FRISCO, TEXAS — Marcus & Millichap has brokered the sale of a 9,291-square-foot retail strip center in Frisco. The property was fully leased at the time of sale to five tenants: Active Dental, Stonebrook Eyecare & Eyewear, ATI Physical Therapy, Momo’s Coffeehouse and Jamba Juice. William Kim of Marcus & Millichap represented the buyer, JT Arlington, in the transaction. Duke Dennis of Marcus & Millichap Capital Corp. (MMCC) arranged $2.8 million in acquisition financing through a local credit union for the deal. The nonrecourse, five-year loan carried a fixed interest rate of 7 percent.
ORLANDO, FLA. — Colliers has brokered the $68.5 million sale of Lee Vista Promenade, a 313,981-square-foot regional power retail in Orlando. Brad Peterson, Whitaker Leonhardt and Eric AmRhein of Colliers represented the seller, SITE Centers, in the transaction. Donald Jennewein, also with Colliers, arranged an undisclosed amount of acquisition financing through City National Bank on behalf of the buyer, Dundas Real Estate Investments. Situated on 74.2 acres in Orlando’s North Airport submarket, Lee Vista Promenade was 95.5 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Epic Theaters, Ross Dress for Less, HomeGoods, Michaels, Bealls Outlet, Petco, Ulta Beauty, Five Below and Famous Footwear. The shopping center was built in 2016 and also features three development parcels totaling 18.1 acres. A little more than one-third of the shopping center’s revenue is generated from restaurant tenants, according to Colliers.
BOSTON — Locally based investment and management firm Capital Properties has received a $19 million loan for the refinancing of The S.S. Pierce Building, a 72,790-square-foot office and retail building located in the Brookline area of Boston. Originally constructed in 1898 for grocer S.S. Pierce, the building currently features street-level retail space and three levels of office space. Brookline Bank is a retail tenant, and the office component includes users in the financial services and behavioral health fields, among others. Patrick Boyle, Kevin Phelan and Rose Liu of Colliers arranged the fixed-rate loan through an undisclosed balance sheet lender on behalf of Capital Properties.
CHARLESTON, S.C. — Atlanta-based SJC Ventures, along with general contractor Hill Construction, has completed Phase II of West Ashley Station, a shopping center located at 1125 Savannah Highway in Charleston’s West Ashley neighborhood. Spanning 29,000 square feet, the second phase is fully leased to tenants including Hollywood Feed, Hand & Stone, Another Broken Egg, Pacific Dental, GoodVets, Jersey Mike’s Subs, Nothing Bundt Cakes, CAVA, Nikita Hair Salon, House of Sage (a women’s boutique retailer) and Serotonin Centers. Several tenants in the second phase are already open. SJC Ventures expects all tenants to be open by February 2025. John Orr and Lindsey Halter of Carolina Retail Experts marketed West Ashley Station for lease. Phase I of the property includes a 45,062-square-foot Whole Foods Market that opened in 2018.
FAIRFIELD, CONN. — New Jersey-based intermediary Cronheim Mortgage has arranged a $5 million permanent loan for Fairfield Shopping Center in southern coastal Connecticut. The 72,000-square-foot center was built in 1955. Anchored by Restoration Hardware Outlet, which recently backfilled a 35,000-square-foot space formerly occupied by Bob’s Stores, the center is also home to tenants such as T-Mobile, The UPS Store, Village Bagels and HobbyTown USA. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the debt on behalf of the owner, the firm of late local developer Albert Phelps.
PEACHTREE CORNERS, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million acquisition loan for Spalding Woods, an 84,000-square-foot shopping center located at 4015 Holcomb Bridge Road in Peachtree Corners, a northeast suburb of Atlanta. Garrett Fierstein of MMCC’s Orlando office, along with Simon Grigoryan of Marcus & Millichap’s Jacksonville office, arranged the financing through an out of state credit union on behalf of the borrower, an undisclosed, privately held investor. The 10-year loan was underwritten with a 25-year amortization schedule, 65 percent loan-to-value (LTV) ratio and flexible prepayment options. Spalding Woods’ tenant roster includes Dollar Tree, Peachtree Corners Eye Clinic, KFC/Taco Bell, Dunkin’ and Clean Eatz. Additional spaces are available for build-out, according to MMCC.
MANCHESTER, PA. — Marcus & Millichap has brokered the $3.8 million sale of a 6,129-square-foot gas station in Manchester, a southern suburb of Harrisburg, that is occupied by fuel station and convenience store operator Sheetz. The newly built facility sits on a 3.3-acre site next to East Manchester Village Centre shopping center. Derrick Dougherty and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which were Pennsylvania-based entities that requested anonymity, in the transaction.
FORT COLLINS, COLO. — Cushman & Wakefield has arranged the sale of a single-tenant retail asset located at 425 S. College Ave. in Fort Collins, about 60 miles north of Denver. McWhinney sold the asset to an undisclosed investor for $7.3 million. Lucky’s Market occupies the 26,602-square-foot property on a long-term lease. The asset was built on 1.7 acres in 1966 and most recently renovated in 2018. During its ownership, McWhinney completed at $3 million renovation, adding bike parking and landscaping elements. Jon Hendrickson, Aaron Johnson, Aki Palmer and Cole VanMeveren of Cushman & Wakefield, along with Peter Pavlakis of Legend Retail Group, represented the seller in the deal.
OAK PARK, ILL. — Mosaic Construction LLC has completed a new facility for Stride Autism Centers at 6400 W. North Ave. in Oak Park near Chicago. One of more than 20 Stride facilities across the country, the new location features a safe free-play natural environment space, circle time areas and more than 10 individualized instruction spaces customized for the needs of children with autism. The 6,700-square-foot space features a reading nook and mural wall inside the activity room as well as new flooring, appliances, paint and updates to the bathrooms and classrooms. Project partners included Huron Design Group, Splash 10, North Builders, D&D Flooring, Frank Bak Decorating, Brew Plumbing, Parkside Electric and G&C Glass, Mirror and Construction.
RICHMOND, VA. — LL Flooring (NYSE: LL), a specialty retailer of hard- and soft-surface flooring, has commenced voluntary Chapter 11 bankruptcy proceedings. The Richmond-based company, which operates more than 300 stores and a distribution center in Sandston, Va., will also be delisted from the New York Stock Exchange. The retailer plans to use the Chapter 11 proceedings to pursue a “going concern sale” of its business, meaning that LL Flooring’s future buyer could continue the business as usual post-transaction. LL Flooring says it “remains in active negotiations with multiple bidders” and hopes to seek approval from the U.S. Bankruptcy Court for the District of Delaware of a sale of its business in the first few weeks of the proceedings. Concurrent with the filing, LL Flooring announced it has reached an agreement with Hilco Merchant Resources LLC to assist the company in store closing sales at 94 locations. AlixPartners LLP is serving as restructuring advisor to LL Flooring, which has received $130 million in debtor-in-possession (DIP) financing from its existing bank group led by Bank of America. LL Flooring’s stock price closed on Friday, Aug. 9 at $0.84 per share, down from $3.75 a year ago, a 77.6 percent decline.