sale. The sale is the first transaction to close since Beech Street Capital and MHA formed their alliance in mid-January.
ST. LOUIS — Landmark Properties has begun construction on The Standard at St. Louis, a 465-bed multifamily property adjacent to St. Louis University. The units will be offered in one- to five-bedroom floor plans. All unit types will be equipped with luxury finishes such as granite counters, stainless appliances, hardwood-style floors and high-end features that Landmark says are unusual in traditional student housing near St. Louis University. Additionally, each unit will have a balcony and private bathrooms for each bedroom. The amenity package includes a resort-style swimming pool, extensive fitness facilities, and a study lounge with private and group study rooms. It is scheduled to open in 2015. The project is another joint venture with Harrison Street Real Estate Capital. Sangita, a local real estate firm, will also participate in the development of the property. Compass Bank is providing the construction financing.
MIDDLEBURG HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of a 33,387-square-foot building occupied by U.S. Customs and Border Protection in Middleburg Heights, a southwest suburb of Cleveland. The terms of the sale were not released. Geoff Ficke in Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Michael Glass, also of Marcus & Millichap, assisted in closing the transaction. U.S. Customs and Border Protection property is located at 6747 Engle Road.
MORTON GROVE, ILL. — The Bon-Ton Stores Inc. has signed a 20,000-square-foot lease in Village Plaza, located at 7250 Dempster St. in Morton Grove, a northwest suburb of Chicago. The Bon-Ton Stores plans to open a Carson’s Clearance Center in early April 2014 in the space, which was previously occupied by Loehmann’s. With the new store in place, the center will be 98 percent leased. The retailers in this center include T.J. Maxx, Home Goods, Planet Fitness, Produce World and Pet Supplies Plus. Village Plaza is a 136,000-square-foot community center at the intersection of Dempster Street and Harlem Avenue. Joe Parrott and Matt Ramsey of CBRE arranged the lease.
OLYMPIA FIELDS, ILL. — JCF Real Estate has completed the sale of a Fresenius Dialysis building in Olympia Fields, a southern suburb of Chicago. Located at 2609 W. Lincoln Highway, the 12,000-square-foot property is occupied by the Fresenius Dialysis Center. Chrastka teamed up with Bruce Harris and James Walsh of Marcus & Millichap in representing ownership in the sale of the property. A West Coast-based investment firm purchased the building. JCF Real Estate developed the Fresenius building as a build-to-suit in 2004 on behalf of the ownership and tenant.
MELVILLE, N.Y. — A&G Realty Partners has been engaged by RadioShack to lead the disposition of up to 1,100 underperforming stores. Radio Shack announced in early March it would close the stores after revenues and sales continued to slip for the electronics retailer, which has been struggling with an outdated image in the marketplace. RadioShack reported a loss of $191.4 million during the fourth quarter of 2013, compared to the previous year. The company is continuing to work toward rebuilding its brand, following a slow holiday season, some operational issues and some restaffing at higher levels of the company. The stores that will close were chosen based on location, area demographics, lease life and financial performance. “We will publish the store closing list when it becomes available,” says Andrew Graiser, co-president of A&G.
NEW YORK CITY — Developer Sherwood Equities has opened a free-standing sales gallery in Manhattan for its new boutique condominium at 500 West 21st St. The two-story sales gallery, located at 508 West 20th St., is situated across the street from the condo development and features 3,850 square feet of interior space, as well as a 2,000-square-foot rooftop garden. The singular space, with 30-foot ceilings, currently features a full-size model kitchen and master bathroom by Mark Zeff, the interior designer for the residences, as well a large-scale graphic of the garden. Occupancy for the 32-unit condo development is slated for the first quarter of 2015.
ERIE, PA. — Dougherty Mortgage LLC has originated a $1.3 million loan for the refinancing of Covington Valley Estates, a 43-unit, affordable-housing property in Erie, located in northwestern Pennsylvania. Dougherty arranged the 20-year loan for Covington Valley Estates Ltd.
SECAUCUS, N.J. — A joint venture between PCCP (formerly known as Pacific Coast Capital Partners) and Mountain Development Corp. (MDC) has acquired One Harmon Plaza, a 192,000-square-foot, Class A office tower in Secaucus. One Harmon Plaza is a 42 percent-leased, 10-story office building that features 22,000 square-foot floor plates with panoramic views. The property is less than five miles from midtown Manhattan. The joint venture plans to upgrade common areas and add a fitness center, free conference center and on-site food service operated by a local eatery. John Alascio, Chris Moyer and Suraj Ravi led Cushman & Wakefield’s equity, debt and structured finance team in arranging and structuring the joint venture with PCCP. The joint venture also has tapped the Cushman & Wakefield leasing team of Marc Trevisan, David Sherman, David DeMatteis and Slava Verynberg as its leasing agent.