WAYNE, N.J. — HFF has arranged $18.7 million in acquisition financing for West Belt Plaza, a retail center located in Wayne. Jon Mikula and Jim Cadranell of HFF secured the 10-year, fixed-rate loan through a life insurance company for the borrower, The Klein Group. Renovated in 2001, the 84,202-square-foot West Belt Plaza is leased to a variety of tenants, including PetSmart, HomeGoods, Fidelity Brokerage and Starbucks Coffee.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged a first mortgage refinancing for a one-story strip shopping center in the Bronx. Located at 3408-3418 Boston Post Road, the property features 12,600 square feet of rentable space. Ed Graf of Houlihan-Parnes secured the loan, which features a fixed rate for five years and a 30-year amortization schedule, for the undisclosed borrower.
WINDSOR MILL, MD. — Marcus & Millichap has arranged the $4.7 million sale of a 94,851-square-foot retail property net-leased to Shoppers Food & Pharmacy in Windsor Mill, roughly 13 miles west of Baltimore. Preet Sabharwal and Michael Soleimani of Marcus & Millichap represented the seller, Jacqueline A. Mickiewicz Trust, in the transaction, and procured the buyer, a limited liability company. The property is located at 8212 Liberty Road at the corner of Liberty and Rolling roads.
WOODSTOCK, GA. — Franklin Street has brokered the $4.1 million sale of The Shops at Eagle Pointe, a 26,960-square-foot retail center located in the Atlanta suburb of Woodstock. John Tennant and Bryan Belk of Franklin Street represented the seller, Indianapolis-based Alpha Opportunity Fund I LLC, in the transaction. D2D Holdings Inc. purchased the asset. At the time of sale, the property was leased to tenants including a gym, dry cleaner, doctor’s office and restaurants.
MOORE, OKLA. — Marcus & Millichap has brokered the sale of The Shops at Moore, a 17,925-square-foot retail power center located at the corner of 19th Street and Interstate 35 in Moore, a suburb of Oklahoma City. The center was 100 percent leased at the time of sale to national and regional tenants. Nearby retailers include Office Depot, Hobby Lobby, AT&T and Best Buy. Lisa Estrada of Marcus & Millichap represented the seller, a Fort Worth-based limited liability company. First National Bank of Oklahoma provided financing for the acquisition. The name of the buyer and the sales price were not disclosed.
WHITTIER, CALIF. — HFF has arranged the $12.6 million sale of a 24,866-square-foot building triple-net-leased to Sprouts Farmers Market in Whittier, about 20 miles southeast of Los Angeles. Gleb Lvovich and Nicholas Foster of HFF marketed the property on behalf of the seller, CVK Street LLC. A private, 1031 exchange investor purchased the asset free and clear of existing debt. Additionally, Greg Brown of HFF secured a 10-year, fixed-rate, interest-only loan with a CMBS lender on behalf of the new owner.
NEW YORK CITY — Ready Capital Structured Finance has closed a $4.7 million loan for a retail condo located in Manhattan’s Financial District for an undisclosed borrower. The borrower plans to renovate the ground floor and basement space of the 4,900-square-foot property and re-lease the property at market rental rates. The non-recourse, interest-only loan features a 24-month term with one extension option and flexible pre-payment. Additionally, the loan is inclusive of a facility to provide for capital expenditures, leasing costs, interest and carry reserves, as well as an equity earn out if certain performance metrics are achieved.
ARLINGTON, TEXAS — SunTrust Banks Inc. has closed $600 million in financing for the Texas Rangers to fund the team’s share of construction costs for its new ballpark, known as Globe Life Field. Set to open for the 2020 season, the stadium will feature a retractable roof and typical ballpark amenities. The professional baseball team is building Globe Life Field in a public/private partnership with the City of Arlington. The Rangers transaction was a partnership between several of SunTrust’s business units, including the Southwest Corporate Banking office of SunTrust Robinson Humphrey (STRH); the SunTrust Sports and Entertainment Group, which raises capital and provides financing to professional sports franchises; and the STRH Leveraged Finance Group. MUFG and US Bank served as lead arrangers of the Rangers loan.
AUSTIN, TEXAS — Retail Solutions has secured a retail lease in Austin on behalf of Enterprise Rent A Car. Enterprise will occupy 49,246 square feet on a pad site located at 5350 State Highway 290. Barret Espe of Retail Solutions represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
PORT ARTHUR, TEXAS — Colliers International has negotiated the sale of an 8,000-square-foot retail property located at 5255 Twin City Highway in the Gulf Coast city of Port Arthur. The asset is triple-net-leased asset to home furnishings retailer Aaron’s. Riley Sharman of Colliers represented the seller, The Benjamin Revocable Trust, based in Nevada, in the transaction. The name of the buyer, a private investor, was not released.
