SALEM AND MANCHESTER, N.H. — Linear Retail Properties has refinanced two retail properties in New Hampshire. Needham Bank provided $8.24 million in loans for the two properties. The 27,353-square-foot Salem Village, located at the intersection of South Broadway and Pond Street in Salem, is occupied by Pet Life, Sherwin-Williams and AutoZone. The fully leased 9,870-square-foot Manchester Shopping Center in Manchester was renovated by 2012 and is occupied by Chipotle, Sleepy’s, US Cellular and Hannoush Jewelers. Linear Retail purchased Salem Village in January 2007 and Manchester Shopping Center in April 2012.
Property Type
MESQUITE, TEXAS — Cushman & Wakefield has brokered the sale of Mesquite Town Centre Plaza, a 209,766-square-foot retail property in the Metroplex suburb of Mesquite. Located at 1330 N. Town East Blvd., directly across from Town East Mall, the shopping center was 80 percent leased at the time of the sale to tenants including anchors Burlington Coat Factory and Ashley Furniture. Tom Salanty, Chris Harden and Kris Von Hohn of Cushman & Wakefield represented the seller, Kimco Realty, in the transaction. Trisha Connoly, also of Cushman & Wakefield, represented the buyer, QEH Mesquite LLC, in arranging the acquisition financing.
FORT WORTH, TEXAS — Mercer Co. has brokered the sale of a 20,000-square-foot industrial property in Fort Worth. Bargreen Ellingson, a multi-service restaurant supply, design and fabrication company, purchased and will occupy the building. The company will relocate from a smaller Fort Worth location to the new facility, which features 22-foot clear heights and is located at 2450 Handley Ederville Road. Matt Spellman of Mercer Co. represented Bargreen Ellingson in the transaction. Transwestern represented the seller, GPS DFW Holdings LLC.
WOODWAY, TEXAS — Marcus & Millichap has brokered the sale of Woodway Village, a 14,181-square-foot retail property in the Waco suburb of Woodway. Located at 824 Hewitt Drive, the strip shopping center was 68 percent leased at the time of the sale to tenants including Jimmy John’s, Great Clips, Escape Nail Salon, MetroPCS and Rosati’s Pizza. Constructed in 2005, the structure is shadow-anchored by Walmart and in close proximity to Chase Bank, Advance AutoParts, Starbucks Coffee, H-E-B, Subway and many other retailers. Philip Levy marketed the property on behalf of the seller, a private investor. Levy also secured the buyer, a limited liability company.
SUGAR LAND, TEXAS — Boyd Commercial/CORFAC International has arranged a 11,565-square-foot industrial lease in the Houston suburb of Sugar Land for Integrity Measurement & Control Inc., an equipment manufacturer serving the oil and gas industries. The tenant will occupy space within a multi-tenant facility located at 525 Julie Rivers Drive. Bo Pettit of Boyd Commercial/CORFAC International represented the tenant in the negotiations. Jon Michael and Ed Bane of NAI Houston represented the landlord, Reed Road AB Mayfield LLC.
HONOLULU — KZ DevCo LP has completed construction on a 20,114-square-foot Long’s Drugs in Honolulu. The new store is located at 1030 King Street in the Makiki neighborhood. The project costs totaled more than $25 million, making it one of the most expensive Long’s projects to date. Long’s broke ground in the second half of 2013. It is expected to open for business this June.
MILPITAS, CALIF. — Micron Technology has leased 141,000 square feet of space in three buildings at Tasman Technology Park in Milpitas. The park is located at 540, 570 and 596 Alder. The advanced semiconductor systems and engineering technology provider will be relocating from North San Jose and Fremont. The landlord, Duetsche Asset & Wealth Management, was represented by Gregory M. Davies, Steve Horton and Colin Feichtmeier of Cassidy Turley in Northern California.
NEWPORT BEACH, CALIF. – A 16-room boutique hotel in Newport Beach has received $3.5 million in acquisition financing. The hotel features a ground-floor restaurant, a quadruplex and beachside cottages. This asset was purchased as part of a pool of properties for a total of $7.1 million. The hotel’s first trust deed was provided by Lone Oak Fund at 8.3 percent interest-only. The firm also sought out a second trust deed with an established junior lender. A private equity investor completed the capital stack with a third trust deed.
TAMPA, FLA. — Hendricks-Berkadia has brokered the $8.9 million sale of Newport Square, a 188-unit apartment community located at 5505 N. Himes Ave. in Tampa. Park Pointe Apartments LLC purchased the property from Monument Real Estate Services LLC. The apartment community was the last part of a three-property portfolio that included Newport Riverside and Newport Pointe. Newport Square was built in 1970 and featues a playground, clubhouse, laundry facility, wading pool and a swimming pool with a sundeck. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented Monument in the transaction.
ROANOKE, VA. — The 126-room Hampton Inn & Suites Roanoke Airport has opened at 5033 Valley View Blvd. North N.W. in Roanoke. The hotel is the third Hampton hotel in the Roanoke area and the 59th in Virginia. DSA Roanoke LLC owns the hotel, which is located near Roanoke Airport, Virginia Tech and the Roanoke and Salem civic centers.