SOUTHLAKE, TEXAS — Southlake-based N3 Real Estate has received $20 million in refinancing for a portfolio of eight retail centers totaling 172,152 square feet in various cities throughout Texas. All of the properties are shadow-anchored by Walmart locations and are 90 percent leased collectively. De’On Collins of HFF arranged the financing through Southside Bank.
DALLAS — Florida-based Foundry Commercial and its capital partner, San Francisco-based Stockbridge have acquired Northview Plaza, a 116,099-square-foot retail center located at 19674 E. Northwest Highway in Dallas. The grocery-anchored property was 86 percent leased at the time of sale. The purchase raises the volume of Foundry’s Dallas acquisitions over the past 18 months to approximately $160 million.
UNIVERSAL CITY, TEXAS — San Antonio Commercial Advisors (SACA) has brokered the sale of Kitty Hawk Shopping Center, a 13,084-square-foot strip retail center located at 12000 E. Loop 1604 North in the San Antonio metro of Universal City. Shadow-anchored by H-E-B, the center was 85 percent leased at the time of sale to tenants such as The Cash Store, Edward Jones and Lee’s Kitchen. Bradley Suttle of SACA represented the buyer, a Texas-based limited liability company. Other terms of sale were not disclosed.
TOMAH, WIS. — Marcus & Millichap has arranged the sale of a retail property net leased to Starbucks in Tomah in central Wisconsin for $1.3 million. The 2,100-square-foot building is located at 224 Buan Ave. Starbucks has 10 years remaining on its lease. Mark Ruble, Zack House and Jamie Medress of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Todd Lindblom, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $52.5 million first mortgage loan for a 285,000-square-foot office and retail property located at 2501 Grand Concourse in the Bronx. The 10-year loan features interest-only payments. The former Alexander’s/Caldor’s department store was converted into a multi-tenant office and retail property in 2001. PC Richard & Son, Marshalls, Children’s Place, Capital One Bank, the City University of New York, the U.S. Social Security Administration and 1199 SEIU Health Care Training and Child Care Center are current tenants. Christie Houlihan, Bryan Houlihan and James Houlihan of Houlihan-Parnes Realtors arranged the loan for the borrowers, which include Samuel Jemal, members of the Jemal family, James Houlihan and members of Houlihan Partners.
NEW YORK CITY — HFF has arranged $28 million in refinancing for a mixed-use building located at 110 Fourth Ave. in Brooklyn’s Boerum Hill neighborhood. Scott Aiese of HFF secured the 10-year, fixed-rate, interest-only loan for the undisclosed borrower. The property features 49 residential units in a mix of studio, one- and two-bedroom layouts, and 5,197 square feet of retail and medical office space on the ground level. On-site amenities include a concierge, common room and fitness center. Additionally, most units feature balconies and/or in-unit washers and dryers. Built in 2007, the property was 100 percent leased at the time of financing.
LIVONIA, MICH. — Ready Capital Structured Finance has provided an $8.9 million loan for the refinancing of Northridge Commons in Livonia, about 20 miles west of Detroit. The 119,000-square-foot retail property is located at 33523 W. Eight Mile Road. Kroger anchors the property. A portion of loan proceeds will be used to build out space for a recently completed lease with a local gym tenant. The non-recourse loan features a 36-month term with two extension options. The borrower was not disclosed.
DEERFIELD, ILL. — ICI has completed the construction of a 61,940-square-foot Jewel Osco in Deerfield. The grocery store is located at the corner of Waukegan and Lake Cook roads. The store was built between an existing strip center. The new Deerfield store features an updated look with a juice bar, customer seating area, sushi section and expanded departments. This store marks the ninth project ICI has completed for Jewel Osco. A ribbon-cutting ceremony for the store’s opening took place on July 19.
DURHAM, N.C. — Marcus & Millichap has brokered the $17.1 million sale of Homestead Market, a 164,200-square-foot shopping center in Durham. Andrew Margulies of Marcus & Millichap represented the seller, a Raleigh-Durham-based family partnership, in the transaction, and procured the buyer, a Florida-based real estate investment and development company. Constructed in 1988 and renovated in 2014, Homestead Market is home to Roses, Fitness World, Shiki Sushi and Bean Trade’s Coffee. The property was 98 percent leased at the time of sale.
NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.
