SAN FRANCISCO — Dick’s Last Resort leased 9,151 square feet at the Anchorage Square shopping center inside Fisherman’s Wharf. The center is located at 500 Beach Street in San Francisco. The restaurant is scheduled to open this summer. It will be the chain’s third West Coast location. Dick’s also operates outposts in San Diego and Las Vegas. The restaurant was represented by Steve Graul of Innovative Concept Associates. The landlord, CBRE Global Investors, was represented by Rhonda Diaz Caldewey and Jessica Birmingham of Terranomics Retail Services.
EVANS, COLO. – A 17,460-square-foot retail strip center in Evans has sold to 1031 exchange buyers for $1.8 million. The center is located at 3225 S. 23rd Street, southeast of Fort Collins. Dollar Tree is one of the center’s notable tenants. Other area tenants include Walmart and Sam’s Club. The buyers were represented by Jamie Mitchell of Pinnacle Real Estate Advisors.
ORLANDO, FLA. — ContraVest, a multifamily developer, has begun construction on two apartment developments in Orlando: The Courtney at Lake Shadow and The Courtney at Universal Boulevard. The combined construction cost for the two projects is $82 million. The Courtney at Lake Shadow is a 244-unit community located along Lake Shadow in Maitland, a northern suburb of Orlando. The Courtney at Universal Boulevard is located next to the Orange County Convention Center in south Orlando. The properties both feature a clubhouse, fitness center, resort-style pool, pet wash station, elevators and granite kitchen countertops. ContraVest will also provide general contracting and property management services for the projects. First move-ins are expected to begin in January 2015.
PALM BEACH GARDENS, FLA. — CIT Real Estate Finance, a subsidiary of CIT Group Inc., has provided a $26 million loan to redevelop the PGA Plaza Shopping Center, a retail center located in Palm Beach Gardens. The borrowing entity is a joint venture headed by Menin Development, a commercial real estate owner and developer. CIT Real Estate Finance provided the loan through CIT Bank, the U.S. commercial bank subsidiary of CIT Group.
KNOXVILLE, TENN. AND SAVANNAH, GA. — NorthMarq Capital has arranged $15.3 million to refinance Tillery Ridge Apartments in Knoxville and Buccaneer Trace Apartments in Savannah. Tillery Ridge is a 109-unit, affordable housing property located at 1716 Merchants Drive. Buccaneer Trace is a 208-unit apartment community located at 55 E. Deerwood Drive. Greg Duvall of NorthMarq Capital’s Kansas City regional office arranged both loans with 10-year terms and 30-year amortization schedules through Freddie Mac.
WASHINGTON, D.C. — Calkain Urban Investment Advisors, a division of Calkain Cos., has brokered the sale of a retail condominium unit at 1401 R St. N.W. in Washington, D.C. The 1,278-square-foot unit sold for approximately $1.4 million, or $1,100 per square foot. The property is leased on a long-term, triple net basis to a local restaurateur who is operating a café. Andrew Fallon and Rick Fernandez of Calkain represented the seller, a developer based in Washington, D.C., in the transaction. The buyer was a Washington, D.C.-based real estate firm.
KANSAS CITY, MO. — Hufft Projects, an architecture and design firm, has purchased a 60,000-square-foot industrial and manufacturing warehouse. MidFirst Bank sold the property, which is located at 3612 Karnes Blvd. in Kansas City, for an undisclosed price. Hufft has made about $1.4 million in improvements in the space with plans for additional improvements to the building and surrounding area. Ben Boyd and Russell Pearson of Lee & Associates Kansas City represented the seller. Roxanne Elliott of Lane4 Property Group Inc. represented the buyer in the transaction.
INDIANAPOLIS — Tremont Realty Capital has arranged a $6 million loan for the refinancing of Lantern Estates. Located in Indianapolis, the 220-unit multifamily property was 90 percent occupied at the time the loan was originated. Amenities include a community office, clubhouse and swimming pool. Tom Lorenzini of Tremont’s Chicago office arranged the three-year bridge loan, which was funded through a hedge fund capital source. The non-recourse loan features a low variable interest rate and no prepayment penalty. Additionally, there is an interest-only feature for the first 12 months. The loan-to-value is 75 percent.
CHICAGO — Pembrook Capital Management has funded $7.25 million in preferred equity financing for a 148,877-square-foot property in Chicago. Located at 5307 S. Hyde Blvd., the 11-story building, which features 192 residential units and 20,833 square feet of retail space, was constructed in 1918 and occupied by Del Prado Hotel until the early 1970s when it was converted into apartments. The funding will recapitalize the property following a recent $28 million renovation. The owner has completed façade work as well as retail space and storefront improvements. The borrower was not disclosed.
CHICAGO — The Chicago office of Tremont Realty Capital has arranged $18.8 million in refinancing for four manufactured home communities in Indiana, Wisconsin and Iowa. The properties include the 278-site Arlington Valley in Bloomington, the 200-homesite Lincoln Park in West Allis, the 207-unit Sunset Village in Marshalltown, and the 191-site Wheatland Estates in Burlington. Tom Lorenzini with the Chicago office of Tremont arranged the four loans, which were funded through a relationship CMBS lender. The four individual 10-year loans are non-recourse with a 5 percent fixed interest rate amortized over 30 years.