PHILADELPHIA — HFF has arranged permanent financing for the retail portion of Rodin Square, a 79,233-square-foot newly built mixed-use property in Philadelphia’s Center City. Ryan Ade, Chris Munley and Mark West of HFF secured the 20-year, fixed-rate loan through Principal Real Estate Investors for the borrower, a partnership between Rodin Group and Benenson Capital Partners. Whole Foods Market anchored the property, which is situated on 2.9 acres at 501 N. 22 St. Additional tenants include Thomas Jefferson Hospital, CVS/pharmacy and Santander Bank.
PEMBROKE PINES, FLA. — InvenTrust Properties Corp. has acquired Paraiso Parc and Westfork Plaza retail centers in Pembroke Pines for $163 million. The two adjacent centers are located approximately 20 miles north of Miami. Upon completion of an ongoing expansion project in mid-2017, the two centers will total approximately 389,000 square feet. The properties include national tenants such as Publix, Costco, Regal Cinemas, Ross and TJ Maxx. “The acquisition of Paraiso Parc and Westfork Plaza represents a truly unique opportunity to secure an A+ asset in one of South Florida’s strongest retail submarkets,” says Michael E. Podboy, CFO at InvenTrust. InvenTrust is a self-managed REIT that owns and manages 88 retail properties totaling 15.1 million square feet of retail space. —Kristin Hiller
EASTON, PA. — Phillips Edison has acquired Palmer Town Centre, a shopping center located in Easton, for $32.3 million. Anchored by Giant Foods Supermarket and Marshalls, the property offers 153,085 square feet of retail space. Colliers International represented the seller, Los Angeles-based The Festival Cos., in the deal.
Bennett Williams Commercial Arranges Sale of 70,692 SF Retail Center in East Hempfield, Pennsylvania
EAST HEMPFIELD, PA. — Bennett Williams Commercial has brokered the sale of Wheatland Shopping Center, a retail center located at 1761-1835 Columbia Ave. in East Hempfield. Nico Wheatland LLC acquired the 70,692-square-foot property from Homewood Realty for an undisclosed price. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial represented the buyer, while Stine, Rohrbaugh and Gary Russell of Bennett Williams represented the seller in the deal.
SYLVANIA, OHIO — Eidi Properties is redeveloping a 2.3-acre property into a Chick-fil-A restaurant in Sylvania, along the Michigan border. The property, located at 6636 W. Central Ave., will be Chick-fil-A’s fourth freestanding location in the Toledo market and the first location in the Sylvania market. Demolition of the retail building currently at the site is slated for mid-March, and the restaurant is set to open in the summer of 2017.
DURHAM, N.C. — NorthMarq Capital has arranged the $7.3 million refinancing of Hope Valley Commons, a 38,963-square-foot retail property located at 1125 W. NC Highway 54 in Durham. NorthMarq arranged the 15-year loan with a 25-year amortization schedule through an unnamed life insurance company.
ALLEN, TEXAS — Vestar has acquired Twin Creeks Marketplace, a grocery-anchored neighborhood retail center located at 1265 W. Exchange Parkway in Allen, a suburb of Dallas, for an undisclosed price. Sprouts Farmers Market, Verizon Wireless, Starbucks Coffee, Advancial Credit Union, Luxe Nails, Studio Smiles and ATI Physical Therapy occupy the 43,134-square-foot property, which was developed in 2016. Brandon Beeson of EDGE Capital Markets represented the seller, StreetLevel Investments, in the deal. Vestar operates more than 26 million square feet of premium retail space throughout the Western United States.
ATLANTA — The Related Group has selected Balfour Beatty US to construct a multi-level Whole Foods Market store in Midtown Atlanta. Situated on 2.2 acres at West Peachtree and 14th streets, the new store will anchor The Related Group’s Apogee Midtown, a 39-story high-rise apartment tower that Balfour Beatty US is also constructing. The new 72,000-square-foot store will feature a microbrewery and a rooftop patio bar. Phillips Partnership Inc. designed the new Whole Foods, which The Related Group expects to deliver in the first quarter of 2018.
ELYRIA, OHIO — Integra Real Estate Capital has arranged a $17.5 million bridge loan for the acquisition of Midway Market Square in Elyria, about 23 miles west of Cleveland. The 224,330-square-foot shopping center is positioned along Interstate 80. Built in 2001, Giant Eagle anchors the center, which includes other tenants such as Dick’s Sporting Goods, Jo-Ann Fabrics & Crafts and Pet Supplies Plus. Meyer Perlman of Integra secured the three-year loan on behalf of a New York-based investment group through a balance-sheet lender.
BRIDGETON, MO. — McGrath & Associates has completed a $1.3 million renovation of a Montgomery Bank in Bridgeton, about 24 miles northwest of St. Louis. The construction included a redesign of the branch and the addition of an AT&T retail store. McGrath’s renovation of the 5,100-square-foot building included exterior finishes and ACM panels, modern interior finishes, drive-thru lanes and canopy, new HVAC air handlers, and utility services. Verve Design Studio was the architect.