Retail

BETHESDA, MD. — Natixis has provided a $26.5 million, floating-rate loan for Shops of Wisconsin, a 71,748-square-foot neighborhood shopping center in Bethesda. The borrower, Douglas Development, will use the proceeds to refinance the property and provide funds for the tenant improvements of the new Target Express. In addition to the new Target Express, the center also contains nine other national and local tenants, including Trader Joe’s, Gymboree, Jenny Craig and H&R Block.

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HAMMOND, LA. — The Home Depot has closed on its purchase of 9.7 acres of land for a new 106,000-square-foot store and 28,000-square-foot garden center as part of the redevelopment of Hammond Square, a 850,000-square-foot shopping center in Hammond developed and managed by Stirling Properties. Hammond Square is situated on nearly 100 acres at the corner of I-12 and US Highway 51 Business. Existing tenants include Target, AMC Theatres, Dillard’s, JC Penney, Academy Sports + Outdoors and Sears. The Home Depot is set to begin construction on the new store before the end of the year and open in 2017.

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GREENVILLE, S.C. — Big V Capital LLC has acquired Haywood Plaza, a 93,357-square-foot shopping center located in Greenville, for an undisclosed price. The property is located across from Haywood Mall, one of the three largest malls in South Carolina. The Local Cue, Bargain Hunt and Portofino’s restaurant anchor the center, which is also home to tenants including Asian Supermarket, Alpine Ski Center, Clothes Mentor, Sally Beauty, Tony’s Pizza and Reed’s Uniforms. The seller in the transaction was undisclosed.

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VOORHEES TOWNSHIP AND MATAWAN, NEW JERSEY — CBRE has brokered the sale of two freestanding retail properties located in New Jersey for a combined total of $25.5 million in two separate transactions. In the first deal, an institutional buyer acquired a 168,599-square-foot Lowe’s Home Improvement Warehouse, located at 144 NJ-73 in Voorhees Township, from a regional developer. Matthew Gorman and Michael Shover of CBRE represented both parties in the transaction. In the second deal, a regional developer sold a newly constructed 12,705-square-foot Walgreens, located at 339 Matawan Road in Matawan, to an undisclosed buyer. Gorman and Shover represented the seller in the transaction.

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NEW YORK CITY — A joint venture between CIM Group, Kushner and LIVWRK has acquired a land parcel at 85 Jay St. in Brooklyn’s Dumbo neighborhood from Watchtower Real Estate for an undisclosed price. The partnership plans to develop a mixed-use project on the parcel, which is currently a 135,000-square-foot parking lot. Additional details of the development have not been released. In August, the joint venture acquired a 739,000-square-foot property at 25-30 Columbia Heights in Brooklyn.

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BEAR, DEL. — Delle Donne & Associates has received a $35 million loan for the refinancing of Governor’s Square Shopping Center, a fully leased retail property located at 401 Governor’s Place in Bear, a suburb of Wilmington, Del. Loan proceeds will be used to retire existing debt. The 294,213-square-foot, two-building property is occupied by ShopRite, Kmart, American Signature Furniture, Rite Aid, Sneaker Villa H&R Block, Karate for Kids, RadioShack, Bear Chiropractic, Subway and GameStop. The center also includes three pad sites leased to Wells Fargo, Taco Bell and McDonald’s. Ryan Ade of HFF secured the financing for the borrower.

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NEWTON, CONN. — RHYS represented Market Hospitality Group in the signing of a new lease at Village Lexington Gardens, located at 32 Church Hill Road in Newtown. The 3,500-square-foot space will be occupied by 5th Market Place Kitchen & Bar, a New American-style restaurant. The new restaurant is slated to open in July 2017. Ryan Stranko and Tyler Lyman of RHYS represented the tenant, while Doug Rose of Coldwell Banker Scalzo Group represented the landlord, Mesa General Contractors, in the deal.

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CHICAGO — Marcus & Millichap has negotiated the sale of a 50,000-square-foot Planet Fitness in northwest Chicago for $11.5 million. The property is located at 3120 N. Pulaski Road. Nearby retailers include Walmart, Walgreens, Aaron’s, AutoZone, AT&T, Subway and Chase Bank. Eric Grad of Marcus & Millichap represented the seller, an owner and developer of Planet Fitness gyms. Harvey Schmidt, Donovan Mackey and Dana Newton of Marcus & Millichap procured the buyer, a national real estate investment trust.

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BENSENVILLE, ILL. — Baum Realty Group LLC has brokered the $2.9 million sale of a PNC Bank ground lease in Bensenville adjacent to O’Hare International Airport. The 3,181-square-foot building is located at 1151 S. York Road. Brad Teitelbaum, Patrick Forkin and Graham Gold represented the seller, a local private investor. The buyer was also local.

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RICHMOND, TEXAS — Marcus & Millichap has arranged the sale of Westheimer Lakes II, a retail shopping center located at 26440 FM 1093 Road in Richmond. At the time of sale, the 52,567-square-foot property was 94 percent leased to a variety of tenants, including Yes Kids, Pizza Hut, Handlebar Cyclery, Aquatic Rehab, State Farm and Bright Orthodontics. Watt Harrison, James Bell, Gus Lagos and Evan Altemus of Marcus & Millichap represented the seller, a Texas-based limited liability company, and procured the undisclosed buyer. Additionally, Jeffery Duke, also of Marcus & Millichap, arranged a $7.5 million non-recourse, CMBS loan for the acquisition of the property. The final loan features a five-year term, fixed interest rate and a 30-year amortization schedule.

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